An ugly countdown: Here come the taxes Tuesday, July 6, 2010
Welcome to the second half of the year. And welcome to the ugly countdown to across-the-board tax increases that your friends in the Obama administration long insisted would only affect "the rich."
Come Jan. 1, income tax rates for everyone will rise, reminds Americans for Tax Reform. The 10 percent bracket becomes the 15 percent bracket. The 25s become the 28s; the 28s become the 31s; the 33s become the 36es; and those who now pay taxes at the 35 percent rate will, next New Year's Day, have to pay them at a rate of 39.6 percent.
If you're married, you'll pay higher taxes. Have kids? Higher taxes. Unless Congress acts, the Death Tax returns, yet again legalizing federal grave robbery.
Massively higher taxes (from 15 percent to 20 percent) are ahead on capital gains and on dividends (from 15 percent to 39.6 percent), with additional increases of nearly 4 percentage points on top of that in 2013.
Pre-tax purchases for nonprescription drugs will be eliminated. Those subjected to the Alternative Minimum Tax will rise by a factor of 7. And on and on and on and on.
And then there's this: House Speaker Nancy Pelosi last week had the audacity to say unemployment benefits are creating jobs faster than any other government program. As David Freddoso of The Washington Examiner chided Mrs. Pelosi's lunacy, "If only we had higher unemployment -- then we could create even more jobs!"
America is broken. Who's going to fix it?
