Calculate your family's federal income tax liability under the likely scenarios related to the expiring Bush tax cuts and Obama's plan:
I entered our info there and another tax calculator and received two different answers, just to let you know.
(But, for those in the middle class thinking that the world would end for them personally if the Obama tax plan was enacted, they're probably mistaken.)
The problem is that so far, Obama's economists have been pretty much dead wrong on just about everything. Remember "recovery summer" when his economists said everything would turn around? Oops!
Remember the TRILLION dollar stimulus that was supposed to keep unemployment from skyrocketing to 8.5%? Oops!
Remember when the TRILLION dollar healthcare overhaul was supposed to keep premiums from skyrocketing? Oops!
American cannot afford any more "oops" from Obama and his economists. I think we need someone in the White House that actually knows what he's (she's) doing?
It's disturbing how transparent it is that, even if some of these Democratic politicians (possibly including the president himself) think that the best economic policy for the country is to let the tax cuts expire, so many of them don't have the guts to do it, because they're worried that their constituents will be angry at them for raising their personal taxes. Instead of having the conviction to explain to the people that cutting taxes at this time is a bad idea, too many of them take the "easy" way out so they can look like they're putting money in everyone's pocket. It's not a surprise that nearly every Democratic politician quoted in the article is from a traditionally conservative state (many of them newly-elected, as well). It's a shame we also seem to have a president that's likely to take the "easy" way out, going against what most think are his long-held ideals, in order to appeal to a broader base of people who want their taxes to go down.
And we wonder why truly progressive initiatives can't even get passed when we "control" the presidency, House, and Senate.