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Obama's "Taxmageddon" Huge Tax Hikes On Low And Middle Income People Starting January 1st


Last Edited: June 18, 2012, 1:01 am

Low and Middle Income people will begin to feel the labor pains of giving birth to Obama's high-tax nanny-state in January.

Contrary to what Obama told us, 60% of Bush's tax cuts went to low and middle income earners.

And Obama's taking that away January 1st.

I hope all you nanny-staters that vote for him enjoy the huge tax increases.

Details inside:  http://blog.heritage.org/2012/06/15/morning-bell-how-taxmageddon-will-impact-you/

You're going to be paying through the nose but that's the price of a true nanny-state.



Entry #77


JAP69Comment by JAP69 - June 18, 2012, 3:28 am
I heard they are going to let these taxes kick in again.
Pres Obama does not say much about it from what I read.
The taxpayers are going to get porked on this one,
sully16Comment by sully16 - June 18, 2012, 7:49 am
I put a lot of blame on the media, for mis-representing the the motives of government, they followed like blind sheep, I 'll be talking to my accountant, It may actually be cheaper for me to quit work, what came out of my husbands check was more than I grossed, thats federal, state and Social security, thats doesn't include our property taxes.

We are paying a higher price than most middleclass, we have nothing to deduct, all our stuff is paid for.
We did everything the right way and now we will be penalized.
We've been getting porked, last year we got 6 dollars back from the state and 32 dollars back from federal.
   We have a serious problem, theres a trend of young people not wanting to work, or refusing to work, because the rich should pay for everything, thats an illusion. I am the tail end of the baby boomers, the generations under us don't have a work ethic or even the same kind of cash flow, if this trend continues in 10 years, when I am ready to retire, there won't be enough people paying into SS, OR MEDICAID, EVEN MORE PEOPLE WILL BE SLUNG INTO POVERTY,
   People will be working for one reason, to pay taxes, more people will lose their homes, and guess who will have the title to that property, yep the government.
JAP69Comment by JAP69 - June 18, 2012, 8:24 am
Good point on being debt free and taxation. Basically boils down to those that are debt free paying higher taxation are subsidizng other peoples debt.
MADDOG10Comment by MADDOG10 - June 18, 2012, 9:29 am
Taxmageddon falls primarily on middle- and low-income Americans. That’s because, contrary to the President’s rhetoric about “the wealthiest Americans,” 60 percent of the Bush tax cuts went to middle- and low-income taxpayers. The expiration of the patch on the Alternative Minimum Tax (AMT) will cause these taxpayers to pay a tax that was never supposed to hit them, and the expiration of the payroll tax cut is a tax hike almost exclusively on middle- and low-income families.
This is only the direct impact on individual taxpayers. Americans at all income levels will feel the pain of Taxmageddon, because it will slow job creation and wage growth. At 8.2 percent unemployment, it’s the last thing the economy needs.

This is why these Liberals have nothing to say on this matter, because they've had the "Wool" pulled over their eye's and it wasn't done by a Republican.
If they're that foolish to believe in his rhetoric about taxes and EVERYTHING else he talks about for America, They're going to DESERVE everything that comes their way.
But, America has woke up, not everyone, (HINT) but the vast majority and they will oust the snout in November...!
Comment by scorpio - June 18, 2012, 9:30 am
i guess we're not so bad off financially then.due to health deductions,trips to drs,etc.we got over 2,000 dollars back on federal,and over 100 dollars on state,but probably not next year,if everything you say on here is true,andwill happen.i guess not bad for retired people though.
MADDOG10Comment by MADDOG10 - June 18, 2012, 9:47 am
Some will fair better than others scorpio, but it will still have a devastating effect on all of us, even the retired.The middle and low income people should have never been hit with this.
Comment by scorpio - June 18, 2012, 12:31 pm
i wouldn't mind paying a little more if it would balance the budget as under Clinton.bush really set the thing up.damed if you do,damed if you don't.
MADDOG10Comment by MADDOG10 - June 18, 2012, 1:00 pm
Yup, pretty much...!
maximumfunComment by maximumfun - June 20, 2012, 10:10 am
shoot me now. a pay cut. that is in effect what we will be getting. my friends who own corporations are not sweating it cuz they already 'expense' most of their lives through their companies, keeping the taxable portion to nil... but us w-2'ers... we are gonna get slammed.

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