Keyword: middleclasstaxes

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  • CBO Report Confirms Taxmageddon Equals Recession for 2013

    09/06/2012 2:21:25 PM PDT · by 92nina · 6 replies
    ATR ^ | 2012-09-05 | Rhett Brooks
    The Congressional Budget Office released a report that gave a grim outlook for the U.S. economy. The CBO predicts a 0.5% decline in real GDP between the fourth quarter of 2012 and 2013 if the Bush Tax Cuts are allowed to expire and scheduled spending cuts are made. The CBO also predicts unemployment to rise to 9% for the second half of 2013 under the same scenario. Although these circumstances could prove hazardous for the U.S. economy in 2013, the outlook for the deficit, according to the CBO, would improve significantly. If tax increases are made, the deficit would be...
  • Democrat National Convention to Showcase Tax Hiking Governors

    09/06/2012 1:54:24 PM PDT · by 92nina · 1 replies
    ATR ^ | 2012-09-04 | Will Upton
    On the opening day of their national convention, Democrats have chosen to showcase three governors who have a long history of pushing job-killing tax hikes on their respective states: Illinois Governor Pat Quinn, former Virginia Governor Tim Kaine, and Maryland Governor Martin O’Malley. Illinois Governor Pat Quinn, who kicks off the evening of tax hikers, has had a long love affair with tax increases. In May of 2009, Gov. Quinn proposed a 50-percent income tax hike, increasing the income tax rate from 3-percent to 4.5-percent. The proposed tax hike would have taken about $4 billion from Illinois’s private economy near...
  • Villaraigosa: Obama ‘doesn’t want to cut taxes for the middle class’

    09/03/2012 6:55:38 PM PDT · by bronxville · 10 replies
    washingtonexaminer.com ^ | 09-02-2012 | Joel Gehrke
    "Los Angeles Mayor Antonio Villaraigosa sounded like a Mitt Romney campaign surrogate for a moment, when he said that President Obama “doesn’t want to cut taxes for the middle class” during an interview on Fox News. “And he actually went beyond them in terms of tax cuts to the middle class,” Villaraigosa, chairman of this week’s Democratic National Convention, told Chris Wallace when asked about Obama’s rejection of his Simpson-Bowles Commission’s proposed deficit reduction plan. “He doesn’t want to cut taxes for the middle class. He’d prefer closing tax loopholes and importantly, allowing the Bush tax cuts to expire for...
  • Obamacare: Seven New Taxes on Citizens Earning Less than $250,000

    08/28/2012 3:38:33 AM PDT · by tobyhill · 14 replies
    Breitbart ^ | 6/29/2012 | by Robert Allen Bonelli
    While we were all debating the cost to our liberty due to the Patient Protection and Affordable Care Act (Obamacare), we were ignoring the cost to our pockets. If there ever was a reason for bipartisan rage about this law, it should be on the twenty - yes, twenty - hidden new taxes of this law. Making matters even more relevant is that seven of these taxes are levied on all citizens regardless of income. Hence, Mr. Obama’s promise not to raise taxes on anyone earning less than $250,000 is just another falsehood associated with this legislation. The first, and...
  • Government Will Take Almost Half Your Paycheck in 2013

    08/18/2012 2:43:49 PM PDT · by radioone · 15 replies
    Blog.Heritage.org The Foundry ^ | 8-13-12 | Patrick Tyrrell
    How high is the marginal tax rate on each additional dollar the average American earns? In other words, if you got a raise of one dollar, how much of that dollar would be taxed away? These rates are already high, and they’re getting higher next year. A middle-class taxpayer’s income is subject to a 25 percent federal income tax. Then there is the federal Social Security and Medicare payroll tax of 13.3 percent in 2012—5.65 percent of that is removed from the employee’s paycheck, and the remaining 7.65 percent is paid by the employer. (In reality, the employee pays the...
  • The Left's Get-Rich-Quick Scheme: Tax the Middle Class

