“The American people will never knowingly adopt Socialism. But under the name of ‘liberalism’ they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened.”

Socialist Party presidential candidate Norman Thomas

Friday, September 21, 2012

100 days until biggest tax increase in US history

Over at Americans for Tax Reform, they've compiled a comprehensive list of all the major tax increases with which Americans will be burdened by Obama starting 1JAN2013.....

First Wave: Expiration of 2001 and 2003 Tax Relief

Personal income tax rates will rise on January 1, 2013 as follows:
-The 10% bracket rises to a new and expanded 15%
-The 25% bracket rises to 28%
-The 28% bracket rises to 31%
-The 33% bracket rises to 36%
-The 35% bracket rises to 39.6%

Higher taxes on marriage and family coming on January 1, 2013. 

Middle Class Death Tax returns on January 1, 2013. 

Higher tax rates on savers and investors on January 1, 2013. .

Second Wave: 20 new Obamacare Tax Hikes including:
--The Obamacare Medical Device Tax begins to be assessed on January 1, 2013. .
--The Obamacare Medicare Payroll Tax Hike takes effect on January 1, 2013
--The Obamacare “Special Needs Kids Tax” comes online on January 1, 2013.  
--The Obamacare “Haircut” for Medical Itemized Deductions goes into force on January 1, 2013. 

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes which include:
--The AMT will ensnare over 31 million families, up from 4 million last year. 
--Full business expensing will disappear
--Taxes will be raised on all types of businesses. 
--Tax Benefits for Education and Teaching Reduced. 
--Charitable Contributions from IRAs no longer allowed.  

These represent collectively, a very large nail in the coffin in which the American economy may eventually be buried once and for all. All this torment, economic pain, and financial burden and still there are Americans stupid enough to vote for Obama. 

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