If you make over $6K a year (or $12K jointly), then your taxes go up. If you have a retirement plan (401k, IRA, Mutual Funds, Money Markets, Pensions etc) then your taxes go up!
Income Taxe:s
Single
Tax Year 2002 - Tax Year 2003
(1)up to $6,000 10% - up to $7,000 10% =
Make over btw $6-$7K >5% tax rate
(3) $6,000 - $27,950 15% - $7,000 - $28,400 15% =
Make over $27,950 you jump up 12% instead of 10%, meaning a 2% increase for people make this little!
(3) $27,950 - $67,700 27% - $28,400 - $68,800 25% =
Lower Middle Class goes up 2%
(4) $67,700 - $141,250 30% - $68,800 - $143,500 28% =
Middle Class goes up 2%
(5) $141,250 - $307,050 35% - $143,500 - $311,950 33% =
Upper Class goes up 2%, which is attainable to all Americans through hard work
(6) over $307,050 38.6% over $311,950 35% =
Upper Class p 3.6%
NOTE: This is before you toss in State Taxes, which are NUTZ in some states like CA, NY and IL!
JOINT Married filing jointly or Qualifying widow(er)
Tax Year 2002 - Tax Year 2003
In
(1) up to $12,000 10% - up to $14,000 10% =
Increase at $12K
(2) $12,000 - $46,700 15% [/B]
(3) $46,700 - $112,850 27% - $56,800 - $114,650 25% =
Middle class Increase by 2%
(4) $112,850 - $171,950 - 30% $114,650 - $174,700 28% =
Upper Middle Class increase by 2%
(5) $171,950 - $307,050 35% - $174,700 - $311,950 33% =
Upper Class increase by 2% a level attainable by all Americans!
(6) over $307,050 38.6% - over $311,950 35% =
Highest Level increase by 3.6%
2. Capital Gains:
If you have investments, 401(k), IRA, Pension, Universal Whole Life Insurance, money market market, stocks, mutual Funds, really any type of retirement fund, etc your taxes went up. You will have less money for same rate of return!
Pre-Bush Cuts rates where 8/10 and 20% and Post-Bush Cuts are 5 and 15%.
Therefore, if you have any investments or retirement fund your tax increase will be 5% (could be 3% in some case)!
Estate Taxes:
If your luck enough to get money, goods or real estate left over after a loved one passes, you will pay higher taxes on the. Personally I think the Death Tax Dual Taxation is highway robbery, therefore, any increase here on anyone is immoral!
http://www.irs.gov/pub/irs-prior/i1040--2002.pdf
http://www.irs.gov/pub/irs-prior/i1040--2003.pdf
So Obama plans to raise taxes on the middle, upper and even lower class! So much for no tax increases! Another Obama broken promise!
Yea, let's take a look at those. Republicans passed trillions in tax cuts through reconciliation which is why they are "expiring".
52% went to the top 1% meaning the burden of the cost of two unpaid for Republican wars was shifted to the Middle Class.
The "reason" for the tax cuts was to create jobs. Only they were created in China. Companies were able to use that money to move those jobs overseas. Those companies appreciated the help of the Republican leadership.
In China, they just had a strike because of all the suicides in one of those enormous electronic sweatshops. Corporations gave into worker's demands and DOUBLED their salaries to 73 dollars a week, which I guess is what Republicans want American workers to make.
Those are the facts that Republicans keep defending. Why?
It's like Republicans are saying to corporations, "Give me a black eye" and then saying, "Can you make the other one black so they match?"
And then, when they have two black eyes, complain, "They aren't BLACK enough!"