    08/18/2012 3:16:44 AM PDT · by Kaslin · 5 replies
    Townhall.com ^ | August 18, 2012 | Daniel J. Mitchell
    Every so often, you read something so ridiculously stupid and absurd that you assume that you’re being pranked. So you look to the date of the article to see if it says April 1. Or you look at the Internet address to see if it’s a parody of a real website. So when I read a column suggesting that the United States should become more like Italy, I thought this must be some sort of practical joke. After all, Italy is teetering on the edge of bankruptcy, kept afloat by bailouts and subsidies. Its economy is in the toilet, with...
  • Senate Votes to Raise Taxes on Small Businesses

    07/26/2012 7:38:05 AM PDT · by IbJensen · 55 replies
    Heritage Foundation ^ | 7/26/2012 | Amy Payne
    Yesterday, the Senate narrowly voted (51-48) to raise taxes on 1.2 million small businesses, which will likely kill more than 700,000 jobs at a time when nearly 13 million Americans are out of work. Senators Joe Lieberman (I-CT) and Jim Webb (D-VA) joined all Republicans in bipartisan opposition to the tax hike. This is President Obama’s economic plan. This is what he asked Congress to do. And he recently told a fundraising crowd that his economic plan has been working. “Just like we’ve tried [Republicans'] plan, we tried our plan—and it worked,” he said. But Obama’s Treasury Secretary, Timothy Geithner,...
  • Obama Promised Not to Raise Taxes on Middle Class; He Lied

    07/28/2012 6:01:49 AM PDT · by Kaslin · 12 replies
    Townhall.com ^ | July 28, 2012 | Peter Ferarra
    When he was asking for our vote in 2008, then candidate Barack Obama famously promised the American people, "I can make a firm pledge. Under my plan no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes." But as the Supreme Court has now authoritatively ruled, the Obamacare individual mandate, requiring workers to purchase the health insurance the government specifies each family must buy, is a tax. And that tax applies to the middle class and working...
  • Obama's love for the middle class? Now, that's rich: Kevin O'Brien

    07/14/2012 7:15:36 AM PDT · by Innovative · 3 replies
    Cleveland News ^ | July 12, 2012 | Kevin O'Brien
    On Monday, President Barack Obama refined his class-warfare strategy a bit, separating the upper middle class from the middle class. It's important that voters understand that the health of the economy is not the driving factor behind the arbitrary presidential declaration of who is middle class and who isn't. This is entirely about the health of Obama's re-election campaign. And speaking of details, let's look closely at a few of the other things President One-Note said during Monday's ramble. "Many members of the other party believe that prosperity comes from the top down, so that if we spend trillions more...
  • Michelle Obama is the president's middle-class messenger

    07/11/2012 2:28:12 PM PDT · by ColdOne · 25 replies
    politico ^ | 7/11/12 | JENNIFER EPSTEIN
    President Barack Obama’s pitch to voters this year centers on his fight for the middle class at what he calls a make-or-break moment. The problem: His exotic life story and rise to the presidency don’t help him connect with struggling swing voters — people who are still feeling the effects of the economic downturn and leaning toward Mitt Romney.
  • Harry Reid refuses to hold floor vote on Obama tax proposal

    07/11/2012 9:53:06 AM PDT · by SeekAndFind · 1 replies
    Hotair ^ | 07/11/2012 | ED MORRISSEY
    Last week, Barack Obama tried changing the subject from a bad jobs report and a sinking economy by shifting back to his class-warfare strategy. Insisting that the American people supported higher taxes on people earning more than $250,000 a year, he challenged Republicans in the House to pass a one-year extension on the other income-tax brackets while hiking taxes on the rest. It looks now like he should have challenged his own party in the Senate, which has balked at taking a vote on Obama's tax hike: Senate Majority Leader Harry Reid (D-Nev.) on Wednesday rejected a Republican request to...
  • Obama Proposal Increases Tax Rates for All Income Brackets by 2014

