Guess what...If Barack Obama's tax hike had been in place since 2001, he would have paid over $250,000 more in income taxes than he actually did. This assumes that the 33% bracket stayed at 36%, and that the 35% bracket stayed at 39.6%.
Here's the breakdown:
2001 - $420
2002 - $585
2003 - $910
2004 - $0
2005 - $60,257
2006 - $27,002
2007 - $161,555
Total Tax Gap - $250,727
Americans for Tax Reform today challenged Senator Barack Obama (D-Ill.) to put his money where his mouth is and pay up on his “tax gap.” Specifically, if Obama’s tax-increase policies had been in place since 2001, he would have paid $250,727.70 in additional income taxes.
This does not even count the additional Social Security payroll taxes he would have had to pay under his tax-increase plan, nor any interest or penalties!!!!
So...before Sen. Obama continues on his "spread the wealth" socialism tour, he may want to put his money where his mouth is. I say, either put up or shut up! If he is so convinced that repealing the tax cuts are good for the economy, why doesn't the Senator pay what he would have owed if those cuts where not their in the first place.
Doesn't sound like such a good idea anymore now does it?