Americans, regardless of how much money they make, do not want to pay more taxes than they currently already pay much less have to pay half their income in taxes. Obama is promising to cut taxes for 95% of Americans but that is not true. Obama is changing his rhetoric constantly. He has added a “work” provision to his tax cut phrase. TRUTH is 40% of Americans don’t pay any taxes at all so it is not possible to give 95% a tax cut. 40% will receive a check and that is welfare. Tax cuts are for people who pay taxes. 50% of American households pay tax on capital gains and dividends, majority of which are households earning under $100k a year. Bottom line is that taxes will increase for people who invest, save and/or earn over $250,000 a year under Obama. Source Compare Obama and McCain Side By Side		Obama wants to increase taxes on the wealthy. That means if your family income is over $250,000 (top 1%), you will have an additional increase in taxes from 35% to 39.5% with all of your income being subject to Social Security, not just the first $102,000. "Economists of all persuasions accept that a tax rate hike will reduce GDP, in which case Hauser’s Law says it will also lower tax revenue. That’s a highly inconvenient truth for redistributive tax policy, and it flies in the face of deeply felt beliefs about social justice. It would surely be unpopular today with those presidential candidate who plan to raise tax rate on the rich-if they knew." Source: Next Big Future “Obama’s proposals would be crippling to our economy.” Dick Morris, Democrat