From “Front & Center”, by Bud Burrell
Today, the News Services announced that the Obama Administration and Congress will do away with the Middle Class Tax Cuts enacted under the Bush Administration. This comes on top an already announced decision to let the upper class tax cuts expire next year. Wow, that’s impressive, only 90 days to break the biggest recurring promise of his campaign.
The meager $400 Middle Class Tax Cut had already been eaten up with increased medical plan co-pay increases, along with increases in Social Security contributions. With only about 55% of Americans paying income tax, it means all tax payers paying over the standard social security contribution levels will be looking at tax increases next year.
The spectacular increase faced by all US citizens, tax payers or not, is the probable tax to be implemented for Cap and Trade, which will impose a 45% tax on all carbon based energy consumed by individuals, corporations, manufacturers, large buildings, and power plants. The minimum total tax increase on Utility bills alone will exceed 50% of current bills. This is money millions of Americans will not have to spend. [entire post]