Obama's Secret Middle-Class Tax Hikes; Everyone Will Be Paying More to Washington under Presidential Plan
Byline: THE WASHINGTON TIMES
President Obama continued to gallivant around the country on Monday, pushing to raise taxes on those deemed wealthy. The surprise will come in less than three weeks when the rest of us see our taxes go up as well.
Grover Norquist, founder of Americans for Tax Reform, describes what the president is doing as political sleight-of-hand. It's a magician's misdirection, the anti-tax activist told The Washington Times in an interview. Obama is keeping people from noticing that the same day that the Bush tax cuts disappear, the Obama tax hikes show up. His unstated tax hike deliberately raises taxes on all Americans, not just rich people.
Five major Obamacare taxes take effect on Jan. 1 that will cost taxpayers a whopping $1 trillion over 10 years, according to the Congressional Budget Office. The elderly will find it more difficult to write off medical expenses on their income taxes when the medical deduction minimum goes up from 7.4 to 10 percent of adjusted gross income. Families that take advantage of pre-tax flexible spending accounts to pay for out-of-pocket health care expenses will be newly limited to putting just $2,500 into that account. There's also a new 3.8 percent Obamacare surtax on investment income for individuals who make over $200,000 a year. Combined with the hike under debate in the fiscal cliff talks, capital gains taxes would jump from 15 percent to 23.8 percent and dividends from 15 percent to 43.4 percent. …