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PRESS RELEASE FROM AMERICANS FOR TAX REFORM
Contact: John Kartch ( jkartch@atr.org or 202-785-0266)

[View Printable Adobe Acrobat File]

Americans for Tax Reform—Fact Checking the Debate

WASHINGTON, DC— Americans for Tax Reform releases the following post-debate fact check:

Obama claims that the 95% of taxpayers making less than $200,000 will get a tax cut under his plan.  This is wrong:

• According to Tax Foundation, 33% of households don’t have an income tax liability: http://taxfoundation.org/research/show/23631.html
• Obama “tax cuts” are mostly welfare spending: http://www.cbsnews.com/stories/2008/10/15/eveningnews/realitycheck/main4524944.shtml

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There are 28 million small business owners in the U.S.  Of these, about 3 million make $200,000 per year or more.  Two-thirds of small business profits are earned by these business owners.  Small businesses pay their business taxes on their personal returns, so increasing tax rates on these 3 million business owners increases taxes on two-thirds of small business profits: http://www.irs.gov/pub/irs-soi/06in14ar.xls

Small businesses (companies with <100 employees) employ 42 million Americans.  If you increase taxes on most small business profits, many will be laid off: http://www.census.gov/epcd/susb/latest/us/US--.HTM

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Obama actually did vote twice for budget resolutions that call for increasing the tax on capital gains, dividends, small businesses, workers, families, and even death:

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=1&vote=00172

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00142

• Increases top rate from 35% to 39.6%
• Increases lowest rate from 10% to 15%
• Brings back the marriage penalty
• Brings back a 55% death tax
• Increases the capital gains tax from 15% to 20%
• Increases the dividends tax from 15% to 39.6%
• Cuts the child tax credit in half from $1000 to $500

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Obama didn’t vote on the Peru FTA.  He could tell both sides he was with them: http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=1&vote=00413

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The federal employee health benefit plan’s most popular plan costs $13,422 in 2009 (Blue Cross Blue Shield Standard family): http://www.opm.gov/insure/health/09rates/nonpostalffs2009.pdf

For any families making less than $250,000 per year or so, the McCain health credit will be a net tax cut assuming average health premium costs.  For lower income people, it will be a sizeable tax cut: http://www.irs.gov/formspubs/article/0,,id=164272,00.html

How much will the Obama tax hike shrink your 401(k)? www.atr.org

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Americans for Tax Reform is a non-partisan coalition of taxpayers and taxpayer groups who oppose any and all federal and state tax increases.  For more information, or to arrange an interview with Mr. Norquist please contact John Kartch at (202)785-0266 or by email at jkartch@atr.org.