Obama claims he is not raising taxes on 95% of Americans but he will let the Bush tax cuts expire. Now I know that only in liberal Washington political speak can someone let tax rates return to previous levels and say he’s not actively raising taxes. Truth is, even the 50K a year wage earner is getting screwed under Obama. Raising taxes at all, let alone during hard economic times is a recipe for disaster. But I guess if your goal is to create a Socialist State so we can make the Europeans happy, then this isn’t so bad. And this doesn’t ever include the capital gains and payroll tax increases Obama has in store.
Tax Rates – and the Obama Increase – $50,000/year Taxable Income
|
2000 Tax Tables
|
2003 Tax Tables
|
2004 Tax Tables
|
2010 Tax Tables – (Bush Tax Cuts have Expired)
|
Increase with Obama Tax Increase*
|
|
|
Taxable Income
|
$50,000
|
$50,000
|
$50,000
|
$50,000
|
$50,000
|
|
Tax: Single
|
$10,581
|
$9,304
|
$9,231
|
$10,581
|
$1,350
|
|
Tax: Married - Filing Joint
|
$8,293
|
$6,796
|
$6,781
|
$8,293
|
$1,512
|
|
Tax: Married – Filing Separate
|
$11,143
|
$9,304
|
$9,231
|
$11,143
|
$1,912
|
|
Tax: Head of Household
|
$9,424
|
$8,189
|
$8,094
|
$9,424
|
$1,330
|
Tax Rates – and the Obama Increase – $75,000/year Taxable Income
|
2000 Tax Tables
|
2003 Tax Tables
|
2004 Tax Tables
|
2010 Tax Tables – (Bush Tax Cuts have Expired)
|
Increase with Obama Tax Increase*
|
|
|
Taxable Income
|
$75,000
|
$75,000
|
$75,000
|
$75,000
|
$75,000
|
|
Tax: Single
|
$17,923
|
$15,739
|
$15,620
|
$17,923
|
$2,303
|
|
Tax: Married - Filing Joint
|
$15,293
|
$12,364
|
$12,219
|
$15,293
|
$3,074
|
|
Tax: Married – Filing Separate
|
$18,803
|
$16,083
|
$15,972
|
$18,803
|
$2,831
|
|
Tax: Head of Household
|
$16,424
|
$14,439
|
$14,344
|
$16,424
|
$2,080
|
Tax Rates – and the Obama Increase – $100,000/year Taxable Income
|
2000 Tax Tables
|
2003 Tax Tables
|
2004 Tax Tables
|
2010 Tax Tables – (Bush Tax Cuts have Expired)
|
Increase with Obama Tax Increase*
|
|
|
Taxable Income
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
$100,000
|
|
Tax: Single
|
$25,673
|
$22,739
|
$22,620
|
$25,673
|
$3,053
|
|
Tax: Married - Filing Joint
|
$22,293
|
$18,614
|
$18,469
|
$22,293
|
$3,824
|
|
Tax: Married – Filing Separate
|
$27,515
|
$23,715
|
$23,504
|
$27,515
|
$4,011
|
|
Tax: Head of Household
|
$23,699
|
$20,741
|
$20,594
|
$23,699
|
$3,015
|
* When “President” Obama allows President Bush’s tax cuts of 2001 and 2003 to expire, this will amount to a de facto tax increase
