President Obama Tax Policy And John Boehner's Hypocrisy

John Boehner is lying again to the American public and especially his home district in Ohio. He states on his website that American families and small businesses will face a massive $3.8 trillion tax hike in 2011. That a family of four making$55,000 would pay an additional $2,100 in new taxes. The child tax credit would be cut in half costing families $1,033 per year.The 10% rate will be eliminated costing 88 million taxpayers $503 per year.The death tax will be reinstated with rates as high as 55%.

Before responding to Mr. Boehner concerning the 20011 budget, I would like to review the American Recovery and Reinvestment Act(Stimulus)of 2009.Under that Act, 95% of American families received a tax cut for $243.4 billion.$145.6 billion were distributed in contracts,grants and loans and $169 billion for entitlements.The Obama 2011 budget plans to raise taxes on incomes over $200,000(individual) and $250,000(families) and an estimate $700 billion in revenue will be raised over ten years.This increase only affects 2% of our population.He will increase the capital gains tax from 15% to 20%.That increase will affect more than the 2% of the population but the majority of the tax will come from high income earners.This would raise$24 billion over ten years.

President Obama wants to expand the child care tax credit by doubling it for families under $85,000.He also wants to permanently extend the American Opportunity tax credit for higher education.A permanent Lower Income tax credit will also be available to families with three or more children worth $5,657.The Make Work tax credit would also be extended to put a little more money in each paycheck for workers.He also wants to change the parameters of the Alternative Minimum Tax that was originally for high income earners.President Obama wants to make the Bush tax cuts permanent for 98% of the population.To increase investment in small businesses,he wants eliminate capital gains taxes for stocks bought and held (five years)since 2009. To raise revenue, he wants to tax hedge and private equity fund managers at the normal income rate(not at 15%).Also,limiting high income deductions at 28% will generate $291 billion over ten years.Finally,President Obama wants to keep the estate tax at a $3.5 million exemption level and a 45% rate(more generous than the current rate).

What can I say? Boehner fails to support his own constituency.I wonder if they know the real facts.