Explore Candidates and Issues
Barack Obama on Taxes and Budget
Q: Do you agree that the rich aren't paying their fair share of taxes? A: There's no doubt that the tax system has been skewed. And the Bush tax cuts--people didn't need them, and they weren't even asking for them, and that's why they need to be less, so that we can pay for universal health care and other initiatives. But I think this goes to a broader question, and that is, are we willing to make the investments in genuine equal opportunity in this country? People aren't looking for charity. We talk about welfare and we talk about poverty, but what people really want is fairness. They want people paying their fair share of taxes. They want that money allocated fairly. One of the distressing things about Katrina was the fact that we have not made systematic investments. And the only way we're going to make it is by making sure that those of us who are fortunate enough to have the money actually make a contribution.
2007 Democratic Primary Debate at Howard University Jun 28, 2007
"We are told that the market will correct all of our problems. And that there is no problem that cannot be solved by another tax break that the wealthy didn't need, and half the time didn't ask for. We have tried that way for the last six years -- we are ready to try something new."
Proposed $80 billion in tax cuts for middle class alone.
Obama has proposed tax cuts for middle-income families and retirees, a $50-billion economic stimulus package, a higher minimum wage and expanded unemployment benefits, along with help for homeowners facing foreclosure.
"I'll provide struggling homeowners relief by offering a tax credit to low- and middle-income Americans that would cover ten percent of their mortgage interest payment every year."
Will raise taxes on the rich and provide tax cuts to middle and lower classes
"The numbers don't lie. At a time when income inequality is growing sharper, the Bush tax cuts gave the wealthiest 1 percent of Americans a tax cut that was twice as large as the middle class. At a time when Americans are working harder than ever, we are taxing income from work at nearly twice the level that we're taxing gains for investors."
"Well, you know, what I've said is that we should go back to probably a top marginal rate of 39 percent what it was before the Bush tax cuts. So I would roll back those Bush tax cuts, I would not increase taxes for middle class Americans and in fact I want to provide a tax cut for people who are making $75,000 a year or less. For those folks, I want an offset on the payroll tax that would be worth as much as $1,000 for a family. Senior citizens who are bringing in less than $50,000 a year in income, I don't want them to have to pay income tax on their Social Security. And as part of my overall approach to housing, I actually want to provide an additional 10 percent mortgage deduction, a credit, mortgage interest credit, for those who currently don't itemize. Because if you live in a house that's pretty expensive, like I do, and I itemize, I get a pretty big break from Uncle Sam. If you own a $100,000 house and you're making 65, $75,000 a year, you're not getting that same deduction. I think that they deserve a break as well."
"We were told by our President that we could fight two wars, increase our military budget by 74%, spend more on education, initiate a prescription drug plan, have tax cuts, all at the same time. We were told by Congress that they could make up for lost revenue by cutting government waste. The result is the most precarious budget situation we have seen in years. We now have an annual budget deficit of almost $300 billion, not counting more than $180 billion we borrow every year from the Social Security Trust Fund. It is not the debt that is most troubling. The bulk of the debt is a direct result of the President's tax cuts, 47.4% of which went to the top 5% income bracket. We can eliminate tax credits that have outlived their usefulness & close loopholes that let corporations get away without paying taxes. We can restore a law that was in place during the Clinton presidency--called Paygo--that prohibits money from leaving the treasury without some way of compensating for the lost revenue."
Voted NO on raising estate tax exemption to $5 million
Kyl Amendment; Bill S.Amdt.507 on S.Con.Res.21 ; vote number 2007-083 on Mar 21, 2007
Voted NO on supporting permanence of estate tax cuts
Estate Tax and Extension of Tax Relief Act; Bill H.R. 5970 ; vote number 2006-229 on Aug 3, 2006
Voted NO on permanently repealing "death tax."
Death Tax Repeal Permanency Act; Bill HR 8 ; vote number 2006-164 on Jun 8, 2006
"This isn't about saving small businesses and family farms. We can reform the estate tax to protect these Americans. We can set it at a level where no small business or family farm is ever affected - and we can do it in a way that doesn't cost us a trillion dollars. In fact, we've offered to reform the estate tax in this way time and time again. "
Website claims he would eliminate marriage penalty
"Our tax code should encourage parents to get married, not penalize them."
Voted NO on repealing the Alternative Minimum Tax
Grassley Amendment; Bill S.Amdt.471 on S.Con.Res.21 ; vote number 2007-108 on Mar 23, 2007
Voted YES on $47B for military by repealing capital gains tax cut
Tax Relief Extension Reconciliation Act; Bill S Amdt 2737 to HR 4297 ; vote number 2006-008 on Feb 2, 2006
Voted NO on retaining reduced taxes on capital gains and dividends
Tax Relief Extension Reconciliation Act; Bill HR 4297 ; vote number 2006-010 on Feb 2, 2006
Voted NO on extending the tax cuts on capital gains and dividends
Tax Relief Act of 2005; Bill S. 2020 ; vote number 2005-347 on Nov 18, 2005
"I think that we can have a capital gains rate that is higher than 15 percent. If it--and if it, you know--when I talk to people like Warren Buffet or others and I ask them, you know, what's--how much of a difference is it going to be if it's 20 or 25 percent, they say, look, if it's within that range then it's not going to distort, I think, economic decision making...And that's why I think that it may be, for example, that you could structure something in which people with certain incomes were exempted from this increase and it would stay at 15."