For some, reality will hit with the first paycheck of 2013. It will put to rest the lies of Obama that only the “rich” will be impacted with new taxes. He and the democrats lied of course.
The first thing those still working will see is a larger federal tax bite out of their gross pay. How can that be? The tax rate only went up on the “rich?”
What people weren’t told by the MSM is that the withholding rates had been arbitrarily reduced for several years. Now, those withholding rates are reverting to their old levels.
The second bite is the FICA tax—that amount withheld for Social Security. It went up, too. Question: if the income withholding tax goes into the federal general fund, where does the FICA tax go? Answer: the same place. That begs the question, what difference is there in income tax and FICA tax? Not much, anymore.
There is another indirect tax hike coming as well. The Obamacare bite. This FOX News video reports Blue Cross/Blue Shield rates in California will go up 20%. The rates for other health insurers will as well including individual Medicare co-pays and individual rates.
The so-called compromised foisted on us by John Boehner and Mitch McConnell supposedly increased federal revenues $60Billion per year. The democrats have spent it already in the pork-laden Sandy Hurricane Relief bill.
And you thought it’d be spent to reduce the deficit? Ha!
When you add the crony corporate relief for Goldman-Sachs, GE, NASCAR, Hollywood and others in the area of $120 billion, that $60billion new revenue has been spent twice over—three times if you include the Sandy Relief bailout.
It isn’t enough, however. The democrats are now proposing new taxes—up to $1Trillion in new taxes per year.
Welcome to the democrat’s dream world.