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A Taxing Election

President Obama is counting on the ill-informed not only to believe him on taxes but to vote for him.

Here is why I continue to believe that Mitt Romney or Newt Gingrich can beat President Obama. By 2013, if Obama wins, the majority of Americans will be hit with a tax increase this country has never seen: an unprecedented $494 billion tax hike. When the majority of voters learn this, Obama and Congressional and Senate representatives in favor of it, Republicans and Democrats both, will be toast.

Thirty-four percent of the tax increase comes from the expiration of the 2001 and 2003 Bush tax cuts. These cuts are best known for reducing marginal income tax rates, but they also reduced the marriage penalty, increased the Child Tax Credit and the adoption credit, and increased tax breaks for education costs and dependent care costs. Another 25 percent comes from the expiration of the once-temporary payroll tax cut.

The expiration of the patch on the Alternative Minimum Tax (AMT) accounts for 24 percent of the total potential 2013 tax increase. The balance of the tax hikes comes from new taxes under Obamacare. It is an explosion of tax increases that would destroy disposable income. It is planned to hit after the election.

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This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Anthony J. Bazzo April 19, 2012 at 04:27 PM
Lokking Foward To seeing your comments..Please Keep Them On Point Bazzo 04/19/12
Michael Woyton April 19, 2012 at 07:46 PM
Even the Heritage Foundation isn't laying the blame for the impending tax hike solely on Obama. The Congress that drafts and passes the legislation hasn't taken any action on it. Though this blog said there might be something happening after the election during the lame duck session. http://blog.heritage.org/2012/04/05/morning-bell-beware-the-taxmageddon/
Racman63 April 20, 2012 at 10:58 AM
There's just something inherently wrong with the politicization of tax policy in this country regardless of which party is engaging in it. If the Bush tax cuts were so good for the economy, then why did marginal income for the vast majority of American working and middle class families decline during his Presidency? Tax policy is a difficult and complex issue, to be sure, but this present dilemma tells me just how inherently unjust and fiscally irresponsible this fiction of cutting taxes leading to widespread economic prosperity truly is. Dr. West and Mr. Smiley are out touting a book on poverty in America. They claim that nearly 50% of all Americans are presently living at or below the poverty line. We are as close to out and out class warfare in this county as we've ever been. All that's needed is one more major economic blow that pushes that 50% number up to the 70% range. What's really needed is wide-spread and comprehensive tax reform. Perhaps a pre/post election debt/fiscal crisis will be the impetus to get serious on this issue. But with a congress so infected with the poison of Ayn Rand philosophy, I find even that unlikely.
Anthony J. Bazzo April 20, 2012 at 01:21 PM
"Even the Heritage Foundation isn't laying the blame for the impending tax hike solely on Obama" Nor did I. Bazzo 04/20/12

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