TAX NEWS - 2010

Obama Tax Hike Exemption Card

What's in your wallet? It will be nothing by the time Obama and his Congressional gang of thieves get done with their expanding list of new taxes. If you earn under $250,000 candidate Obama promised you no new taxes of any kind. Starting 16 days after he took office, you are getting new taxes. You can be taxed on an expanding list of things from an artificial limb to a visit to the tanning salon. Now Americans for Tax Reform (ATR.org) is issuing an Obama Tax Hike Exemption Card to protect you from these taxes you're not supposed to pay.

ATR suggests you take a video camera with you when you use the card and send them any interesting reactions from the merchants.

You may have noticed that President Obama has broken his central campaign promise – a "firm pledge" that Americans making less than $250,000 would not see "any form of tax increase." He first broke this pledge sixteen days into his presidency when he signed a 156 percent increase in the federal excise tax on tobacco. And Obamacare contains 21 tax increases – several of which violate his "firm pledge".

To protect you from these tax hikes, Americans for Tax Reform presents the "Obama Tax Hike Exemption Card". The card fits neatly in your wallet and contains a list of the tax hikes signed into law by President Obama that violate his tax pledge, as well as a few other taxes that have been threatened: a European-style Value-Added Tax, Cap and Trade taxes, and even a federal soda tax.

Aside from the taxes which overtly break that campaign promise, the real issue isn't the taxing but the spending. Ultimately somebody's got to pay for these trillion-dollar-a-year deficits plus the debt service, and a modest tax increase on the top 3% of Americans isn't a drop in the bucket. There have got to be huge tax increases that come out of this, plus major inflation that will decimate all of our nest eggs and retirement funds.

Hey, I just re-watched that Obama pledge, and it turns out he didn't lie after all. He said our taxes wouldn't go up by a single dime. This is true. Our taxes did not go up by a single dime. They're going up in the hundreds or thousands, but certainly not a single dime.