Monday, October 27, 2008

Obama's Tax Plan: Pay more now, Pay more later

Everybody gets burned with Obama's plan. That's called sharing the pain.

First Comes Love, Then Come Taxes

If Barack Obama's "family-friendly" tax code sounds too good to be true, a little research into his plan proves that it probably is. Senator Obama says that under his proposal, "families" (i.e., married couples) making less than $250,000 wouldn't experience a tax increase.

But he also says that single people earning less than $200,000 would face no tax increase. In other words, if you are a cohabiting couple each making $200,000 a year ($400,000 total), you will be spared a tax hike, but if you're a married couple who each makes $200,000 a year, you would likely face a substantial tax penalty.

Talk about a marriage deterrent! On page five of his six-page plan, it states, "Obama would work with the Treasury Department to adjust the thresholds of these rates slightly to ensure that no married couple making less than $250,000 (or single making less than $200,000) was affected by these changes."

Of course, it won't just be wealthier families who find themselves burdened by Obama's plan. The Illinois senator has said that he opposes making President Bush's tax cuts permanent, meaning that every family would experience a tax increase after the per child tax credit and marriage relief expires.

For more information on the candidates' platforms, log on to and download our special, compact edition of the Presidential Voter Guide-perfect for church bulletins!

Additional Resources
2008 Presidential Voter Guide - Bulletin Edition