So I did the math ‘tween my last paycheck and today’s, now that the IRS has adjusted taxable witholdings for all to wonder in amazement at our Dear Leader’s promise of a tax break for 95% of working Americans. Mine comes out to 54 cents more per pay period or 3.4 cents/day.
Here’s what I’m NOT looking forward to (courtesy of The Heritage Foundation):
• Married taxpayers will see the marriage penalty return.
• Federal death taxes will come back to life, even though they were supposed to be eliminated in 2010.
• Those making over $250,000 a year will see their tax rate increase from 35% to almost 40%.
Other worrisome taxes are being proposed too. Obama’s plan to reduce charitable deductions will take away incentives to give to private charities, leaving the federal government with more money, and more responsibility to take on the tasks private charities usually handle. A proposed $646 billion energy tax will harm industries that use a lot of energy (like manufacturing), not to mention cost each American household between $650 and $2,000 a year in new energy costs. And Obama’s new “Make Work Pay” refundable tax credit provides up to $400 in cash to low income adults who pay no income taxes, including able-bodied adults without dependent children.
So I ask you, what is your Taxed Enough Already story?
*Keep Your Hands to Yourself!