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Reuters Does Story On Obama’s Backdoor Tax Increases, Then Withdraws It
If you got up early enough this morning you may have read about Obama’s backdoor tax increases soon to hit the middle class — courtesy of Reuters. But if you slept-in you probably have no idea what I’m talking about.
Reuters released a story this morning with the headline Advisory: Backdoor taxes to hit middle class, and it laid out in detail all the tax increases coming our way courtesy of Obama.
Obviously, this kind of information getting out to the voting public is unacceptable to The White House, so not surprisingly the story has since been deleted.
Where the Reuters story once stood remains only this message:
The story Backdoor taxes to hit middle class has been withdrawn. A replacement story will run later in the week.
I guess the reporters are going to rewrite it and then send it to The White House for approval before it goes out again.
Unfortunately for the Hugo Chavez like regime currently occupying 1600 Pennsylvania Ave. I have the original article in it’s entirety for your reading pleasure.
Read this and save a copy so you can refer to it when Obama’s henchmen make the cable rounds and spews lies about their phony policies.
Backdoor taxes to hit middle class
NEW YORK (Reuters.com) –The Obama administration’s plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year — effectively a tax hike by stealth.
While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.
The targeted tax provisions were enacted under the Bush administration’s Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.
If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.
Investors will pay more on their earnings next year as well, with the tax on dividends jumping to 39.6 percent from 15 percent and the capital-gains tax increasing to 20 percent from 15 percent. The estate tax is eliminated this year, but it will return in 2011 — though there has been talk about reinstating the death tax sooner.
Millions of middle-class households already may be facing higher taxes in 2010 because Congress has failed to extend tax breaks that expired on January 1, most notably a "patch" that limited the impact of the alternative minimum tax. The AMT, initially designed to prevent the very rich from avoiding income taxes, was never indexed for inflation. Now the tax is affecting millions of middle-income households, but lawmakers have been reluctant to repeal it because it has become a key source of revenue.
Without annual legislation to renew the patch this year, the AMT could affect an estimated 25 million taxpayers with incomes as low as $33,750 (or $45,000 for joint filers). Even if the patch is extended to last year’s levels, the tax will hit American families that can hardly be considered wealthy — the AMT exemption for 2009 was $46,700 for singles and $70,950 for married couples filing jointly.
Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:
* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;
* The $250 teacher tax credit for classroom supplies;
* The tax deduction for up to $4,000 of college tuition and expenses;
* Individuals who don’t itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;
* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free.
Ouch — that’s gonna leave a mark.
-Chris Jones
Video: Obama State Of The Union — 16 Lies In 7 Minutes?
(hat tip Breitbart.TV)
Video: Obama Takes Questions From House Republicans
I’m no fan of President Obama, but he deserves credit for his Q & A with House Republicans today. He went way over his scheduled time and ended up spending 66 minutes answering questions. I would like to see this kind of thing on a regular basis from all presidents going forward.
Visit msnbc.com for breaking news, world news, and news about the economy
Video: Jon Stewart Rips Chris Matthews For “Forgot Obama Was Black” Comment
Video: Obama’s 2010 State Of The Union Speech
Here’s President Obama’s State Of The Union speech in full:
Basically, it was an hour of lies, distortions, and phony rhetoric — as usual.
Joe Wilson To Give SOTU Response Via Facebook
Congressman Joe “You Lie” Wilson will be responding to President Obama’s SOTU address via live video stream on Facebook.
Obama To Cancel Moon Mission, Wants NASA To Focus On ‘Climate Change’
Our space program that is the envy of the world is about to keep its feet firmly planted here on earth thanks to President Obama.
In the upcoming budget Obama plans to scrap NASA’s plans to return to the moon and the new rockets that were supposed to get them their.
When the White House releases his budget proposal Monday, there will be no money for the Constellation program that was supposed to return humans to the moon by 2020. The troubled and expensive Ares I rocket that was to replace the space shuttle to ferry humans to space will be gone, along with money for its bigger brother, the Ares V cargo rocket that was to launch the fuel and supplies needed to take humans back to the moon.
There will be no lunar landers, no moon bases, no Constellation program at all.
I particularly have a problem with NASA losing funds for building a new space ship that is sure to be a boondoggle of that will cost taxpayers billions and billions in cost overruns. I’m betting the private sector will build something on its own that will be better in the end anyway.
That said, it’s what Obama wants NASA to focus on instead instead of space exploration that really sucks:
…the White House will direct NASA to concentrate on Earth-science projects — principally, researching and monitoring climate change — and on a new technology research and development program that will one day make human exploration of asteroids and the inner solar system possible.
I’ll save the taxpayers billions of dollars and let the president in on a little secret — the climate is and has always changed. But much to the chagrin of the president, Al Gore, and social justice dickheads everywhere — humans aren’t responsible for that.
Indonesia Considers Tearing Down Obama Statue
It was only one month ago that a fabulous bronze statue was unveiled in Jakarta, Indonesia of President Obama. The statue of “Little Barry” depicts Obama as a young boy when he lived in Indonesia for four years.
Now, there is growing discontent with the statue and some are calling for its removal or relocation.
More than 55,000 people have joined a Facebook page demanding the government take down the statue.
Members of the "Take Down the Barack Obama Statue in Menteng Park" group on Facebook say Obama has done nothing for Indonesia.
"Barack Obama has yet to make a significant contribution to the Indonesian nation. We could say Obama only ate and s (expletive) in Menteng. He spent his subsequent days living as an American," the web page says.
"For the dignity of a sovereign nation, Barack Obama’s monument in Menteng Park must be removed immediately."
The childhood connection and his knowledge of a few words of Indonesian made Obama popular in the mainly Muslim country of 234 million people.
I’m just wondering what exactly they thought Barry was going to do for them. It really is amazing how much phony hype there was surrounding Barack Obama when he became president.
Obama To Senate: Wait For Brown To Be Seated
President Obama said in an interview with George Stephanopoulos that will air tonight that the Senate should not try and move on health care until Scott Brown is seated. He said the people of Massachusetts have spoken and that must be respected.
(hat tip ABC News)
Video: Obama Enjoys Bush Bashing Sermon At New Church
Barack Obama and his family attended church Sunday in Washington. After listening to 20 years of racism and hate from Jeremiah Wright, it must have been nice for them to hear some Bush-bashing from the pulpit. The pastor at Vermont Avenue Baptist Church just couldn’t resist throwing some barbs at the former president.
Whatever happened to talking about Jesus at church? Why is the pulpit now the preferred place to hear partisan political ranting?
I can’t think of a single time I’ve ever heard my pastor attack a current or former president (or any other politician) from the pulpit.
(hat tip Gateway Pundit)
Desperate Video: Obama Shills For Coakley
Watching the “Kennedy Seat” Martha Coakley thought she was entitled to slipping away, desperate Dems finally had to trot out POTUS. I wonder if Democrats ever considered the idea that Scott Brown is almost beating Coakley in a bright blue place like Massachusetts because of Obama.
What voters are clearly saying in this race is that they don’t want another rubber stamp vote for the Obama agenda.
So in response, President Obama makes a YouTube video warning voters that Coakley’s rubber stamp vote is crucial to getting his agenda signed into law — so be sure and vote!!
I encourage everyone to do whatever you can to help Scott Brown over the finish line. Visit http://brownforussenate.com/ to make a donation
Video: Obama Promising To Put Health Care Reform On C-SPAN
He didn’t just promise it once, but eight different times. Instead, he chose to go with the smoke filled room approach.
(hat tip Michelle Malkin)
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