House Democrats voted Thursday to reject President Barack Obama’s tax deal with Republicans in its current form, but it was unclear how significantly the package might need to be changed.
By voice vote in a closed caucus meeting, Democrats passed a resolution saying the tax package should not come to the House floor for consideration as written, even though no formal House bill has been drafted. Rep. Peter DeFazio, D-Ore., introduced the resolution.
Said Rep. Lloyd Doggett, D-Texas: “If it’s take it or leave it, we’ll leave it.”
The vote will at least temporarily stall what had seemed to be a grudging Democratic movement toward the tax package.
On September 12th, 2008, Obama made the following promise to the American people:
"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."
Apparently he has no intention of fulfilling this promise. Yeah, I'm not surprised, either....
Let’s look at the actual numbers for one category and compare them from 2009 to 2010: 2009 Biweekly, Single, Payroll Period, after subtracting withholding allowances
Not over $276: $0 in taxes Over $276 – $400: 10% payroll tax Over $400 – $1,392: $12.40 plus 15% of excess over $400 Over $1,392 – $2,559: $161.20 plus 25% of excess over $1,392 Over $2,559 – $6,677: $452.95 plus 28% of excess over $2,559 (Notice the large salary range) Over $6,677 – $14,423: $1,605.99 plus 33% of excess over $6,677 $14,423: pays $4,162.17 plus 35% of excess over $14,423
Let’s look at the new numbers for 2010 Biweekly, Single, Payroll Period, after subtracting withholding allowances
Not over $233: $0 in taxes Over $233 – $401: 10% payroll tax Over $401 – $1,387: $16.80 plus 15% of excess over $401 Over $1,387 – $2,604: $164.70 plus 25% of excess over $1,387 Over $2,604 – $3,248: $468.95 plus 27% of excess over $2,604 (Notice the large salary range is gone) Over $3,248 – $3,373: $642.83 plus 30% of excess over $3,248 (Notice the substantial increase and 30% tax rate on these wages) Over $3,373 – $6,688: $680.33 plus 28% of excess over $3,373 $14,450: pays $4,169.99 plus 35% of excess over $14,450
Are you still HOPING to get any CHANGE back from your government? Remember, you have to pay taxes on that last stimulus check AND on any "cash for clunkers" credit, too.
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