Posted by Caselli/Amoroso on May 11, 2009, 4:51 pm
66.215.57.194
Mon, 11 May 2009 6:47 pm
Subject: Let's gather a protest
In case any of you haven’t been following what is going on in the Obama administration, here is a rather sobering update.
Obama is going after those who make $250,000 or more in devastating ways. It appears that this $250,000 threshold applies to married couples filing jointly, so an individual
earning $125,000 or more would be subject to the same requirements.
Obama proposes to balance the Social Security $50 Trillion deficit by requiring from those who make $250,000
or more (or presumably $125,000 or more for an individual), to contribute 2-4% more than others are now contributing to social security and medicare.
Obama will roll back the prior enacted tax cuts for those who make $250,000 or more (or presumably $125,000 or more
for an individual) and will reduce many standard deductions, such as state taxes and charitable deductions. Capital gains taxes will be increased.
Per the IRS, only 2% of the tax filers that make $250,000+, which rises to the top 3% +/- if you add individuals earning $125,000. If you read Obama’s agenda on his website, he intends for these 2% of taxpayers to pay for universal healthcare, balancing social security and the tax give-aways to people who don’t pay any taxes.
And he has only gotten started. The top 1% of taxpayers earn about 22% of the total national income, but pay almost 40% of the income taxes.
If you take the top 5%, they make a little less than 37% of the national income, and pay 60.14% of the taxes.
This is profoundly unfair. These 2% of Americans, who are business owners and investors in our economy, will be facing huge increases in taxes, when they already pay almost double the taxes for what they make versus the rest of the country’s taxpayers.
By the way, the highest earners lost the biggest percentage of their incomes during the recession of 2001, so you can guess who will be the highest losers in this downturn.
See
http://www.taxfoundation.org/news/show/250.html.
If you add the increases in taxes that this group will experience in California, on top of the losses they are experiencing in real estate and the stock market, the bottom for this group is going to drop out and it will make it that much harder for this group to lead the country out of the recession, as it did in the 2001 recession.
This tax attack when we are in the worst economy ever is indefensible. For every person in the 95% of the tax filers that gets a $500 hand out or free healthcare, there will be people who lose their jobs and suffer losses to the tune of tens or hundreds of thousands of dollars. This is not a good trade off.
If you want to voice your opposition to this massive wealth redistribution, email Obama at http://www.whitehouse.gov/CONTACT/
I have sent mine. It only takes a moment. We need to make our voices heard. Please forward to everyone who you think cares.
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