(Note to readers: I am a little late getting this post up, as the 100 day countdown started yesterday – Sunday, Sept. 23, 2012).
If I were a president Hell-bent on putting America into a financial and economic hole it would not be able to crawl out of, there is very little I would do differently than what Barack Hussein Obama has been doing since January 20, 2009.
Once I had the nation over a barrel, which is where America is now, I would deliver the proverbial coup de grâce by hitting it with the largest tax increase in America’s history.
100 Days Until Taxmageddon
Sunday will mark the start of the 100-day countdown to “Taxmageddon” – the date 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, 2013:
First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for small business owners, families, and investors (later re-upped by President Obama and Democrat Congress in 2010). The following tax hikes will occur on January 1, 2013:
Personal income tax rates will rise on January 1, 2013. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which the majority 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 a new and 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%
Higher taxes on marriage and family coming on January 1, 2013. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of taxable income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level.
Middle Class Death Tax returns on January 1, 2013. The death tax is currently 35% with an exemption of $5 million ($10 million for married couples). For those dying on or after January 1 2013, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
Higher tax rates on savers and investors on January 1, 2013. The capital gains tax will rise from 15 percent this year to 23.8 percent in 2013. The top dividends tax will rise from 15 percent this year to 43.4 percent in 2013. This is because of scheduled rate hikes plus Obamacare’s investment surtax.
Click here to see what gems the second and third waves will be bringing us.
And just to make sure my plan would not fail, I would also unleash tyrannical federal agencies to bring thousands upon thousands of free enterprise-stifling rules and regulations to bear against the producers, which has been underway since the beginning of this current POtuS’s term, and is about to accelerate into an out-of-control hurricane.
I know many, including a surprising number of conservatives, are still – even four years into the screw, operating under the belief that this POtuS is just an incompetent boob, stammering his way along, is in way over his head, and is really trying the best he can to improve things.
I beg to differ.
I think Barack Hussein Obama is pleased as vodka-spiked punch.
My advice? Invest heavily in K-Y, because even if this disgrace of a fraudulent POtuS is somehow defeated in November, and even if the next president and congress act immediately and decisively, the screw is going to continue long after Obama has left the room.