Originally Posted by EK_335i
Exactly. Obama may not come out directly and raise taxes via an income tax increase for the middle class but through the radical agenda he is trying to push the middle class and small business are going to be impacted way more then raising the tax rate a couple of percentages.
Cap-and-Trade, Health Care, Capital Gains tax increase, Expiring of Bush Tax Cuts, fat tax, soda tax, tax this and tax that it will add up to be the largest indirect tax increase on EVERYONE ever!
Sometimes the tax increases are somewhat less visible.
In 2007, the FICA limit was $97,500. That meant whatever you made above that amount was not taxed for Social Security. It also meant that income didn't count towards your base either.
In 2008, the limited jumped to $102,000 and then again in 2009 to $106,000. And in 2004, it was $87,900. The FICA tax is 6.2% for the capped portion.
If we assume someone with $110,000 in taxable wages and they didn't get a raise from 2004 to 2009, this is how their taxes would be affected.
2004 - Taxes were $5,450
2008 - Taxes were $6,324, an increase of $874 (+16%.)
2009 - Taxes would be $6,572, an increase of $248 over 2008 (+3.9%) and an increase of $1,122 over 2004 (+21%.)
This happens under every President, so for any of them to say "I have not raised your taxes 1 cent!" is a lie. Or more likely, just ignorance, because they don't have a clue about all the taxes that burden the US working citizen...