Backdoor Taxes to Hit Middle Class Latest Updates
Here’s the complete news report from Reuters
he Obama administration’s plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year — effectively a tax hike by stealth.
While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.
The targeted tax provisions were enacted under the Bush administration’s Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.
If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.
Investors will pay more on their earnings next year as well, with the tax on dividends jumping to 39.6 percent from 15 percent and the capital-gains tax increasing to 20 percent from 15 percent. The estate tax is eliminated this year, but it will return in 2011 — though there has been talk about reinstating the death tax sooner.
Millions of middle-class households already may be facing higher taxes in 2010 because Congress has failed to extend tax breaks that expired on January 1, most notably a “patch” that limited the impact of the alternative minimum tax. The AMT, initially designed to prevent the very rich from avoiding income taxes, was never indexed for inflation. Now the tax is affecting millions of middle-income households, but lawmakers have been reluctant to repeal it because it has become a key source of revenue.
Without annual legislation to renew the patch this year, the AMT could affect an estimated 25 million taxpayers with incomes as low as $33,750 (or $45,000 for joint filers). Even if the patch is extended to last year’s levels, the tax will hit American families that can hardly be considered wealthy — the AMT exemption for 2009 was $46,700 for singles and $70,950 for married couples filing jointly.
Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:
* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;
* The $250 teacher tax credit for classroom supplies;
* The tax deduction for up to $4,000 of college tuition and expenses;
* Individuals who don’t itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;
* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free
The celebrity world has been rocked recently with the deaths of several icons. Michael Jackson, the often accused and highly suspected pedophile (who thought there was nothing wrong with a grown man “sharing his bed” with young boys) and self-proclaimed “King of Pop” was publicly proclaimed a “spectacular performer” and a “music icon” by Barack Obama, said White House spokesman Robert Gibbs last Friday in light of Jackson’s death. Obama’s admiration and adulation for Jackson couldn’t reveal Obama’s racism and hate for whites any better. Well, that and the fact that the only times Obama plays up his “white side” is for his political gain, to reassure white-guilt ridden liberals that he is really just a white man in a black man’s skin.
Let’s see what Obama and Jackson have in common: They are both black and famous. Both are infatuated with themselves with a knack for making any event another “It’s all about me!” self-love fest. Oh, and Obama and Jackson are both male. Other than that, not much. So other than race, why did Obama choose Jackson as a spotlight for his wonderment? Sure, Jackson was a talented singer and entertainer, but for the last 16 years or so of Jackson’s life, he was a pariah. His behavior and his own words made him an outcast, a social leper. Investigations, allegations, and criminal trials for pedophilia and child molestation were Jackson’s hallmark and claim to fame. This is the man Obama admires and chose to make a very public announcement supporting the life of Michael Jackson.
What about David Carradine? Who doesn’t know the star of the “Kung-Fu” television series? The star of the “Kill Bill” movies? The man who was responsible for the phrase, “Grasshopper, try to snatch the pebble from my hand.” (although Carradine’s character did not actually utter the phrase) Was Carradine not worthy of an honorable mention by Obama? Apparently not. Carradine was white. That’s a deal breaker for Barack Obama.
How about Ed McMahon, the world’s most famous sidekick? If you ever watched “The Tonight Show With Johnny Carson,” “Star Search,” “TV’s Bloopers and Practical Jokes, or “The Jerry Lewis Labor Day Telethon” you know Ed McMahon. He was a famous spokesman in many commercials as well. McMahon even hawked for a cash for your “old gold” type of company during the Super Bowl. Ed McMahon was also a decorated war veteran. Ouch, two strikes against him in Obama’s book. White and a war veteran? Clearly McMahon was a man beneath the honor of public mention of his life and deeds by Obama.
