Obama Refines His Tax Plan

Obama's base is not going to like this at all. This clod is all over the map on every issue


With Polls Close, Obama Blinks on Taxes
August 14, 2008 11:11 AM ET | James Pethokoukis | Permanent Link


This is a pretty big change for Obamanomics. Economic advisers Austan Goolsbee and Jason Furman, in today's Wall Street Journal, now say that Barack Obama's tax plan will do the following:

1) It will increase capital gains and dividend tax rates, to 20 percent, only for families making over $250,000. Before, Obama was hinting at rates as high as 28 percent for everyone.

2) On the issue of the Social Security income cap, he's now considering a plan that would make folks earning over $250,000 pay in the range of 2 to 4 percentage points more in total (combined employer and employee) payroll taxes. Previously, there were hints at increases of from 6 percent to 12 percentage points.

http://www.usnews.com/blogs/capital-commerce/2008/8/14/with-polls-close-obama-blinks-on-taxes.html