Tuesday, June 10, 2008

Obama Tax Backgrounder

OBAMA’S HIGH TAX PLATFORM WILL FURTHER WEAKEN OUR ECONOMY

Obama Is A High Tax Candidate, Having Proposed A Slew Of Tax Increases:

Obama Has Called For Higher Income Taxes, Social Security Taxes, Capital Gains And Dividend Taxes, And Corporate Taxes, As Well As “Massive New Domestic Spending.” “Obama’s transformation, if you go by his campaign so far, would mean higher income taxes, higher Social Security taxes, higher investment taxes, higher corporate taxes, massive new domestic spending, and a healthcare plan that perhaps could be the next step to a full-scale, single-payer system. Is that what most Americans want, someone who will fulfill a Democratic policy wish list?” (James Pethokoukis, “Barack Hussein Reagan? Ronald Wilson Obama?” U.S. News & World Report’s “Capital Commerce” Blog, www.usnews.com, 2/12/08)

  • Obama Also Called For A Tax On Coal And Natural Gas. Obama: “What we ought to tax is dirty energy, like coal and, to a lesser extent, natural gas.” (“Q&A With Sen. Barack Obama,” San Antonio Express-News, 2/19/08)
  • Obama Called For A Windfall Profits Tax On Oil Companies. Obama: “I think it is appropriate for us to impose a windfall profits tax on our oil companies.” (Sen. Barack Obama, Remarks At A Campaign Event, Charlotte, NC, 5/2/08)

“[Obama] Wants To Raise Taxes Even Above The Levels Of The Clinton Era, Including A Huge Increase In The Payroll Tax.” (Editorial, “The Obama We Don't Know,” The Wall Street Journal, 6/4/08)

If Obama Is Elected To The Presidency And Democrats Get A 60-Vote Majority In The Senate, Taxes Will Go Up. “What will happen to the U.S. economy if Barack Obama wins the presidency and he's backed by a filibuster-proof majority in the Senate? Taxes will go up.” (Rich Karlgaard, Op-Ed, “Where Will Taxpayers Hide?” Forbes, 6/16/08)

Obama’s Plan To Raise Taxes During An Economic Downturn Would Only Further Weaken Our Economy:

CNBC’s Maria Bartiromo Asked Obama: “Why Raise Taxes At All In An Economic Slowdown? Isn’t That Going To Put A Further Strain On People?” (CNBC’s “Closing Bell,” 3/27/08)

U.S. News & World Report’s Michael Barone Said Obama’s Fiscal Policy Is Akin To Herbert Hoover’s – Raising Taxes And Backing Protectionist Trade Policies During An Economic Slowdown. “On fiscal policy, both Barack Obama and Hillary Clinton want higher taxes, at least on high earners. They want to let at least some of the Bush tax cuts expire in 2010, as scheduled. On trade, they oppose new free-trade agreements and want to renegotiate NAFTA with Canada and Mexico. As it happens, another president embraced such policies in a time of economic slowdown and financial market turbulence: Herbert Hoover raised taxes on high earners sharply and, ignoring a letter signed by 1,000 economists, signed the Smoot-Hawley tariff in 1930. The results were not pretty. Until now, his example has not commended itself to Democrats. One wonders whether voters will agree that tax increases will stimulate the economy.” (Michael Barone, Op-Ed, “Uncle Sam Pays? Sure, Whatever,” U.S. News & World Report, 4/21/08)

OBAMA HAS REPEATEDLY VOTED FOR HIGHER TAXES IN THE U.S. SENATE

It’s No Surprise That Obama Would Raise Taxes As President, Because He’s Repeatedly Voted For Higher Taxes In The Senate:

Obama Voted At Least 94 Times For Higher Taxes In The U.S. Senate. (RNC Research)

  • To Date, Obama Has Voted For A Tax Increase Approximately Once Every Five Days Congress Has Been In Session. (RNC Research; The Library Of Congress Website, thomas.loc.gov, Accessed 6/8/08)

Obama Voted At Least 12 Times For Higher Income Taxes. (RNC Research)

Obama Voted Against Marriage Penalty Relief At Least Twice. (RNC Research)

