I always thought obama was fond of the back door...
They just absolutely, positively won’t cut the disasterous welfare state or bloated bureaucracies abounding all over. Too many people and voters have been bought off.
UK media: Middle class gets screwed by debt deal
That's not the back door, that's the front door and the REPUBLICAN House better not pass such a monstrosity.
Can you imagine, telling the Founding Fathers that we were more likely to get the truth of the matter, not from American newspapers - but from England?
In this case, the powers in DC are saying the American people should exit the back door... AND they want that door to hit us on the butt on the way out.
The feds are ending ethanol subsidies, but not the requirement that it be in your gasoline. The net result will be a gas price increase, which is another form of tax increase.
> Experts, however, insist the crisis may still hit middle
> America the hardest, with the very real possibility that a
> 12-person bipartisan committee, which will meet in the
> aftermath of the agreement, could still opt to impose a
> hard-hitting tax hike.
WRONG. Not according to the deal that was reached. Apparently Brits can’t read any better than Americans can.
How about the backdoor tax increase that savers have to endure? I’m talking about the near Zero interest rates. This is necessary to keep interest on the debt down. This is a bubble if I ever saw one. Also the backdoor tax increase on those who have health insurance who are paying for the uninsured. I’m sure these are just a few....
Go Mike Lee. Time to stand up and be counted. Hatch, we’re coming after you next.
Rejoice as we have learned the true meaning of a much bandied about word: “Bipartisan.” It means to further damage the nation colectively and individually, excepting for those holding elective office whose personal worth will increase dramatically. A shorter definition being “Tax and Spend.”
By allowing the 2003 tax cuts to retire, Present 0bama will be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%.
Do the math :
Raising the 10% bracket to 15% represents what percentage of increase? Hint: The correct answer is NOT 5%.
Raising the 20% bracket to 25% represents what percentage of increase? Hint: The correct answer, again, is NOT 5%.
Finally, raising the 35% bracket to 39% represents what percentage of increase: Hint: The correct answer is NOT 4%.
Extra credit question: People in which tax bracket will see the largest percentage of increase in their taxes?
Extra extra credit question: People in which tax bracket will see the smallest percentage of increase in their taxes?
To those moving from the 35% to the 39% tax bracket...thats roughly an 11% increase in taxes.
From 20% to 25%...thats a full-blown 25% increase in taxes.
To those moving from the 10% bracket to 15%, their taxes will be increased by a whopping 50%.
So the low-income people get their taxes raised even more when seen as a percentage. And the rich folks lose a higher magnitude of money...but the percentage compared to what they already make is lower.
IOW, a benefit to the people is a “cost” to the goobermint.