So-Called Bush Tax Cuts
Obama does NOT want Congress to act on these following tax increases. The following changes go into effect on January 1, 2013:
- Personal income tax rates will go up on January 1, 2013 from 35 to 39.6%
- All small business taxes will be raised form 10 to 15%
- The 25% tax bracket moves up to 28%
- The 28% tax bracket moves up to 31%
- The 31% bracket moves up to 36%
- The 35% bracket moves up to 39.6%
There will also be a Marriage Penalty tax on all married couples. The child tax credit will be cut in half. Standard deductions will no longer be doubled for married individuals. The death tax returns in January 2013. Capital gains taxes will move from 15% to 23.8%. Dividend taxes will move from 15 to 43%.
Don't forget all the taxes in ObamaCare either. It truly is a Trojan Horse. Here are a few of the 20+ new taxes:
- Tanning tax
- Medicine cabinet tax
- The HSA withdrawal tax
- W-2 health insurance reporting
- The economic substance doctrine
- Medical device tax
- ObamaCare payroll tax
- Special Needs Kids Tax
- "Haircut" tax to limit medical deductions
- Alternative Minimum tax hikes
- Employer tax hikes
- Business expenses will disappear (no more write-offs for business lunches etc.)
- No more charitable deductions allowed.
These are just a few of the new ObamaCare taxes. Democrats deliberately had these taxes in ObamaCare kick-in after the November 2012 elections. They knew that if we found out about them we would NEVER approve of ObamaCare. That's why Nancy Pelosi told us that we would have to pass the bill first to see what was in it!
The Bottom Line
We are being betrayed by Washington politicians and the President. They all know these taxes are coming and so does President Obama. And yet he keeps telling us that he isn't raising taxes on the Middle Class. That's just DISHONEST!
Obama is the BIGGEST LIAR. He needs to be fired in November. Likewise Congress. Anyone who voted for ObamaCare should also be fired.