This is one of the ‘promises’ made by THE ONE during his campaign:
In order to save our children from a future of debt, we will also end the tax breaks for the wealthiest 2% of Americans. But let me perfectly clear, because I know you’ll hear the same old claims that rolling back these tax breaks means a massive tax increase on the American people: if your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.
All of his ‘promises’ have expiration dates, and this one just expired.
Obama on Thursday will propose $634 billion in new taxes on upper-income Americans and cuts in government spending over the next decade to pay for his promised health-care expansion.
……The tax increases would raise an estimated $318 billion over 10 years by reducing the value of such longstanding deductions as mortgage interest and charitable contributions for people in the highest tax brackets. Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments.
The changes would be phased in gradually over the next few years. For the 2009 tax year, the 33% tax bracket starts with couples with taxable earnings of $208,850, when adjusted for personal exemptions and various deductible expenses. A taxpayer in the top bracket paying $1,000 of mortgage interest, for example, would see a tax break worth $350 reduced to $280.
Oh wait, it gets even better:
……The administration acknowledges $634 billion is not enough to pay the full cost of health-care reform that Obama and many congressional Democrats envision; the final price tag is estimated at more than $1 trillion over 10 years. The senior official who previewed the health plan Wednesday said the budget proposal is intended as a down payment and said the administration would work with Congress to find the rest.
Yeah, as in more taxes.
This will effect not just employees, but small business owners.
And even better, you can look forward to Internet shopping taxes:
Obama’s promised not to raise taxes of any kind on families earning under $250,000 or individuals under $200,000. Earlier this month that pledge went up in smoke by tripling the taxes on cigarettes. Smokers were outraged.
But the government still needs more money to pay for all the spending and budget deficits.
Now Congress and Obama have their eyes on the Internet to help fund more government spending — because most U.S. States are pushing for the new tax rules that require federal oversight — and Washington is ready and willing to help. Congress is expected to introduce a bill this week that would require Amazon.com, L.L. Bean, eBay, Cabela’s and other online merchants to collect sales tax on all online purchases and return that money to the state in which the purchaser resides — which may force business that make sales online to abide by the tax laws maintained by each and every state.
The new bill rewrites the ground rules for mail order and Internet sales by eliminating what its supporters view as a “loophole” that, in many cases, allows Americans to shop over the Internet without paying sales taxes.
Currently, Americans who shop over the Internet from out-of-state vendors aren’t always required to pay sales taxes at the time of purchase. Californians buying books from Amazon.com or cameras from Manhattan’s B&H Photo, for example, won’t pay sales taxes at checkout time that they would if shopping at a local mall because their headquarters are located out-of-state.
“We will have the bill ready for introduction by next Monday,” said Neal Osten of the National Conference of State Legislatures. “We finalized the language and now we’re working out the remaining issues and adding some new provisions at the request of various stakeholders.”
……Obama is a strong ally of the new tax laws and is expected to sign them into law. Internet companies like Amazon.com, eBay and Google are outraged. Until now, they have remained recession proof by offering products at lower prices than comparable brick and mortar stores.
Google has alot of audacity being outraged.
Its employees supported Obama and four Googlers served on his transition team.
To all you wankers who voted this clown into office: How’s Obama’s ass taste?