Mike Rowse A voice from New Mexico

Just make crap up part two

Barack signed the financial sector overhaul into law this week. He promised the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more tax payer funded bailouts. Period. How many times have you heard a politician say we aren’t going to do this again? Immigration reform in the 90’s? Bailout of Chrysler in the 70’s/80’s? I’m sure it will happen again.

But we will still be paying for the failures; Obama’s plan is to charge banks and financial institutions a fee to fund bailouts in the future. OK boys and girls, where to banks and all other companies get their money? From the consumer. You and I will pay this fee one way or the other as banks have to pass the extra expense on to us.

AND remember the big one? Obama’s not going to raise taxes on anyone making less than $250,000 a year. When the Bush tax cuts expire in January here’s what’s going to happen:
The tax hikes will hit every income level. The top bracket would rise from 35 percent to 39.6 percent; the 33 bracket will rise to 35; 28 will rise to 31; 25 will rise to 28; and the lowest bracket, 10 percent, will rise to 15 percent — a 50 percent hike. Capital gains taxes will rise from 15 percent to 20 percent, and the tax on dividends will skyrocket to 39.6 percent, which is a far cry from the current 15 percent rate. The marriage penalty will return, and the child tax credit will be cut in half from $1,000 to $500.

Those taxes will hit everyone. Even those making $50,000 or less a year. But some of you will try and make a case that Obama didn’t raise taxes on us…