"If you're trying to change minds and influence people it's probably not a good idea to say that virtually all elected Democrats are liars, but what the hell."
Tuesday, February 02, 2010
Reuters pulls story
Reuters Pulls Story on Obama Tax Hike
Did someone say Democrat Media Complex? This below, via Drudge, is
what was pulled.
The attentive voter already knew everything in the article, but then
this government was not put in place by attentive voters, was it?
The real story is a
question; why was it pulled? .
Was the news agency pressured by the Administration? It
would be consistent with how they operate. The Obama
Administration more closely resembles, in too many ways, any
recent totalitarian government you would care to name, Schickelgrube'rs
included, than it does republican government.
By Terri Cullen Terri Cullen
Mon Feb 1, 4:09 pm ET
NEW YORK (Reuters.com)
--The Obama administration's plan to cut more than $1 trillion from the
deficit over the next decade relies heavily on so-called backdoor tax
increases that will result in a bigger tax bill for middle-class
In the 2010 budget tabled by President Barack Obama
on Monday, the White House wants to let billions of dollars in tax
breaks expire by the end of the year -- effectively a tax hike by
While the administration is focusing its proposal on eliminating tax
breaks for individuals who earn $250,000 a year or more, middle-class
families will face a slew of these backdoor increases.
The targeted tax provisions were enacted under the Bush administration's Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.
If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket
will revert back to 28 percent; the 28 percent bracket will increase to
31 percent; and the 33 percent bracket will increase to 36 percent. The
special 10 percent bracket is eliminated.
Investors will pay more on their earnings next year as well, with the
tax on dividends jumping to 39.6 percent from 15 percent and the
capital-gains tax increasing to 20 percent from 15 percent. The estate
tax is eliminated this year, but it will return in 2011 -- though there
has been talk about reinstating the death tax sooner.
Millions of middle-class households already may be facing higher taxes
in 2010 because Congress has failed to extend tax breaks that expired
on January 1, most notably a "patch" that limited the impact of the
alternative minimum tax. The AMT, initially designed to prevent the
very rich from avoiding income taxes,
was never indexed for inflation. Now the tax is affecting millions of
middle-income households, but lawmakers have been reluctant to repeal
it because it has become a key source of revenue.
Without annual legislation to renew the patch this year, the AMT could
affect an estimated 25 million taxpayers with incomes as low as $33,750
(or $45,000 for joint filers). Even if the patch is extended to last
year's levels, the tax will hit American families that can hardly be
considered wealthy -- the AMT exemption for 2009 was $46,700 for
singles and $70,950 for married couples filing jointly.
Middle-class families also will find fewer tax breaks available to them
in 2010 if other popular tax provisions are allowed to expire. Among
* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;
* The $250 teacher tax credit for classroom supplies;
* The tax deduction for up to $4,000 of college tuition and expenses;
* Individuals who don't itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;
* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free.