America, You've Just Been Punk'd
Obama promised a tax CUT to 95% of Americans while letting the existing BUSH TAX CUTS expire. You have been told over and over that the BUSH TAX CUTS are only for the rich... you were lied to.
From The Tax Foundation-
For the median family with two children, earning $67,000 per year, the Bush Tax Cuts meant a tax cut of $1,133 each year, erasing 22% of their current tax liability. A family earning $40,000 saw 96% of their tax liability erased, while a family earning $200,000 saw just 9% of their tax liability erased compared to the prior rate under Bill Clinton. When Obama lets the Bush Tax CUTS expire, YOU and I get an immediate tax increase.
The calculations below assume a working couple with two children. We also assume the standard deduction for families earning $40,000 to $75,000. For families earning $100,000 and above, we assume itemized deductions worth 20% of AGI.
Families earning below $35,000 are not included because the tax cuts enacted in 2001 effectively eliminated their entire income tax liability.Standard deduction for families earning $40,000 — $75,000.
For families earning $100,000+ assume itemized deductions worth 20% of AGI.
Note that these graphs were made as the Bush Tax CUTS (in orange) were implemented and are compared to the Clinton rates (in blue).
Now.. ladies and gentlemen, when Obama lets the Bush tax cuts expire, these numbers immediately reverse and we go back to the tax rate used by Bill Clinton (the higher tax rate in blue on the above chart). A family of four earning $67,000.00 per year will have a TAX INCREASE of $1133.00 per year under Obama's "Tax Cut" plan.
Apparently according to Democrats and Obama, a "Tax Cut" means going back to HIGHER tax rates... and YOU bought it.
Ha ha ha... You've been punk'd!
But keep checking your mailbox for that check Obama promised was "in the mail".