We’ve heard the talking points again and again about the intention to raise taxes for the rich by at best only selectively continuing the tax rates established under the Bush administration which provided sweeping tax cuts across the board. Sadly, due to Democratic pressure, the new tax rates were not made permanent and will expire on December 31, 2010 if no action is taken to extend them.
Let’s make something clear, there is no proposal being circulated that legitimately reduces income taxes. The truth is taxes will go up if no action is taken. The only buzz by the leaders of the Democratic Party is that they would continue the current tax rate for Americans making less than $250,000 for married couples or $200,000 for individuals.
The talk of wanting to pass a “middle class” tax cut is pure nonsense. Keeping taxes from automatically going up is not a tax cut when folks have been paying the current rate for almost a decade. They also speak of millionaires would receive $100,000 in tax cuts a year if the Bush tax cuts are extended. Bloody lies!!!
If the Democrat’s plan goes through, they will pay around $100,000 more in taxes. They make it sound like all of a sudden, to so-called rich would get this brand new tax break.
What is painfully clear, the only way the Democrats as urged by Barack Obama and Nancy Pelosi can pull off their treachery is to obscure the issues and create mass confusion pitting average wage earners against those making more. When one digs deeper and finds how many of the so-called rich are small business owners and such taxes go directly to hurting their companies’ bottom lines. The widespread results of this tax increase hurts everybody.
On top of that, many citizens could have a year in which their income spikes way up due things such as a property sale which would have already been subjected to capital gains taxes or other one time good income years where they would get nailed by the Democrats’ approach.
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