Wednesday, October 20, 2010
Stop the Obama Tax Hikes
Story by: J.P. Duffy or Darin Miller, (866) FRC-NEWS
Looming Massive Tax Hikes
WASHINGTON, D.C. – “The Taxman Cometh: Stopping the Obama Tax Hikes.”
When Congress passed tax relief for families in 2001 and 2003, some members of Congress insisted the tax cuts be staggered and temporary, with the result being a large scheduled tax hike in 2011.
If these cuts are not made permanent, come 2011, American families will face one of the largest tax increases in history; average taxes would rise $1,800 per taxpayer, and 48 million married couples will face an average hike of $3,007, with many paying more than if they merely cohabited. A family of four earning $40,000 would see an increase of over $2,300 in taxes. If President Obama and Members of Congress allow for the tax relief to expire at the end of 2010, Americans will pay about $280 billion more in taxes each year.