April 17th, 2010
By Kevin “Coach” Collins
Obama is going to allow the repeal of the Bush Tax Cuts
The Tax Policy Center, a Washington based think tank, has examined the tax consequences we will have heaped on us when the Democrats allow the Bush Tax Cuts to expire at the end of this year.
* Those making $75,000 who sell a stock at a profit will pay a higher capital gains tax.
*Parents who enjoy a $1,000.00 tax credit for having a child will see that benefit cut to just $500.00 next year.
*Families with incomes over $250,000 will see many itemized deductions disappear and ultimately pay more of their hard earned money. Their capital gains taxes will climb on stock dividends.
The probability that higher taxes will hit America’s hardest workers and highest earners is real because the Democrat controlled Congress will let all or most of the tax cuts passed by George Bush in 2001 and 2003 expire.