Re: Barack-onomics: What is It Really?
by Tax Guy
Barack Obama's tax policy goal should be to tilt the income tax to greater fairness for family businesses and entrepreneurs. A tax agenda for main street businesses rather than wall street businesses could unite Republicans and Democrats. Unfortunately his tax advisers apparently don't have his vision. For example, his proposal to raise or eliminate the social security earnings tax hits business owners hardest because they pay tax on business income at personal rather than corporate rates. The result is that business owners would pay a 12.4% higher marginal rate than their public corporation competitors. The Obama campaign should be recommending that the 4.5% medicare tax be imposed on ALL income not just earned income as the health benefits provided under Medicare are not linked to earned income.
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