I obviously don't know what a "typical American family" means under Obama's tax plan, because I'm not getting a tax cut. As a matter of fact, I haven't filed my 2008 return yet because I'm getting only a few hundred back as a refund because I crossed into the 25% tax bracket without any itemizable deductions and took it in the teeth. For the first time in my life, increased financial prosperity has visibly cost me money, and I'm not happy.
So what does the President intend to do? Now that he's spent us into an irrevocable debt, he's going to raise taxes. These taxes will not going to pay for the debt; the government will use it as justification to expand expenditure.
- I have no children, so even though I earn less thatn $50K, I will not get all of my money back (the IRS gets to keep $3600 for 2008). AND IT IS MY MONEY! They stole it from me.
- His stimulus package gives "most working people" a tax credit. I don't qualify. So, I won't even get my $8/week extra on my check because I don't qualify for that program. Don't spend it all in one place if you do qualify for it.
- Since I lack children and don't attend college, I don't get child tax credits or increases in the deductable tuition expense.
- Furthermore, next year when I file, now that I finally will have mortgage insurance to deduct which brings me over the standard deduction, I can itemize only at 28% instead of 39.6%, meaning that it might not be enough to bring me over the standard deduction after all. Wouldn't that be a hoot?
They say the limits only extend to the top 5% of earners. Well, since 40% of Americans don't pay any taxes, I think my $46K/year puts me into the top 5% of earners per capita. Since I'm single, I get $46K per person per year, as opposed to a family of five earning $200K, which earns $40K per person per year. That makes my household richer per capita and puts me in a higher tier of earnings than that family.
The fact of the matter is summarized here:
Single filers with no children would be hit with even bigger tax increases.
Your taxes are going up; your deductions are going down. Your prices of goods will go up as the availability of goods goes down. You wanted hope and change; now you're paying for it through the nose.
I never thought I'd ever be "rich", and I didn't publish a book that earned me millions like the President, who in his entire life up until he ran for president gave less to charity than I do every year.
1 comment:
Your comment about the IRS stealing money from you bugs me. Do you drive on highways, use public facilities, expect to have responses from police or firefighters if there is a need, own a dog, work for a company that receives funding from a tax base? All of these services and more are funded by taxes. Even your parents' income is funded through the government. None of us like taxes but as long as we are a part of society, we should expect to pay for services from which we benefit or may benefit in the future. You may, we hope, have children, and will want them to receive the same benefits you had as a child. Mom
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