Sunday, February 19, 2012

Obama’s Gas Pains

"Interesting and complementing lead stories in the Washington Post and New York Times this morning, and neither of them can be good for Obama. The Post’s lead story warns of “Taxmageddon” next year, when the payroll tax cut will expire, along with the Bush tax cuts; the Obamacare “surcharges” will also kick in on dividends and capital gains. In all, it will amount to about a $500 billion tax increase next year:

Overnight, the marriage penalty for joint filers will spring back to life, the value of the child credit will drop from $1,000 to $500, and the rate everyone pays on the first $8,700 of wages will jump from 10 percent to 15 percent. . ." [Power Line]

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