OBAMA PROMISE MADE AT HOFSTRA UNIVERSITY FOUR YEARS AGO ON TAX INCREASE

TAX INCREASES

PROMISE: Obama Promised That Those Making Less Than $250,000 Would Not See "One Dime" of Tax Increases

Obama Promised That Families Making Less Than $250,000 A Year Will Not See "One Dime" Of Tax Increases. OBAMA: "What I've said is I want to provide a tax cut for 95 percent of working Americans, 95 percent. If you make more -- if you make less than a quarter million dollars a year, then you will not see your income tax go up, your capital gains tax go up, your payroll tax. Not one dime ." (Sen. Barack Obama, Remarks During The Third Presidential Debate, Hempstead, NY, 10/15/08)

BROKEN: Obama Broke His Middle Class Tax Promise

PolitiFact Rates Obama's Tax Pledge As "Promise Broken." "We were willing to give President Barack Obama a Compromise rating on this promise when a new cigarette tax went into effect. But the latest health care bill includes more broad-based taxes that are pushing us toward Promise Broken." (Angie Drobnic Holan, "Smokers, Tanning Aficionados, The Happily Uninsured: More Taxes Coming At Ya!," PolitiFact, 4/8/10)

The Wall Street Journal: "Obama Has Imposed The Largest Tax Increase In History On The Middle Class." "It is now undeniable that Mr. Obama has imposed the largest tax increase in history on the middle class. Individuals who don't buy insurance will have to pay several hundred dollars, depending on income. The Congressional Budget Office says that 76% of those who pay the mandate tax will make less than 500% of the federal poverty level, estimated to be $24,000 for a family of four in 2016. That means 76% of the payers will earn less than $120,000 a year." (Editorial, "It's Up To The Voters Now," The Wall Street Journal, 6/28/12)

"80 Percent Of Those Who'll Face The Penalty Would Be Making Up To Or Less Than Five Times The Federal Poverty Level." "And the budget office analysis found that nearly 80 percent of those who'll face the penalty would be making up to or less than five times the federal poverty level. Currently that would work out to $55,850 or less for an individual and $115,250 or less for a family of four." (Ricardo Alonso-Zaldivar, "Tax Penalty To Hit Nearly 6M Uninsured People," The Associated Press, 9/20/12)

The Joint Committee On Taxation Report Found That The ObamaCare Tax Will Hit Middle-Class Americans. "There are a number of tax provisions in the health care bill that may directly increase taxes on some individuals and families earning less than $200,000 and $250,000 per year." (Joint Committee On Taxation, Letter To Senator Tom Coburn, 3/20/12)

Non-Partisan Congressional Budget Office (CBO): "6 Million People Will Pay A Penalty Because They Are Uninsured In 2016." "After accounting for those who will not be subject to the penalty tax, CBO and JCT now estimate that about 6 million people will pay a penalty because they are uninsured in 2016 (a figure that includes uninsured dependents who have the penalty paid on their behalf) and that total collections will be about $7 billion in 2016 and average about $8 billion per year over the 2017-2022 period." ("Payments Of Penalties For Being Uninsured Under The Affordable Care Act," Congressional Budget Office, 9/19/12)

CBO: In 2016, 4.7 Million Americans Who Live In Families That Earn Up To $123,000 Annually Will Be Subjected To The Obamacare Tax. ("Payments Of Penalties For Being Uninsured Under The Affordable Care Act," Congressional Budget Office, 9/12)