Politics

The Obama Tax Hike Would Slam Seniors

| by Heritage Foundation

There are many reasons to be against the Obama tax hikes, especially as the economy struggles to recover. However, even putting aside economic growth considerations, it is simply not true that only the “rich” will be affected by the tax increase. For example, small businesses (and their

workers), as well as all holders of capital gains and dividend income—many of whom are seniors—would be hit with a tax increase. Even the poorest seniors would face higher taxes: about 1 in 5 seniors in each of the first 3 income quintiles have capital gains income, and 40–50 percent of them have dividend income. All of these lower-income elderly would face a tax increase.

 

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Seniors are already going to be hurt by Obamacare, and this would only add to their pain. Obama made a pledge to not raise taxes on those with less than $250,000 per year in household income. However, he’s broken this pledge before and he would most certainly be doing it again if he lets the Bush tax cuts expire.