Posted on 09/12/2009 2:15:32 PM PDT by rabscuttle385
As the recession and bailout have pushed this year's federal budget deficit to an unheard-of $1.6 trillion, an unpleasant reality has dawned: Taxes are going up. The only questions are when, how much, and for whom?
The answers depend on the shifting sands of wealth politics and the scope of health-care revision. "But everybody thinks that by 2011 tax rates will be higher, at least for those with higher incomes," says Thomas Ochsenschlager, a tax official at the American Institute of Certified Public Accountants.
(Excerpt) Read more at online.wsj.com ...
Well apparently all I need to do is not file my taxes. That’s what the recipient of $9 billion in my taxes said to do.
Where did they find that moron? Once the 2003 tax cuts expire at the end of 2010 all income levels will be paying a higher federal income tax rate as the rates go back up to the higher rates of the year 2000.
And, Obama and Democrats will raise taxes on top of the expiring Bush tax cuts.
Look for a tax increase on higher income people, and a total ignorance of the effects on the economy, on small business, and of future tax collections of these tax increases. We’re in for class warfare led by the post-partisan president. If this health care debate is any preview of changing the tone in Washington, I would hate to see how he plans to grapple with the endless projected deficits.
Exactly! And not one journalist has figured that out. Not even Fox News.
If the congresscritters pass Cap and Tax, how are they going to explain the really high gas prices to the masses?
I eagerly await the crowds overtaking the White House....
Avacado, I think the belief is that the Democrats will raise taxes above and beyond the expiring Bush cuts. The irony is, I’d be willing to bet that Obama and Company will use our own present criticism of the federal budget deficits to argue for a tax increase on, well, us. There are more facets than class to which this culture war is being waged against us. Class is among them, but also so is the nature of business conservatives tend to engage in, and also race.
They will blame the evil oil companies as they always do.
They'll just blame it on the energy companies and uniformed public will accept the answer.
Just not gonna play their game any more.
I have to disagree. Most people believe the myth/lie that Bush only gave the rich tax cuts so they see the expiration of the 2003 tax cuts not affecting them. They do not realize the federal income tax rates were lowered for all income levels and will be raised for all income levels once those tax cut laws expire at the end of 2010.
Skated that one, no income.
Don’t worry, they’ll only go up for the employed.
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