Obama Voted Against Extending The Expanded Child Tax Credit. (RNC Research)

Obama Voted At Least 3 Times Against Repealing The 1993 Income Tax Increase On Social Security Benefits. (RNC Research)

Obama Has Voted At Least 5 Times Against Providing Relief From The Alternative Minimum Tax. (RNC Research)

Obama Has Voted At Least 7 Times Against Tax Incentives Benefitting Small Business. (RNC Research)

Obama Voted Against Capital Gains Tax Cuts At Least 9 Times. (RNC Research)

Obama Voted Against Tax Cuts On Dividend Income At Least 9 Times. (RNC Research)

Obama Voted In Favor Of The Democrats’ FY 2009 Budget, Which Would Raise Tax Rates For Americans Earning As Little As $31,850:

Obama Voted Twice In Favor Of The Democrats’ FY 2009 Budget Resolution. (S. Con. Res. 70, CQ Vote #85, Adopted 51-44: R 2-43; D 47-1; I 2-0, 3/14/08, Obama Voted Yea; S. Con. Res. 70, CQ Vote #142: Adopted 48- 45: R 2- 44; D 44- 1; I 2-0, 6/4/08, Obama Voted Yea)

The Democrats’ Budget Would Raise Taxes On Individuals Earning As Little As $31,850. “Under both Democratic plans, tax rates would increase by 3 percentage points for each of the 25 percent, 28 percent and 33 percent brackets. At present, the 25 percent bracket begins at $31,850 for individuals and $63,700 for married couples. The 35 percent bracket on incomes over $349,700 would jump to 39.6 percent.” (Andrew Taylor, “Presidential Hopefuls To Vote On Budget,” The Associated Press, 3/13/08)

NOTE: Obama’s Vote For The Democrats’ Budget Is At Odds With His Rhetoric On The Campaign Trail, Where He Claims He’ll Provide Tax Relief For Working Americans. Obama: “I’ll give a tax cut to working people …” (Sen. Barack Obama, Remarks At A Campaign Rally, Denver, CO, 1/30/08)

OBAMA SUPPORTED HUNDREDS OF TAX INCREASES IN THE STATE SENATE

Obama Has A Record Of Voting For Higher Taxes In The Illinois State Senate:

In The State Senate, Obama Supported “Hundreds Of Tax Increases.” ABC’s Terry Moran: “[O]bama was considered a reliable liberal Democratic vote in Illinois. For instance, voting for most gun control measures, opposing efforts to ban so-called partial birth abortions and supporting hundreds of tax increases.” (ABC’s “Nightline,” 2/25/08)

In 2004, Obama Voted For A $304 Million Tax Increase On Businesses In Creating The Tax Shelter Voluntary Compliance Act. (H.B. 848, Illinois Senate Floor Third Reading, Passed 30-28-1, 5/20/04, Obama Voted Yea; Dave McKinney, “Blagojevich Threatens Up To 5,000 State Layoffs,” Chicago Sun-Times, 5/21/04)

  • The Legislation “Triggered A Huge Outcry From Business Groups,” Which Contended It Would “Drive Companies Out Of State” And Cost Jobs. “The governor's bid to raise taxes and fees by close to $400 million and reel in another $300 million-plus in corporate tax breaks has triggered a huge outcry from business groups, which contend the moves will drive companies out of state and cause Illinois to lose jobs.” (Dave McKinney and Leslie Griffy, “Blagojevich Threatens Up To 5,000 State Layoffs,” Chicago Sun-Times, 5/21/04)

In 2003, Obama Voted For A Bill “That Raised A Huge Number Of Fees And Taxes” On Businesses And Licenses. “Obama voted for a bill during the 2003 Illinois General Assembly legislative session that raised a huge number of fees and taxes for businesses and licenses to cover day-to-day expenses of state government.” (Terrence L. Barnich, Op-Ed, “4 Partisan Questions For Obama,” Chicago Tribune, 7/29/04)

