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Wednesday, April 15, 2009

What the Obama tax hikes will mean to you

Americans for Tax Reform, a non-partisan watchdog group, has detailed the impact of the Obama tax hikes on the average American family:
* Obama's budget claims that it cuts taxes for families by $770 billion. Yet, the same document admits that fully $326 billion -- nearly half -- is in fact new spending, not tax cuts

* The budget raises the top two income tax brackets from 33 percent and 35 percent to 36 percent and 39.6 percent, respectively. These are the tax rates in which $2 out of every $3 in small business profit is taxed. That includes 90 percent of the profits from partnerships and Subchapter S corporations, and 40 percent of the profits from sole proprietorships. This small business tax hike alone is $339 billion

* The Obama budget imposes a "cap and trade" tax of $646 billion. Every American family will pay this tax in the form of higher gasoline, heating, and electric bills -- an average of $3100 per family per year.

* The Obama budget raises taxes on investors in several ways. The capital gains tax is hiked from 15 percent to 20 percent. The dividends tax is raised from 15 percent to 20 percent. Capital gains earned by investment partnership managers are taxed as high as 39.6 percent. At a time when the stock market wealth has nearly been cut in half, why is Obama proposing a $142 billion tax hike on the stock market?
Read more at the link below:

ATR Hosts 'Tax Day Eve' Press Conference

1 comment:

Anonymous said...

This doesn't really tell me what the tax hikes will mean to me. I'd really like to see someone breakdown what a typical family will pay under the new system versus what they paid under the old. That is the kind of helpful analysis that I have yet to see. "$770 billion" is meaningless to an individual or family--and that is where the rubber meets the road.

I don't get why no one will do this. Laziness? Hiding something? Come on, if the taxes are really so awful for me and my neighbors, share the hard numbers!