Obama Tax Plan- Calculations Do Not Add Up (Voters Misled)

The UnionLeader.com publishes a forensic article -on Obama's tax proposals-titled "It doesn't compute: Obama's tax plan a ruse". Here are some excerpts:
..."According to the plan, "his tax relief for middle-class families is larger than the revenue raised by his tax changes for families over $250,000." That sounds like he's giving a net tax cut. But much of what he calls "tax cuts" are actually cash payments to low- and middle-income Americans. Ultimately, he sends out of Washington hundreds of billions of dollars more than it takes in..."

"....The bottom line is that Obama is not being honest about his tax and spending plans. It is impossible -- impossible! -- for him to finance his giveaways by taxing only those making $250,000 or more. He will have to raise taxes substantially on people making much, much less than that.."

Take particular note of this readers comment:
"Most small business owners file their taxes as individuals, not as businesses. When asked whether the $250,000 amount was 'net' or 'gross' income, the Obama spokesperson responded "gross". Therefore, any Joe-the-Plumber who has 6 employees and who, along with them, draws a $35,000 salary, will find himself with a significant tax increase.What's his option? Lower salaries? Cut an employee?Obama's tax plan is downright stupid, particularly in this environment.And as for his 95% getting a tax break, two pesky items to point out:First, 40% pay NO federal income taxes at all, so 40% will be getting a welfare check at the expense of the other 60%.

Second, EVERYONE who pays taxes at all will see them increased because the Bush tax cuts will be tossed.In so many ways, Obama would be a disaster for the USA.Therefore, while I am no cheerleading fan of McCain's, he is the one for whom my family is voting. Once again, the lesser of two evils. Much lesser.- Pamela Valentine, Washington NH

The full article is compulsive reading for all voters. Be afraid; be terribly afraid of Obama's tax proposals.

Irelands Harshest Budget in living memory-Taxpayer and Consumer blues.

This budget was set against the background of a horrific deterioration in the public finances caused by the bursting property bubble in Ireland and by international factors. In the two budgets prior to the 2007 general election the FF/PD government allowed public expenditure to grow by 25%. This growth in public expenditure was supported by huge tax inflows from the property sector. Now that these have largely dried up the Government was left high and dry. The Government is now heist on its own petard.
This was an accident waiting to happen. Taxes from the property market are notoriously unreliable.

This is the harshest budget in living memory. Even to outline some of the harsh measures sends a chill through the bones.
There are some minor beneficial changes in Social Welfare Payments and Tax Bands allied to provisions geared towards innovation and R and D. There are some aids for the property market. However this is a TAKE budget which will raise an extra €2 billion in taxes. Government Borrowing is forecast at 6.5% of GNP. This is much too high. The EU requirement is 3%. In essence the Government must borrow €13 billion.

Income tax has been increased. A levy of 1% has been placed on all income up to €100,000 and at 2% on earnings over €100,0000. This is an income tax rise by another name. The PRSI ceiling has been raised also. Mortgage relief for non-first time house buyers has been cut from 20% to 15%. A €200 tax has been introduced on all benefiting from employer provided car parking in urban areas. Motor Tax rises by 4%/5%. Those who own a second property face a new € 200 tax. DIRT ,Capital Gains Tax and VAT have been raised.

The government has cut back financial support to local authorities so a massive hike in commercial rates and water rates will filter through.

Automatic entitlement to a Medical Card for all over 70s has been withdrawn. There is to be a 20 % increase in private and semi-private bed charges in public hospitals and Accident and Emergency charges are to increase by 50% from €66 to €100 for non medical card holders who attend A&E departments without a letter from their GP. The Drug Payment Scheme (DPS) threshold is being increased from €90 to €100 per month which, the Government says, will lead to savings of €15 million in drug costs.

The Registration Charge for Universities has been raised from €900 to €1500. The pupil teacher ratio in schools has been increased.
Petrol will rise by 8 cent per litre.
The budget will cost middle-income families an average of €2,500 per annum. There will be a €10 airport charge for passengers.
There are also some social welfare cutbacks.
The hair-shirt is back in Irish politics with a vengeance. It is likely that consumer confidence has been severely dented. In addition it is probable that two more harsh budgets may be in the offing.