The Bush tax cuts had sunset provisions that made them expire at the end of 2010, since otherwise they would fall under the Byrd Rule. Whether to renew the lowered rates, and how, became the subject of extended political debate, which was resolved during the presidency of Barack Obama by a two-year extension that was part of a larger tax and economic package, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Right, but as I pointed out before, there are virtually no stories out there (actually none that I could find), which explicitly states what we here on FR know: that the Bush era rates were allowed to expire in January of 2013, and thus, virtually everyone’s taxes went up. (So all this whining from the left that Obama just wants a balanced approach is bunk; he already got a tax increase, now he wants more tax increases)
This is the fact that’s being woefully under reported. So much so, there are no stories on it anywhere, not even in the new media, much less the MSM. Hence my post earlier. I’ve been thinking about making my own post (thread) about this. Maybe when I get home tonight.
Ignore my previous post(s). For some reason, it seems my own personal income has gone down this year (comparing from last year, and still taking into account the increase of the SS tax increase). Basically this is a problem on my end, something I’ll have to fix. Apparently the majority of the rates from last year remained the same.
I still don’t know why in the actual bill there is a section where “25%” is being replaced by “28%”, but I guess I’ll have to read it more carefully.
However the fact that taxes did increase for those earning more than $450K a year is still not being repeated and/or should be repeated by the Republican leadership. The “rich” are already paying their “fair share”, as of by at least January. Obama needs to be pushed to cut spending now.