Three Tax Reasons Why I Won’t Vote for Obama (among other reasons)…

1.  He wants the top dividends rates for high-income earners (with adjusted gross income over $250,000 for married filing joint taxpayers) to increase to 20%.  He wants it to be 39.6% for those with income over $373,100.  My sarcastic editorial comments: since high-income earners are doing something wrong by getting a good education, putting money back into the economy, creating jobs for other people, running their companies effectively and efficiently, contributing to society through medicine, business, entrepreneurial endeavors, science and research, they should be penalized.  Got it.

2.  Obama would possibly raise the cap of wages that are subject to the social security tax.  Currently, up to $97,500 of everyone’s wages are subject to the social security tax.  That cap would be raised under Obama’s plan to shore up the short fall in the social security fund, where the cash is expected to be depleted by 2041.  Taxpayers with incomes over $250,000 would continue to pay the social security tax.  My sarcastic editorial comments: again, tax the rich, blah, blah, blah – see sarcastic comments from point number one.

3.  Obama would mandate more employer health coverage for businesses with 10 or more workers.  Reportedly, a 6% tax would be applied to payroll in those small businesses which do not supply health insurance coverage for their workers.  This tax would go to fund a national health plan.  My sarcastic editorial comments: one good way to stimulate our economy would be to tax the small business operators some more.  They don’t have enough trouble already trying to make payroll, we should fund everybody else who doesn’t pay for health insurance by taxing the small business guy working 80 hours a week.

Additional tax burdens are not what our country needs to sustain mandated health coverage.  These choices (and many others) are best left to the small business owners (micro-businesses) that run our country every day.

See Obama’s Comprehensive Tax Plan here, and try not to hurt anyone with it, okay?

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that (i) any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code; (ii) any such tax advice is written in connection with the promotion or marketing of the matters addressed; and (iii) if you are not the original addressee of this communication, you should seek advice based on your particular circumstances from an independent advisor.

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