When Is A Tax Increase Not A Tax Increase?
Call me an idiot, but when every working American is about to pay an additional two percent tax on every dollar they earn up to $113,700.00 I have a hard time calling that a tax increase on “the rich”. Apparently there are some that don’t have quite the same problem.
The Washington Post provides an interesting example in an article which begins with:
Congress approved a plan to end Washington’s long drama over the “fiscal cliff” late Tuesday after House Republicans surrendered to President Obama’s demand to let taxes rise on the nation’s richest households.
It goes on to say:
The bill will indeed shield millions of middle-class taxpayers from tax increases set to take effect this month. But it also will let rates rise on wages and investment profits for households pulling in more than $450,000 a year, marking the first time in more than two decades that a broad tax increase has been approved with GOP support.
In the end, GOP lawmakers decided not to take a gamble that could force the nation to face historic tax increases for virtually every American — and leave House Republicans to take the blame.
Oh, by the way, hidden at the end as an after thought:
The measure will protect more than 100 million families earning less than $250,000 a year from significant income tax increases set to take effect this month — although their payroll taxes will rise with the expiration of a temporary tax cut adopted two years ago.
Yes indeed, after all the smoke and mirrors, the article does happen to note that every single working American will see an increase in their tax burden while attempting to pass it off as something completely insignificant. An increase, by the way, that cannot be avoided in the same way that income taxes can through the use of various exemptions otherwise known as tax “loopholes”.
Americans, you are really pathetic.
Updated to reflect my discovery of a very nice article…
Crony Capitalist Blowout
A tax increase for everyone but the favored wealthy few