Barack Obama would take tax heat off seniors

Barack Obama would take tax heat off seniors
Calcutta News.NetTuesday 12th August, 2008
Barack Obama has suggested senior citizens earning less than $50,000 a year should be freed of their tax burden.Tax policy experts in Washington are giving the idea the thumbs down after the Obama campaign website said the policy would give tax cuts averaging $1,400 to 7 million seniors who are battling inflation with mostly fixed incomes. A description of the plan says: 'If you work hard and pay into the system, you've earned the right to a secure retirement.Lower- and middle-income seniors are struggling as their expenses on health and energy skyrocket while their incomes do not keep pace.' But, most low and moderate-income seniors already pay no income tax in the US. Among seniors with incomes below $50,000 who do owe income tax, a significant number have modest incomes because they are retired but possess substantial assets.Washington economists are describing Obama’s tax idea as another subsidy for senior citizens, who already get federal help through Social Security and Medicare.The proposed new tax break for seniors is one of about a dozen tax changes proposed by Obama, including raising rates on people making more than $250,000 a yearBarack Obama would take tax heat off seniors
Calcutta News.NetTuesday 12th August, 2008
Barack Obama has suggested senior citizens earning less than $50,000 a year should be freed of their tax burden.Tax policy experts in Washington are giving the idea the thumbs down after the Obama campaign website said the policy would give tax cuts averaging $1,400 to 7 million seniors who are battling inflation with mostly fixed incomes. A description of the plan says: 'If you work hard and pay into the system, you've earned the right to a secure retirement.Lower- and middle-income seniors are struggling as their expenses on health and energy skyrocket while their incomes do not keep pace.' But, most low and moderate-income seniors already pay no income tax in the US. Among seniors with incomes below $50,000 who do owe income tax, a significant number have modest incomes because they are retired but possess substantial assets.Washington economists are describing Obama’s tax idea as another subsidy for senior citizens, who already get federal help through Social Security and Medicare.The proposed new tax break for seniors is one of about a dozen tax changes proposed by Obama, including raising rates on people making more than $250,000 a year

SENIORS NEED A TAX BREAK A COMMENT

What the seniors in this country need is to have a president that will stand up for our rights. Thank you Mr.Obama for pushing this plan. We are the one who made this country great.Remember that above everything else.Republican Party Pushed through the Existing TAX on Social Security Benefits! Do we want more of that? (NO NO NO)