Watch the video below describing income tax adjustments that Obama plans to implement in his 2nd term – just the facts, from Dick Morris of the Clinton Administration.
Instead of paying SS tax on the first $106k of your income, you will pay SS tax on 100% of your income, mortgage deductions will be reduced by half if you are in the 150k bracket or eliminated completely if you are in the 250K bracket; same with charitable contributions Also, capital gains tax will go up from 15% to 30%.
If you and your spouse make about$150k per year, your income tax will go up an additional ~$15,000/year more than you currently pay.
If you and your spouse make $250K per year, your income tax will go up an additional ~$40,000/year more than you currently pay.
All true… this is where the Obamacare money comes from – us!
Also see: Frédéric Bastiat Quotations (on government and taxation)