Right before the election the Dems are now saying that only those under $150,000 will get tax cut
From the NY Post:
"Senator Obama has made a lot of promises. First, he said people making less than $250,000 would benefit from his plan.
"Then, this weekend, he announced in an ad that if you're a family making less than $200,000 you'll benefit - but yesterday right here in Pennsylvania, Senator Biden said tax relief should only go to 'middle-class people' - people making under $150,000 a year.
"At this rate, it won't be long before Senator Obama is right back to his vote that Americans making just $42,000 a year should get a tax increase."
posted by John Lott at 8:06 AM
4 Comments:
"Right before the election the Dems are now saying that only those under $150,000 will get tax cut"
False. Where does it say "only"? That is highly misleading. Sure, it is only one word, but Biden is being jumped on for his word choice - I think it is fair to carefully review one's own word choice when reporting on it.
Secondly, we're not talking about mutually exclusive events here. He can say the tax breaks should go to the middle class, those making $150 and under. At the same time Obama's plan can cover those who make a bit more than that.
John, not sure if you can confirm this or not, but I have been under the impression from reports about the "tax cut" of $250k (as previously reported) was for A COUPLE who were filing.
As such, each individual filing single and those couples not filing jointly would then have a tax increase at the $125k level
If true, then any new number is divided by 2 to follow their logic (if such a thing exists)
So this new $150k number would be for couples, thus the single filer would see a raise in taxes at $75k
Can you confirm? Thanks.
Scooteraz,
It isn’t simply a matter of dividing by two. There appears to be a 20% difference between individuals and couples. Thus, if Obama were to drop the threshold to $150,000 for couples, the amount for singles would likely be $120,000. Note the last sentence in the following paragraph from Obama’s tax plain:
Ordinary Income: The top two income tax brackets would return to their 1990’s levels of 36% and 39.6%. All other tax brackets would remain as they are today. Obama would also restore the 1990’s levels for the personal exemption and itemized deduction phaseouts (known as PEP and Pease). 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.
http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf
Gov. Richardson just today said it was $120k.
So it's gone from $250k down to $200k down to $150k and currently it's at $120k.
Hope and Change...
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