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Middle Class Tax Increases

February 2, 2010

Obama the candidate promised, in no uncertain terms, that there would be no tax increases on the middle class: “I can make a firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”  As we all know though, President Obama and Candidate Obama do not agree on many things.

The latest tax increase on the middle class; a 10% drop in deductions from charitable contributions.  A reduction in the deduction is an increase in the amount of taxes you pay, plain and simple.  This White house has a penchant for figuring out ways of acquiring more middle class tax tax revenue without changing the middle class tax rates so they can yell from the rooftops, we did not increases taxes on the middle class (the majority of voters).  What has happened with tobacco, energy (oil, gas and coal) healthcare, rental property and the elimination of the Bush tax cuts all mean that when the numbers are all added, subtracted and divided, the overall middle class tax rate (income divided by taxes paid) has gone up in 2009, will increase again in 2010 and will continue to rise through 2012, until this administration is replaced.

Do not buy the lie middle-class, your taxes are going up.

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