Obama extended Bush Tax Cuts in 2012 - Now Owns Tax Increases in 2013

11.11.12

Obama extended the Bush tax rate cuts for 2012 and cut Social Security (FICA) taxes for this year, but he now owns the tax rate increases starting January 1 2013.


Starting January 1st, the working poor in the lowest federal tax bracket will see their tax rates rise 50% (from 10% to 15%) and not only this but their Social Security (FICA) taxes will also rise 30% (from 4.2% to 6.2%).


Many of these will see their Healthcare Premiums rise because of the increase rules under Obamacare.


Obama and the Democrats all signed on for these increases. In the case of the 2012 Federal tax cut rate, they own the increase in 2013. And in the case of the 2012 Social Security rate reduction, they now own the increase in 2013.


As for the Obamacare premium increases, they own that by default since no Republicans signed on.

* Oh and if you work and are in the latter tax brackets, I am sure you won't miss the money from your wallet and feel the above and more.

Please, thank the Democrats for these increases. I am sure they will appreciate it at the polls this November.


/Sarcasm OFF

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