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Friday, August 6, 2010

Soak the Rich --- Squeeze the Middle Class

By Bob Bauman, JD

If the "Bush tax cuts" expire at the end of the year, tax rates for every bracket will increase. It's not just the wealthy who will be impacted -- the middle class will find itself being squeezed as well.

Tax on dividends will jump from 15% to 39.6%. Capital gains, 15% to 20%. And the death tax will be given new life at 55%.

The child credit shrinks and the marriage penalty gets worse -- war on the average American family?

If you work hard -- whether you're a billionaire, a small-business owner, or a cashier -- the Obama government wants to squeeze everything it can out of you.

At worst everyone will suffer tax increases.

And at best, they'll extend the cuts for households earning less than $250,000 per year but let the cuts expire for those earning more. And this is still an assault on your average middle- to upper-middle class family.

If you run a small business earning $250,001, you're taxed the same as a movie star making $25 million a film!

There's just no difference between the hard-working middle- to upper-middle class family and the very rich in the eyes of your government.

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