Obama's Tax Plan

For those of you who are curious about Obama's Tax Plan, here it is in all of its details.

Simply put, this plan is far from the big bad old Marx. It gives 95% of American workers (none of those pesky "welfare queens" here) a tax cut of $500 per worker.

In addition, seniors making less than $50,000 will pay no taxes.

The big bad tax burden that supposedly is Obama's sinister plan to destroy the landed gentry? He will let the Bush tax cuts expire, moving the wealthy back up to a 39% instead of 36% tax bracket. In addition, the wealthy (to an extent) will have to pay a bit more into Social Security.

What about small business owners, like the hypothetical situation tied to Joe the fake Plumber? Remember that $250,000 figure is on net income, not gross revenue. If you take home $150,000 from your business, even though it has $2,000,000 in revenue, you still fall in to the tax bracket that will benefit. In addition, your startup or small business will not have to worry about capital gains taxes, and can benefit from tax credits for keeping employment here in the United States.

Obama's plan is sound, its equitable, and it will work. The rich will still be rich, and the rest of us might be able to find it just a little bit easier to succeed. The Obama administration would be best positioned to keep the American dream alive for all Americans, and not just those with money or connections.