When the Bush tax cuts are allowed to expire, it is going to hit lower and middle class families very hard despite Obama's claim that it won't at all

Barry L. Camp :  Obama promised those making 250K and LESS would not see an increase. It's BS, and here's just a few of the reasons why:
 
[When the Bush tax cuts are allowed to expire:]

1. Tax brackets revert to pre-Bush cuts: 10% to 15%, 25% to 28%, 28% to 31%, 33% to 36% and 35% to 39.6%. EVERYONE gets an effective increase in their tax liability.... See More

2. $1000/child tax credit falls back to $500. That hits ALL families, even those in the lower brackets.

3. Return of "Death Tax" - Estate tax comes back at 55%. Insidious, because it is a tax on money already earned and taxed previously.

4. Marriage penalty provisions return.

5. Capital gains rate increases from 15% to 20%.

6. Dividends rate of 10% reverts to rate of Capital gains (up to 39.6%, depending on other income).

7. No adjustment of personal exemption.

8. No adjustment of exemption for 401k contributions.

This is going to hit lower and middle class families very hard, despite Obama's claim that it won't at all.

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