Expiring Tax Cuts Will Be Obama’s Tax Increase

Mr. Obama has talked about tax cuts…

The reality is that the tax cuts of 2000 will expire in 2010. The tax cuts that increased the child tax credit from $500 to $1,000. In 2011, a family with two children will see a cost increase of $1,000 JUST on the child tax credit. You would have to find nearly $100/month just to make up that difference. Under the tax cuts of 2000, the lowest tax rate went from 15% to 10% and the middle bracket went from 28% to 15%. Most of us will fall in that 10-15% bracket. If your tax rate goes up by 13%, how will it affect you? I encourage everyone to pull out their tax returns, go to: http://www.heritage.org/research/features/taxcalculator/ and see what you will pay in 2011 BEFORE voting. Mr. Obama has said that he will not renew these tax cuts. We WILL see taxes go up without action.

Truth: Mr. Obama has voted to raise taxes multiple times. The number put out by the McCain campaign of 94 times he voted for either tax increases or against tax cuts is accurate. In Mr. Obama’s defense, some of those votes were multiple votes on the same bill. However, he has voted far too many times for tax increases and against tax cuts to take him seriously when he talks about tax cuts, for those he calls the middle class. The reality is taxes will increase AUTOMATICALLY in 2011. Under a democrat-controlled congress and a potential Obama presidency, would the tax cuts of 2000 be continued? If not, how will you be affected?