    07/09/2012 8:43:10 PM PDT · by Olog-hai · 11 replies
    Cybercast News Service ^ | July 9, 2012 | Matt Cover
    President Barack Obama today proposed allowing the income tax rates enacted in the Bush tax cuts of the last decade to expire at the end of this year for people earning more than $250,000 and at the end of next year for everyone else. Under current law, the lower tax rates will expire at the end of 2012. Under Obama's proposal, they will expire at the end of 2012 for those making more than $250,000 and at the end of 2013 for Americans making less than $250,000. “At the same time, most people agree, we should not raise taxes on...
  • If You Have an Income, Listen Very Carefully to Barack Obama

    07/10/2012 7:09:09 AM PDT · by SeekAndFind · 31 replies
    American Thinker ^ | 07/10/2012 | Gary Burk
    In his remarks at the White House yesterday President Obama Called for extending Bush tax breaks for another year -- at least for certain taxpayers, those earning less than $250,000 per year. Apart from the continued exacerbation of class warfare in pitting "the middle class" against "the wealthy," a more deadly nuance lurked in his words. Twice in his brief speech he pointed out that we need to enact this cutoff because "we cannot afford to spend on tax breaks for the wealthy." Those words should frighten and arouse anyone who has an income. They are not ill-chosen words; they...
  • The Real-World Middle Class Tax Rate: 75%  

    If we include all taxes, the real-world tax rate is much higher than the "official" income tax rate. For those Americans earning between $34,500 and $106,000, the real-world middle class tax burden in high-tax locales is 15% + 25% + 5% + 15% + 15% = 75%. Yes, 75%. Before you start listing the innumerable caveats and quibbles raised by any discussion of taxes, please hear me out first. Let's start by defining "taxes" as any fee that is mandated by law or legal necessity. In other words, taxes are what is not optional. If we include all taxes, the...
  • With Today's Tax Flip-Flop Obama Moves Left of Pelosi, Hits 900K Small Bizs

    07/09/2012 1:28:24 PM PDT · by Nachum · 18 replies
    Breitbart ^ | 7/9/12 | John Nolte
    With the economy threatening to fall into another recession and job growth plummeting, Obama came before the American people today demanding taxes be raised on those making over $250,000 a year, including what he admitted would include 3% of small businesses. Even if that 3% is correct, which is disputed, that 3% means a tax increase on 900,000 small businesses. That's nearly a million small business owners who will now be even more crippled and have less capital available to expand their payrolls -- which of course means fewer jobs for the middle class and the poor who would like...
  • Pelosi Statement on President Obama’s Call to Extend the Middle Class Tax Cuts

    07/09/2012 10:33:54 AM PDT · by Sub-Driver · 18 replies
    Pelosi Statement on President Obama’s Call to Extend the Middle Class Tax Cuts July 09, 2012 Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today after President Obama called for the extension of tax cuts for all Americans making up to $250,000 per year: “Today, President Obama once again stood firmly with America’s middle class and small businesses. Democrats and the President have always fought for an extension of the tax cuts for middle-income families to offer greater relief and economic certainty to all working Americans. “Once again, Republicans must decide: will they continue to hold middle...
  • President extends Bush-era tax cuts to the middle class for just 1 year

    07/09/2012 10:51:56 AM PDT · by Nachum · 9 replies
    New York Post ^ | 7/9/12 | Staff w/ Associated Press
    Washington - President Obama launched a push to extend Bush-era tax cuts for the middle class for just one year as he seeks to shift the election-year economic debate from the dismal jobs market to assertions that Republican rival Mitt Romney protects the rich. Obama, in an address from the White House, called on Congress to pass a one-year extension of tax cuts for households making less than $250,000 a year. (Snip) The Bush-era tax cuts are due to expire at the end of the year unless Congress votes to extend them. Economists worry that across-the-board tax increases, along with
  • OBAMA PREPARES TO DROP TAX-INCREASE BOMB ON JOB CREATORS

