13 Obama Tax Hikes on the Middle Class in 2013

How’s all that hopey changey working out for ya AmeriKa, especially those of you who went third party or didn’t even care to vote Nov 2012? Happy now getting less money for your hard work!?

Funny the Founders drew the line over one, 1,… O N E tax and a gun grab! Hm! History repeating itself but this time around the people are complicit! The Founders would be so disgusted with us today…

Tax increases the fiscal cliff deal allowed:
1. Payroll tax: increase in the Social Security portion of the payroll tax from 4.2 percent to 6.2 percent for workers. This hits all Americans earning a paycheck—not just the “wealthy.” For example, The Wall Street Journal calculated that the “typical U.S. family earning $50,000 a year” will lose “an annual income boost of $1,000.”
2. Top marginal tax rate: increase from 35 percent to 39.6 percent for taxable incomes over $450,000 ($400,000 for single filers).
3. Phase out of personal exemptions for adjusted gross income (AGI) over $300,000 ($250,000 for single filers).
4. Phase down of itemized deductions for AGI over $300,000 ($250,000 for single filers).
5. Tax rates on investment: increase in the rate on dividends and capital gains from 15 percent to 20 percent for taxable incomes over $450,000 ($400,000 for single filers).
6. Death tax: increase in the rate (on estates larger than $5 million) from 35 percent to 40 percent.

Check out the entire breakdown at Heritage