Under current law federal income taxes will now increase next year (2011) for virtually every American

From the former tax man of J. Paul Getty (who was the richest man in the world for many years): Obama is raising the lowest tax bracket by 50% (15% from 10%) while he is raising the highest rate only 13% (39.5% from 35%). President Bush made sure the poor got a better break than the rich which is all but forgotten in progressives race to screw the poor just like they have in the first “death panel” edicts handed down on Medicaid.

Taxes on dividend income goes up 167% (39.5% from 15%) clearly illustrating Obama’s lack of economic understanding of the part investment in the private sector plays in making our economy thrive.

President Obama's Tax Piracy

Among the bonehead increases that beckon to shove the economy back into recession is a nearly 20% increase in the top two income tax rates, counting the phase-out of deductions and exemptions. The top capital gains tax rate is scheduled to soar by nearly 60%, counting the application of Obamacare's new 3.8% tax on investment income. The tax rate on dividends is scheduled to nearly triple, from 15% to 43.4%, counting the new Obamacare tax as well. The Obamacare legislation also increased the Medicare HI payroll tax rate by 62% for the nation's employers and investors. On our current course, the death tax will rise from the grave next year with a 55% top rate.

At least that was the plan. But the Democrat Congress left town without ever making good on candidate Obama's pledge to the American people in 2008 to avoid any tax increase on those making less than $250,000 a year, by extending all of the Bush tax cuts for everyone below that income level. That means under current law federal income taxes will now increase next year for virtually every American. The bottom income tax rate of 10% will soar by 50% to 15%, and every other income tax rate will rise by a similar amount. The child tax credit will be slashed by 50% from $1,000 per child to $500 per child. The marriage penalty will also rise from the grave to tax more heavily those who are married rather than those who are just living together.

A family of four earning $50,000 per year will pay more than $2,100 in higher taxes. A single mom earning $36,000 per year will pay over $1,100 more in taxes. Married senior citizens earning $40,000 per year will pay more than $1,400 in higher taxes.