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Obama declares war on working class and the retired.

Special Financial Report From the Staff.

Will working class Americans tolerate a massive tax increase and watch their grandparents’ retirement funds be wiped out?

Obama proposes massive tax increases on working class and the retired to pay for runaway social programs.

Obama says his income tax hike will only effect the super wealthy. THIS IS A BOLD FACED LIE. Obama wants to let the Bush tax cuts expire. This amounts to the largest single income tax increase or tax increase of any kind in the history of the United States.

Obama proposed DRAMATIC tax increases on investments in the already crippled US Securities Industry.

Obama claims that his proposed staggering tax increases on capital gains will only effect the wealthy. Another bold faced lie. Millions of elderly people are watching their retirements get wiped out by the plummeting stock market. After news of Obama’s proposal hit the airwaves, a panicked sell-off plunged the Dow Jones another 250 points to an 11.75 year low. After signing the stimulus bill last Monday the Dow had already plunged to an 11.5 year low. The Dow closed today at a level not seen since May 1997. Just since Obama was sworn in, the Dow has lost 14.1% of it’s value.

Let’s put this into perspective. Since Oct. 7th, 2007 the Dow Jones has lost 49.5% of it’s value! That is almost half! Now Obama says he wants to tax capital gains and dividends up to 25%! This would decimate stock prices in the US, and will hurt elderly retired people the most.

By proposing dramatically higher taxes on capital gains and dividends during an economic crises, Obama has stunned anyone with an IQ higher than a monkey. Most stocks are not owned by millionaires. They are a major part of retirement accounts such as 401k plans.

Obama wants to let the Bush tax cuts expire. This constitutes a body blow to the working and middle class. This will be the largest single tax increase in American history. The lowest income bracket will have the largest increase.

If Obama gets his way, Americans in the LOWEST income tax bracket will see a 50% increase in their tax rate. From 10% of the taxable income to 15% of their taxable income. So much for Obama’s promise to only tax the rich!

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