REMEMBER THIS FROM OUR LIAR-IN-CHIEF?

"I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes."



Well, he's already broken that pledge....but wait 'til next year.  You ain't seen nuthin' yet!

Bush tax cuts of 2001 and 2003 are set to expire at the end of 2010. Thus, if Congress doesn’t act, the relatively low income tax rates that we’ve been enjoying will soon be a thing of the past. They will be replaced by the pre-2001 tax brackets. In other words, the 10%, 15%, 25%, 28%, 33% and 35% tax brackets that we’ve grown accustomed to will be replaced by 15%, 28%, 31%, 36%, and 39.6% brackets. It’s hard to say exactly where the income cutoffs will lie, but if we base the numbers on the 2010 income tax brackets and add 3% for inflation, the 2011 tax brackets might look something like this:

Tax Bracket	Married Filing Jointly	Single
15% Bracket	$0 – $70,040	$0 – $35,020
28% Bracket	$70,040 – $141,419	$35,020 – $84,872
31% Bracket	$141,419 – $215,528	$84,872 – $177,006
36% Bracket	$215,528 – $384,860	$177,006 – $384,860
39.6% Bracket	Over $384,860	Over $384,860

Capital gains tax changes

Beyond the increased federal income tax brackets, the capital gains tax rates will also be changing (and not for the better). The top rate for long-term capital gains will be rising from 15% to 20%, and the 0% rate for those in the lowest tax brackets will be replaced by a 10% long-term capital gains rate.

So much for "pledges" from this pathological LIAR!
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