USA Today Forgets Numbers on Obama Tax Hike
A USA Today item posted September 21st and titled “How the tax cut debate affects you” reports on the imminent tax hikes threatening American families. Author Richard Wolf does report that: “During his presidential campaign, Obama vowed not to raise income taxes on families with annual income below $250,000. His pledge was coupled with his plan to raise taxes on wealthier Americans who benefited the most from the Bush tax cuts. That plan is at the center of today’s debate.” But then Wolf never tells us if his proposals honor that promise.
First of as The Heritage Foundation’s Center for Data Analysis (CDA) has demonstrated, some Americans from all income brackets receive income from dividends and capital gains. These Americans will suffer higher taxes under President Obama’s policies. Specifically the half of all seniors with income below $250,000 receive dividend income and will pay $525 in additional taxes under the Obama plan and the 25% of all seniors with income below $250,000 will pay $742.
Wolf does report that the economy could slow further if taxes are raised but he never puts a number on it. Again, the CDA has. Specifically, the Obama tax hikes will kill an average of 693,000 jobs every year through 2020.