Posted by
Terry Paulson on Tuesday, February 02, 2010 10:59:52 PM
President Obama loves to talk about transparency and open dialogue, but when Reuters released a critical article by Terri Cullen titled, "Backdoor Taxes to Hit Middle Class," the administration contacts worked fast to get Reuters to retract the article. After hearing about this article from Rush Limbaugh, I did a Google search on the story. All US links resulted in a predictable message: "The story Backdoor taxes to hit middle class has been withdrawn. A replacement story will run later in the week." Sounds like the want a kinder, gentler look at his budget plan that emphasizes taxes on the rich. I had to go to a Canadian site, out of the reach of Obama, to read the article.
What a sad statement on the state of the media this action suggests. If you are not pro-Obama, silence the message. Americans seem to be convinced that it is OK to take from the rich and give to the rest. Just last week, Oregon voters passed a tax measure 54 percent to 46 percent. Measure 66 raises taxes on households with taxable income above $250,000; Measure 67 sets higher minimum taxes on corporations and increases the tax rate on upper-level profits. This is Obama speak for someone else will pay the bill!
But do Americans not realize that when they run out of money from the rich, there will be no one to start companies or hire workers. After the government runs out of money from the rich, they will come after the middle class. It looks like that is happening now!
Terri Cullen points to the taxes that will hit the middle class from Obama's budget plan. Here are some of the highlights from Terri's article that has been withdrawn:
If the Bush tax cuts of 2001 are allowed to expire in December, it isn't only the rich that will pay more taxes. As Terri reported, "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."
She went on to give more details. If you are an investor, your tax on dividends jumps from 15 percent to 39.6 percent and your capital-gains tax increases from 15 percent to 20 percent from 15 percent whether you are rich or poor. Since Congress hasn’t fixed the Alternative Minimum Tax rate patch, over 25 million taxpayers with incomes as low as $33,750 will be faced with higher taxes. You can also kiss an itemized deduction for state sales-tax payments, a $250 teacher tax credit for classroom supplies, and the up to $4,000 tax deduction for college tuition and expenses. Oh yes, the first $2,400 of your unemployment benefits are taxable; in 2009, that was tax-free. Obama giveth, and he taketh away. Of course you can’t check this out, because this is one article President Obama didn’t want you to read.
If you are lucky enough to attend his next Townhall, ask him why he silenced Terri Cullen's article on the backdoor taxes that will hit the middle class.