Hold Onto Your Wallets If Obama Wins A 2nd Term

If Obama wins a second term – plan on forking over a lot more of your hard earned income.     Legislation Obama has filed and programs that he has suggested for 2013  include massive tax increases.   

If you and your spouse earn $250,000 expect your taxes to increase an average of 40%

  • Your tax bracket will increase from 35% to 40%.
  • You will be paying Social Security Tax on the full $250,000 of your income.
  • Deductions for State and Local Taxes will be eliminated.
  • Deductions for Mortgage interest will be eliminated.

If you and your spouse earn $150,000 expect your taxes to increase around $15,000 a year.

  • Your Mortgage deduction will be cut in half.
  • You will be paying Social Security Tax on the full $150,0o0.
  • Deductions for State and Local Taxes will be reduced.
  • Deductions for Charitable contributions will be reduced.

Anyone that sells their home for over $250,000 will no longer be able to exempt paying Capital Gains tax. 

Capital Gains taxes will increase from 15% to 30%.

Please take  4 minutes to watch the video from Dick Morris, former Bill Clinton advisor, and then share it with everyone you know.

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