By: Rick Venable

Rick Venable — Wed, 05 Nov 2008 17:13:29 +0000

Anyone and everyone who has spread this crap about President Bush declaring Martial Law and suspending the elections has lied to you. The fact that it did not happen should be a fairly “Smack in your ace” clue to the clueless idiots who will now have to face the new taxes that we will all be paying when the tax cuts signed into law in 2001 expire in a couple of years. For those who think that Obama’s 95% will receive a tax cut lets do some 5th grade math. Try to keep up with me here. Only about 65% of the people in our country pay taxes to the federal government right now. With the Earned Income Credit, those who now get a check back for more than they pay into the system aren’t paying taxes. In 2007 a family of 4 whose income was $30,000 actually got back $1498 more than they paid into the federal tax system. When those tax cuts expire an the tax rates return to those of 1999 (I couldn’t find the ones for 2000)that same family of 4 sitll making $30,000 which puts them in the bottom 10% of the country will pay a total of $1644 in taxes. That is because Barack Obama has already said in his campaigning that he is going to let the tax cuts expire. He adds a few extra words in there like to richest 10% or 5%, which ever fits his fancy at the time to make it sound like he is going to help the poor and middle class. Allowing that tax cut to expire hurts every working person in the country. Eight years ago I made about $45,000 a year. In 2007 I made $87,000. The taxes I pay will actually increase by approximately $4,800 in 2011 if my income stays the same.

Comments on: Is Bush Administration Planning Martial Law?

By: Rick Venable