The Patriot Post® · Obama Breaks Tax Pledge

Remember in 2008 when Barack Obama made this promise? “I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.” He regurgitated those words in 2009: “If your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.” Just for good measure, Joe Biden spoke similarly in 2008: “No one making less than $250,000 under Barack Obama’s plan will see one single penny of their tax raised whether it’s their capital gains tax, their income tax, investment tax, any tax.” That’s not what you will hear tonight during Obama’s SOTU speech. Americans for Tax Reform writes, “Under Obama’s plan, earnings in ‘Section 529’ (named for its location in the Internal Revenue Code) college savings plans will face full income taxation upon withdrawal. Under current law, earnings growth in 529 plans is tax-free if account distributions are used to pay for college tuition and fees. The Obama plan will tax earnings in these accounts even if they are used to pay for college tuition and fees. These accounts are commonly used by middle class families. There are about 12 million 529 accounts open today, and they have an average account balance of approximately $21,000.” Don’t expect his lackeys in the Leftmedia to hold “the most transparent administration in history” accountable for its broken promises. More…