Obama's Altered Tax Pledge

By John Kartch • Wednesday, August 22, 2012 1:21 pm

2008:

“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”

--Candidate Barack Obama, Sept. 12, 2008

“No one making less than $250,000 under Barack Obama’s plan will see one single penny of their tax raised whether it’s their capital gains tax, their income tax, investment tax, any tax.”

--Joe Biden, Vice-Presidential debate in St. Louis, Oct. 3, 2008

2012:

“So if your family makes under $250,000 -- which, by the way, 98 percent of Americans do -- 97 percent of small businesses do, you will not see your income taxes increase by a single dime next year. That’s my plan. -- August 8, 2012 Grand Junction, CO

“Now, if your family makes under $250,000 -- which, by the way, is 98 percent of American families and 97 percent of small businesses -- under my plan, your income taxes would not increase a single dime next year. (Applause.) That’s my plan.” -- August 9, 2012 in Colorado Springs, CO

“So if your family makes $250,000 a year or less -- like 98 percent of Americans -- you won’t see your income taxes increase by a single dime next year under my plan. Not one dime.” -- August 13, 2012 in Boone, IA

Posted by John Kartch on Wednesday, August 22, 2012 1:21 PM EDT

Tags: CAPGAINS, DIVIDENDS, atroptout

Comments (8)

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That's what I was thinking, but there have to be a few penecrt of people who pay taxes who don't really mind them. This sort of thing is why I favor a flat rate with a relatively small universal deduction. So that everybody has skin in the game .I just saw an estimate that the insanely complicated tax code costs over $400 billion in productivity. So you could simplify the code, raise taxes some, and still stimulate growth.But that would do away with remoras that clean up around the IRS shark.
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Since I don't know your exact situation, let me say that gelarenly stock losses are only used to offset gains. If you've reduced your income from gains by the $2,000 in losses then you should be ok. Do you have a home? Did you pay any mortgage interest or property taxes last year? If so get a copy of Schedule A and fill in the appropriate deductions. If they are more than your standard deduction then use them on your return.Other deductions could include did you buy any large ticket items and keep the receipts. You may be able to deduct more for the Sales tax deduction than the standard the tables calculate. Did you buy a hybrid vehicle? There is a deduction available for that.CPA
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Obama's Altered Tax Pledge

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