Got this from Support Your Local Gunfighter:
In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011. In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
More to think about in November - It is the Republicans who lower taxes, and that means more money in your pocket, to support your family, and to spend on things which crate jobs and help stimulate the econome. It is the Democrats who will let the tax rate go up, claime it is not their fault, and that they didn't raise taxes that will end up costing you more in taxes, more money out of your paycheck, less money for you and your family, and less spending which will cost jobs and hurt the economy. . ..
Remember this in November when you vote - we can not handle another two years of a Democrat controled Congress.