Taxation Update

It looks like Obama is rethinking (again) his approach to taxes. I noticed yesterday he'd updated (via one of his ads) the income limit from $250,000 to $200,000.

The problem with his changes on amounts is that it looks like: A) he doesn't understand exactly who pays taxes and B) that if he becomes President you can expect that number to continue to fall until he gets to the people that don't actually pay taxes today. If you are paying taxes today, you're not paying enough. If you're not paying taxes today, you deserve more from those who are. That would only be fair.

So what do we really know about Obama's tax approach?

• Tax Increase ... We must repeal "George Bush's Tax Cuts". This has largely been portrayed as a tax cut for the wealthy but it actually spanned the entire population. Here is an interesting write-up on what really happened based on the "George Bush Tax Cuts".
• Tax Increase ... The ideas we have for spending money on everything from healthcare to kindergarden far exceed the current income of the US government. So if we want all of these new programs we are going to need to pay for them.
• Tax Increase ... We are going to cut income taxes for 95% of the American people. Since 40% of the American people don't pay income taxes at all and since the $250,000 number (and the associated 95% number) keep falling you can bet that if Senator Obama is talking, your taxes are going up.

I think I see a trend here.