The Biggest Tax Increase In US History!

The Bush Tax Cuts Are Gone In January.

See the following tax increases that the Obama Administration has in place, which will affect all of us.

Are you ready for the biggest tax increase in US history? Ready or not, it’s coming unless Congress acts before the end of the year. That’s because the 2001 and 2003 Bush tax cuts will expire on December 31st, 2010. That means that everyone's taxes will go up...right in the middle of a recession!

Personal income tax rates will go up!

-35% goes to 39.6%

- 33% goes to 36%

- 28% goes to 31%

- 25% goes to 28%

- And 10% goes to 15%

- The “marriage tax” penalty comes back

- Capital gains taxes go up from 15% to 20%

- Dividend taxes go up from 15% to 39.6%

- And the “death tax” goes from 0% up to a top rate of 55%!

It will be the largest tax hike in American history! And it’s set to happen AUTOMATICALLY under current law – unless Congress acts!

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Obama, August 2009...you don't raise taxes in a recession. "We have not proposed a tax hike for the wealthy that would take effect in the middle of a recession...the last thing you want to do is raise taxes in the middle of a recession because that would suck up, and take more demand out of the economy and put businesses in a further hole."

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Blog author's comments - Not much for me to add. You see what the Obama Administration already has in place which will automatically kick in this January.

You can also listen to the president talk about taxes. Obama told us he would not raise taxes for the middle class, he has also said he would not raise taxes on the wealthy during a recession.

The above data proves otherwise. What he has in place will affect us all. The man lied, that should not surprise anyone.

h/t: conservative outpost
Cartoon by Michael Ramirez