Radio Equalizer: During Thursday’s edition of Keeping It Real, Al stumbled when a caller confronted him with the facts about O’s coming tax hikes. Even when the battle turned emotional and opportunities existed to clarify some assertions (such as the difference between ordinary and business income), he failed to show a basic understanding.
The bottom line (don’t take our word for it, this comes from CNBC):
Personal income taxes: Obama would keep tax rates the same for families making less than $250,000 annually. For families earning more than that, he would raise the top two tax brackets to 36 percent and 39.6 percent. The highest tax rates have been 33 percent and 35 percent for the last 11 years.
Obama in February offered a long list of corporate tax breaks he wants to end, ranging from accelerated depreciation and inventory accounting to interest on overseas profits and various tax provisions benefiting oil and gas companies.Like Romney and Ryan, however, Obama has not presented clear plans for dealing with the much larger, middle-class tax breaks. Investment income: Obama wants to raise the tax rate on dividends to match the ordinary income tax rate for the two highest income brackets. He would boost capital gains taxes from 15 percent to 20 percent for that group.