Obama Middle Class Tax Increases

by the Left Coast Rebel

"We're all honkies now", explains Reaganite.

What Reaganite is alluding too is no laughing matter. I'm sure everyone here can recall the incessant "no middle class family earning less than $250,000 will see their taxes raised" Obama campaign pledge.

It's all about hopey-changey essentially hurting the most vulnerable in America - ie. the working poor, families and investors in our already battered economy that has been struggling for almost 3 years now by increasing taxes at the worst possible time to pay for the negligence and economic malfeasance they have thrusted upon us.

Here's a chart from Reaganite:


Personal Income Taxes:
10% bracket goes to... 15% Increase: +50%
25% bracket goes to... 28% Increase: +12%
28% bracket goes to... 31% Increase: +11%
33% bracket goes to... 36% Increase: +10%
36% bracket goes to... 39.6 Increase: +10%

Capital Gains Tax:
Now: 15% Dec. 31st: 20% Increase: +33%

The marriage penalty returns... as does the Inheritance Tax... at a wealth-redistributing 55% for estates over $1M

Dividends:
Now taxed at 15% jump to 39.6%... a +164% increase
Read the rest at Reaganite.

Updated: A new Rasmussen poll shows that just 14% of Americans think that a government-managed economy is better than a free market economy. Therefore, I have a new term for the Democrat party.

The other 14%.

3 comments:

  1. And two more waves coming after this, Rebel- ouch

    I like your "Other 14%" tag for the Dems, but that might require frequent updates... support for such monumental failure won't be in double digits for long!

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  2. RR, That's hope I can believe in!

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  3. And wait til the payroll taxes double for Obama care in '12. That mean the working poor even, will be paying 15.2% payroll taxes, FICA (Soc. Sec.) and MED (Medical), add the 15% bracket, and WHAM, nearly 1/3rd of the working poor pay goes to just the FEDERAL GOVERNMENT (and you want a job killer, the employer has to match those funds as well. That's going to lead to even more lay offs and having to do more for less as an employee just to keep the job you have). This doesn't include state and local taxes like sales taxes which is over 8% in California. In Plato's book, The Republic, he states, and history has shown him to be correct so far, that no society can survive if the tax burdon reaches 40%. Well, if the working poor is paying 33%, and anyone working at all is paying AT LEAST 15.2%, you can bet your sweet britches that the overall average is going to be well above 40%. What happened to the promise anyone making under $250K a year won't see a tax increase, or is it as Slick Willie, aka Bill Clinton, stated, it's not a tax increase, it's a tax adjustment. A turd by any other name will still stink just as badly.

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