Here is a table of the effects of the Obama tax increases that will follow from President Barack Obama’s drive to put us all over the fiscal cliff. The data are compiled from a recent Wall Street Journal article.
|
Category |
Income |
Post-Cliff Tax Rate |
Tax Rate Increase from Pre-Cliff |
Tax Dollar Increase from Pre-Cliff |
Remarks |
| Unemployed Person | Under $10,000 | 8.4% | 55% | $159 | |
| College Student | $10,000-$20,000 | 7.5% | 38% | $308 | |
| Lower-Income Working Couple | $20,000 – $30,000 | 5.5% | 9,809% | $1,423 | From $15 refund to $1,423 tax payment—loss of Bush tax cut 10% bracket |
| Retiree Household | $30,000 – $40,000 | 5.1% | 42% | $540 | |
| Higher-Income Professional | $150,000 | 25% | 25% | $6,662 | This also represents just under 25% of the total increase from the Obama tax hike |
| High-Income Couple | $350,000 | 29% | 20% | $13,847 | Loss of the AMT and higher dividend and cap gains taxes |
| Very High Income Households | $1,000,000+ | 39.7% | 24% | $254,637 | Total share income taxes paid by these earners actually goes down due to the disparate impact of the Obama tax increase on the lower incomes |
Obama’s Plan B desire for going over the fiscal cliff is going to hurt the least among us—the antithesis of our country’s Judeo-Christian imperative—and it makes his Evil Rich relatively better off.