Thursday, August 18, 2011

Everyone ready for the Obama tax hikes?

Welcome to the second half of the year. And welcome to the ugly countdown to across-the-board tax increases that your friends in the Obama administration long insisted would only affect "the rich." Come Jan. 1, income tax rates for everyone will rise, reminds Americans for Tax Reform. The 10 percent bracket becomes the 15 percent bracket. The 25s become the 28s; the 28s become the 31s; the 33s become the 36es; and those who now pay taxes at the 35 percent rate will, next New Year's Day, have to pay them at a rate of 39.6 percent.

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