Sunday, April 27, 2014

Congressional Budget Office Confirms Obama's Attack on the Middle Class

The New American
April 25, 2014

Congressional Budget Office Confirms Obama's Attack on the Middle Class
Robert Klein, a nationally renowned accountant who has written widely on taxes for many respected journals, was astonished to learn how much the taxes on his wealthy clients jumped just in the last year:
For [my] clients in the 39.6% tax bracket … their average federal income tax liability was $436,000, $51,000 greater than their 2012 tax liability … an average increase [of] 13.3%....
In summary, if you were in the 39.6% tax bracket in 2013, the 4.5% increase in your tax bracket, combined with additional income-tax liability resulting from additional tax on Medicare wages, a loss of itemized and personal exemption deductions, a 5% surcharge on long-term capital gains and qualified dividends, and the 3.8% tax on net investment income, reduced your spendable income considerably.

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