Congress refused to vote on extending the Bush-era tax cuts before they left Washington for their pre-election recess. It is unlikely that they will do anything during the lame-duck session when they return. For most of us, therefore, we can expect our taxes to go up after the first of the year.
How much? Who knows?
But it makes you wonder how much Obama is manipulating his Democratic majority to not act on taxation and whether or not he has gone back on his campaign promise not to raise taxes on the non-wealthy Americans?
According to a FoxNews.com article:
“As American taxpayers wait to see whether Congress will extend the Bush tax cuts — and for which taxpayers, if it does — some critics of President Obama say he’s already reneged on his 2008 campaign pledge not to raise taxes on anyone but the rich.
Americans for Tax Reform (ATR) point to the cost of Obama’s health care legislation as proof that the president has violated his pledge not to raise taxes on families earning less than $250,000 and on individuals earning less than $200,000.”
Source: FoxNews.com Has Obama Raised Taxes? That Depends on Whom You Ask – FoxNews.com.
As the content of the mammoth healthcare reform law becomes clearer (remember Pelosi‘s insistence that “we must pass” the bill “to find out what’s in it), we are discovering hidden tax increases inside the legislation. Included is a cap on how much parents of specials need children can claim and a cap on medical deductions which “will most adversely affect early retirees and the catastrophically ill,” according to an analysis from FoxNews.com.
- UP IN SMOKE? Obama’s Tax Pledge Under Scrutiny (foxnews.com)
- Promises, Promises: ’08 Vow Broken? (foxnews.com)
- Chuck Collins: Restoring Top Tax Rates Makes Sense for Small Business (huffingtonpost.com)
- Estate-Tax Rises Again as Issue on Trail (online.wsj.com)
- Dem Majority Leader Ducks Question on Taxes (redstate.com)
- THE BIG ‘IF’: Historic Tax Hike Rests on Congress’ Shoulders (foxnews.com)
- Coons Softens Position on Tax Cuts (blogs.wsj.com)
- Hill digs in for lame-duck tax fight (politico.com)
- Clinton Calls For Tax on Rich – In Pakistan (seminal.firedoglake.com)
- The Obama-Reid-Pelosi Tax Increase (redstate.com)