Jobs Report and Taxation
July 6, 2012, 10:03 am
Filed under: Politics | Tags: , , , ,

80,000 jobs added in June, unemployment is still at 8.2% but the true number is much higher when you factor in those who have given up looking for work. There is also a bomb set to explode in 2013 called TAXES. The so-called Bush tax cuts will expire on 1 Jan 2013, taxes will therefore go up, for EVERYBODY, middle class will see a tax increase as well as higher income earners. Notice that is income earners. Those who are receiving welfare do not earn income so do not pay taxes, it is income earners who pay taxes, that is the middle class and above getting hit.

Now here comes the real fun! Obamacare taxes in 2013. This is the real kicker for all of us, but especially middle income folks. Remember that you were promised that your taxes would not go up if you earned less than $250,000 per year. Take a look at what is coming up AFTER you vote for Obama in 2012.

Do you use a medical device? Say a pacemaker, prosthetic limb, maybe you will need a stent. Whatever device you will need in 2013 the obamacare 2.3 percent tax will be added onto the price of the item.

Do you deduct medical costs from your taxes? You have been able to deduct these expenses as long as they were 7.5% of your adjusted gross income. Well Obamacare ups that to 10%, guess who gets hit the hardest? Pre retirement seniors. The government figures to take in about 15 billion dollars over the next 10 years.

Flexible Spending Accounts. Capped at $2,500. Up until 2013 there was no cap on these accounts, so if you had a procedure that cost $7,500 you could pay for it out of that FSA, but not any longer, now you are capped at $2,500 per year. How about braces for your kids, that is an easy $7,000. You will have to pay $4,500 for the first kid and the whole amount for the second one. Do you have a special needs child, look out, that can get real expensive real quick.

Obamacare has also a provision for a surtax on investment accounts. Under the current law, the Capital gains tax will rise from 15 to 20 percent in 2013 and the top dividend rate rises 15% to 39.6% however under Obamacare surtax the Capital Gains rate will 23.8% and the Regular Dividend Rate will be 43.4%. Hows that for a kick in the teeth?

Then there is the Obamacare Medicare Tax Increase. This tax goes against employers to the tune of 87 Billion dollars over the next 10 years. How many people will be laid off so their employer can afford this little goody?

I can surely understand why this is all scheduled for 2013, that way Obama can get reelected before people feel the cost of his legacy. This will add to the burden on our economy and on you the taxpayer. Y’all voted for hope and change, well hope went out the window with 10% + unemployment, change is gone after this election.

What do you think? Is this what you want for our nation?

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