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Your taxes may be going up

October 26, 2012
Messenger News

Unless President Barack Obama gets his way, our taxes - that's all of us - will go up next year, White House sources have told reporters in Washington.

Obama's stance is worrying. If Congress does not allow an increase in taxes on job creators, he apparently plans to veto any legislation preventing tax increases on all Americans.

Two outcomes described by many as a "fiscal cliff" will occur Jan. 1, unless Congress takes action to prevent them.

First, tax relief dating back to former President George W. Bush's administration, will expire. If that happens, low-income families will pay 5 percent more of what they earn in taxes - about $1,000 more a year for those with paychecks of $20,000 a year. Middle-income families will pay another 3 percent of income in taxes.

The second half of the fiscal cliff is automatic spending cuts that would hit national defense especially hard.

Obama may be willing to allow spending cuts to proceed and drastic tax increases to occur, unless Congress bows to him.

That is something voters should remember on Nov. 6.

 
 

 

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