Friday, September 17, 2010

Obamaville September 17 - Bush Tax Cuts - Democrats Abandon Obama & Pelosi


It is starting to look like the Obama Pelosi plan to smear the GOP over tax cuts for the wealthy is being undermined by Democratic candidates who are jumping ship to join the GOP block in support of NO TAX INCREASE.

Today, the same day those nasty Republicans helped Obama get the Small Business assistance bill passed in the Senate, thus proving once again Obama was wrong in attacking the GOP for fighting against small business, the GOP seems to be winning the public opinion battle again.

Right now the best Pelosi can do is to delay any vote until after the November election but that means one must trust that Obama and Pelosi will be honest if they promise to bring up the bill after the election and before they expire at year end.  To date campaign promises from the president and Speaker of the House have often been forgotten.

As for fact checking the Lame Street media on this bill, the liberals say the Obama bill will only increase taxes on the millionaires and billionaires, yet admit that just 2% of small businesses may also get a tax increase.  Of course they fail to mention that since small business is the backbone of America "just 2%" equals 894,000 small businesses that face a tax increase.

They also conveniently forget to mention that the Bush Tax Cuts are not just income taxes like Obama and Pelosi would like us to believe.  Here are the real taxes included in the Bush Tax Cuts:

What is scheduled to expire at the end of this year, unless Congress acts?

•The 10, 25, 28, 33, and 35 percent rates would all rise. The new tax rates would be 15, 28, 31, 36, and 39.6 percent. This would cost taxpayers about $157 billion per year.

•The indexing of the alternative minimum tax for inflation would end. The AMT, which provides $66 billion in annual relief for taxpayers, attempts to ensure that individuals who benefit from itemized deductions or credits pay a separately calculated minimum tax.

•Taxes on capital gains and dividends would rise, meaning that investors could potentially pay about $35 billion more.

•Married couples would go back to paying higher rates than today, at a cost to them of $32 billion per year.

•Expanded tax credits – such as the child tax credit, which went from $500 to $1,000 – would end. This would cost families $26 billion per year. Some taxpayers would also pay an additional cumulative $1.5 billion in education costs.

•The estate tax, which has already expired, would go back to its 2009 level, costing heirs at least $26 billion.

•Higher-income households would see the dollar value of their personal exemptions phased out and would have a lower value for certain itemized deductions. This would cost those people – most of whom make well over $170,000 a year – about $21 billion.

As you can see, millions more Americans will be hurt by Obama Pelosi TAX INCREASES other than just the personal income rates.  This is something that the president and liberal media do not want you to know.

Stay tuned...

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