According to AP Radio News this morning, even lower-income Americans will see their taxes go up, including those who "don't owe any money to the federal government." Uh-huh.
Here is what the Wall Street Journal reports about the real-world implications of allowing the Bush Tax Cuts to expire:
'It is not a sensible way to run a country to have this magnitude of tax issues left to annual uncertainty," said Treasury Secretary Tim Geithner earlier this month, and he's certainly right about that. But at the current moment the single biggest obstacle to more certainty is his boss, President Obama, who still refuses to compromise on the tax increase set to whack the economy in a mere 30 days.
Capital gains and dividend tax rates will climb to 20% and 39.6%, respectively, from 15%, and the top two income tax rates will climb to 38% and 41% (including deduction phaseouts), from 33% and 35%. The typical family with an income between $40,000 and $75,000 a year will pay as much as $2,000 more in 2011, as the 10% tax rate bracket and the $1,000 per child tax credit vanish.
This could have been resolved months ago, except that the White House and Congressional Democrats insist that some taxes must be raised. [my emphasis]
What happened to my taxes not going up a "single dime," as the President so famously stated, and those on the left so shamelessly (or perhaps ignorantly) defended? Taxes would only be increased on the rich, we were told. They can afford it because they have more. Sound familiar? Are you rich if you are a teacher and your spouse works part time? Are you rich if your spouse is a nurse, and you are a full time homemaker? Are you rich if you are a heavy equipment operator, and your spouse works for an auto insurance company? Are you rich if you are a retired widow living on your deceased husband's gutted pension? Are you rich if you are a retired small business owner living off of what you were able to save after your bookkeeper embezzled tens of thousands of dollars? Are you rich if you work third shift driving a forklift, and your spouse is a church secretary?
A flagging economy, massive unemployment, and now a tax increase. Remember: YOU VOTED FOR THIS. You knew what you were doing, how wrong it was, and what would be the result. You chose to ignore the evidence, and suspend the rational thinking of your own brain. In short,
Brother, you asked for it!