10 Things You Should Know about Obama's Tax Plan

1. Small main street businesses would be forced to pay tax rates as high as 62.3% under Senator Obama’s tax proposals.1
2. Senator Obama’s tax plan would tax small businesses at a higher rate than large corporations!2
3. Taxes on retirement income and savings could increase by at least 33%, hitting millions of seniors when they need these resources the most.3
4. 4 million workers over the age of 50 – those eagerly looking forward to retirement – would be hit with increased tax bills. 4
5. Millions of Americans would only keep 38 cents of every dollar that they earn.5
6. Senator Obama’s tax plan would reduce the after tax wages of millions of workers by 17.7%.6
7. It will take 227 days per year, nearly 8 months, just to pay your tax bill!7
8. 97,065 carpenters, 110,908 police officers, 254,992 nurses, 208,562 postsecondary teachers and 237,000 dentists would see tax increases, if the earnings cap was successfully eliminated.8
9. 10.3 million workers would see an average of $5,650 taken from their paycheck and given to government programs.9
10. Even YOU might be considered “Rich.”

Citations
1 Michael Boskin, “A Closer Look at Obamanomics”
2 “Obama Plans Spending Boost, Possible Cut in Business Tax”, Wall Street Journal, June 17, 2008
3“Obama's War on Women”, The New York Sun, August 14, 2008
4 “Caps Off for Obama,” Investors Business Daily, 5/20/2008
5 Michael Boskin, “A Closer Look at Obamanomics”
6 Calcuation by RightChange.com based on figures detailed in Michael Boskin’s, “A Closer Look at Obamanomics”
7 RightChange.com calculation
8 “Obama's Social Insecurity Plan,” Investor’s Business Daily, 5/20/2008
9"Caps Off For Obama," Investor's Business Daily, 9/25/07
10National Federation of Independent Business, Small Business Facts
11National Federation of Independent Business, Small Business Economic Trends, August 2008

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