Skip to comments.The Obamanation of Desolation! - Taxes
Posted on 11/03/2008 8:26:28 AM PST by Candybar
Just for openers, here are the tax cuts that Obama will let expire or will not extend. The net effect: An Obama tax increase.
*** Bonus Depreciation - To encourage business investment; expired on 1-1-2005
*** Alternative Minimum Tax - Exemptions decreased by $6,500 per filer on 1-1-2006
*** Small Business Expensing - on 1-1-2008, the maximum business deduction decreased from $100,000 to $25,000 (not inflation indexed). Also the cap on qualifying property decreased from $400,000 to $200,000.
*** Capital Gains - rates will rise 10 to 20 percent depending on income, on 1-1-2009.
*** Child Credit - will decrease from $1,000 to $500 per child on 1-1-2011.
*** The 10% Bracket - will be eliminated on 1-1-2011 raising the tax burden of many workers by 5 per- centage points.
*** The 15 Percent Bracket for Joint Filers - on 1-1- 2011, the upper limit will decrease from 200 to 167 percent of the upper limit for single filers, creating a marriage penalty.
*** Standard Deduction for Joint Filers - on 1-1- 2011,, this will decrease from 200 to 167 percent of the standard deduction for single filers, creating a marriage penalty.
*** The Estate Tax - The top rate will increase to 60% on 1-1-2011 and the value exempt from taxation will decrease to $1 million which is less than it is today.
*** The Income Tax - Rates will increase between 3 and 4.5 percentage points in each bracket on 1-1-2011.
*** Dividends - Rates will rise to match standard income tax rates on 1-1-2009.
Source: The Heritage Foundation
My Fellow Americans, this is only a small part of the Obamanation of Desolation! More and different kinds of taxes are coming if you elect Obama.
These tax cuts were designed to help the rich, the middle class, and the poor. By not extending them or letting them expire, Obama is raising taxes for everyone! Vote against all tax increases and against Obama and his henchmen!
Vote for John McCain!
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