Thursday, April 29, 2010

About That Tax Promise

Hows' that working out for you America?

1. Senate Dems plan to raise taxes on seniors depending on dividend checks for their income. (Actually on everyone, but I can outdo lefty dufus' with heart-wrenching headlines.) With the expiration of the Bush tax cuts in 2011, the tax rate on dividends for middle class Americans in the 28% marginal bracket is set to increase from 15% to 28% and all the way to 39.6% for those in the highest bracket. Not only is this a broken promise, what a way to encourage investment in the economy.

2. Dems now calling federal ObamaCare mandate a “tax”. Admittedly, this is so that the Obamacare mandate can pass constitutional muster in the Supreme Court, but hey, if they're going to call it a tax....

3. Dems to Allow Millions of Middle Class to Drift into Alternative Minimum Tax bracket, as previously reported in these pages. By not indexing the Alternative Minimum Tax for inflation millions of middle income Americans will be subject to the AMT. This happens when you have many otherwise legitimate deductions, such as charitable giving, that reduce your tax bill, but Uncle Sam wants his cut anyway. In years past, Congress has shielded middle class from these effects by raising the income level at which the tax kicks in. Their failure to do so now is surely a tax increase, because ordinary folks like myself will be paying more in taxes.

4. Obama Signs Federal Cigarette Tax Hike. Who do you think is paying this tax?

And what's on the horizon? The number of hints from the administration that they will propose a Value Added Tax are overwhelming. And will it come with the elimination of the income tax? (Don't forget to take my poll at right.) And what is cap and trade but a new tax on every American.

I'll close with this video about all the new taxes on Obamacare impact not just small businesses (most of whose proprietors make much less than $250,000) but how we are all hit with higher taxes.

So that's my answer to the left, when they ask how my taxes have increased under Obama as they sling epithets my way. That civil enough for you coffee partyers?

1 comment:

  1. Re: #2. They can dress up that pig any way they want to. At the end of the day, the government is forcing you to participate in a commercial activity.

    There is no getting around that central fact.