
October 2008 Archives

There's a lot of talk during this election cycle about fairness and taxes. John McCain says that everyone should pay a little less. Barack Obama says that people who make $250,000 per year and up should pay more.
The interesting thing that rarely gets spoken about is the fact that the United States has a progressive tax system. Taxes aren't based on a fixed percentage of income but on a scale that gets progressively higher as income increases.
There are currently five Federal income tax brackets in the system: 10%, 15%, 25%, 28%, 33% and 35%. A married couple earning $50,000 per year are in the 15% bracket and a married couple earning $250,000 per year falls into the 33% bracket. At first glance you might think that this is unfair because it appears that a family earning five times the income only pays a little more than double the taxes. Let's do the math and see if that is true.
Married Couple Earning $50,000
Earnings Rate Taxes
$16050 0.10 $1605
$33950 0.15 $5092.5
$50000 $6697.5
Married Couple Earning $250,000
Earnings Rate Taxes
$16050 0.10 $1605
$49050 0.15 $7357.5
$66350 0.25 $16587.5
$68850 0.28 $19278
$49700 0.33 $16401
$250000 $61229
* Based on the brackets detailed here.
The numbers here don't lie. The couple earning $250,000 has a Federal tax liability that is nine times the Federal tax liability of the couple earning $50,000 per year, not the two to three times that many people assume.
Actual tax paid will vary based on deductions. But it is an undeniable fact the taxpayers who Barack Obama says should pay more, in the interest of fairness and spreading the wealth, already incur a very large percentage of the tax liability in the United States. If we still think thay they should pay more then the following question needs to be asked. How much is enough?
This is part II in a series of two posts that detail some of the more troubling associations of Presidential candidate Barack Obama. In my previous post I highlighted his relationships with the Reverend Jeremiah Wright and the activist group known as ACORN.
Interestingly enough, in the day since I published the first post, news has broken that ACORN voter fraud may have occurred in yet another state. In what I hope is an isolated incident, a 7 year old girl has shown up on the voter registration rolls in Connecticut. The form that registered the girl to vote was fraudulently submitted by ACORN workers.
It is very clear that Senator Obama cultivated his associations with Wright and ACORN in order to gain acceptance and trust in the local community in Chicago. Entry into Chicago politics required further assistance and more money. Senator Obama was able to find the assistance he needed, financial and otherwise, via friendships with Tony Rezko and Bill Ayers.
Tony Rezko
Tony Rezko is a very powerful man in the world of Chicago politics with the ability to raise hundreds of thousands of dollars for political campaigns. Tony Rezko has been a longtime friend and associate of Barack Obama. In a story published today by the Associated Press the link between Obama and Rezko is confirmed.
"Rezko also was friendly with Obama -- offering him a job when he finished law school, funding his earliest political campaigns and purchasing a lot next to his house."
Mr. Rezko did a little more than just purchase the lot next to Senator Obama's house. When Senator Obama purchased his million dollar mansion in the Hyde Park section of Chicago, the sale price was for $300,000 less than the asking price. The lot next door was purchased by Tony Rezko's wife at full asking price. Later on Senator Obama purchased a parcel of the lot next door back from Mrs. Rezko in order to expand his own yard. Call the situation what you like, but the whole deal looks like a favor. This favor occurred while Mr. Rezko was under investigation for the crimes he would eventually be convicted for.
Tony Rezko is now a convicted felon. He was convicted in June 2008 of fraud in attempting to get millions of dollars in kickbacks on state funded real estate deals. Tony Rezko is also a slumlord. And Barack Obama was connected to some of the housing deals whose costs were forced onto the backs of taxpayers when Mr. Rezko stopped making payments on the projects.
An investigation by the Chicago Sun-Times titled, "Obama and His Rezko Ties" makes the connection between Obama and Rezko's real estate deals.
"Obama was an attorney with a small Chicago law firm -- Davis Miner Barnhill & Galland -- that helped Rezmar get more than $43 million in government funding to rehab 15 of their 30 apartment buildings for the poor."
"While I was a state senator, he had buildings in my district that apparently were not managed properly. I had no knowledge of that at the time.''
For what does it profit a man to gain the whole world, and forfeit his soul?
- Mark 8:36
