Even the conservative media outlets like Fox News and the Wall Street Journal are desperate to pass the Senate’s $6 trillion tax increase ($600 billion over ten years). There are so many falsehoods in their news stories it’s downright pathological…
“… the first tax increase in 20 years,” Fox News reported. Obamacare increased taxes by $100 billion a year. That was passed two years ago.
“… keeps existing tax levels on everybody earning less than $400,000,” is consistently reported in all media outlets. The Senate bill, however, eliminates the personal exemption on everybody earning $250,000 or more. It also raises the estate tax and taxes on all income levels.
“… raises taxes on everybody making over $450,000,” is another mantra. Actually, this law supersedes the Obamcare law increasing taxes on dividends to 40% for top wage earners and replaces it with a 20% tax hike. Since most income from top earners is from investments, and since 60% of investment income is from dividends, this actually lowers the tax burden on the wealthy.
“… keeps taxes on everybody earning less than $250,000 at existing levels.” LOL Obamacare has twenty new taxes on everything from health IRAs to excessive withdrawal from health IRAs to raising the tax rate on investment income for everybody.
My favorite is how this bill will increase revenues by $62 billion by raising taxes on the wealthy. The law doesn’t eliminate any deductions and loopholes so the accounts will just find new ways to avoid taxes.
Besides, what’s $62 billion more in revenues when you’re running a $1 trillion annual deficit?
When we’ve already exceeded our $16.4 trillion debt limit?
When the next law the House votes on is the $64 billion Sandy relief bill?
Or bills covering the $50 billion in debt owed by the U.S. Post Office, Fannie Mae, Freddie Mac and the Federal Housing Administration?
Oh, I forgot. This bill also includes reductions of $1.5 billion by nixing an Obamacare program for long-term care that hasn’t even been implemented yet.
