Skip to comments.Obama Budget Shows Middle-Class Tax Pledge Was Fraud
Posted on 04/24/2013 12:46:21 PM PDT by yoe
A new study shows President Obama's budget would significantly boost taxes on the middle class. Funny, we seem to recall him promising voters that only the rich would pay for his grandiose spending plans.
According to the analysis from the nonpartisan but liberal-leaning Tax Policy Center, Obama's budget would hit wealthy families hardest, with the top 20% of income earners shouldering almost 90% of the tax hike.
[snip] In addition, Obama wants to change the government's inflation gauge to what's called a "chained CPI," which would in effect lower the official inflation number.
Since tax brackets are indexed to the CPI, this would push middle-class families into higher tax brackets more quickly. The Tax Policy Center's Joseph Rosenberg called it a "backdoor" tax hike of $100 billion.
Then there's Obama's proposal to limit the tax break from deductions to 28%, which would raise taxes on families with incomes down to $183,250 well below Obama's no-new-tax threshold of $250,000.
(Excerpt) Read more at news.investors.com ...
If this forum was dedicated to instances of the bamster telling the truth, JR could just serve up a blank page using dialup internet access, and do away with Freep-a-thons.
No surprises here, the real money is in the middle class. Every government bureaucrat knows this which is why I wonder how people are so STUPID to believe taxing the hell out of the so called rich fixes all our economic woes.
That is until the same idiots realize Obama thinks anyone who works is rich.
Doesn't matter right? He's black. He's cool. He's Che Guevara. And enough Americans have ratified this fraud by reelecting him, so he's got a free pass.
Agreed - it’d be nice.
Big surprise!!!!!!!!! NOT!
The comments below the article are crazy. O’bots will defend this guy till the sun melts.
” We need a national boycott for three days...just to demonstrate who is boss in this country. We also need to impeach this lying socialist president who has no right at all to occupy the White House (It used to be called “The People’s House.). “
Don’t invite Boehner or McConnell.....they might try to get us arrested.
Fraud from fraud, and Americans loved it so much they went back for seconds.
The trillions printed since Nov2008 are building up in TPTB accounts like water behind a damn and when some black swan causes TPTB to dump cash, it will be like a damn break to the middle class. The rich will be buying, Hussein will take care of his people, but the middle class will be destroyed by 50% inflation (on the way to 500%) just like TPTB want. All things cometh to him who waiteth so long as he worketh like hell while he waiteth.