July 8, 2010

Expiring Tax Cuts=Tax Increases

Marc Comtois

Unless Congress and President Obama take action, the so-called Bush tax cuts will expire at the end of the year. Despite the rhetoric, it ain't just "the rich" who will be affected, folks. Here are a couple of the expiring cuts that will affect us "working class" people.

1) The tax brackets will go up from 10%, 15%, 25%, 28%, 33% and 35%, respectively, to 15%, 28%, 31%, 36% and 39.6%. Even if the bracket definitions are changed, that's still an increase for most of the workin' people.

2) People in the lowest two brackets (10% and 15%) pay 0% tax on investment profits. That will go up to 10% on long-term gains and 15% and 28% on dividends.

3) Married couples get twice the deduction of singles. Next year, this will fall to 167%. The marriage penalty is back.

Comments, although monitored, are not necessarily representative of the views Anchor Rising's contributors or approved by them. We reserve the right to delete or modify comments for any reason.

"People in the lowest two brackets (10% and 15%) pay 0% interest on investment profits"
I think you meant to say "Pay 0% Tax" not 0% interest ?

Posted by: Sammy at July 8, 2010 11:29 AM

Sammy - Thanks.

Stu - Sammy double-posted his comment and I accidentally deleted yours along with his duplicate. Sorry about that and feel free to re-comment.

Posted by: Marc Comtois at July 8, 2010 12:50 PM

When the word, "tax" enters Marc's vision it apparently addles his brain so much that he cannot function properly. See Sammy, Deletion, e.g.

Posted by: OldTimeLefty at July 8, 2010 1:08 PM

And let's remember that President Obama's promise that "If you earn less than $250,000 (or $200,00), your taxes will not go up" was not made one time as a throw away comment. He emphasized it several times during the campaign. I'm genuinely shocked that he is permitting this to happen without lifting a finger or saying a word.

This and the dropping of the voter intimidation case (after a conviction had been obtained, yet) has, for me, seriously damaged his personal credibility.

Posted by: Monique at July 8, 2010 6:58 PM

"If you earn less than $250,000 (or $200,00), your taxes will not go up"

Actually President Superfly broke that promise less than a month after being sworn in when he raised taxes on his fellow smokers, few of whom (unlike him) make over $250,000.
At least he closed dow Gitmo like he promised....and put health care negotiations on CSPAN.

Posted by: Tommy Cranston at July 8, 2010 7:13 PM

Obama is a liar.What else is new?People should have known that from the start.His whole demeanor in his speeches was that of a snake oil salesman.
His Attorney General is a racist who lacks the nerve to say out loud what the New Black Panther Party does.I get the impression that Holder shares their sentiments.
Obama needs to be made irrelevant in November.He can posture at those Wednsday cocktail parties until 2012 when,God willing,he and Sheldon Whitehouse and all their lousy ilk will be swept out of office.

Posted by: joe bernstein at July 9, 2010 8:01 AM
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