We already know that the President was disingenuous when he said that his healthcare bill (aka ObamaCare) was not a tax increase. Even the Liberal members of the Supreme Court, including the 2 that he appointed, unanimously said that the President has implemented the largest tax increase on the Middle Class in the history of the Country.
With that tax increase officially “legal”, now in ~six months, the second largest tax increase in the history of America will be thrust onto the Middle Class by raising overall tax rates to pre-2003 levels. The following link, from the Tax Foundation, allows you to quickly calculate the impact of this huge tax increase on your personal situation. My advice? Continue to hold your cash for the coming government taking of your money.
Of course, holding onto your money will exacerbate the depressive Obama-economy. An economy that has already forced trillions of dollars to be parked in cash for fear of future government policy. Enjoy…
This calculator gives you an estimate of your federal tax burden under a variety of scenarios. The three default scenarios are: full expiration of all Bush-era and Obama tax cuts, full extension of these cuts, and President Obama’s plan to partially extend these cuts for families making under $250,000 per year ($200,000 for single filers.) Amounts shown are for tax year 2013, but this can be changed for other scenarios you might want to add.