Monday, October 20, 2008

Oh, You'll Miss George W. Bush, All Right...

...wait until the Baracky and the Democrats allow George Bush's tax cuts to expire. It's a great sleight of hand; by letting the cuts simply "expire", they are not actively "raising" tax rates, it can be argued they were due to "sunset" anyway. Note how the subject is never even brought up....

There is a great income tax caluculator here that allows you to put in your income level and filing status (joint, single, etc.) to see approximately how much in taxes you will be paying in 2008. The scary thing here is that the year can be adjusted, so you can see what you'll pay in 2008, and then adjust the date back to 2000 - prior to the Bush tax cuts - and take a look at how your drastically your tax debt rises. Even further, there is a chart showing tax rates in the form of a percentage - again, change the year from 2008 to 2000, and feel your heart rate jump along with the tax rate.

Example: Married, filing jointly on $125,000- in income (barely middle class on the East Coast, mind you):

Taxable rate 2008: 25%
Taxable rate 2000/2009: 31%

Taxes to be paid by above married couple on income of $125K

2008 taxes due: $23,900-
2000/2009 taxes due: $29,871-

So that's an extra $6000- worth of "patriotism", to quote Joe Biden, that you'll have to kick back to the Democrats and Barack Obama so they can give more breaks to the 40% who don't pay any taxes at all.

Remember what Obama told Joe the Plumber?

"Spread the wealth, man!"

Well, it is not just the wealth of the $250K and up class that will be spread to Obama's low-income constituants, it is your "wealth", and it starts as low as $60K or so.

Just don't call it welfare, that makes you a racist in Barack's America...

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