Wednesday, October 27, 2010

See How Much Your Taxes Are Going Up

For those of you who don't know it already, something to think about before you walk into that booth to cast your vote on Tuesday Nov. 2: Your taxes are going up and you can find out how much right here.

Who do you have to thank for this? Barack Obama and his Merry Band of Middle Class Robin Hoods -- robbing from the Middle Class to spread the wealth around. These are the folks who stubbornly refused to stop this tax increase even though The Messiah, Barack Obama, self-proclaimed Master of the Universe, has loudly proclaimed for months now that Americans who earn less than $200,000 a year "won't pay a penny more" in taxes. Have you heard Obama out there lately loudly proclaiming his commitment to keeping tax rates the same as they are now?  Didn't think so. And so payroll managers all over the country are preparing to foist the massive tax increase brought to you courtesy of Barack Obama, Harry Reid and Nancy Pelosi onto Middle Class paychecks come January 1, 2011. How massive? Check the chart.

Just for fun, let's check the chart together. Single and earning $40,000? Get ready to pay another $160 a month. Married with the same income? $140 a month extra. Maybe you earn a little more. Twice as much? Well, congratulations, buddy. You're rich and you surely should be able to afford that roughly $450 extra a month out of your check if you're married. But if you earn $80,000 a year and get divorced, your hit is about $160 a month LESS at that income. Why? Because at $80,000 a year (most of you will agree that this is hardly "rich") you're rich enough to get dinged by the vanishing correction that eliminated the marriage penalty. Yes that evil George Bush's tax cuts not only lowered income taxes for everyone, they eliminated a little quirk in the tax code that charged married couples a higher tax rate than single people above a certain income level. Another thing to keep in mind: If you're married, we're only talking about one of the incomes in a two-earner family. If your spouse earns roughly the same as you do a year, double your tax increase. Even if he or she earns less than you, they'll be taking a hit just like you will.

Multiple studies have shown that 70% of Middle Class households essentially live paycheck to paycheck, largely because of the horrendous tax burden they already bear. And middle class households make up the vast majority of American households. (Average per capita income $46,400 a year). Only you know your family's income and financial picture, but take a look at the chart and consider this. What do you provide for your family for $170 a month or $200 a month or $450 a month that you will have to do without in order to pay your new higher tax bill brought to you courtesy of Barack Obama, Harry Reid, Nancy Pelosi and the rest of the Democrats.

If you love your liberty and your income, pass this on. If you don't need that extra $160, $180 or $450 a month, go ahead and vote Democrat. They'll love to spend that extra cash you don't need.

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