Skip to comments.Democrats Hit Poor with Huge Tax Increase
Posted on 09/22/2012 5:48:13 AM PDT by sr4402
In their rush to increase taxes on the wealthy, the Democrat U.S. Senate left a tax increase of 50% on the poor.
Nevermind, the Senate left a scheduled tax increase on Every American next year (before adjourning to campaign - a thing we can thank every Democrat through our votes). But we can take into account what they have done to the poor.
Those Americans who are the working poor are scheduled for a tax increase of 50%. That's right, a whopping 50%.
College graduates, many getting their first low wage part time job will find it much harder to get started.
Some barely surviving on two jobs will not be able to survive anymore and fall in this weak economy.
Seniors who were in the 10% bracket will now have to economize further finding themselves with a %15 percent tax next year.
To the rich and elites like Harry Reid and the Democrats, %5 isn't too bad upon the Poor. But when you realize that's 50% more tax upon the working poor, those barely surviving, those just entering the work force and many seniors I'm sure many will want to let them know how they feel about that.
A tax increase during an election cycle? Let the Democrats know how you feel about you and the working poor having less money on the table next year.
the poor will never hear about it
Your Right, the Mainstream Media doesn't want them to hear about it.
We know it, the Dims know it, but the MSM will bury or spin it. The seniors will be hit with scare tactics that claim that Romney and the Repubs caused it and would have made it much worse if they could, but the interpid Dims saved them from the coup de grace. The poorer folks will scratch their heads but be told not to worry because Uncle Sugar will keep them afloat and they will have the liesure time to fully enjoy the largess.
Keep in mind Obama’s bush tax cut extension for those earning less than $200k is only for 1 year, and than the middle class and working poor get another tax increase to look forward to...
Speaking of that, isn't Social Security Taxes going up 2% also. So if I'm right it will be a 70% increase on the working poor?
The “poor” won’t be paying it either.
Most of them are receiving the Earned Income Credit aka “getting paid by the fed gov” or not working in the first place.
Actually in 2014/2015, the working poor earning more than $9500 per year will probably incur a minimum $65 dollar Obamacare tax increase or .71% so in 2014 that would mean going from 10% to 17.71% (77.1% increase).
But in 2016 the working poor earning more than $9500 could incur a minimum Obamacare Tax of $695 (7.3%) increase or 22.3% (a 123% increase).
Am assuming the working poor can not afford health insurance and their employment ops not to provide it (as planned by Obamacare).
Oh, and this is NOT TAX DEDUCTIBLE, if I read this rightly. Oh Happy Working Poor!
I was just told that starting next year there will be a 4% obamacare tax on property sold. anyone know if this is true?
(2) It's the (R) fault because they refuse to tax the Rich and want gay pregnant black women to die .
(3) Any reason without taking responsibility. x____________
Just getting a head start on their excuses.
# 2- is the mantra I am hearing-
“repugs did not tax the wealthy- look at Romney!”
My duffus sisters swallow this line ALL day long-
(2 out of 3 sisters have NOT been employed for Over
3 years!- that evil george Bush did it!)
In the healthcare bill, there is a new tax created on investment income for high income households and it is called a 3.8% medicare tax. It is a tax that will only be imposed on households with a combined income above $250,000 or individuals with an income above $200,000.
The next stipulation is that you must make a return on the sale of the investment property above the capital gains threshold which is $250,000 for individuals and $500,000 for couples... At that point the tax does kick in, but only applies to the amount of income above the exclusion. For instance, if you sell a property and earn a $550,000 return as a couple, you will be subject to a 3.8% tax on $50,000 provided your adjusted gross income is above $250,000 for the year.
IMHO: It's a stealth tax pumped by inflation (Read Quantitative easing). Think 10-15 years of Obama generated inflation and you'll have some idea.
havent heard much from Republicans about this tax..but of course they cant talk about cutting taxes to the rich(today 250 thousand is nothing). negative press would be all over them
They better get on the horn. Obama and the Democrats have left a tax increase upon ALL Working Americans and especially the poor.
All of us that work will feel the pinch and many of the working poor will go back into poverty because of it.
Hold out your wallet and say to the tax man - help yourself.