Happy Holidays and give us your money. A public service announcement from the Socialist Democrats in WADC and their ring leader Barack Obama!
Just thought I would help put you in the spirit of giving! Thanks to Congressman Graves for sending this in his most recent newsletter.
On December 31st, the current tax rates will revert to the old tax rates of 2001. For comparisons sake, here’s what they currently are compared to what they will be:
10% will become 15%
25% will become 28%
28% will become 31%
33% will become 36%
35% will become 39.6%
Along with these increases, the marriage penalty would return, as would the death tax – jumping from 0% this year to 55% next year. The child credit would be cut in half from $1,000 to $500. These are real numbers with real costs. The cumulative cost to taxpayers is approximately $3.8 trillion (that’s with a “T”). An average American family of four would see roughly $2,200 in tax credits disappear under these new conditions.