The Largest Tax Increases In History
By Wyatt Earp | July 8, 2010
They’re coming on January 1, 2011, thanks to the Obama administration:
In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011. In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
That’s just the first wave. We’ll also see additional marriage and family taxes, the return of the Death tax, and a ton of taxes from Obamacare. Read the rest of the increases by clicking here, and tell me why anyone would vote Democrat in November.
Topics: Duct Tape Advisory | 13 Comments »
July 8th, 2010 at 1:26 pm
Democrats are scrambling to create new taxes because they have failed to create new jobs. It’s the increased tax burden falling upon the shoulders of fewer and fewer tax payers. It’s a big flashing neon sign that says: EPIC FAILURE.
Why don’t they just pass a law demanding we work our butts off, live in some type of commune, eat beans and rice (recipes for tasty meals available from all of our amnestied fellow citizens) and put us on some type of allowance? Giving is so much easier than taking.
July 8th, 2010 at 1:39 pm
“…tell me why anyone would vote Democrat in November.”
Because they don’t pay taxes? (i.e., they’re on welfare)
July 8th, 2010 at 2:59 pm
How to create the Great Dempression:
Raise taxes in a recession.
This is intentional.
July 8th, 2010 at 3:36 pm
2012 can’t get here fast enough!!!
July 8th, 2010 at 3:46 pm
Ferrell – They have to promote the bogus “jobs saved” stat because the administration hasn’t created any jobs outside the government sector.
John D – Gotta keep the money train going.
Bob – Never let a crisis go to waste. – Rahm Emmanuel
Danny – I’ll settle for significant gains in 2010.
July 8th, 2010 at 3:54 pm
The big surprise will be the folks on the bottom end of the ladder. The families of 4 that make under 45K right now pay no income tax. All of the sudden after 1 January folks making as little as 30K with a family will see that they don’t get everything back plus a EIC kicker anymore.
As much as liberals hate the fact, Bush took 20 million low income earners off the tax rolls. Barack wants them back on.
July 8th, 2010 at 5:16 pm
Utter foolishness and recklessness.
And people are paying more attention to LeBron James.
July 8th, 2010 at 6:59 pm
CP – The Death Tax is a nightmare, too. If you have a decent-sized home and a nice pension, they’ll take 55% of your nest egg. Nice, huh?
RT – Well, Obama is ruining the economy, so why not talk about b-ball?
July 8th, 2010 at 10:34 pm
Yep 10% to 15% for the lowest wage earners. That is a 50% increase. Obama is screwing the poor, but it will not be reported that way. Just like when W. gave the poor the biggest percent tax cut everybody reported that the rich were getting a big tax cut.
July 9th, 2010 at 12:22 am
I’m so tired of this s@ I want to scream… Vote early, vote often…. It’s what THEY do. WAKE UP PEOPLE!!!!!
July 9th, 2010 at 11:52 am
Ingineer66 – But hey, the Democrats are for the little guy, right? According to these stats, not so much.
Roger – Big changes need to occur in November. Don’t forget what this administration has done over the last two years.
July 9th, 2010 at 1:22 pm
“Tell me why anyone would vote Democrat in November.”
Bread and circuses.
July 10th, 2010 at 6:36 pm
Lergnom – Wow, good point.