Obama and the crash of 2013

November 23, 2011 09:49

[I]n 2013, in addition to those tax rate increases, we have all of the tax increases of Obamacare, the further exploding costs of Obama’s building regulatory blizzard, and the contractionary effect of the Fed’s monetary policies, all at the same time. – Washington Examiner

By: Peter Ferrara at Washington Examiner


Most people do not know that already enacted in current law for 2013 are increases in the top tax rates of virtually every major federal tax.

That is because the tax increases of Obamacare become effective that year, and the Bush tax cuts expire.

As a result, if the Bush tax cuts expire just for singles making more than $200,000 per year, and couples making more than $250,000, in 2013 the top two income tax rates will jump nearly 20 percent, the capital gains tax rate will soar by nearly 60 percent, the tax on corporate dividends will nearly triple, and the Medicare payroll tax will leap by 62 percent for those disfavored taxpayers.

This is on top of the U.S. corporate income tax rate, which is virtually the highest in the industrialized world. The federal rate is 35 percent, with state corporate rates taking it close to 40 percent on average.

But even communist China has a 25 percent rate. The average rate in the heavily socialist European Union is less than that. Formerly socialist Canada has a 16.5 percent rate, going down to 15 percent next year.


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