Obama Bin Lyin'

Obama says he is going to raise taxes only on the top 5% of wage earners, and says 95% of tax payers will see a decrease in their taxes.

The top 5% pay 57% of the total federal income taxes.
http://www.american.com/archive/2007/november-december-magazine-contents/guess-who-really-pays-the-taxes

The total income taxes collected by the federal government last year was $1.25 trillion.
http://www.whitehouse.gov/omb/budget/fy2007/hist.html

If the top 5% paid 57% of that, that means that the top 5% of taxpayers paid $712.5 billion.

As it is now, people in that tax bracket pay 35% of their money in taxes. So that means that the top 5% of people made $2.034 trillion.

So, assuming that they made that same amount of money under Obama’s tax plan (39.6%), the federal government would collect $805.5 billion.

That means Obama will collect $93 billion more from the richest 5%.

Obama has promised $270 billion in tax cuts for the poor and middle class.
http://www.taxpolicycenter.org/publications/url.cfm?ID=411693

Obama has promised $293 billion in new spending, annually.
http://www.ntu.org/main/page.php?PageID=97

So, Obama will collect $93 billion more from the richest 5% but he has promised $563 billion in extra spending and tax cuts to the poor and middle class per year.

Here is what I can conclude, either:

1. He is lying about who he will raise taxes on (he’ll have to raise taxes on many more people).

2. He is lying about giving tax cuts to the poor and middle class and also lying about the spending that he is promising to special interest groups (since there is no way he’ll be able to afford all those promises).

3. He is going to increase the federal deficit by approximately $470 billion per year.