On you and me, thatÂ’s who!

Everyone takes a hit. Forty-five million working families with two children will see their taxes increase by nearly $3,000 annually. They’d see the current child tax credit cut in half — from $1,000 to $500. The standard deduction for married couples is also cut in half, from the current $3,400 to $1,700. The overall effect on married couples with children is obvious: Far from shifting the burden onto the wealthy, the Democratic budget drives up taxes on the average American family by more than 130 percent.

Seniors get hit hard too. Democrats like to crow that only the richest one percent of Americans benefit from the stimulative tax cuts Republicans passed in 2001 and 2003. What they rarely mention is how much seniors benefited from those cuts in the form of increased income as a result of lower taxes on dividends and capital gains. More than half of all seniors today claim income from these two sources, and the Democratic budget would lower the income of every one of them by reversing every one of those cuts.

I thought that it was only the top 1% of Americans who needed to pay more according to the Democrats. Looks like it is going to be all of us – and as I see it, my taxes will be going up a couple of grand. That’s OK, though – I’m sure we will be able to do without our medications until the middle of October, when this school teacher and his disabled wife will have finally paid off the additional taxes we owe for being among the super-rich who disproportionately benefited from the Bush tax cuts.

Posted by: Greg at 12:30 PM | No Comments | Add Comment
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