I can make a firm pledge

I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.

Barack Obama

On August 19, 2010, a milestone.

In 2010, Cost of Government Day falls on August 19.  Working people must toil 231 days out of the year just to meet all costs imposed by government -8 days later than last year and a full 32 days longer than 2008.

In other words, in 2010 the cost of government consumes 63.41 percent of national income.

http://www.fiscalaccountability.org/?content=cogdteas10#

Next year will be worse.  In addition to potential double dip recession, or deflation, or hyperinflation (take your pick), taxes will increase.  If you believe the $250,000, limit before you are impacted, think again.  Six months until the tax hikes start. 

A look at the new taxes for 2011

First Wave:  Expiration of Tax Cuts

• Personal income tax rates will rise. 
• Higher taxes on marriage and family. 
• The return of the Death Tax. 
• Higher tax rates on savers and investors. 

Second Wave: Obamacare

• The Tanning Tax. 
• The “Medicine Cabinet Tax” 
• The HSA Withdrawal Tax Hike. 
• Brand Name Drug Tax. 
• Economic Substance Doctrine. 
• Employer Reporting of Health Insurance Costs on a W-2. 
  

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes

• The AMT will ensnare over 28 million families, up from 4 million last year. 
• Small business expensing will be slashed and 50% expensing will disappear. 
• Taxes will be raised on all types of businesses. 
• Tax Benefits for Education and Teaching Reduced. 
• Charitable Contributions from IRAs no longer allowed.
  

Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171##ixzz0xR2VmZo5

If you need an update on Obama’s campaign promises, you can see all 26 pages  HERE

Get Ready…