“I can make a firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.“
A 156 percent increase in the federal excise tax on tobacco: On February 4, 2009, just sixteen days into his Administration, Obama signed into law a 156 percent increase in the federal excise tax on tobacco, a hike of 61 cents per pack. The median income of smokers is just over $36,000 per year.
President Obama finally got around to admitting that ObamaCare involves tax increases during an appearance at the Clinton Global Initiative today. ”It’s paid for by a combination of things,” Obama admitted.One of those things is the endless stream of Skittles dumped by the deficit unicorns chained up in the basement of the Treasury, but the President didn’t mention those today. ”We did raise taxes on some things,” he allowed.
With President Obama back in office and his life-saving “fiscal cliff” bill jammed through Congress, the new year has brought a surprising turn of events for his sycophantic supporters. “What happened that my Social Security withholding’s in my paycheck just went up?” a poster wrote on the liberal site DemocraticUnderground.com. “My paycheck just went down by an amount that I don’t feel comfortable with. I guarantee this decrease is gonna’ hurt me more than the increase in income taxes will hurt those making over 400 grand. What happened?” Mr. Obama enacted a “holiday” on the payroll tax deduction from employees’ paychecks, dropping the rate from 6.2 percent to 4.2 percent. But like the holidays, the drop ended, and like New Year‘s, the revelers woke up the next morning with a massive hangover and a pounding head. How many Americans were hit? The nonpartisan Tax Policy Center in Washington put the total at 77.1 percent of all wage earners. In fact, “More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said,” according to a Bloomberg News article. Hilariously, the tax burden will rise more for someone making $30,000 a year (1.7 percent) than it does for someone earning $500,000 annually (1.3 percent).