President Notmyfault

President Notmyfault

Reuters.com

Obama heading for backdoor tax increases, ready to screw middle-class
families.

In Obama’s 2010 budget, the White House wants to let billions of dollars in tax breaks expire by the end of the year — effectively a tax hike.  Long falsely called by Democrats ‘tax cuts for the rich’ these increases will weigh heavily on middle class families.  Obama brought out this proposal on Monday, February 1, 2010.

  • the 25 percent tax bracket will revert back to 28 percent
  • the 28 percent bracket will increase to 31 percent
  • the 33 percent bracket will increase to 36 percent
  • Schedule  ’A’ filers will lose the option to deduct actual state sales-tax payments instead of state and local income taxes
  • Teachers will lose the $250 teacher tax credit for classroom supplies
  • The tax deduction for up to $4,000 of college tuition and expenses is gone