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TAX ARMAGEDDON If Obama Re-Elected
September 21, 2012

Working for Peanuts

ARE YOU MAKING PEANUTS?  It’s just going to get worse.

Kiss your paycheck goodbye if Barack Obama holds onto his chair in the Oval Office.  Taxes on EVERYONE will be zooming up as the Bush Taxcuts expire.  Prices will then go up. More jobs will be eliminated….and…….you get the picture.  Here’s how it will look from American Taxpayers For Reform:

“Personal income tax rates will rise on January 1, 2013.  The top

Taxes Leave You Nothing…NOW. Imagine If They Go UP!

income tax rate will rise from 35 to 39.6 percent (this is also the rate at which the majority of small business profits are taxed).  The lowest rate will rise from 10 to 15 percent.  All the rates in between will also rise.  Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.  The full list of marginal rate hikes is below:

ENOUGH already.

-The 10% bracket rises to a new and expanded 15%

-The 25% bracket rises to 28%

-The 28% bracket rises to 31%

-The 33% bracket rises to 36%

-The 35% bracket rises to 39.6%

Higher taxes on marriage and family coming on January 1, 2013.  The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of taxable income.  The child tax credit will be cut in half from $1000 to $500 per child.  The standard deduction will no longer be doubled for married couples relative to the single level.

Middle Class Death Tax returns on January 1, 2013.  The death tax is currently 35% with an exemption of $5 million ($10 million for married couples).  For those dying on or after January 1 2013, there is a 55 percent top death tax rate on estates over $1 million.  A person leaving behind two homes and a retirement account could easily pass along a

Taxes are…killer.

death tax bill to their loved ones.:

And if you’re lucky enough to have SAVINGS…click on the link below and see how your hard-earned, precious savings and investments will take a bigger hit as well.  LET’S JUST VOTE HIM OUT!

Read more: http://atr.org/days-taxmageddon-a7203#ixzz277bhrz3w

       


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Filed under: Featured, Inside The KC, Politics by Sonja Eddings Brown, Sep 21, 2012

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