Friday, October 08, 2010
“Obama’s Tax Piracy”
“in the tradition of Jim Jones, and the Jonestown school of economic policy”
From the American Spectator by Peter Ferrara, President Obama’s Tax Piracy
Among the bonehead increases that beckon to shove the economy back into recession is a nearly 20% increase in the top two income tax rates, counting the phase-out of deductions and exemptions. The top capital gains tax rate is scheduled to soar by nearly 60%, counting the application of Obamacare’s new 3.8% tax on investment income. The tax rate on dividends is scheduled to nearly triple, from 15% to 43.4%, counting the new Obamacare tax as well. The Obamacare legislation also increased the Medicare HI payroll tax rate by 62% for the nation’s employers and investors. On our current course, the death tax will rise from the grave next year with a 55% top rate.
A family of four earning $50,000 per year will pay more than $2,100 in higher taxes. A single mom earning $36,000 per year will pay over $1,100 more in taxes.
Married senior citizens earning $40,000 per year will pay more than $1,400 in higher taxes.If you have been listening to President Obama’s rhetoric, you would be thinking how could failing to extend the Bush tax cuts result in all these tax increases on everybody, since Bush supposedly cut taxes only for the rich. That is why you should not be listening to President Obama’s misleading, manipulative, deceptive rhetoric.
Read the rest, if you dare…
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