Sunday, November 25, 2012

Let The Taxing Begin!

This man wants your wallet!
President Obama wants in your back pocket.
With his re-election, he is going to get there.
For those of you who bought into his false promises,
BUYER BEWARE. See what you have wrought!

Gerri Willis of The Fox Business Channel Warns:
"A middle class taxpayer pays 25% of their income in Federal Income Tax. Sounds, ok?
Then there is the Federal Social Security and Medicare payroll tax of 13.3%. You pick up 5.65% while you’re employer pays 7.65%. Add them up and that’s 38.3% of middle class family incomes going to Uncle Sam. But we aren’t done, not by a long shot.
According to the Tax Foundation, the average state’s income tax rate on the middle class is 4.82%. Of course, some states have it and some don’t, but we’re taking an average here.
Now the total: 43.12% of middle class income to taxes.
Oh, and I almost forgot, unless congress makes a move, Federal Income taxes go to 28% for middle income folks next year as the Bush tax cuts expire.
Neither party has said they want that to happen, but in Washington, well, you never know.
Also the payroll tax for those folks will go to 15.3% from 13.3%percent.
Did I mention state, property, corporate, and excise taxes? No?
All told, next year, total taxes will go to almost 50% for the middle class; the very group that the president says he wants to protect. That means 50 cents out of every dollar earned has to go to the government. Half of everything will go to an entity that didn’t earn that money, and shouldn’t be entitled to all that dough."
Read more at Fox Business
So where does your state stand? What will your tax rate be in 2013?
The Heritage Foundation has put together a chart of the total marginal tax rates in each state come 2013.


This is what the re-election of Barack Obama has come to. And this doesn't include the massive tax hikes we are to experience as a result of our new socialist health care program.  All tolled, including tax hikes from Obamacare,
we are looking at $494 billion in higher taxes. The largest tax increase in history.This from the same President who in 2009 promised, if your family earns less than $250,000 a year, you will not see your taxes increased a single dime.” That promise is broken, one he never intended to keep.
He wants to tax the rich, those who create jobs in this country. He has told us over and over and over again they need to pay their fair share despite the fact that the top 20% already pay 68.6% of all federal taxes. Obama claims they need to pay more so we can pay down the massive $16 trillion debt of which he, in his first four years, added $6 trillion. The fact is that making the rich pay "their fair share" will only be enough to run the government for a total of eight (8) days! 
So Let the Taxing Begin!


2 comments:

  1. Income tax code is a pure social program now.


    Chris
    Owner Cel Financial Services
    IRS Registered Tax Return Preparer
    Registered bonded California CTEC Tax Preparer
    Please visit my website for all your Income Tax Fillmore needs.
    http://www.taxprepfillmore.com/

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    Replies
    1. I agree, Chris...things they are achangin'...not for the better, I'm afraid. Thanx for the comment...

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