Posted on 07/10/2012 5:59:56 AM PDT by Innovative
President Obama on Monday reiterated his push to extend the Bush Tax cuts for the middle class but not the 2% of U.S. households making more than $250,000.
But millions of middle class Americans are at risk of higher taxes if no action is taken before Jan. 1, notes Josh Brown, vice president of Fusion Analytics and author of The Reformed Broker blog.
Specifically, Brown is concerned about the sharp rise in taxes on dividends and capital gains that will occur as part of the so-called fiscal cliff -- or "taxmageddon" if you prefer.
If Congress fails to act, the capital gains rate will rise to 23.8% next year from 15% today and dividend taxes will rise to as high as 43.4% from 15%, Brown says, citing analysis by the Americans for Tax Reform.
"If you're going to take a portfolio of blue chips that's got a decent 3%-4% yield and you're now going to triple tax on that income, it's double financial repression on tens of millions of boomers that are trying to cobble together a retirement," he says.
(Excerpt) Read more at finance.yahoo.com ...
Our evening news reported that Bill Clinton criticized this tax hike. Anybody hear this?
This is the plan. Get rid of the baby boomers through Obamacare and the death panels AND tax us to death on our retirement accounts. We are the biggest threat to the Obama plan for America and to the whole liberal agenda in general.
Quite a plan there - go after destroying the security of the group with the highest voter turn out... way to go you stupid crass liberals.
Those who love obama will vote for him no matter what. They, or their parents, can get taxed to death and they’ll still worship him.
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