Monday, November 03, 2008

The myth of tax increases only for the "rich"

Mr Obama keeps saying that only the evil, rich people making over $250k will see tax increases. That is a blatant falsehood. Here are the facts:

If you are currently lucky enough (or malevolent enough) to make over approximately $97,000/year, your FICA taxes peak out. But Mr Obama wants to eliminate that cap. So we've gone from tax cuts just for those making 250k, down to 97k.

Next, Mr Obama voted to allow the Bush tax cuts (you know, those tax cuts just for greedy rich SOB's) to expire in 2011. So, if you make over approximately $32,000 dollars, in 2008 you are in the 15% tax bracket. However, thanks to the messiah-wanna-be, in 2011, you will be pole-vaulting into the 28% bracket, without earning a penny more( betcha didn't know that 32K made you one of "the rich?"). Now we've gone from 97k to 32k.

Where will this downward trend stop???

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