    07/09/2012 8:52:45 AM PDT · by kingattax · 32 replies
    Big Government ^ | 9 Jul 2012 | John Nolte
    President Obama is obviously panicked. Last month Obama and his supporters spent a lot more than Mitt Romney, but even with that cash advantage and the media on their side, the polls haven't budged. Moreover, the President and his campaign have been running around frantically trying to find something that will stick to Romney, be it provable lies about his outsourcing and outright smears involving offshore accounts. Still, Obama can't get above 47% and Romney hasn't even started campaigning in earnest or spending the $160 million he has on hand. Today, in yet another desperate attempt to win a news...
  • Obama to Push Extension of Middle Class Tax Cuts

    07/09/2012 6:58:36 AM PDT · by MrChips · 23 replies
    AP ^ | 7/9/12 | Julie Pace
    WASHINGTON (AP) — President Barack Obama is launching a push to extend tax cuts for the middle class, as he seeks to shift the election-year economic debate from the dismal jobs market to assertions that Republican rival Mitt Romney protects the rich. Obama, in an address from the White House later Monday, will call on Congress to pass a one-year extension of tax cuts for households making less than $250,000 a year, said senior campaign adviser Robert Gibbs. The president's appeal to middle-class voters is aimed at drawing a contrast with Romney and congressional Republicans. The House GOP is expected...
  • It Always Comes Back to Middle-Class Taxes

    04/07/2011 2:17:48 PM PDT · by neverdem · 1 replies
    NATIONAL REVIEW ONLINE ^ | April 07, 2011 | Steven F. Hayward
    One fact in Bill Voegeli’s long post here the other day about the significance of the Ryan plan deserves dilating for a moment. Bill picks on E. J. Dionne (admittedly an easy target) for saying the alternative to Ryan is to let the Bush tax cuts expire, which will raise $3.9 trillion by the year 2020 — which approaches the neighborhood of the Ryan spending cuts. Oh, how the Left hates-hates-hates the Bush tax cuts, even more than Bush’s swagger and the Iraq War. While most liberals always call them “TheBushTaxCutsForTheRich” (one word), Bill notes that of the prospective $3.9...
  • Stuart Varney Says a "Value Added Tax" (VAT) Will Take Money "Right Out of Middle America" - Video

    04/07/2010 11:06:31 AM PDT · by Federalist Patriot · 14 replies · 513+ views
    Freedom's Lighthouse ^ | April 7, 2010 | Brian
    One of President Obama's top economic advisers, and a former Federal Reserve Chairman - Paul Volcker - is reportedly proposing that the President consider a "Value Added Tax" (VAT) be imposed on the United States public. This is a hidden sales tax that would be imposed on all purchases. It is a huge revenue raiser, that takes money "right out of middle America," according to Stuart Varney. Volcker is reportedly also close to recommending an energy tax as well. The VAT is very popular across Europe. It is estimated that for every 1% of a VAT, it will bring in...
  • Did Reuters Yank Article Due to Too Much Truth?

    02/02/2010 11:39:29 AM PST · by BobMcCartyWrites · 8 replies · 816+ views
    Bob McCarty Writes ^ | 2-02-10 | Bob McCarty
    Sometimes, the truth hurts. In the case of an article they published yesterday at 4:04 p.m. Eastern, it appears Reuters editors were afraid writer Terri Cullen's adventure into truthful journalism might hurt their news agency's relationship with President Barack Obama -- so they pulled it.
  • STEALTH TAXES:Obama WILL Raise Taxes on Middle Class But Will Call it Something Else

    10/01/2009 8:07:00 PM PDT · by Shellybenoit · 4 replies · 417+ views
    Newsmax/The Lid ^ | 10/1/09 | The Lid
    Comments Reuters columnist James Pethokoukis: "Obama's campaign promise to not raise taxes on households making less than $250,000 a year was always considered a joke here inside the Beltway. Maybe it was a joke inside the campaign, too." President Obama is very serious about keeping to the letter of his pledge not to raise taxes for people who make less than $250,000, so he has fond the perfect way to ensure the implementation of his pledge, semantics. If he calls those taxes something else, its not a tax, after all he is the POTUS, he can do anything he wants...