Monday, July 26, 2010

Next Up: Tax Tsunami

So in less than 6 months from now, the current Bush-era tax cuts will expire and everyone will be paying hirer taxes. EVERYONE. Get that in your skull. Not the wealthier 3% and yes, everyone under $250K. EVERYONE. Remember when Obama pledged to not increase taxes "one dime" on the middle-class?

Here's some numbers for you:

-Obama Tax Increases-

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

Now taxed at 15% jump to 39.6%... a +164% increase

And that's not all: there's two more waves of tax hikes coming down the pike already to pay for the largely-unwanted ObamaCare power-grab, along with all the rest of these power-mad fiends' pedal-to-the-metal spending, legislative bribes, and political-backer payoffs... which tripled the annual deficit for 2010.

Read much more from Investors. h/t reaganite republican

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