Friday, July 23, 2010

The Tax Man Cometh. Big Time

There are a dizzying array of taxes attached to ObamaCare and the newly passed Financial Reform Act (which reforms nothing but continues to support the concept of "too big to fail" for the banks that don't need the help). In addition, the Bush tax cuts, that gave a disproportionately beneficial break to lower income groups (despite the Journolisters efforts to tout otherwise) are set to expire at the end of this year.

The tax bite will hit the middle class the hardest with child care credits, tuition breaks and alternative minimum taxes providing the biggest hits. Hey someone's got to pay for the public employees who now enjoy a 2 to 1 ratio of better pay $74,000 to $38,000 over private employees.

Investor's Business Daily sums up the bad news.

No comments: