A good reminder on this tax day is the recent budget passed by the Democrats which assumes the Bush tax cuts will be gone. They use lots of rhetoric to justify passing a 1.2 trillion dollar tax hike:
“Senate Majority Leader Harry Reid said Bush’s call to extend the tax cuts would help multimillionaires and special interests, not average working Americans.”
But the reality is that this tax increase will hit those from all walks of life. Here is OMB Director Jim Nussle:
During these times of economic uncertainty, the House and Senate produced budgets that include the largest tax hike in history by denying the benefits of President Bush’s tax relief to millions of Americans.
If the tax relief is not extended, it would result in an average tax increase of $1,800 per year for 116 million taxpayers. The child tax credit of $1,000 would be cut in half, the marriage penalty would be reimposed and the death tax resurrected. A middle-class family of four with two children earning $60,000 would face a tax increase of nearly $2,000 — a 70 percent increase in their taxes. In addition, if alternative minimum tax relief is not extended for this year, 26 million more taxpayers would be hit with an average AMT tax increase of $2,200.
Sure sounds like only the mega-rich will be hit huh?
UPDATE
Outstanding example of the hypocrisy prevalent inside the Democrat party. Via Hot Air watch as Teddy wiggles and squirms when asked why he defends estate taxes while his family does everything possible to avoid paying them:
See author page
That’s the Democratic Party for you: valiantly working on all fronts to destroy America.
I doubt the child tax or the marriage penalty will change, they affect too many people. I don’t think the AMT or “death tax” extensions will make it though…
For all those who feel that they just haven’t given enough,
Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 6D17
Hyattsville, Maryland 20782
I’m sure Scary & The Swimmer have already sent theirs
They already have, Fit fit. The reduction under Bush is set to expire in the next few years, and the Democratic Congress will certainly not extend the reduction.
I see no justifiable reason why the state should tax a family (up to 55%) on money that has already been earned and taxed.
The irony is that it drives down revenue. My parents, who earned their living in the U.S., now live overseas after having carefully stashed their money there over the years, in order to avoid these taxes. Ted Kennedy, who has never voted down a tax, has parked his family fortune in the Caribean. Repealing the death tax once and for all would ensure that most of that money stays here.
A quick question to dumb-ass Harry Reid—
Will the San Francisco billionaire row bozos pay higher taxes? Will Ted Kennedy and John Kerry pay higher taxes? And last, but not least, Mr. Reid will you pay higher taxes on your questionable real estate transactions in the State of Nevada? Oh, and what about that ethics-challenged, renegade financier George Soros — will he pay higher taxes?
Dread,
I agree 100% on the death tax. It the only thing listening to Rush for the past four years has changed my mind on…
Fit, you might also be interested in other taxes. I got this summary by mail, but after looking over it for some 30 minutes, I cannot find any mistakes…
Proposed changes in taxes after 2008 General election:
CAPITAL GAINS TAX
———————–
MCCAIN
15% (no change)
OBAMA
28%
CLINTON
24%
How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on 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 your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.
DIVIDEND TAX
———————–
MCCAIN
15% (no change)
OBAMA
39.6%
CLINTON
39.6%
How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama or Clinton become president. The experts predict that “Higher tax rates on dividends and capital gains would crash the stock market yet do absolutely nothing to cut the deficit.”
INCOME TAX
———————–
MCCAIN
(no changes)
Single making 30K – tax $4,500
Single making 50K – tax $12,500
Single making 75K – tax $18,750
Married making 60K- tax $9,000
Married making 75K – tax $18,750
Married making 125K – tax $31,250
OBAMA
(reversion to pre-Bush tax cuts)
Single making 30K – tax $8,400
Single making 50K – tax $14,000
Single making 75K – tax $23,250
Married making 60K – tax $16,800
Married making 75K – tax $21,000
Married making 125K – tax $38,750
CLINTON
(reversion to pre-Bush tax cuts)
Single making 30K – tax $8,400
Single making 50K – tax $14,000
Single making 75K – tax $23,250
Married making 60K – tax $16,800
Married making 75K – tax $21,000
Married making 125K – tax $38,750
How does this affect you? No explanation needed. This is pretty straight forward.
INHERITANCE TAX
———————–
MCCAIN
0%
(No change, Bush repealed this tax)
OBAMA
keep the inheritance tax
CLINTON
keep the inheritance tax
How does this affect you? Many families have lost businesses, farms and ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will not only lose them to these taxes.
NEW TAXES BEING PROPOSED BY BOTH CLINTON AND OBAMA
———————–
* New government taxes proposed on homes that are more than 2400 square feet
* New gasoline taxes (as if gas weren’t high enough already)
* New taxes on natural resources consumption (heating gas, water, electricity)
* New taxes on retirement accounts
and last but not least….
* New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!
