The George Bush tax cuts, you know, those tax cuts for the 'rich' (democratic code word for anyone earning a salary) are not permanent. They are set to expire in the next presidents term. If they expire income taxes will go up for everyone, the tax credit on children will go back down, estate tax (death tax) maximum will go back up to 60%, marriage penalty will be revived, and capital gains taxes will increase. So if you're married, or have children, or own a house, or have a retirement plan, UNDER AND OBAMA PRESIDENCY YOU ARE SCREWED.

Obama voted against extending the current tax rates in all of these areas.

If Obama wins:

The Bush tax cuts that have played such an integral role in our emergence from the last recession and our admirable growth over the last six years will expire at the end of 2010. That event, if allowed to occur, will represent the largest tax increase in American history-as much as $2 trillion over 10 years by some estimates. This compares with the Clinton tax increase that was scored at $240 billion over five years.

From "Ticking Tax Time Bombs" by Dr. Martin Regalia

Under an Obama presidency, when you sell your home and make a profit, you will pay 28% of your gain on taxes. Under an Obama presidency, if you are looking toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. The elderly, whose home is their biggest investment, GET SCREWED.

Under a McCain tax plan, you will pay zero taxes on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.

Under an Obama presidency, If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes.

Under a McCain tax plan, the that tax rate stays the same at %15.

Obama doesn't have to do anything to raise taxes, he doesn't even have to mention it in his plan, all he has to do is vote present. that's because its the Congress that decides what plan gets passed. If his doesn't pass, and they do nothing. Like magic, taxes will increase.

You may also want to research and understand the Alternative Minimum Tax or AMT.

The alternative minimum tax (or AMT) is an extra tax some people have to pay on top of the regular income tax.

The AMT threshold is not indexed for inflation so that over time, the real income threshold declines and the fraction of taxpayers subject to the AMT rises over time. This is known as fiscal drag or bracket creep.
--Wikipedia

Oh yeah... John McCain will permanently repeal the Alternative Minimum Tax (AMT) -- a tax that will be paid nearly exclusively by 25 million middle class families.

Perhaps we should ask Barack his position on taxes.

Why is Barack Obama is unable to separate politics from putting America first? Obama claims he is not able to be a candidate and keep the countries interest first at the same time. I thought it was Obamas' idea? Didn't Obama say that he contacted John McCain first? It wasn't that long ago, did he forget? And how can his campaign say that John McCains desire to postpone the debate, put the country first, and work to address this disastrous issue a stunt? Does he think the American public stupid?

So how did all this happen? Our Wall Street financial institutions are in deep trouble directly because of the housing and mortgage crisis, namely Fannie Mae and Freddie Mac. This problem has cascaded from the mortgage crisis to just about ever area of our financial system. A system we all depend on. So how did Fannie Mae and Freddie Mac get into trouble?

This all started back in 1977 when Congress and President Carter signed into law a bill titled the Community Reinvestment Act (CRA), it was later modified by the Clinton Administration in order to create mandates on banks and mortgage houses to provide "opportunities" to those wanting to buy a home but couldn't under standard mortgage practices afford them. A cleaver way to give hand outs to the poor. (Once again the road to hell is paved with good intentions) The majority of these mortgages were provided by, you guessed it, Fannie Mae and Freddie Mac. These organizations hold about half of all the housing loans in the United States.

On September 11, 2003 George Bush and the administration recommended significant regulatory overhaul to the housing finance industry, specifically Fannie Mae and Freddie Mac. The new regulatory agency would be able to regulate and determine whether Fannie Mae and Freddie Mac are adequately managing the risks of their ballooning portfolios, which at the time was well over 1.6 trillion dollars. In the article is said:

There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.

At the time, Barney Frank aggressively thwarted reform efforts by the Bush administration and prevented its passage. Since then Frank has been quick to blame republican deregulation. "Frank was and remains a stalwart defender of Fannie Mae, which is now under FBI investigation along with its sister organization Freddie Mac". We all know, Barney Frank ought to be under investigation as well. I say hang him now.

Prominent Democrats ran Fannie Mae - Yet the media won't report that.

Prominent Democrats ran Fannie Mae, the same government-sponsored enterprise (GSE) that donated campaign cash to top Democrats. And one of Fannie Mae’s main defenders in the House – Rep. Barney Frank, D-Mass., a recipient of more than $40,000 in campaign donations from Fannie since 1989 – was once romantically involved with a Fannie Mae executive.

Frank was and remains a stalwart defender of Fannie Mae, which is now under FBI investigation along with its sister organization Freddie Mac, American International Group Inc. (NYSE:AIG) and Lehman Brothers (NYSE:LEH) – all recently participants in government bailouts. But Frank has derailed efforts to regulate the institution, as well as denying it posed any financial risk. Frank’s office has been unresponsive to efforts by the Business & Media Institute to comment on these potential conflicts of interest. 

Fannie Mae and Freddie Mac Invest in Democrats