Nearly 60 per cent of American voters say they lack faith in President Barack Obama, according to a public opinion poll published on Tuesday.
The results of The Washington Post/ABC News poll are a reversal of what voters said at the start of Obama's presidency 18 months ago when about 60 per cent expressed confidence in his decision making.
Confidence in Obama is at a new low but the poll found that his numbers are still higher than lawmakers of either major party four months ahead of the November congressional elections.
I didn't write this... but it's a good read.
More "Change" to come. Watch out for a VAT Tax.
Sit back and enjoy as America collapses under the new "Change".
6 MONTHS TO GO UNTIL THE LARGEST TAX HIKES IN HISTORY – OBAMA “CHANGE”
In just 6 months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:
FIRST WAVE: EXPIRATION OF 2001 & 2003 TAX RELIEF
In 2001 & 2003, a GOP Congress enacted several tax cuts for investors, small business owners, & families. All will expire on Jan. 1, 2011.
PERSONAL INCOME TAX RATES WILL RISE - The top income tax rate will rise from 35 to 39.6% . The lowest rate will rise from 10 to 15%. Rates in between will also rise. Itemized deductions & personal exemptions will phase out.
HIGHER TAXES ON MARRIAGE & FAMILY - The “marriage penalty” will return from the first dollar of income. Child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. Dependent care & adoption tax credits will be cut.
RETURN OF THE DEATH TAX - A person could easily leave a death tax bill to loved ones.
HIGHER TAX RATES ON SAVERS & INVESTORS - Capital gains tax will rise from 15% this year to 20% in 2011. Dividends tax will rise from 15% this year to 39.6% in 2011 & to 3.8% in 2013.
SECOND WAVE: OBAMACARE
There’s over 20 new or higher taxes in Obamacare. Several will go into effect on Jan 1, 2011.
MEDICINE CABINET TAX - Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines, except insulin.
SPECIAL NEEDS KIDS TAX - Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal limit). There’s one group of FSA owners that this new cap will be particularly cruel: parents of special needs children. There’s thousands of families with such children. Many of them use FSAs to pay for special needs education.
HSA WITHDRAWAL TAX HIKE - Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10% to 20%.
THIRD WAVE: ALTERNATIVE MINIMUM TAX (AMT) & EMPLOYER TAX HIKES
In Jan. of 2011 you will be in for a nasty surprise - many tax relief provisions will have expired. Major items include:
The AMT will ensnare over 28 million families, up from 4 million last year. The Tax Policy Center says Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families, rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice & pay taxes at the higher level.
Small business expensing will be slashed and 50% expensing will disappear. Small businesses normally deduct, or depreciate equipment purchases up to $250,000. This will be cut to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”
Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. High marginal tax rates with the loss of this tax relief will cost jobs.
TAX BENEFITS FOR EDUCATION & TEACHING REDUCED - Deduction for tuition & fees won’t be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. Student loan interest deduction will be disallowed for hundreds of thousands of families.
CHARITABLE CONTRIBUTIONS FROM IRAs NO LONGER ALLOWED - Presently, a retired person can contribute up to $100,000 per year directly to a charity from their IRA. This contribution counts toward an annual required minimum distribution. This ability will no longer be there.
I saw this last night. interesting read.
http://www.aolnews.com/politics/article … s=facebook
time will tell. republicans can't seem to agree on what their party stands for. they have no viable 2012 candidate.
http://www.politicsdaily.com/2010/07/11 … e-against/
is obama paying price for generating over expectation during campaign?
He's paying the price for being a corrupt, incompetent, small-time Chicago pol in way over his head.
well may be bush's saga made usa swept away from change is here theme..what say?
by OLYHOOCH4 years ago
I don't care, WHO, wrote this. It DESERVES A RE-PRINT, for those of you that did not see it. WASHINGTON POST HITS OBAMA Finally, the Washington Post speaks out on Obama! This is very brutal, timely though. As I'm sure...
by Susie Lehto12 months ago
"This is the closest that we have come to repealing Obamacare."I am over joyed at the moment! I confuse that I thought Speaker of the House Ryan was another Republican Rhino like John Boehner. The...
by SparklingJewel6 years ago
"It takes twenty years to build a reputation and five minutes to lose it. If you think about that, you will do things differently"-Warren Buffett In just six months, on January 1, 2011, the largest tax hikes...
by Susan Reid4 years ago
Good for Soledad O'Brien!CNN anchor Soledad O'Brien debunked the pervasive right-wing media falsehood that President Obama "stole $700 billion" from Medicare. Right-wing media have repeatedly claimed that the...
by Alternative Prime11 months ago
Opening his mouth doesn’t appear to be a strong suit for poor ole’ backwards Jeb - Every time he yaps his trap his big “Special” brother George W looks like the intelligent sibling ~ How much...
by Susan Reid4 years ago
I saw this Dr. John Whitley on Anderson Cooper tonight. I will have to find that clip. Anderson chewed him up good and spat him out.But the real question is -- do they honestly have nothing better to offer the citizens...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.