Why does Obama favor a tax cut for the wealthy?

I thought he was a socialist. Is that just what he told them to get votes?

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  • 1 decade ago
    Favorite Answer

    That's not his most recent position.

    Quoting Obama Speech in Oregon today:

    "We have a difference on taxes. John McCain wants to continue George Bush's tax cuts for the wealthiest Americans; I want to give a tax cut to working people. I admired Senator McCain when he said he could not "in good conscience" support the Bush tax cuts. But now, as the Republican nominee, he's fully embraced them. He wants to give a permanent tax cut to the wealthiest Americans who don't need them and didn't ask for them while working people are struggling. And for all his talk about fiscal responsibility, he's proposed $400 billion in tax cuts without any word about how he'll pay for him. That's exactly the kind of attitude that has shifted the burden on to the middle class, and mortgaged our children's future on a mountain of debt.

    I think it's time to restore fairness and responsibility to our tax code. We need to reward work - not just wealth. We need to stop giving tax breaks to companies that ship jobs overseas, and put a tax cut in the pockets of middle class Americans. That's why I've proposed a "Making Work Pay" tax credit of up to $500 for workers, and $1,000 for working families. This will cut taxes for 150 million Americans. It will help you deal with rising costs, and give our economy a boost by easing the burden on Main Street."

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  • 1 decade ago

    He supports a tax increase for the top 1%, which would essentially just be reversing Bush's unconscionable tax cuts for the top 1% during a time of war.

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  • 3 years ago

    Your language related to "provide it to the middle class" shows your loss of information related to tax coverage. the wealthy finance this u . s ., whether you renowned it or not. simply by fact they "have" greater suitable than maximum, has not something to do with somebody else not having sufficient. government might desire to have not any declare (at their discretion or whim) on ones inner maximum sources, including their money. The wealthier human beings are the "Goose that laid the golden egg." Mess with them and you will pay an fantastically heavy cost. Get it by way of your heads Dems; the middle class pay under 10% of all very own earnings taxes (i'm being beneficiant with that estimate) and tax cuts might desire to pass to those that pay the overpowering proportion of taxes. class envy should not be the using rigidity for tax coverage, yet that for the period of no way stops lowly Dems from fanning the flames of sophistication conflict to purchase votes. lowering taxes can advance sales and vice/versa. Dems might desire to get that by way of their very thick skulls. The Bush tax cuts have led to $a hundred's of billions in greater sales, yet i assume maximum folk don't comprehend that simply by fact they're too busy ragging related to the success of others rather of instructing themselves related to the information.

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  • 1 decade ago

    Source it, smart one.

    I've not heard him say tax cut for the wealthy.

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  • Anonymous
    1 decade ago

    Mccain FAVORS IT, are you that uninformed or are you intentionally misleading people?

    Obama is for taxing the WEALTHY more..while reducing taxes for people makig under 75k.

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  • 1 decade ago

    He doesn't. He favors a tax cut for those that make less than 75,000. I make 61,000 a year. My husband makes 50,000. i still support him.

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  • 1 decade ago

    Can you give us a source to back this up? Never ever heard him say anything like that. Did you mean McCain?

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  • Fieyr
    Lv 4
    1 decade ago

    He doesn't. He's tryng to lower taxes for those making less than 75000.

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  • 1 decade ago

    Because he is wealthy

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  • 1 decade ago

    Where did you hear that? He will raise everyone's taxes.

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