Heritage Foundation Lays Out 13 Obama Tax Hikes on Middle Class

How many times have we heard President Obama claim he was giving the middle class a tax cut. Numerous beyond mention, actually. Going back to the 2008 presidentail camaopign against Sen. John McCain Obama was touting his tax cut plan. Click the video for a brief reminder of that promise.

 We now know, of course, that was far from the truth. The The Heritage Foundation has published a list of Obama tax hikes that affect the Middle Class.

1. Payroll tax: increase in the Social Security portion of the payroll tax from 4.2 percent to 6.2 percent for workers. This hits all Americans earning a paycheck—not just the “wealthy.” For example, The Wall Street Journal calculated that the “typical U.S. family earning $50,000 a year” will lose “an annual income boost of $1,000.”
2. Top marginal tax rate: increase from 35 percent to 39.6 percent for taxable incomes over $450,000 ($400,000 for single filers).
3. Phase out of personal exemptions for adjusted gross income (AGI) over $300,000 ($250,000 for single filers).
4. Phase down of itemized deductions for AGI over $300,000 ($250,000 for single filers).
5. Tax rates on investment: increase in the rate on dividends and capital gains from 15 percent to 20 percent for taxable incomes over $450,000 ($400,000 for single filers).
6. Death tax: increase in the rate (on estates larger than $5 million) from 35 percent to 40 percent.
7. Taxes on business investment: expiration of full expensing—the immediate deduction of capital purchases by businesses.
8. Another investment tax increase (ObamaCare Tax): 3.8 percent surtax on investment income for taxpayers with taxable income exceeding $250,000 ($200,000 for singles).
9. Another payroll tax hike (ObamaCare Tax): 0.9 percent increase in the Hospital Insurance portion of the payroll tax for incomes over $250,000 ($200,000 for single filers).
10. Medical device tax (ObamaCare Tax): 2.3 percent excise tax paid by medical device manufacturers and importers on all their sales.
11. Reducing the income tax deduction (ObamaCare Tax) for individuals’ medical expenses.
12. Elimination of the corporate income tax deduction (ObamaCare Tax) for expenses related to theMedicare Part D subsidy.
13. Limitation of the corporate income tax deduction (ObamaCare Tax) for compensation that health insurance companies pay to their executives.

Of course in Obama's world it's hard to identify what is "rich" and what isn't. Since his plan was to tax the the rich, and on January 1st all Americans woke up to a tax hike, it would appear we are all RICH. YAY!




                                                              

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