Happy New Year America
Here is what happened on January 1st 2014:
Top Income tax bracket went from 35% to 39.6%
Remember this fact: if you have money, the Democrats want it. These taxes were all passed only with Democrat votes, no Republicans voted for these taxes. These taxes were all passed under the affordable care act, aka Obamacare...
Top Income payroll tax went from 37.4% to 52.2%
Capital Gains tax went from 15% to 28%
Dividends tax went from 15% to 39.6%
Estate tax went from 0% to 55%
Maybe we should have our elected representatives actually read the bills before they vote for them. It might also help if they actually represented us instead of treating us like their personal cash cow.
Meanwhile the law will be challenged in the Supreme Court very soon based on the fact that a tax violates the origination clause. Ken Cuccinelli: This Thursday (May 8th) the Supreme Court will hear arguments in a case challenging Obamacare under the origination clause. If this doesn't violate the origination clause, nothing does.
Check it out at Pacific Legal HERE