Do you really believe O can run trillion dollar deficits and cut overall taxes at the same time? If so, I have a bridge over the Chattahoochee that I'd like to sell you?
Tobacco tax has already been increased.
All of the below are FACTS:
1.Capital Gains: Rates will rise, depending upon income, on January 1, 2009.
2.Dividends: Rates will rise to match standard income tax rates on January 1, 2009.
3.Child Credit: This credit will shrink from $700 to $500 per child on January 1, 2011.
4.The Income Tax: Rates will increase between 3 and 4.5 percentage points in each bracket on January 1, 2011.
5.The 10 Percent Bracket: The bracket will be eliminated on January 1, 2011, raising the income tax burden of many workers by 5 percentage points.
6.The 15 Percent Bracket for Joint Filers: On January 1, 2011, the upper limit of this bracket will shrink from 200 to 167 percent of the upper limit of the 15 percent bracket for single filers, creating a marriage penalty.
7.Standard Deduction for Joint Filers: On January 1, 2011, this will shrink from 200 to 167 percent of the standard deduction for single filers, creating a marriage penalty.
8.The Estate Tax: The top rate for this tax will increase to 60 percent on January 1, 2011, and the value of an estate exempt from taxation will shrink to $1 million, which is less than it is today.
9. The mortgage interest deduction will be reduced, depending on income.
10. The charitable deduction will be reduced, depending on income.