Hold On To Those Wallets!

Obama Proposes U.S. Middle-Class Tax

Democratic presidential contender Barack Obama proposed up to $85 billion in tax cuts for about 150 million Americans on Tuesday, paid for by raising capital gains and dividend taxes on wealthy investors.

Obama's tax plan, set to be announced in a speech in Washington, includes a cut of up to $1,000 for working families, a mortgage interest credit for low- and middle-income homeowners and the elimination of income taxes for seniors making less than $50,000 per year.

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Obama said he would pay for the middle-class tax relief with a crackdown on corporate loopholes and offshore tax havens and an increase in the highest bracket for capital gains and dividend taxes. He did not specify the size of the increase.

I wonder how many middle-class "working families" will be impacted by the increase in capital gains taxes? Of course, the liberal philosophy is that the rich are "privileged" and "fortunate" and aren't really considered working class because well, they just don't work. Money falls out of trees for them. Any money they make is subject to be paid back to the government for just causes.

I'm all for closing loopholes and sneaky back ways to avoid paying taxes. But why penalize the "filthy" rich just because of their success? Don't they have a right to profit from all the good and wise decisions they've made? Of course, I'm not a liberal so I guess I just don't get it.