Obama’s Backdoor Tax Increase (Letting the Bush Tax Cuts Expire)
I hope that you didn’t make too many plans with that thirteen dollar tax break that you are going to receive under the stimulus package. Because you are going to need your thirteen dollar, which will fall to eight dollar, tax break to help pay for the new tax increase that you are going to receive next year.
It was nice of Obama to make the symbolic gesture of cutting taxes on the middle class right before his backdoor tax increase cancels that tax break out. You may be wondering what this backdoor tax increase that I am talking about is all about.
It’s simple, President Obama is going to let the Bush tax cuts expire. These taxes are set to expire in 2010. Contrary to the spin from the Obama administration the Bush tax cuts were not just on the rich. When these tax cuts expire every American taxpayer will receive a tax increase negating his thrifty thirteen dollar tax cut.
Part of the discussion is sure to include the impending tax increases set to hit every American taxpayer when the Bush tax cuts expire in 2010, unless Congress acts to extend them. During the presidential campaign, then-Sen. Barack Obama pledged to repeal the tax cuts.
He is not going to repeal them because then people would see it for what it is, Obama raising their taxes. Instead he will let them expire under the cover of night. It won’t be he who raises taxes but just the expiration of another president’s tax cuts. But it is important to remember what this arrogant man said about the American taxpayer in regards to the Bush tax cuts when he was running for president.
The Bush tax cuts – people didn’t need them, and they weren’t even asking for them, and that’s why they need to be less, so that we can pay for universal health care and other initiatives
He said that we didn’t need them and that we didn’t want them. Why would we want the money that we worked hard for? How arrogant is a statement like that? How can he sit there and say that we don’t need extra money? Money that we earned. He truly believes that he can spend our money better than we can.
But there is another secret buried in the expiration of the Bush tax cuts and it is a secret that the press will not report and it is a secret that Obama will never let out. The Bush tax cuts have been portrayed as tax cuts that were only for the rich but when these tax cuts expires it will not be the rich that is hurt the most. It won’t even be the middle class that is hurt the most. When President Obama lets the tax cut expire the poorest Americans will suffer the largest tax increase of all.
every income tax bracket will rise, with the lowest tax bracket experiencing the largest increase – jumping from 10 percent to 15 percent of income.
The people in the lowest tax bracket will have their taxes increased by five percent. The largest increase of all tax brackets. Yet it is Obama who claims that he is a man of the people. He claims that it is he who will protect middle class Americans.
The great lie about the Bush tax cuts has been repeated so often that now people believe it is true. People believe that only the rich got tax cuts under the former president. Every American got tax relief in the Bush tax cuts and when Obama lets those cuts expire it will amount to a backdoor tax on all Americans. And the hardest hit will be the people who can least afford it.
NH Tea Party Coalition
Is my math bad? The lowest tax bracket will have their taxes increased 5%. That’ 5% of a dollar, but 50% of their original tax burden. 5% is half of what they are paying now. That’s sounds even worse.
I didn’t even think of it like that. Obama is ripping of the poor.
SO, let me get this straight: we the people should want to pay more taxes, should be grateful to pay our hard earned money for government programs to “help” “poor” folks just because he says so? Arrogant doesn’t begin to cover that. Aaarrrgghh….
Obama made 6 million last year. He said”I didn’t need the Bush tax cuts.” The question should be asked then, Why didn’t you give it back to the govenment ? In fact, this question should be asked of alllll the rich liberal’s. If you care so much about the middle class give alllll your wealth back to the government and become one of the middle class instead of the evil rich. Why the hell is it only somebody else’s money that should be taken by the government.
Here’s another question I want answered. Why does Obama drive around in a fleet of huge SUV’s? Isn’t a highbred good enough for him? How does Al Gore have the balls to tell us to take a bicycle to work when he uses private jets and lives in mansions? How f—-n stupid can you people be to believe these scumbags? Understand this lib’s, Obama, Pelosi and the rest of them aren’t going to be standing on bread lines, but YOU will, and real soon.
It is funny how these people love to slam the rich all of the time as if they themselves are not rich and are just another one of us.
What a crock of crap. I make over 300k and will gladly pay more taxes if that is what needs to be done. There is no good reason in a country as prosperous as this one for most of the wealth to be in the hands of such a small percentage of the population. Do not tell me they worked for it as I have been around enough of them to know better.
Are you saying that you didn’t work for it?
Let the Bush Tax Cuts Expire (all of them)! I made $50,000 last year before I lost my manufacturing job due to Free Trade. I got a whopping $17 a week. Who cares about that pittance?
Here is the American Tax Policy Center Breakdown of the Bush Tax Cuts of 2001 and 2002.
Annual income Average tax savings
Less than $10,000 $4
$10,000-$19,999 $167
$20,000-$29,999 $553
$30,000-$39,999 $759
$40,000-$49,999 $873
$50,000-$74,999 $1,203
$75,000-$99,999 $1,687
$100,000-$199,999 $2,492
$200,000-$499,999 $4,532
$500,000-$1 million $22,630
More than $1 million $130,423
SOURCE: Tax Policy Center
Here’s an idea.
Let the Bush Tax Cuts Expire. You would lose the cut above.
Let’s cut the payroll taxes in half instead. Instead of both the employee and the employer paying 7.5%. Let’s let just the employer do it! Tax cut of $450 Billion dollars a year!!!!
Voluntary Health Care Reform:
If you don’t like your health care or your boss does not offer it to you, you could opt-in to Medicaid and pay the 7.5% that you go in the above tax cut and that would be your premiums. If your employer doesn’t offer any health care, he would have to chip in 5% too. If he offers health care, he would not have to pay the tax.
This would pay for itself in long-term savings to the Medicare plan. Good health care for people in their 40’s leads to healthier people in their 60’s.
See that millionaire? That’s three to four jobs lost for people making $30,000 – $39,999 a year.