Stephanie
Diamond Member
- Jul 11, 2004
- 70,230
- 10,864
PAY UP you fools who voted for this man...Obama needs YOUR hard earned MONEY...tsk tsk
SNIP:
Posted 04/23/2013 06:35 PM ET
Taxes: A new study shows President Obama's budget would significantly boost taxes on the middle class. Funny, we seem to recall him promising voters that only the rich would pay for his grandiose spending plans.
According to the analysis from the nonpartisan but liberal-leaning Tax Policy Center, Obama's budget would hit wealthy families hardest, with the top 20% of income earners shouldering almost 90% of the tax hike.
But families at every income level would end up paying more if Obama's budget were enacted, including those making less than $10,000 a year.
Among other things, the TPC explains, Obama wants to nearly double the federal cigarette tax, raising it to $1.95 a pack and indexing it for inflation, to pay for his universal preschool plan. That hike would be paid for almost entirely by lower-income families.
In addition, Obama wants to change the government's inflation gauge to what's called a "chained CPI," which would in effect lower the official inflation number.
Since tax brackets are indexed to the CPI, this would push middle-class families into higher tax brackets more quickly. The Tax Policy Center's Joseph Rosenberg called it a "backdoor" tax hike of $100 billion.
Then there's Obama's proposal to limit the tax break from deductions to 28%, which would raise taxes on families with incomes down to $183,250 well below Obama's no-new-tax threshold of $250,000.
This will be a shock to those who thought Obama was being honest when he promised during his re-election campaign that he could spend more money and cut the deficit simply by asking the "wealthiest families to pay a little more" and closing some corporate loopholes.
The fact is, Obama long ago violated his no-new-middle-class-tax pledge, not that anyone noticed, since the press gave him a free pass.
Almost as soon as he took office, Obama signed a law that nearly tripled the federal cigarette taxes a $33 billion tax hike paid mainly by lower-income families.
all of it here
Read More At Investor's Business Daily: Obama's Budget Shows His Middle-Class Tax Pledge Was A Fraud - Investors.com
Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook
SNIP:
Posted 04/23/2013 06:35 PM ET
Taxes: A new study shows President Obama's budget would significantly boost taxes on the middle class. Funny, we seem to recall him promising voters that only the rich would pay for his grandiose spending plans.
According to the analysis from the nonpartisan but liberal-leaning Tax Policy Center, Obama's budget would hit wealthy families hardest, with the top 20% of income earners shouldering almost 90% of the tax hike.
But families at every income level would end up paying more if Obama's budget were enacted, including those making less than $10,000 a year.
Among other things, the TPC explains, Obama wants to nearly double the federal cigarette tax, raising it to $1.95 a pack and indexing it for inflation, to pay for his universal preschool plan. That hike would be paid for almost entirely by lower-income families.
In addition, Obama wants to change the government's inflation gauge to what's called a "chained CPI," which would in effect lower the official inflation number.
Since tax brackets are indexed to the CPI, this would push middle-class families into higher tax brackets more quickly. The Tax Policy Center's Joseph Rosenberg called it a "backdoor" tax hike of $100 billion.
Then there's Obama's proposal to limit the tax break from deductions to 28%, which would raise taxes on families with incomes down to $183,250 well below Obama's no-new-tax threshold of $250,000.
This will be a shock to those who thought Obama was being honest when he promised during his re-election campaign that he could spend more money and cut the deficit simply by asking the "wealthiest families to pay a little more" and closing some corporate loopholes.
The fact is, Obama long ago violated his no-new-middle-class-tax pledge, not that anyone noticed, since the press gave him a free pass.
Almost as soon as he took office, Obama signed a law that nearly tripled the federal cigarette taxes a $33 billion tax hike paid mainly by lower-income families.
all of it here
Read More At Investor's Business Daily: Obama's Budget Shows His Middle-Class Tax Pledge Was A Fraud - Investors.com
Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook
