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stateofgrace -> RE: Is it just me, or is this Obama Watch Central? (10/28/2008 1:28:05 PM)
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quote:
His tax plan is gonna help me more than hurt me, as most likely would his health insurance plan. Oh, yeah? Just wait. Obama and the congress don't have to "do" anything for your taxes to go up (if you are paying taxes, that is). The Bush tax cuts expire in 2010. Obama and the Democrat controlled Congress will allow them to expire. Technically, they won't raise taxes, but anyone making $25,000 a year or more will be heavily impacted. A family earning $25,000 a year and filing jointly will be taxed an additional $715 a year. And of course it gets worse with higher incomes - taxes will be increased $1,512 a year for a family making $50,000 a year, and an additional $3,074 a year for a family making $75,000 a year. Here is an article that explains it in detail - and even suggests that if you want evidence, you can go directly the IRS web site to pull up the tax tables for the years immediately before and after the Bush tax cut. Think you're immune to some of the other taxes? Think again. If an elderly aunt dies and gives you a modest inheritance of some stock, and you decide to sell it, you will have to pay capital gains tax. And Obama plans to increase that from 15% to 20%. And we have already discussed in multiple threads on these boards the true impact of higher taxes on businesses, large and small. We all will be affected when the cost of goods and services go up. Many of us will be affected when our employers cut jobs in order to make up for the increase in taxes. You may "get" something in the short run, but you are going to pay for it just as we all will in the long run.
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