Due to President Obama's total failure or refusal to extend the so-called "Bush Tax Cuts," American workers are about to face the largest income tax increase in U.S. history. The liberal media will have you believe that this is an increase in taxes on the rich, but in reality, the lowest wage earners are facing the steepest tax increases (as much as a 50% increase for someone making only $8,000 a year).
So does this mean that President Obama was outright lying to everyone when he promised that under his presidency, no one who makes less than $250,000 a year will pay one dime more in taxes? Let's take a look at the impact of Obama's massive tax increase:
sample annual income rates: 2010 tax schedule: 2011 schedule:
a single person earning $8,000: 10% or $800 15% or $1,200
a single person earning $34,020: 25% or $8,505 28% or $9,806
married couple $70,040 jointly: 25% or $17,500 28% or 21,851
This is just a small sampling of a few scenarios, but clearly every working person in America is facing huge federal income tax increases. This chart also doesn't take into account that the child tax credit is being reduced by 50% in 2011, so parents are only going to receive half the tax credit for each child next year that they receive this year.
For years the liberal media has been spinning the "Bush Tax Cuts" as only benefiting the rich, but a review of the tax schedules doesn't support the liberal's claims, unless you consider a single person making $8,000 annually to be rich. When the reality hits in January, and workers are faced with the huge increase in deductions from their paychecks, there is little doubt that the media will blame this on Bush too--even though it will be due to Obama's failure to extend Bush's tax cuts to all working class Americans.
It appears George W. Bush was more of a hero to the middle and lower classes than the media would ever have you believe, wasn't he?
7 comments:
Frank, your story doesn't go far enough. Do most people realize that the Obama tax increases will even raise the income tax for someone who only makes one dollar a year by 50%?
A piece of journalism you will never see in the Herald, because it tells the truth about their messiah.
Your report is very accurate. I decided to check it out. First I determined that the median income in New Britain is $40,995. A person with this median income today pays 25% in federal income taxes or a total of $10,249 in federal income taxes.
As of January 1st, due to Obama's world record tax increase, this same person will pay 28% or $11,479 in federal income taxes.
This is quite a difference, especially in a town where you have local Democrats using every stunt possible to raise taxes to pay for lawyers to sue the mayor, or to defend fellow zealots in personal law suits!
These tax increase are necessary to pay for all the social programs and recovery jobs the government is footing. When this happens, make no mistake, the economy will crash further and more low to middle income families will be stretched to the breaking point. More homes will foreclose, more small businesses will close.
Someone has to pay for all these socialist programs, like Obamacare.
There is nothing that is "FREE" in this world.
50% of Americans don't pay a dime in taxes, so the rest of us must pay that much more!
Seven Latin American countries -- Bolivia, Colombia, El Salvador, Guatemala, Nicaragua, Paraguay and Peru -- are seeking to join Mexico in support of a lawsuit challenging Arizona's law."
Since "Obama" other countries now feel they have a right to sue a State within the United States! What BS!
It just goes to show the world what countries advocate disobeying the law, any law, of another country. Thank you ARIZONA for taking this fight straight to the source of the problem with this country, namely the UNITED STATES FEDERAL GOVERNMENT in Washington D.C..
These people within the Federal Government are too brain dead and stupid to comprehend the fact that "they" are the problem.
Anonymous said...These people within the Federal Government are too brain dead and stupid to comprehend the fact that "they" are the problem.
I feel the same way about our council Democrats!
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