Friday - July 09, 2010
Countdown To Impoverishment
For 9 solid years we’ve heard the BS but had the benefit. Soon, no more. The eviiil genius moron Shrub Chimpy McHilterburton’s unfair tax cuts only for the rich are going to expire. And there is pretty much no way that Congress can renew them, or make them permanent, or come up with any kind of similar tax breaks for anyone. The government is dead broke, and needs 1000 times more tax revenue than they can find. So don’t expect any Omiracle. Or any kind of Orescue. Pay up.
- The 35% bracket rises to 39.6%, an increase of 13%
- The 33% bracket rises to 36%, an increase of 9%
- The 28% bracket rises to 31%, an increase of 10.7%
- The 25% bracket rises to 28%, and increase of 12%
- The 10% bracket rises to an expanded 15%, an increase of 50%
- I’m not sure where the current 15% bracket goes. Do they get a break and get no tax hike? Don’t bet on it.
The Marriage Penalty will be back, Death Taxes will be back, Capital Gains Tax goes from 15% to 20% in 2011, the Dividends Tax more than doubles from 15% now to 39.6% in 2011. You think the market is bad now? You ain’t seen nothing yet baby.
And then we get to the 20 or more taxes hidden within Obamacare, which we have to start paying years before that plan comes online. Free Dunce Hats and a Time Out to everyone who thinks that money is going into one of those famous lockboxes for 4 years until the plan kicks in.
And your old friend the Alternative Minimum Tax is still around, sharpening his teeth. Since Congress hasn’t bothered to index the beast to inflation, the categories that once were only supposed to force “the rich” to “pay their fair share” will now start impacting the lower middle class. So those much higher tax rates above will seem like a cool dip in the pool on a sweltering hot day compared with the rates they will wind up paying. The Tax Policy Center calculates that more than 7 times as many families will be subject to it next year then are in it’s claws this year.
So, remember that campaign promise? The one about not a cent more taxes of any form for any family making under $250,000 $200,000 $125,000 $75,000 $50,000? It’s a lie. And you know what will happen? BO will blame Bush. Yup, it’s Bush’s fault the tax rates will skyrocket in 2011, because he only made his tax cuts short term. And when the Republicans controlled both houses, they never moved to make those cuts permanent. Don be blamin da new messiah! And the MFM lapdogs will repeat this endlessly.
Next up will be the VAT, and the Cap & Trade hits that get levied against us all. And since your state is likely bankrupt, expect your state taxes to double as well.
See lots more at Americans for Tax Reform.
Posted by Drew458
on 07/09/2010 at 01:26 PM
Filed Under: • Taxes •
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