Via JimmyZshowblog
On Monday, February 1st, Reuters published an article entitled "Backdoor taxes to hit middle class." The article was extremely harsh on the Obama administration's habit of promising tax deductions while actually jacking them up and raising fees under cover of darkness. It was harsh, and it was accurate.
Here's a taste of the article:
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.
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.
Now, like magic, the article has been pulled by Reuters with the following explanation:
Reuters
Monday, February 1, 2010; 8:07 PM
The story Backdoor taxes to hit middle class has been withdrawn. A replacement story will run later in the week.
Good thing the White House is there to be a watchdog on the media. Wasn't it intended to be the other way around?
CLICK HERE to read the entire article
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