Throughout this campaign Barack Obama and Joe Biden have continuously campaigned on the basis of providing a middle class tax cut. Unfortunately Obama has a strong record of voting to raise taxes. In fact Obama has voted 94 times to raise taxes. Obama has made promises totalling 1000 billion dollars. In addition the bailout of the banking system will conservatively cost another 700 billion dollars.
How will Obama fund the propose tax cuts and the huge expansion in socialised medicine? Quite simply the figures do not add up. Obama is not levelling with the electorate. He is a proponent of loony bin economics. Quite simply his promises will require a massive hike in taxes. He would double the capital gains tax to 28%. The net affect of this is that you will get far less when you sell your home or your 401K or your stock plan. He would double the dividends tax. That means that those who clip coupons from corporate stocks get less money.
He intends to increase the limit on Social Security taxes, which means that instead of paying 12 1/2 percent of the first $100,000, you pay it on everything that you're making.
The real tax rate is then 60 percent. See Dick Morris
In essence Obama's tax proposals are a massive con trick.