Thursday, July 29, 2010
The Tax Hit To Come - Ouch
Via Instapundit I found this tax calculator which allows you to estimate what your income tax burden is going to be if the Bush tax cuts are allowed to expire. Without getting into the specifics of my own income, my wife and I collectively earn well under the $250,000 a year under which President Obama promised nobody would see "a single dime" of increased taxes. That would be wrong and of course he knew all along that it is wrong. According to the calculator, I will see an increase of 20% in my annual tax burden amounting to around $270 a month in reduced take home pay. That's about a couple of weeks worth of groceries in this household, and with one child about to start college, its a hit to my take home pay I can ill afford.
If you are similarly situated, get on the phone to your congressman, Democrat or Republican and spell it out for them. I suspect you'll get a friendlier reception from the Republican but make sure they all know how much it's going to hurt.