Tax Threshold Creeping Down-Again!

October 31st, 2008 at 02:43pm Bob Trojan

For many of our small-medium size manufacturing companies that are S-Corps, this has significance….

“For the second time in a week, a prominent Democrat has downgraded Barack Obama’s definition of the middle class — leading Republicans to question whether he’ll stick to his promise not to raise taxes on anyone making under $250,000.

The latest hiccup in the campaign message came Friday morning on KOA-AM, when New Mexico Gov. Bill Richardson pegged the middle class as those making $120,000 and under.

http://elections.foxnews.com/2008/10/31/low-richardson-pegs-middle-class-making/

Click here to listen to Richardson talk about Obama’s tax plan. 

“What Obama wants to do is he is basically looking at $120,000 and under among those that are in the middle class, and there is a tax cut for those,” Richardson said in the interview, according to a clip posted on YouTube.

There’s no indication that Obama has changed his tax policy, which states that anyone making under $200,000 would get a tax cut under his administration, and nobody making under $250,000 would be hit with a tax increase. Richardson actually recited that part of Obama’s plan correctly earlier in his radio interview.

But the Republican National Committee quickly blasted out an e-mail saying, “At this rate, it won’t take long until Obama is again raising taxes on Americans making as little as $42,000 a year.”

“When Barack Obama comes to your door this Halloween, there will be no treats — just taxes,” the e-mail said.

Joe Biden caused headaches for the campaign Monday when he told a Scranton, Pa., TV station that Obama’s tax break “should go to middle class people — people making under $150,000 a year.”

John McCain said the tax threshold was “creeping down,” while the Obama campaign accused him of lying about Obama’s tax policies. “

Entry Filed under: Economy