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.