DEMOCRATS’ TICKING TAX BOMB, PART IV

I'm A Pundit Too ^ | 08/19/2010 | Doug Ragan

[TheNewPundit]

How the Democrats’ Year-end Tax Hike Will Affect Senior Citizens

Starting January 1, 2011, Washington Democrats will impose a $3.8 trillion tax hike on hard-working Americans, resulting in higher taxes for every American who pays income taxes, as well as on small businesses, the engines of job creation. Unfortunately, Democrats have done nothing to disarm this ticking tax bomb, and even America’s senior citizens will be hit by this massive tax increase. Among the most significant 2011 tax increases that will affect seniors:

* The tax rates on capital gains and dividends will rise significantly, imposing an average tax hit of $1,700 on more than half of all seniors who pay income taxes. * The 10% bracket will be eliminated, raising the lowest tax rate to 15% and costing 88 million taxpayers – including every senior who pays income taxes – an average of $503 in higher taxes in 2011. * The death tax will be reinstated with rates as high as 55%.

[screaminsunshine]

‘Tax Bomb’ I like it.

[The Sons of Liberty]

Yes, the dims have no qualms about increasing taxes, forming Death Panels, etc. but is the GOP so helpless that they cannot do anything to repeal these actions if they get control? Or are they afraid they will be left off the dinner party guestlist for the next big shindig sponsored by some fat cat?

[campaignPete R-CT]

they sure can Sons. Just override the VETO.

[17th Miss Regt]

If Obama vetoes tax relief and the Republicans cannot override the veto, the taxes will show up immediately in paychecks. When people file their 1040s in 2012 they will be reminded of what Obama did to them about six months before the election.