The Painful Truth of It

Some day, you'll appreciate this opportunity to quit filling your head with nonsense.

Obama: “Yes, we can tax middle- and low-earners into abject poverty!”

Obama - Yes We Can Tax Everyone

Thanks, Obama! You sure “made the rich pay their fair share” while protecting the middle- and lower-classes, didn’t you?

According to the New York Times (not exactly a right-wing source) today, a whopping 77% OF HOUSEHOLDS ARE GOING TO SEE THEIR TAXES INCREASE, some substantially:

“Lawmakers’ decision not to reverse a scheduled increase in the payroll tax that finances Social Security, while widely expected, still means that about 77 percent of households will pay a larger share of income to the federal government this year, according to the [Tax Policy Center’s] analysis.

“The tax this year will increase by two percentage points, to 6.2 percent from 4.2 percent, on all earned income up to $113,700.

“Indeed, for most lower- and middle-income households, the payroll tax increase will most likely equal or exceed the value of the income tax savings. A household earning $50,000 in 2013, roughly the national median, will avoid paying about $1,000 more in income taxes — but pay about $1,000 more in payroll taxes.”

So while president Obama continues campaigning using the lie that taxes will increase only for the rich  — supposedly,  the top 2% of earners — in truth, practically every American starts work today with a greater tax burden.  For the low- and middle-income earners, too, every single paycheck in 2013 is going to be smaller.  How much smaller?  A family of 4 from Fort Smith, Arkansas, earning just $56,285 per year will see their federal income taxes increase by $3,073.  Even those who previously payed no income tax because of their paltry earnings will end up paying thousands because of the Alternative Minimum Tax (AMT).

All the while spending continues to increase, which means these increased taxes are the “new normal,” and the White House claims it is looking out for the little guy.

About the only positive thing in all this is that the dupes who voted to re-elect as president this economically-illiterate fiscal wrecking-ball will end up paying more, too. Say goodbye to your family vacation (even modest ones), replacement tires for the car, and even new shoes for your feet.  That money, in most cases thousands of dollars, will be going to Washington, D.C. instead, because Mr. Obama cannot find a single dollar of federal spending to cut, despite trillions there to be found.

There are two ways to learn something. The easy way and the hard way. Guess which way our American electorate prefers?

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This entry was posted on January 2, 2013 by .
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