If you ever jumped for the remote to turn down the volume on your TV because a burly, bearded man with a booming voice was convincing you to “Call and order now!” for some type of oxygen based or orange cleaning products, then you know Billy Mays. He was featured on the Discovery Channel’s show “Pitchmen” as well. Everybody knew Mays from the first sound of his loud, excited voice. Alright, not on the same level as Carradine or McMahon, but an American icon just as well. How many words did Obama spare in public mention of May’s passing like he did for Jackson? Zero. Another male, white icon not worth a mention by Obama.
There appears to be a pattern here. But to be fair, Obama would make the point to speak out and make special mention of a white celebrity icon if they were a recognized minority, right? Wrong.
Being famous and female, Farrah Fawcett, a model, actress, sex symbol, heartthrob, and occasional crazy person would have to be a perfect fit for Obama and his liberal agenda. There is just one problem, Farrah was white.
The woman who sold millions of posters and soiled many a teen-aged boy’s underwear from the “jizz in my pants” effect with her flowing golden locks, blinding smile, and rock-hard nipples in a red one-piece bathing suit lost her long and brave fight with cancer hours before Jackson died last Thursday. If ever there was a white celebrity icon worthy of Obama proclaiming to the world their super stardom and greatness, Farrah Fawcett would fit the bill perfectly. But think again. For being white, Farrah was shunned by Obama. Ever the consummate hypocrite, Obama ignored Farrah’s life and courageous battle with an indiscriminate disease.
Barack Obama. This is the man that is the face of America. A demonstrated racist with a die-hard liberal agenda who refuses to offer indisputable proof he is legally capable of holding the office of President Of The United States. At least he doesn’t have a problem proving he is a racist.
Questions. There are but a few and they are simple and direct to a fault. No matter what has been said by both sides regarding Mr. Obama and his claim to satisfy the law as required in our Constitution that the president be a natural born citizen, there remains some very basic and straightforward questions that have never been answered by Mr. Obama.
Simplicity itself would be jealous of these questions, yet all that has been offered by leftist zealots is more misdirection and name calling. Repeated ad nauseam as though drowning out the true patriots would suddenly convince and make this go away.
Now hear me out, please. Heaven knows we have all been forced to “hear out” the leftist zealots and been subjected to their never-ending smear tactics to try and brush this deep under the carpet.
“Birthers” is an unflattering label used by leftist zealots to smear and express their sheer contempt for anyone that dares question Obama’s natural born citizenship status. Their attempt to marginalize millions of people has not been successful.
Mr. Obama’s decision to hold millions of citizens in complete disregard is fully supported by these leftist zealots. It is as though being a patriot and only wanting the truth is a bad thing that liberals will not tolerate. How ironic.
Mr. Obama determined during his campaign that it was less troublesome to misinform millions of voters; citizens that have a right to know whether Mr. Obama is, as required by law, a natural born citizen. Instead Mr. Obama decided to launch a blunt-force cover up. Anyone that was not satisfied or still had questions was branded by leftist zealots a conspiracy nut. Or worse.
And here we are still. No real answers to some effortless questions. So here we go, and I will relay this as simply as I can.
Why doesn’t Mr. Obama put this to rest once and for all? If Mr. Obama has nothing to hide, then why is he hiding his long-form birth certificate? The state of Hawaii has stated Mr. Obama’s long-form birth certificate is on record, and I am certain Hawaii would not refuse Mr. Obama if he wanted the actual long-form certificate delivered.
What information could possibly be contained on Mr. Obama’s long-form birth certificate that he desperately wants to protect? There is nothing top secret about being born in Hawaii, is there? Anything top secret about the name of the doctor, the hospital, the names and occupations of his parents, Mr. Obama’s birth weight, body length, etc.?
Yes, this really is as simple as a phone call by Mr. Obama to Hawaii and a credit card to pay the fee. A typical person’s long-form birth certificate does not compare to the drama of Obama. Mr. Obama owes it to the American people to come forward with his long-form birth certificate for independent inspection and verification. Too much has been built up by both sides and this issue is not going away on it’s own.