Taxes That Hurt
Finished up our taxes this weekend. Yup, we’re going to be waiting until April 14th to mail the check. OUCH!
… and its going to get worse.
Obama is going to allow the Bush Tax cuts to expire “on the rich”.
Well, that my dear friends is a lie. When the Bush tax cuts expire, its not just going to be on the rich, its going to be on everyone that got a tax cut with them.
Including us.
I went back to a post I did November 1st and grabbed this paragraph:
I want to talk to you a bit about the post Trelania wrote below “Please Think Before You Vote” on tax issues with a President Obama. I dug through our tax records and found last years filings, then found moneychimp.com has this page where you can find out what your taxes were for various years back to 2000.
What.An.Eye.Opener!!! Yes we’re making more now than in 2000, but the tax cuts put into place by President Bush are going to expire in 2010 back to the those rates (even though Sen. Obama says they need to go back to the Clinton years). In 2007 we paid $9,229 in Federal Income Tax (25%). Using 2007 income figures from our tax records and going to the link above, I calculated what our tax will increase in 2010 to $12,640 (28%). Just like Trelaina said, a $3,000 increase – and that’s just on rolled back taxes. That’s not including whatever tax increase a President Obama would impose on us “rich, selfish, white folk“.
Then, that would also mean we still had jobs. Additionally reading: Proposed changes in taxes after 2008 General election.
Our household income increased this past year and our allowed deductions for retirement plans are no more. We have made the appropriate adjustments to our exemptions for the remainder of the year and hopefully we won’t get stuck for such a large amount next tax season.
But I’m not so sure. See POTUS Obama is on a spending high. He has an unlimited credit card, paid for by the people of this country, and he’s drunk on the power.
If you think your taxes won’t increase because you aren’t rich – think again. We aren’t rich either.
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Category : Blogging, POTUS Obama, Think | Tags : Taxes
1Eric Wyatt
wrote on 24 February 2009 at 12:23
I was just reading an article about ANOTHER spending bill, to increase the Federal Budget by 8%…I don’t know about you, but our household budget won’t be increasing by 8% in the next year…yikes. I’m doing my taxes this weekend, and hoping to not have the same result as you, but figuring I will.