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Tax Increase For Every Home
by John Ransom
Despite
President Barack Obama’s
promises that he would never, ever, ever, raise taxes on people making
less
than $250,000 year, a new analysis from the Tax Policy Center -- citing
a new
tobacco tax that will hit some low-income families harder than the rest
--
indicates he's breaking that oath.
Upon
closer examination of the
budget, it's revealed Obama raises taxes on middle and low-income
families
again, and again, and again.
“President
Barack Obama's budget
proposal would lead to significant tax increases on upper-income
Americans,”
the Wall Street Journal reported, “and also to moderate increases on
some
lower-income Americans.”
Those
“moderate increases” on lower
income Americans, however, become major increases on all wages earners
when you
look more deeply into who will actually be paying for a slew of new
taxes
proposed in the budget. The Tax Policy Center’s analysis only looks at
direct
taxes, failing to take into account the full economic impact of many of
Obama’s
tax change proposals.
Already
reeling from the two
percent payroll tax increase, with the result of savings rates
plummeting, wage
earners will see significant backdoor tax increases, making it more
difficult
to pay monthly expenses and save for things like, say, retirement.
For
one thing, the government will
change how it calculates the inflation rate. And you can be sure any
time the
government changes its statistical methods, it’s for the benefit of the
government and no one else.
“Because
tax brackets and other tax
items are indexed to inflation,” Grover Norquist, head of Americans for
Tax
Reform, said, “slowing down their growth is an income taxincrease. This is a tax increase for
all Americans who
pay income tax, including middle class Americans.”
It’s
also a tax increase for people
who get Social Security income and veterans disability benefits…
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