By Kay B. Day
You should laugh when you read about President Barack Obama’s tax increases in some dinosaur media allied with Democrats for as long as I can remember. For example, my hometown newspaper—normally viewed as fairly conservative—carried a headline on the front page, above the fold on Monday: “Tax increase for wealthy about to start.”
That header is only half true. The story is reprinted from The Chicago Tribune.
Obama and his fellow redistributors of wealth refuse to own up to a tax increase that will hit more than the wealthy. Democrats call this increase letting the ‘Bush tax cuts for the wealthy’ expire.
Fact is those Bush tax cuts didn’t just help the wealthy. One of those tax cuts helped anyone who is married, and we are about to get gouged by the Democrats’ other tax increase which is a refusal to renew those same tax cuts.
The Tax Foundation covered specifics of the Bush tax cuts, pointing out the “Increase of the size of 15 percent rate bracket for married filers to double that of unmarried filers (sec. 1(f)(8) and sec. 901 of Pub. L. No. 107-16).” No more.
Democrats are anti-marriage. Because now married couples will pay more than two singles who cohabit without the legal contract known as marriage.
Same goes for the standard deduction. Equality will go out the door because a couple will no longer receive the same as two singles.
If you’re a starry-eyed 20-something who helped elect a rock star president, we hope you enjoy the “change” when this occurs if you have a student loan you’re repaying: “repeal of the limit on the number of months that interest payments are deductible..." Say goodbye to your student loan tax perk, kids.
You can read all the provisions of those so-called tax cuts for the wealthy in the excellent analysis at the Tax Foundation. You can actually read 'em and weep because even if you're not wealthy, you will say adios to some of your tax deductions.
For the hard of hearing or thinking impaired, this is a Democrat tax INCREASE.
The story in my hometown paper also includes information from the Tax Policy Center. That center is referred to as ‘nonpartisan.’ Only a leftwinger would call an organization funded by the Sandler Foundation and the Brookings Institution ‘nonpartisan.’ Who checks these stories when they’re re-featured in another newspaper?
The Tax Policy Center does point out something you should think about. Intergovernmental revenue made up one-fifth of state and local governments’ general revenue in 2007. The organization provides a chart showing the steady, unrelenting growth of government through numerous administrations and presidents from both major parties.
Incidentally it should come as no surprise that the US tax system is vulnerable to the same sort of fraud that plagues Medicare, Medicaid and most entitlement programs--$95 million in tax refund fraud in the state of New York. Extrapolate that to 49 other states. Or if you’re Obama, to the other 56 states.
If you’re an entitlement recipient, you may celebrate what looks like a good deal. Fact is Democrat lies about those Bush tax cuts will soon break down and if you think only the wealthy will feel the pain, you’re a bigger sucker than the leftwingers running your government think you are.
We don't call the Democrats the 'Tax and Spend' Party for nothing. It might be a good move to go ahead and decrease the exemptions you claim for withholding.