Tuesday, October 28, 2008

Obama gets tax free income

While Obama wants to spread your income and Biden says it's "patriotic" to pay more taxes, Obama plans to spread your income but keep more of his.

"Obama has proposed a host of increases that would raise the federal income-tax rate on top earners -- and not just that 1% -- to 52% from 35%, according to an analysis by Investor's Business Daily. That calculation includes applying the 12.4% payroll tax that funds Social Security to some income above the current $102,000 cap, and letting some of President Bush's tax cuts expire.

His former rival for the Democratic nomination, Hillary Clinton, has called his plan to raise Social Security taxes "a trillion-dollar tax hike on the middle class."

Interest on municipal bonds, however, is exempt from tax, which is why Obama's Northern Trust fund generates tax-free income.

Despite repeated requests over several days, the Obama campaign declined to comment."

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