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"Obama's "Backdoor taxes to hit middle class" REUTERS pulls tax story

Posted by Gabrielle Cusumano on Tuesday, February 02, 2010 1:15:32 PM

"... But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated." Reuters
 
****eddie too writes: on Reuters pulls tax story****

This story explains what an employer told me Sunday. She said that she noticed that withholding for her employees (who earn about 12-15,000 per year) increased with their first paychecks of 2010.

BO is totally clueless about the american economy and federal taxes or he is continuing to establish a pattern of saying whatever is necessary to deceive the American people.
 
See the story that Reuters pulled below the Drudge Report Headlines

 
**REUTERS: Backdoor taxes to hit middle class...
**REUTERS pulls tax story...  BUT IT CAN BE READ HERE (BELOW) VIA REUTERS/CANADA
Largest-ever federal payroll to hit 2.15 million employees...  From the 

 at http://www.drudgereport.com/
 
See the TAX Story that Reuters pulled here

Backdoor taxes to hit middle class

Mon Feb 1, 4:09 PM

By Terri Cullen   Excerpted here from Reuters Canada http://ca.news.yahoo.com/s/reuters/100201/us/usreport_us_budget_backdoortaxes and

http://www.freerepublic.com/focus/f-news/2442741/posts

 

NEW YORK (Reuters.com) --The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.

In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.

While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.

If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.

 

Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:

* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;

* The $250 teacher tax credit for classroom supplies;

* The tax deduction for up to $4,000 of college tuition and expenses;

* Individuals who don't itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;

* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free.

(Excerpt) Read more at ca.news.yahoo.com ...   http://ca.news.yahoo.com/s/reuters/100201/us/usreport_us_budget_backdoortaxes  and

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