The True Disciple of Saul Alinsky | CNS News
Two years ago, Obama had to eat crow and extend the Bush tax cuts. Now it's payback time. And behind their arrogance lies a belief that the GOP cannot say no. For if the Bush tax cuts and the payroll tax cuts expire on Jan. 1, Americans will face the highest tax hike in history.
— Every family earning up to $100,000 would see 2 percent of its income lopped off, as the employee half of the Social Security tax rises from 4.2 to 6.2. percent. The discretionary income of Middle Americans would be ravaged.
— The federal tax rate on capital gains will rise from 15 percent to a maximum 24.7 percent, a jump of 60 percent.
— The federal tax rate on interest and dividends will triple from 15 percent to a maximum 44.7 percent.
— Where $5 million of an estate can now be passed on to one's heirs non-taxed, that will be cut to $1 million. And the death tax rate would shoot from 35 percent to a neo-Marxist 55 percent.
No comments:
Post a Comment