Just received this breakdown of the tax increase under the Obama Regime today from a reliable source and also re "fact checked" it through snopes(the source that the author used).... and it will effect us all. Breaking the numbers down shows that we will all be disproportionatelt taxed no matter what tax bracket you are in and that this tax burden will ruin the US economy and the liberals contune to move us closer to a socialistic/marxist nation:
Barrack will tax capital gains, somewhere between 20 percent and 28 percent. In political rhetoric, that means 28% on profit from all home sales. If you sell your home and make a profit, you will pay 28% of your profit in taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from the sale of your home will go to taxes. This proposal will allow the elderly to also help out with government spending. The current rate is 15%.
Change the dividend tax from 15% to 28%. If you have any money invested in the stock market, IRAs, mutual funds, 401Ks, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will be contributing nearly 30% of the money earned in taxes. Obama supporters guarantee this Higher tax rates on dividends and capital gains will not crash the stock market as some experts predict.
Modest increases in the income taxes will not overly burden the citizens who support Obama and those other citizens who need to support the various new Obama government programs. By allowing the current “Bush tax cuts” to expire the following increases will occur. Nancy Pelosi and Harry Reed will insure that Obama lets them ALL expire:
Single making 30K will pay $8,400 versus the current $4,500......a $3,900 increase
Single making 50K will pay $14,000 versus the current $12,500....a $1,500 increase
Single making 75K will pay $23,250 versus the current $18,750....a $4,500 increase
Married making 60K will pay $16,800 versus the current $9,000....a $7,800 increase
Married making 75K will pay $21,000 versus the current $18,750...a $2,250 increase
Married making 125K will pay $38,750 versus the current $31,250..a $7,500 increase
The estate tax, levied a 55% maximum tax rate on all inherited assets above a $1 million exemption, will be restored so that businesses, farms, ranches, and homes that have been in a family for generations can contribute their “fair share” to fund urgent needs of Obama’s new government programs. "Willed assets" and gifts to your grand children can also contribute to the government causes.
New, additional taxes will also help.......... Through his aggressive “cap-and-trade” system to reduce carbon emissions large costs which will imposed on industries burning coal, gas or oil and as these costs are passed on to us, the consumers, there will be new taxes on: homes that are more than 2400 square feet...on gasoline.....heating oil & gas........water.........electricity.
There will also be some other new taxes to pay for our new Nationalized Health Care System for all citizens and non-citizens who have come to or are coming to our shores.