Americans are already being taxed to death, and three proposals by the Obama administration would raise federal income tax rates on the wealthiest Americans to over 45 percent. And when you add up all forms of taxation in the United States, the average American will soon end up paying about 50 percent of his or her income in some form of taxes.
These are absolutely stunning figures, but the taxes are taken from us in so many different directions that you never feel the pain all at once. But three new proposals by Obama and the Democrats will definitely have wealthy Americans squealing in pain:
#1) House Ways and Means Committee Chairman Charles Rangel has proposed a surtax of up to 5.4% on annual incomes of $350,000 or more to help pay for the “tax and socialize” health care reform bill. About 500,000 American taxpayers that earn $1 million or more would pay the full surtax.
#2) President Obama’s budget calls for raising the top income tax rate from 35% to 39.6% on incomes above $373,000 starting in 2011.
#3) Obama has proposed exposing income above $250,000 to the 12.4% Social Security payroll tax, paid equally by employees and employers. The Social Security tax currently is only applied on income up to $102,000.
These proposals are outrageous, but the truth is that Americans are already being taxed into oblivion.
Just consider the following list of the different kinds of taxes that American taxpayers fork over each year…..
Accounts Receivable Tax
Building Permit Tax
Capital Gains Tax
CDL license Tax
Corporate Income Tax
Court Fines (indirect taxes)
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel permit tax
Gasoline Tax (42 cents per gallon)
Hunting License Tax
Inheritance Tax Interest expense (tax on the money)
Inventory tax IRS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Local Income Tax
Marriage License Tax
Real Estate Tax
Septic Permit Tax
Service Charge Taxes
Social Security Tax
Road Usage Taxes (Truckers)
Recreational Vehicle Tax
Road Toll Booth Taxes
State Income Tax
State Unemployment Tax (SUTA)
Telephone federal excise tax
Telephone federal universal service fee tax
Telephone federal, state and local surcharge taxes
Telephone minimum usage surcharge tax
Telephone recurring and non-recurring charges tax
Telephone state and local tax
Telephone usage charge tax
Toll Bridge Taxes
Toll Tunnel Taxes
Traffic Fines (indirect taxation)
Trailer registration tax
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft registration Tax
Well Permit Tax
Workers Compensation Tax
It is hard to read this list without feeling overwhelmed and frustrated. It gets even more frustrating when you realize that experts have calculated that after paying all of these various forms of taxes, the average American ends up forking over about half of his or her income.
And this list does not even include the “carbon taxes” contained in the soon to be implemented cap and trade scheme that Obama is implementing. Some are calling that bill the largest tax increase in American history.
Are you starting to get the picture?
Instead of being a “capitalist” nation where you pay a small percentage of your income in taxes to the government, the United States is now a socialist nation where the government lets you keep part of your income.
Ask yourself this – who is the largest “business owner” in the United States?
Who is the biggest spender in the United States?
Who does everyone expect to “fix” and “run” the economy?
During this economic crisis, the U.S. government has “bailed out”, nationalized or has taken ownership interests in a vast array of banks, financial institutions, insurance companies and large corporations.
Does that seem like “capitalism” to you?
The reality is that a new generation of spoiled Americans has arisen that expects the U.S. government to take care of them from the cradle to the grave. They expect the government to fix all their problems and to provide them with everything that they need.
In fact, the younger an American is, the more likely they are to approve of socialist programs. So, the fact is that this trend towards socialism is not likely to reverse itself any time soon.
Is living under big government socialism the future that you envisioned for your children and your grandchildren?
If not, too bad, because it is here.
Welcome to the United Socialist States of America. We hope that you enjoy being taxed into oblivion.