The U.S. President, Barack Obama, repeated his attempt to introduce the extension of the Bush Tax cuts for the citizens of the middle class on July 9. This measure will not concern 2% of families earning over $250,000. Mr. Obama believes that it is about time to cancel the tax cuts for the most prosperous citizens of the USA. According to numerous surveys, the American population agrees with him on the idea to levy bigger taxes on the upper class of the country.
However, Josh Brown, the Fusion Analytics deputy president and the Reformed Broker blog author, states that middle class people may face higher taxes if the President does not take any measures before the beginning of 2013. Mr. Brown is anxious about the sharp increase of taxes imposed on capital gains and dividends as they may become a part of the ‘fiscal cliff’, i.e. the conundrum the U.S. government will probably experience at the end of 2012.
If congressmen fail to extend the Bush Tax cuts, the rate of capital gains is expected to increase from 15% to 23.8% in 2013. As for dividend taxes, the ‘Americans for Tax Reform’ analysis shows that they will also rise from 15% to 43.4%. If you take a ‘blue chips’ portfolio with a good revenue of 3% – 4% and triple tax on that yield, you will have a double financial restraint on many boomers seeking to cobble together a retirement.
Josh Brown also says that it is still unknown how serious Mr. Obama is about the extension of those cuts as his several endeavors to introduce it have brought no results. The financial restraint will eliminate incomes from Treasuries and CDs occurring primarily due to the zero interest rate policy introduced by the Federal Reserve System.
READ my lips, NO new taxes on the Middle class. Problem is, he does not know who the Middle class is. Have you noticed that every time the president opens his mouth, out jumps a million lies.
obama raised taxes his first quarter in office, remember the tobacco tax?
The other thing he didn’t tell us was that between himself, his out-of-control Congress of 2009, & the Fed, the dollar would end up devalued until even the lower middle class or even working poor will be “rich” making over $250K in Monopoly money.
Do not pass Go.
The first thing he did was raise taxes on the middle class and poor by cutting SS and federal retirement benefits two years running. The only taxes he raise have been on the middle class as he talks about taxing the rich but no rich man ever raised his own taxes and Congress never has either, but they are all rich now. Gas prices tax the poor and middle class. No interest on savings taxes the middle class. Lotto taxes the poor. Remember, SS/Fica takes 17% of the gross earnings of middle class and working poor. That is more than rich man Obama paid.
Sumbich would look God Almighty in the eye and lie like a snake.
Since President Obama reinstated these tax rates back in 2010, why aren’t they called “The Obama Tax Cuts”?
The tax consequences of Mr Fosters preferred plan is miss-reported here. Those making more than 250K DO receive a tax cut. For instance,someone making a million dollars would receive the same tax cut as someone with an adjusted gross income of 250k, just not any more. It is easy to make this mistake, but I expect your reporters can explain progressive taxation when there error is pointed out.
When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment
is added I get several emails with the same comment. Is there any way you can remove me from that service?
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