http://www.rossputin.com/blog/media/allard_obama_spendorama.pdf Sen. Obama has offered 188 campaign proposals that would add up to at least $300 billion in new annual spending. That has a 5-year cost of more than $1.4 TRILLION. Of the 188 new spending proposals, the $300 billion price tag only covers 111 proposals. There are another 77 proposals with unknown cost estimates that will add billions to this number. This new spending, if enacted, would represent an almost 10% increase over the President’s FY 2009 budget. To finance the first year of this proposed spending ($300 billion), Congress would need to increase taxes on the top 1% of taxpayers by 57%. Under that scenario, taxpayers with incomes over $365,000 would see a tax hike of at least $40,300 on top of what they currently pay! That is simply not realistic. So if Congress decides to widen the pool of taxpayers footing the bill, it would have to raise taxes on the top 5% by 38%; or the top 10% by 32%; or the top 25% by 26%; or the top 50% of taxpayers by 23%. The top 50% of American taxpayers, who already pay 96.9% of all federal income taxes, are those who earn $31,000 (AGI) or more. To translate this point into language everyone can understand: if you have an income of $104,000 or more, the plan will cause your tax bill to go up at least an additional $5,300 a year; if you have an income of $62,000 or more, the plan will cause your tax bill to go up at least $2,300 a year. This is on top of the $2,300 increase already assumed by the failure to extend current tax policy. But we are not just looking at new spending. He also wants to balance the budget and stop spending the Social Security Surplus. If he follows through with these promises it would mean: The average taxpayer earning $62,000 would see their income tax bill rise $5,300 (61%); or The average taxpayer earning $104,000 would see their income tax bill rise by $12,300(74%) The average taxpayer earning $365,000 would see their income tax bill rise by an astounding $93,500 (132%)! Keep in mind all these tax increases would be on top of the: $2,300 tax increase 43 million families will feel when the current tax policy expires, $2,200 tax increase seniors will experience when the current tax policy expires, and $4,100 tax increase small business will have to pay when the current tax policy expires.