President Obama’s tax policies are going to cost you a bundle starting New Year’s Eve. Summarized in part from an Investor’s Business Daily article:
All federal income taxes, not just on the wealthy, are going up. Get this: The lowest tax bracket – for the lowest wage earners – goes up the most, 50%, from ten to 15%. Thanks to the Obamacrats, the poorest, lowest-paid taxpayers will pay an additional five precious dollars in taxes per hundred earned – money that’s needed for food, rent and clothes for the kids. But guess what? If you wanted the Bush tax cuts to end, that’s one of them. All other brackets go up three to, in the case of the highest, almost five per cent, with the top bracket becoming 39.6%.
The capital gains tax, on profits earned in sale of assets, increases from 15% to 20%. The marriage penalty returns. So does the estate tax. 55% of every estate that’s worth more than $1,000,000 will be seized from its rightful heirs. In fact, there has been talk of retroactively reinstating the tax, in blatant violation of the Constitution’s ban in Article 1 Section 9 on ex post facto laws, specifically because the Obamacrats feel cheated out of over a half-billion dollars from the late George Steinbrenner’s estate because he died during the lapse in the death tax. Glad the wealthy are getting screwed? Oh, that’s right – to the Obamacrats, we’re all wealthy if the label makes us a juicier target for taxes.
The tax on dividends, a source of income heavily relied upon by retirees and pension funds, nearly triples to 39.6%. Making any money in dividends? Kiss $40 out of every $100, instead of the $15 as it is now, goodbye. How many struggling pension funds will this destroy? To turn a vicious slander of Republicans on its originators: How many seniors will be forced to choose between taxes and food after Obama’s tax increases hit?
The child tax credit is being cut in half. Junior will only save you $500 on taxes instead of $1,000. Multiply an additional $500 hit to your taxes by how many kids you have and see how happy you are that you voted for the Obamacrats.
The Congressional Budget Office says the Bush tax cut expiration will cost taxpayers $115 billion in 2011, and $2.6 trillion through 2020. If, as the Department of Labor says, there are about 139,000,000 Americans working, the government will confiscate another $827.33 per worker next year on average. But that’s actually going to be much higher because not all workers pay taxes . . . yet. Remember, the highest percentage tax bracket increase hits the lowest wage earners.
But wait, there’s more! The Alternative Minimum Tax will now soak 28,500,000 families – instead of 4,000,000 – for punitively higher taxes. Tuition deductions are ending and student loan interest deductions are being cut – while more Americans are seeking retraining for new careers after Obamanomics cost them their jobs. And a new IRS policy disallows legal tax deductions and shelters on the purely subjective grounds of “economic substance.”
Health care demolition will bring lots of new taxes. What we know of so far – remember, House Speakerette Nancy P. said that the bill had to be passed before we could see what was in it – are taxes on tanning salons that have already kicked in, and new taxes on medicines, medical devices, health savings account withdrawals, and brand-name pharmaceuticals – the last payable by manufacturers and importers who will out of fiscal necessity pass them on to customers.
There’s the new Medicare tax, and the punitive tax-or-penalty (depending on how the Obamacrats are spinning it) on those who don’t buy the health insurance – with what little is left after all the tax increases – that the federal government unconstitutionally orders you to purchase. A punitive tax on gold coin and bullion transactions, ostensibly to discourage investing in gold as a hedge against inflation, has just been discovered in Obamacare, and surely there are more taxes hidden in this monstrosity.
Businesses – especially small businesses – are facing losses of tax credits and scores of tax increases. The more income the government confiscates from employers, the less money is left to hire employees, and the higher the prices the employer has to charge in order to cover costs while customers have less to spend because of their tax increases.
If you’re happy now that you voted for these extortionists, you’ll be ecstatic when I remind you that you actually believed the Great Confiscator when he promised he wouldn’t raise taxes on those who earned less than $250,000. One more Obamalie.
Thomas Berry, for the Children of Liberty, http://www.meetup.com/The-children-of-liberty/