Some Source:
—————
If Sen. Barack Obama (D-IL) Could Enact All Of His Campaign Proposals, Taxpayers Would Be Faced With Financing $874.35 Billion In New Spending Over One White House Term:
Updated February 14, 2008: Obama’s National Infrastructure Reinvestment Bank Will Cost $60 Billion Over Ten Years; Equal To $6 Billion A Year And $24 Billion Over Four Years. Obama: “I’m proposing a National Infrastructure Reinvestment Bank that will invest $60 billion over ten years.” (Sen. Barack Obama, Remarks On Economic Policy, Janesville, WI, 2/13/08)
Obama’s Health Care Plan Will Cost Up To $65 Billion A Year; Equal To $260 Billion Over Four Years. “[Obama] campaign officials estimated that the net cost of the plan to the federal government would be $50 billion to $65 billion a year, when fully phased in, and said the revenues from rolling back the tax cuts were enough to cover it.” (Robin Toner and Patrick Healy, “Obama Calls For Wider And Less Costly Health Care Coverage,” The New York Times, 5/30/07)
Obama’s Energy Plan Will Cost $150 Billion Over 10 Years, Equal To $15 Billion Annually And $60 Billion Over Four Years. “Obama will invest $150 billion over 10 years to advance the next generation of biofuels and fuel infrastructure, accelerate the commercialization of plug-in hybrids, promote development of commercial-scale renewable energy, invest in low-emissions coal plants, and begin the transition to a new digital electricity grid.” (Obama For America, “The Blueprint For Change,” http://www.barackobama.com, Accessed 1/14/08, p. 25)
Obama’s Tax Plan Will Cost Approximately $85 Billion A Year; Equal To $340 Billion Over Four Years. “[Obama’s] proposed tax cuts and credits, aimed at workers earning $50,000 or less per year, would cost the Treasury an estimated $85 billion annually.” (Margaret Talev, “Obama Proposes Tax Code Overhaul To Help The Poor,” McClatchy Newspapers, 9/19/07)
* Obama’s Plan Would Raise Taxes On Capital Gains And Dividends, And On Carried Interest Obama’s tax plan includes: “[i]ncreasing the highest bracket for capital gains and dividends and closing the carried interest loophole.” (Obama For America, “Barack Obama: Tax Fairness For The Middle Class,” Fact Sheet, http://www.barackobama.com, Accessed 1/8/08)
Obama’s Economic Stimulus Package Will Cost $75 Billion. “Barack Obama’s economic plan will inject $75 billion of stimulus into the economy by getting money in the form of tax cuts and direct spending directly to the people who need it most.” (Obama For America, “Barack Obama’s Plan To Stimulate The Economy,” Fact Sheet, http://www.barackobama.com, 1/13/08)
Obama’s Early Education And K-12 Package Will Cost $18 Billion A Year; Equal To $72 Billion Over Four Years. “Barack Obama’s early education and K-12 plan package costs about $18 billion per year.” (Obama For America, “Barack Obama’s Plan For Lifetime Success Through Education,” Fact Sheet, http://www.barackobama.com, 11/20/07, p. 15)
Obama’s National Service Plan Will Cost $3.5 Billion A Year; Equal To $14 Billion Over Four Years. “Barack Obama’s national service plan will cost about $3.5 billion per year when it is fully implemented.” (Obama For America, “Helping All Americans Serve Their Country: Barack Obama’s Plan For Universal Voluntary Citizen Service,” Fact Sheet, http://www.barackobama.com, 12/5/07)
Obama Will Increase Our Foreign Assistance Funding By $25 Billion “Obama will embrace the Millennium Development Goal of cutting extreme poverty around the world in half by 2015, and he will double our foreign assistance to $50 billion to achieve that goal.” (Obama For America, “The Blueprint For Change,” http://www.barackobama.com, Accessed 1/14/08, p. 53) Obama
has sponsored a bill in the senate that will tax 1/7th. of 1% of U.S. GDP to give to the UN for distribution to poor countries. This will amount to $845BB/yr. from American taxpayers that most of it will end up in some tyranical despots Swiss bank account!!! As of March 1, 2008, this bill is still in process but is believed to be thwarted by the senate.
Obama Will Provide $2 Billion To Aid Iraqi Refugees. “He will provide at least $2 billion to expand services to Iraqi refugees in neighboring countries, and ensure that Iraqis inside their own country can find a safe-haven.” (Obama For America, “The Blueprint For Change,” http://www.barackobama.com, Accessed 1/14/08, p. 51)
Obama Will Provide $1.5 Billion To Help States Adopt Paid-Leave Systems. “As president, Obama will initiate a strategy to encourage all 50 states to adopt paid-leave systems. Obama will provide a $1.5 billion fund to assist states with start-up costs and to help states offset the costs for employees and employers.” (Obama For America, “The Blueprint For Change,” http://www.barackobama.com, Accessed 1/14/08, p. 15)
Obama Will Provide $1 Billion Over 5 Years For Transitional Jobs And Career Pathway Programs, Equal To $200 Million A Year And $800 Million Over Four Years. “Obama will invest $1 billion over five years in transitional jobs and career pathway programs that implement proven methods of helping low-income Americans succeed in the workforce.” (Obama For America, “The Blueprint For Change,” http://www.barackobama.com, Accessed 1/14/08, p. 42)
Obama Will Provide $50 Million To Jump-Start The Creation Of An IAEA-Controlled Nuclear Fuel Bank. Obama: “We must also stop the spread of nuclear weapons technology and ensure that countries cannot build — or come to the brink of building — a weapons program under the auspices of developing peaceful nuclear power That is why my administration will immediately provide $50 million to jump-start the creation of an International Atomic Energy Agency-controlled nuclear fuel bank and work to update the Nuclear Nonproliferation Treaty.” (Sen. Barack Obama, “Renewing American Leadership,” Foreign Affairs, 7-8/07)