A repeat from a post below, but as 2012 tax increases are being pushed by Obama, lets look at this again. Just an example of the huge tax increase Obama enacted on low income earners immediately upon his arrival to the Oval Office in 2010. These numbers come from the payroll tables used by businesses to calculate withholdings in 2010 and 2011.
Lets say you are single, one dependent, earning just $8 per hour.
40 hour week yields you $320.
Federal Withholding in 2010 was $17.* Of course there are other taxes taken out such as Medicare and Social Security.
Federal Withholding in 2011 jumped 41% to $24.**
Initially that may not seem like a lot but to a low income earner with mouths to feed, Obama just grabbed another almost $30 a month out of your income, which equates to a tax increase of $364 a year from your low wages.
Obama's campaign promise to "Tax the Rich", only those over $250,000 per year, was a huge lie.
*See IRS Publication p15.pdf for 2010
** See IRS Publication p15.pdf for 2011
Friday, July 29, 2011
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