Posted on 04/01/2009 9:18:06 AM PDT by Sub-Driver
Senate Tax Chair Wants Vote This Year to Raise Taxes on People Making as Little as $104,425 Wednesday, April 01, 2009 By Matt Cover
(CNSNews.com) - Sen. Max Baucus (D-Mont.), chairman of the Senate Finance Committee which has jurisdiction over federal tax law, is seeking a vote this year on legislation that would increase the income tax rates on some Americans who earn as little as $104,425 per year.
The bill, which Baucus introduced Thursday, would fulfill many of President Barack Obama’s promised tax changes, including making most of the tax cuts enacted under former President George W. Bush permanent while raising taxes on Americans making more than $250,000 per year.
But those making more than $250,000 per year would not be the only ones to see their taxes go up if Baucus’s bill becomes.
The proposed legislation would raise the rates on the top two income brackets, from the current levels of 33 percent and 35 percent respectively, to 36 percent and 39.6 percent. The new rates would become effective after 2010.
The increase in the rates for these two brackets will affect all taxpayers who fall into these two brackets regardless of their filing status, according to Heritage Foundation Senior Policy Analyst Curtis Dubay, who reviewed the legislation.
That means some taxpayers earning as little as $104,425—far less than half the $250,000 threshold President Obama set for raising income taxes—would see their income tax rate increased.
(Excerpt) Read more at cnsnews.com ...
Another Obama lie. Shocking!
We are 40 years past time to tar, feather and jail the criminal class running Washington DC.
Well, somebody had best tell Obamabi about this!
How do these people sleep at night? Especially with both eyes closed.
the tobacco tax hit today... but poor people don’t smoke I guess
What this means is that Obama would not sign the bill increasing the tax. </sarcasm>
Fat chance
I know people who make over $104,000 per year and they work very, very, very, VERY hard for their money! In fact, they’ve worked hard all their lives to get to that level of pay.
And now the government wants to “punish” them for their hard work and give their money to people who sit on their butts and don’t work at all!
What’s “Dear Leader” going to do next, ignite a Cultural Revolution, deploy the Red Guards and have them drag “the rich” out into the streets???
actually, it’s “spend and tax, spend and tax.”
BTTT
People still don’t get it! Once the 2003 tax cuts expire at the end of 2010, all income levels with have higher federal income tax rates as the rates go back to the rates of the year 2000.
[actually, it’s “spend and tax, spend and tax.”]
No, its “borrow, spend, and tax, borrow, spend, and tax, tax, tax”
Note to self: Keep TAXABLE and TRACEABLE income BELOW $105K this year. ;)
This is Class Warfare against the Middle Class.
If the above number is "family income", that's a married, working couple, both making a bit more than $50k a year.
So who are these people?
Most of the people I know in that category are college-educated, generally over the age of 40, either professionals, self-employed, commission sales people, or entrepreneurs.
These are the people that the Democrats love to demonize as "Rich".
But, of course, it's a moot point, since taxes (in one form or another) are going to go up for most everyone. With the exception of a few favored classes, of course. Reparative Redistribution and Vote-Buying notwithstanding.
How about “lie, cheat and steal?”
Of course, the Obama objective isn't to see the economy recover as quickly as possible. ZerO`s goal is to increase spending, increase taxes, enlarge the welfare state and expand government. At the same time cut the defense budget.
Ho-hum.
Working hard for that $104K is the point. It’s not arbitrarily handed to them. It’s very likely tons of sacrifice to earn it.
Also.... $104K is not rich. Whether we’re talking 1 or 2 family incomes, it’s not like your about to parade your home in front of the cameras for the next episode of cribs.
Lastly... Dems will speak to this in terms of percentage changes to minimize the impact of this debacle. The message should be, a person earning $125K will now pay $4,375 more (3.5%). The Dems feel you should pay this because of all the necessary pork (oops ‘investments’) shoved into their stimu-porkuludget thingy.
This will crush any hope of a recovery across the entire economic spectrum if they do this.
Especially among small business owners like myself.
The lower they go the bigger the chance of a backlash.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.