A List Of Taxes The Democrats Are Going To Raise
Democrats are claiming that they can balance the budget in four years. In order to do that, though, the Dems are going to force Americans to pay lots and lots of new taxes. But the odd thing is that they’re not actually talking about raising any new taxes but are instead engaging in a rhetorical gimmick that has them saying they’re going to let tax cuts expire.
The problem is, though, that letting those tax cuts expire is in fact a tax hike. And just to give you a good idea of just how pervasive that tax hike will be, take a look at all the specific tax relief the Dems (led by Kent “budget hawk” Conrad) are thinking about ending:
# The Child Tax Credit will shrink from $1,000 to $500 per child.
# The 10 percent bracket will be eliminated, raising the income tax burden of many workers by 5 percentage points.
# Income tax rates will increase between 3 and 4.5 percentage points in each bracket for all income earners.
# Marriage penalty relief will be eliminated resulting in adverse tax treatment for double income earners.
# Capital gains tax rates will increase to 10 or 20 percent depending on income.
# Dividend taxes will double from the current capital gains tax rate to the individual income rate.
# The estate tax will go from zero in 2010 to 55 percent in 2011, and the exemption rate will drop to $1 million (which is less than it is today).
That’s a big list that impacts just about every American in the country.
So ask yourselves which you’d rather see happen: More of your hard-earned money taken from your wallet so that these politicians don’t have to clamp down on wasteful spending? Or more of your money staying in your wallet and politicians finally facing hard realities about government spending?
I know which one I’d rather choose.
