Can America’s Seniors, and those Close to Retirement Afford the Wrong Change?

Millions of American seniors have worked hard, saved and invested their entire lives to ensure that they can enjoy and afford their golden years. Yet Senator Obama’s tax plan proposes to penalize those who have worked hard and achieved the American dream.

10 million senior households will pay higher taxes: Under Senator Obama’s plan, millions of senior citizens will pay much more in taxes.

Fact: "Even though Senator Obama's plan eliminates individual income taxes for seniors with incomes less than $50,000, his plan would raise taxes for almost 10 million senior households, over a third of the total. On average, seniors would face a tax increase of about 2 percent of income." (Burman et al., "A Preliminary Analysis of the 2008 Presidential Candidates' Tax Plans," The Tax Policy Center, 6/11/08)

Taxes on investments and retirement savings will be 40% higher than under Bill Clinton: Retirees who have saved and invested will find that their accounts are worth far less than they anticipated under Senator Obama’s tax proposed tax plan.

Fact: “The capital gains rate was cut to 20% in 1997 under President Bill Clinton, and again to 15% in 2003. Mr. Obama would thus give us the worst of both worlds: a top tax rate on wages (also interest, rent and royalties) 40% higher than Reagan and a capital gains rate up to 40% higher than Clinton.” (Michael Boskin, “A Closer Look at Obamanomics.)

The “death tax” tax will rise from the grave: Under Senator Obama’s plan, death tax will rise again from the dead.

Fact: Since the estate tax was addressed in 2001, “death” tax rates have been dropping and will be all together repealed for in 2010 for just one year unless Congress acts. Rather than keeping the repeal in place, Senator Obama has proposed reinstating the tax at a rate of 45 percent for estates valued over $3.5 million – this isn’t just the rich guy down the street. Many small businesses and family farms that have been passed down for generations will be hit by this tax.

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