Caller Nails Confused Al Sharpton Over Obama's Tax Increases

TAX & FRIEND  

O's Planned Hikes Trip Up Sharpton

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Between MSNBC, the radio gig and political operations, the Reverend Al Sharpton's income these days is comfortably one-percenter. 

That's why the thought of paying considerably more during Obama's Regime II: The Crappy Sequel must be especially distressing for the Rev. He'll defend his friend until the end, but the pocketbook certainly will take a big hit. 

During Thursday's edition of Keeping It Real, Al stumbled when a caller confronted him with the facts about O's coming tax hikes. Even when the battle turned emotional and opportunities existed to clarify some assertions (such as the difference between ordinary and business income), he failed to show a basic understanding:

[LATER]

AL SHARPTON (20:52): Many people sit around talking about politics that don’t know nothing about what they’re talking about and rather than say well I don’t know this I don’t understand this explain it to me I disagree with that or I just don’t like, they just make stuff up rather than deal with the reality and that to me is not intelligent. 

The bottom line (don't take our word for it, this comes from CNBC):

Personal income taxes: Obama would keep tax rates the same for families making less than $250,000 annually. For families earning more than that, he would raise the top two tax brackets to 36 percent and 39.6 percent. The highest tax rates have been 33 percent and 35 percent for the last 11 years.

Obama in February offered a long list of corporate tax breaks he wants to end, ranging from accelerated depreciation and inventory accounting to interest on overseas profits and various tax provisions benefiting oil and gas companies.

Like Romney and Ryan, however, Obama has not presented clear plans for dealing with the much larger, middle-class tax breaks. Investment income: Obama wants to raise the tax rate on dividends to match the ordinary income tax rate for the two highest income brackets. He would boost capital gains taxes from 15 percent to 20 percent for that group.

Obama's one expen$ive friend, so is he worth it, Reverend?