The Nook | Information the Liberal Media Intentionally Hides
- Thursday, 19 April 2012 13:03
Two days ago was President Obama's favorite day. April 17, 2012 was Tax Day, a day where Obama gets to redistribute wealth. In the shadow of Tax Day was a class warfare push by Senate Democrats and the White House. It was the phony Buffett Rule, which was none other than an increased tax on job creators. It failed to pass, but brought attention back to our broken tax system, which leads us to taxmageddon. January 1, 2013 not only brings in the new year, but does so with $500 billion in increased taxes that will affect every single taxpayer in the country, low, middle and upper class citizens. And with this being an election year, don't count on this issue being addressed, which leaves significant uncertainty for struggling businesses that are already struggling in the Obama economy.
From FOX News:
At the end of the year, some $500 billion in tax breaks expire all at once, hitting American households with an average tax increase of $3,800 -- if Congress doesn't act.
The potential increases include $165 billion more from taxpayers as a result of expiration of the Bush-era tax cuts, which would push taxes from a bottom rate of 10 percent and a top rate of 35 percent to a bottom rate of 15 percent and a top rate of 39.6 percent.
"Taxmageddon is a $500 billion, one-year tax hike that hits the economy on Jan. 1, 2013," Curtis Dubay of the Heritage Foundation said.
It would cut the child tax credit by half, from $1,000 a child to $500.
The marriage penalty would return.
The tax on dividends, which many seniors rely on, would soar from 15 percent to as high as 39.6 percent.
A separate $124 billion cut in the payroll tax would end.
And a temporary fix to the alternative minimum tax would be erased. The tax originally was aimed at millionaires, but it could would hit some 34 million taxpayers next year.
As you can see, the Bush-era tax cuts, which are positioned as being for millionaires and billionaires by President Obama, will significantly impact average Americans. The Bush tax cuts were for the middle class. If taxmageddon isn't addressed, the economy will continue to decline. Businesses will not be able to forecast their tax rates, giving them uncertainty. This will only add to he unemployment.
It will be interesting to see how President Obama and Democrats address this issue because they'll have difficulty pulling the class warfare card at a time when every tax-paying American will get affected. Regardless, it's important for everyone to know about this issue.
Cliff Levine is a contributing editor for Habledash.