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Do You Own a Small Business? Look out for Obama.

Jimmie | August 28, 2008 | Comments (0)

So Barack Obama wants to cut taxes for 95 percent of all taxpayers, does he?

I will cut taxes – cut taxes – for 95% of all working families. Because in an economy like this, the last thing we should do is raise taxes on the middle-class.

Umm…who plan on doing that? Has someone who isn’t Barack Obama planned on raising taxes on them? Obama’s tax plan is going to raises taxes significantly on people making more than 603,000 dollars a year, which is where most of your small business owners live. So, you know that Mom and Pop store on the corner you like buying from? Barack Obama is going to raise their taxes by $115,000 a year – more than a sixth of what they earn.

Let’s remember that the top 5 percent of all taxpayers, the people targeted by Barack Obama, pay 60 percent of all the taxes. What do you think they’re going to do with their income when his big tax hikes go into effect? Can you say “tax shelter”?

They sure can. Too bad Obama isn’t smart enough about economics to know that.