LogikAndReazon
Gold Member
- Feb 21, 2012
- 5,351
- 668
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Obama won re-election by selling the idea that he was the champion of the middle class. Now he is forcing them into poverty and driving them from their homes.
That is the effect of new taxes going into effect on Jan. 1, regardless of how negotiations on the fiscal cliff turn out (unless, as seems unlikely, Congress decides to extend all of the Bush tax cuts to everyone). The new marginal rates on dividends and interest (43.4%) and capital gains (20%, or 23.8% including the ObamaCare surcharge for high earners) will be devastating for the middle class. Not only will it apply to those not-so-rich high earners who breach the $200,000 level, but it will harm those under the limit by undermining their desire to get ahead. Why work longer or harder with 43.4% of marginal income going straight to Washington, another 15% to 20% going to state and local taxes, and 55% of whatever's left going to death taxes when you pass on? It's easier to do what Obama wants and just stay poor.
New tax rates are just the beginning. There's the failure to address the Alternative Minimum Tax. And with the president's unwillingness to negotiate, there's the restoration of higher tax rates on all earners. There is also a host of indirect taxes, such as an onerous tax on medical device makers and lower reimbursements to doctors and hospitals, that will be passed on to consumers one way or another.
Altogether, Obama is "saving the middle class" with a $494-billion tax hike, three-fourths of it on the middle class.
Articles: 'Saving' the Middle Class
That is the effect of new taxes going into effect on Jan. 1, regardless of how negotiations on the fiscal cliff turn out (unless, as seems unlikely, Congress decides to extend all of the Bush tax cuts to everyone). The new marginal rates on dividends and interest (43.4%) and capital gains (20%, or 23.8% including the ObamaCare surcharge for high earners) will be devastating for the middle class. Not only will it apply to those not-so-rich high earners who breach the $200,000 level, but it will harm those under the limit by undermining their desire to get ahead. Why work longer or harder with 43.4% of marginal income going straight to Washington, another 15% to 20% going to state and local taxes, and 55% of whatever's left going to death taxes when you pass on? It's easier to do what Obama wants and just stay poor.
New tax rates are just the beginning. There's the failure to address the Alternative Minimum Tax. And with the president's unwillingness to negotiate, there's the restoration of higher tax rates on all earners. There is also a host of indirect taxes, such as an onerous tax on medical device makers and lower reimbursements to doctors and hospitals, that will be passed on to consumers one way or another.
Altogether, Obama is "saving the middle class" with a $494-billion tax hike, three-fourths of it on the middle class.
Articles: 'Saving' the Middle Class
