President Barack Obama campaigned on the notion that he wouldn’t raise taxes on anyone making less than $250,000. Or was it $225,000? Or maybe it was $200,000. Anyway, that’s what he said, even though the figures changed from time to time… depending on his mood, I guess.
But of course we’re seeing that that was just one of his many li… er, deceptions. Because, as a recent Investor’s Business Daily (IBD) report revealed, there’s a “…Tax Tsunami On The Horizon.”
Beginning in 2011, when the tax cuts instituted under President George W. Bush expire, all sorts of tax increases will hit the American taxpayer—for those making more than $200,000 and for those making less.
Here are some of them, according to IBD:
- The Federal Estate tax goes from zero this year to 55 percent on estates of $1 million or more.
- The tax brackets change. The lowest bracket increases from 10 percent to 15 percent, the next increases from 25 percent to 28 percent and the old 28 percent bracket increases to 31 percent. At the higher end, the 33 percent bracket goes up to 36 percent and the 35 percent bracket increases to 39.6 percent.
- The marriage penalty returns.
- Capital gains taxes increase from 15 percent to 20 percent. The tax on dividends will go from 15 percent to 39.6 percent. That’s an astonishing jump of 164 percent. And both of these will increase more in 2013 as the healthcare reform bill adds a 3.8 percent Medicare tax for those making $200,000 and joint filers making $250,000.
- The tax credit for children decreases from $1,000 per child to $500.
According to IBD, letting the Bush tax cuts expire will cost taxpayers $115 billion next year alone, and $2.6 trillion through 2020, Congressional Budget Office figures show.
And this is just the first wave. The IBD article outlines billions of dollars of new taxes brought on by Obamacare that kick in over the coming years, such as the increase in the number of people affected by the alternative minimum tax (ATM) from 4 million families this year to 28.5 million next year.
The biggest con game of all is that tax increases are sold as necessary to fund the operations of government. Taxes do not to fund government. They are merely a means for government to steal more of your wealth.
The Internal Revenue Service (IRS) reduces the money in our checking accounts when we authorize them to do so via our 1040 tax return. Do you wonder where the money goes that IRS removes from our pay checks? This money does not go to Washington as taxes to pay anything. It goes into the cyberspace of the IRS computers.
So what does the IRS do? It reduces our consumption by reducing the numbers (money) in our checking accounts. It is a system of economic regulation to conceal the fraud that modern money is numbers created without limit by government/bankers.
What else does this Orwellian system do? It transfers wealth to the "money creators." Theft through fiat occurs when the VOLUME of numbers (money) exceeds the production of goods and services. This is called inflation. So, the government makes war on its own people by increasing the volume of money.
So how is government funded? It sells Treasury bonds. How are Treasuries paid for? With Federal Reserve Notes (dollars) printed on a printing press. Debt is used to pay for more debt.
It’s like if you had no money in your checking account, but you wrote a check for $25 so you could have some spending money. The next day you go to another bank and write a check for $50—$25 to cover the previous day’s check and $25 for spending money. The next day you go to another bank and write a check for $75—$50 to cover the previous day’s checks and $25 for spending money.
You can keep this scam going for some time, but the numbers inflate so that by the end of the year you are writing checks for thousands of dollars each day to cover yourself. That’s the same scam the government is using to cover its debt now—debt paying for debt… nothing for nothing.
Many are now—finally—waking up to the scam and fraud that is government. IBD quotes a poll that says 51 percent want to see the Bush tax cuts made permanent. Just 28 percent don’t. Republicans by more than four to one and independents by two to one want to see them made permanent. Democrats, by 40 percent to 38 percent don’t.
Does that tell you who is actually paying the taxes?
Bottom line, neither Obama nor Democrats in Congress are truly interested in addressing the economic malaise that currently affects our country’s—and the world’s—economy. And Republicans are interested only so far as they can use it as a tool to get elected. None of them are really looking out for you.
All of them simply want more of what you have so they’ll have you further under their control.