In the following videos you will hear some of Barack's campaign promises regarding taxation. He swears that if you make under 250k per year you will not see a dime in any sort of tax increases.
Sounds good to me.
Interestingly enough it turns out he's a liar. Let's compare his PROMISES with reality.
• Individual income tax rates go from 10%, 15%, 25%, 28%, 33%, and 35% to 15%, 28%, 31%, 36%, and 39.6%.
• Child credit falls from $1,000 per child to $500 per child.
• Capital gains tax rates would revert back to 10% and 20% (depending on AGI), while they are currently at 5% and 15%.
• Dividends would once again be taxed at the ordinary income rates (see above), while today they are currently at 5% and 15%.
• After being fully phased out for tax year 2010, the estate tax would be fully reinstated with a top rate of 60 percent and a $1 million exemption.
Now call me crazy but the way I learned math, 15% is higher than 10% on the LOWEST INCOME BRACKET, this isn't families that make more than 250k this is everyone. Taxes are going up across the board so be prepared for the day of reckoning because it rapidly approaches.
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