In classic Chicago-style, Big Brother and dictator-like fashion, the Obama administration has strong-armed and scared Reuters (hardly a right wing media outlet!) into retracting a story that was published yesterday on their site regarding the true meaning of Barry Hussein Obama’s massive $4 TRILLION budget to middle class families that liberals and Daddy Barry claim they so covet and care for—you know because we need our Big Daddy Barry to care for us because we are to stupid to know what is best for our lives and family.
What the story detailed, is how massive the tax increases will be for most of the heart of this country. The very people that Obama promised not to hurt, he will screw the most. Yet another Obama lie and shell game—pillow talk your victims into believing you really care and are looking out for them, then screw them, their children, and the rest of the country in your true Marxist fashion. What a despicable and deplorable person Daddy Barry is and the rest of the Socialist liberals that support him in the public and in the Congress.
If what was in the story wasn’t bad enough just consider the strong arm tactics that got Reuters to take the story down!! I argue this is just as bad! Do you not think that these low life’s would stop at nothing to suppress anyone that stands in their one-world, massive government, Socialist way??
Below is the story that ran yesterday, then after that is a link that will bring you to the page that USED be the original story. Be your own judge be be assured that there is a very dangerous and stealthful man-child occupying the most powerful office in the land that will stop at nothing to get his way. You Obama-bot zombies better snap out of your trance soon or you will be the first ones run over by the beast that he is unleashing on all of us!
Original Text on Reuters/Yahoo news:
NEW YORK (Reuters.com) --The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.
While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.
The targeted tax provisions were enacted under the Bush administration's Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.
If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.
Investors will pay more on their earnings next year as well, with the tax on dividends jumping to 39.6 percent from 15 percent and the capital-gains tax increasing to 20 percent from 15 percent. The estate tax is eliminated this year, but it will return in 2011 -- though there has been talk about reinstating the death tax sooner.
Millions of middle-class households already may be facing higher taxes in 2010 because Congress has failed to extend tax breaks that expired on January 1, most notably a "patch" that limited the impact of the alternative minimum tax. The AMT, initially designed to prevent the very rich from avoiding income taxes, was never indexed for inflation. Now the tax is affecting millions of middle-income households, but lawmakers have been reluctant to repeal it because it has become a key source of revenue.
Without annual legislation to renew the patch this year, the AMT could affect an estimated 25 million taxpayers with incomes as low as $33,750 (or $45,000 for joint filers). Even if the patch is extended to last year's levels, the tax will hit American families that can hardly be considered wealthy -- the AMT exemption for 2009 was $46,700 for singles and $70,950 for married couples filing jointly.
Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:
* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;
* The $250 teacher tax credit for classroom supplies;
* The tax deduction for up to $4,000 of college tuition and expenses;
* Individuals who don't itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;
* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free.
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AND NOW:
This is what you get when you click the link to the story now!
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