I’m sure we all remember very well, or we at least we should, the statement made that declared, “No one making under $250,000 will see their taxes go up, not one dime.” Isn’t that precisely what candidate Barry “Almighty” said during his campaign? I could have sworn that’s what I heard him say, over and over and over again. I know, I know, he was just trying to get himself elected, right, so that makes it all ok. Because apparently, if you’re a Democrat and you are trying to get yourself elected, that gives you license to say, or do, pretty much anything you deem as being necessary. The ends always justify the means. A little like the reason that “BJ” Clinton recently stated, about the finally deceased Robert Byrd, in that it was ok for him to be a member of the KKK, because after all, he was just trying to get elected in order to serve the people. Why is it always seen as being acceptable, even honorable, for Democrats to say or do whatever it is that “they need” to do in their effort to achieve an electoral victory? And as far as Barry is concerned, what he said was an outright lie, a lie that he told loudly and that he told often, and that was a lie every time he said it. And he knew it was a lie every time he said it. It was a lie because he “knew” that once elected, he had every intention of raising everyone’s taxes, it’s all that these scumbag Democrats know how to do, well that and spend other people’s money! So now, feigning some sort of faux outrage regarding a financial crisis that he says is the direct result of the last 8 years of George Bush and the mess that he left behind, he says taxes will need to be raised if we are to gain control of our financial situation. But that’s not quite an accurate statement either, and Barry is more than well aware of that little fact too. It’s all a sick façade, because he’s well aware that what has put us in our present and very dangerous downward spiral is the incredible amount of debt that has been amassed and that is directly of “his”, Barry’s, making. He knows full well that the excuse for which he must now claim as being the basis for his raising of taxes on folks making as little $50,000, is to place the blame for it on anybody but himself. But his claims ring hollow because the word is getting out, because these tax hikes, while being claimed to be so needed as a means of bringing down Bush’s deficit, it’s Barry’s massive spending binge that has created the present ballooning deficit. So essentially, we’re all going to be forced into covering the cost of “his” outrageous spending done for no other reason than to move his “progressive” agenda further along. Ya know, I would just love to go bang on my neighbors door and tell him that because of my poor spending habits, this month he’s going need to make my car note for me. What do you suppose he would say, “Well sure, I’ll be glad to help you out, so what if you spent too much money on things that maybe you shouldn’t have. I got ya covered there neighbor.” Nope, I’m afraid not, I know my neighbor, and trust me when I say this, that his response would be not something that can be included here. Suffice it to say, that it would be a very resounding NO WAY Jose!
As far as I’m concerned it should be all those morons who chose to vote for this blatant socialist thug who should be footing the bill, they should be all too happy to pay for all of this supposed namby-pamby “Hope and Change” nonsense. Whoops, that's right, they can’t because the majority of those folks are the very same ones who comprise most of those either on Welfare or are too lazy to go out and get a job. So that leaves the rest of us who are then expected to pick up their tab as they go through life. No doubt that that entire 47 percent of households who no longer pay “any” federal taxes were all very enthusiastic supporters and proud to be Barry voters. Therefore it’s left to the rest of us to be forced into the subsidizing of the booze, strip club and drug habits maintained by those many Barry supporters, plus provide for the kids they continue to pop out that they can’t afford. Kids, by the way, who most likely will turn out to be Democrat supporting wards of the state. Stop this merry-go-round, please, I’m ready to get the f**k off. The sheer insanity of what is going on here provides but one more very clear indication of the critical nature regarding this year’s election. I simply do not think that enough people fully realize by how fine a thread by which we are currently hanging.
Here’s a little of what’s going to be happening come January 1:
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an 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. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.
And then comes……Obamacare
There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:
The “Medicine Cabinet Tax” Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).
The “Special Needs Kids Tax” This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education.
The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
But wait, there’s more……The Alternative Minimum Tax and Employer Tax Hikes
When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. The major items include:
The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.
Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000. This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”
Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.
Tax Benefits for Education and Teaching Reduced. The deduction for tuition and fees will not be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. The student loan interest deduction will be disallowed for hundreds of thousands of families.
Charitable Contributions from IRAs no longer allowed. Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.
So, what do you think there folks, was voting for this corrupt piece of dog squeeze really worth the price that we’re now paying today? Was it worth forfeiting control of your healthcare to Barry, or to have the government now owning car companies, banks and quite possibly very soon even to have Barry in complete control of our entire energy industry. Was it worth it, REALLY? So I guess what I’m asking here is, “How’s all that “Hope and Change” working for you?” Was voting for this guy so worth it to you that we now have to mortgage our kid’s future in an effort to just try cover the costs of his quest for that ever-illusive socialist utopia? Now, again thanks to those who voted for him, we’re in the position of being stuck with this, this “Obamanation” for at least another two years, and trust me when I say, he ain’t anywhere near being through as far as what it is he has in mind regarding the wreaking of as much damage on our country as he can. Look back over the last two years and try to find what remains of our country today that is still recognizable from the one that existed prior to January 20, 2009. If that doesn’t put the fear of God into you and serve as more than just a little motivation for working toward the making of the coming election a referendum on what is being forced upon us, then I don’t suppose anything will. And should we fail in our attempt this November to at least limit the amount of damage he can do, during what hopefully will the last two years of his presidency, then my friends the thin thread by which we are hanging, that I mentioned earlier, will surely snap under the weight of what we have allowed Barry to do. And this is just the tip of the iceberg because remember, there is the possibility of the European style Value Added Tax (VAT) that is till looming out there until at least after the election.
The clock is ticking, those of us who wish to save our country must be resolute in the maintaining of our determination to put a stop to this madness. First we must focus on preventing further damage from being done by ridding ourselves of as many of those in the House and Senate as we can. Then must turn our attention and focus our energy on the turning back of the clock, to the point where we can make it appear as if Barry had never been here. Can we do it? We must!!
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