Obama has emphasized in his speeches that it is the “richest Americans” who will get hit with tax increases, but by letting many tax-relief initiatives expire, Obama is targeting middle class Americans with shadow tax increases too.
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.
Now don’t miss: How the %&@! Do You Spend $3.8 Trillion >
Join the conversation about this story »
See Also:
- How The %&$! Do You Spend $3.8 Trillion?
- Obama Blazes The Path To Economic Suicide
- And Now Comes The Part Where We Tax The Living Sh#$ Out Of The Banks