· Barack Obama’s tax cuts and deductions would increase the number of those who pay NO federal income taxes from 30 percent to 44 percent. This must be seriously taken as brutal reality.
· Currently, 30 percent of all Americans who file a tax return pay no federal income tax but receive credits, handouts and deductions.
· The percentage of tax filers who do not pay any income tax under Obama would rise from 30 percent to roughly 44 percent.
· Riding for free, nearly half of America will consume a majority of government handouts and services, while the other half foots the entire bill and covers the entire cost of government.
· He seeks to punish our most enterprising and successful citizens – those who create companies, hire workers and pay benefits – by making them pay for everything else too, while 44 percent of Americans use the government’s benefits and services for free.
· The wealthiest 1 percent of our population generates 19 percent of our country’s total income, but they pay 39 percent of all income taxes.
· The wealthiest 1 percent of our population generates 19 percent of our country’s total income, but they pay 39 percent of all income taxes. The top 10 percent pay 68 percent of the tab. By contrast, the bottom half of wage earners bring in 13 percent of total income, but pay only 3 percent of all income taxes. It is this last group that Obama thinks pays too much and deserves a bigger break.
· In addition to all of these new taxes, he would roll back the tax cuts passed by Congress during the Bush Administration. Further, his plan would cost Americans far more in taxes than they paid during the Clinton Administration.
· Heritage Foundation Foundation estimates the higher taxes on capital gains and dividends will lead to a net job loss of 270,000 jobs in 2011 and another 413,000 jobs in 2018.
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