Did you know that Democrats support more taxes on the poor?

Most taxes we pay are hidden, not income tax. Everything you do or buy has tax costs built in. The manufacturing, trucking, retail, fast food, services of all types, insurance, license fees , plumbers, auto repair, etc, etc. Thes taxes cost us all equally, rich or poor. Democrats proposals all raise taxes on business that will be paid by us all. These hidden cost far exceed IRS taxes, and there is no discount for the poor or low income.

Did I know? Yes I did.
(hint: for those of you to whom facts are repugnant, do not read)

- Raise taxes on (everyone) – Individual tax rates – Obama will reinstate the individual income tax rates established in 1994.
- Corporate tax rates – Obama wants to redirect corporate tax incentives (credits, deductions and exclusions) to achieve economic and social policy objectives.
- Investment income – Obama will tax dividends at marginal income tax rates and will raise the tax rate on long-term capital gains to 1994 levels (28 percent). with historical evidence that increasing the tax rate on capital gains decreases tax revenue, he stated that it was nonetheless necessary to achieve fairness.
- Estate and gift taxes – the higher rates and lower exemptions will be reinstated.
- Payroll taxes – For example, in 1994 you paid $7,514 (12.4 percent times $60,600), while in 2008 you will pay $12,648 (12.4 percent times $102,000). Thus, your maximum Social Security payroll tax has been increased by 68 percent since 1994.

Analyst, Ph.D.

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