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 families.
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 stealth.
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.
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13 comments:
The devil at work with his sneaky ways.
He knows were most of the tax money comes from , so , he will steal from the middle class.
NAZI Obama is going to ruin us. I'm glad I'm rich enough that I don't have to worry haha
suckers...
wow Doug, you sound like a "really great guy"
oof
The author points out provisions of the original Bush tax cuts that benefitted the middle-class. Yes the Bush tax cuts will expire but from what I have heard from the budget, many of the middle-class provisions will stay including modifications to the lower tax brackets. Also, I would love if the journalists would explain how allowing well-known tax cuts that everyone knows were set to expire this year could be considered a "tax hike by stealth". Seems to me to be more of the "Obama the Boogieman" narrative.
Owe-Bama has to pay for his Socialist take over . He sent the stimulus to Kenya and Haiti .
Obama to give it to us in the back door again !
learn how to spell your name Doug.
The middle class ultimately bear the brunt of any tax increase. When they tax people making over $250,000 it has a negative effect on the middle class. People making a lot of money are the ones buying things such as cars and homes. This buying fuels the economy and creates jobs. These folks are the ones who invest in small businesses that also create jobs. The more taxes on the upper class, the less they spend and they don't take the risk of starting a small business. So the middle class don't have as many jobs available. Or, if the upper class does have a business, they will pass the cost of higher taxes along to the consumer, which is the middle class.
You have to love the Obama apologists that think he can do no wrong . Indoctrination complete !
BTW- Reuters pulled this story shortly after it was posted.
I guess the O-man called and threatened them.
Explain to me how my spouse and I,who both work,end up owing the state and getting very little federal yet people who NEVER seem to work anywhere very long always get these 5 thousand dollar refunds?
9:03 because like I said the story is BOGUS. The middle class tax cuts remain intact for the most part!
-3:34
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