  • The Legislation Negatively Impacted Illinois’ Trucking Industry, Costing The State 25,000 Licensed Trucks In 2005. “Almost 17,000 fewer commercial trucks and 2,700 fewer trucking companies have been registered in Illinois for 2005, fueling the trucking industry's claim that Gov. Rod Blagojevich is driving businesses out of the state with his new fees and business taxes.” (Brian Wallheimer, “Governor's New Fees Are Driving Trucking Firms Out Of Illinois, Industry Says,” St. Louis Post- Dispatch, 5/5/04)

In 2003, Obama Voted To Tax Natural Gas Purchased Outside Of Illinois. (S.B. 1733, Bill Status, www.ilga.gov, Accessed 2/11/08; S.B. 1733: Concurrence In House Amendment #4, Passed 31-27-00, 5/31/03, Obama Voted Yea)

  • The Natural Gas Tax Made Natural Gas More Expensive For Industrial Buyers Such As Manufacturers. “The natural gas tax. A new policy under Blagojevich’s budget will make natural gas more expensive to industrial buyers. Currently, Illinois offers an exemption on the sales tax paid for natural gas, but the new budget ends that exemption, a move that could become a major expense for steel mills and other factories that use large quantities of natural gas.” (Kevin McDermott, “Area Dodged Legislative Hit On Schools, Roads,” St. Louis Post-Dispatch, 6/8/03)
  • Obama Voted For The Natural Gas Tax, Which Threatened Jobs, At The Same Time That Illinois Was Leading The Nation In Jobs Lost. “Just as harmful to the state’s economy are the large taxes on natural gas brought from out-of-state suppliers and the rolling stock sales tax. Both of these taxes will negatively affect important businesses as well as the employees who are dependent on these Illinois companies. I have received phone calls and letters from all sectors of the business community who reported that the projected loss of revenues due to these increased taxes and fees may well cause them to close their facilities in Illinois and move to a more business-friendly surrounding state while still serving Illinois customers. Illinois leads the nation in jobs lost. We cannot afford to drive more businesses from our state.” (State Rep. Carolyn Krause, Op-Ed, “Increase Tax Incentives, Not Taxes For Businesses,” Chicago Tribune, 6/13/03)

In 1999, Obama Voted In Favor Of S.B. 1028 To Create The Illinois First Infrastructure Program, Which Raised 146 Taxes And Fees. (S.B. 1028: Senate Floor Third Reading, Passed, 58-0-0, 3/23/99, Obama Voted Yea; S.B. 1028: Senate Conference Committee Report, Passed, 42-17-0, 5/21/99, Obama Voted Yea; Editorial, “Jack Ryan Woefully Unprepared For Attack On Obama,” The State Journal-Register, 4/18/04)

OBAMA’S TAX, SPENDING AND BUSINESS INTEREST GROUP RATINGS

Obama Received A “Perfect Liberal Score” On Economic Issues From The National Journal:

“In 2006, [Obama] Was One Of 13 Senate Democrats With A Perfect Liberal Score On Economic Issues.” (Richard E. Cohen, “Left To Right,” National Journal, 3/3/07)

Obama Gets Poor Marks From Tax, Spending And Business Interest Groups:

Americans For Tax Reform Gave Obama A Lifetime Rating Of 7.5 Out Of 100. (Americans For Tax Reform Website, www.atr.org, Accessed 1/29/08)

Citizens Against Government Waste Gave Obama A Lifetime Rating Of 22 Out Of 100. (Citizens Against Government Waste, “CCAGW Challenges Presidential Candidates On Earmarks,” Press Release, 12/27/07)

The National Taxpayers Union Gave Obama A Grade Of “F” For His Fiscal Voting Record. (National Taxpayers Union Website, www.ntu.org, Accessed 9/25/07)

The U.S. Chamber Of Commerce Gave Obama A 33 Percent Rating In 2007. (U.S. Chamber Of Commerce Website, www.uschamber.com, Accessed 6/6/08)

http://www.gop.com/news/NewsRead.aspx?GUID=40abb3a8-83c8-4f0f-ae4f-c85162396145

1 comment:

Zagen Germaine said...

All taxes have a purpose all tax brackets go to some government funded program or project of some sort. It does not matter if we see the projects or not the money is going there. When you drive to work the same way you do every day and you don't hit that pothole you swear at two or three times a week did you notice it was filled in.

Monty's Muse