We are hearing all over the news that Obama is "raising taxes".
Rarely is it mentioned who the victims of these "higher taxes" are.
Here's the truth: Obama is allowing the *Bush tax cuts* on the wealthiest 1% of people in this country to *expire* in 2010. Since 2001, corporate taxpayers have received almost half a trillion dollars in tax relief. And that doesn't include deductions.
A half of a trillion dollars.
Their taxes will go up roughly 3-4.5%: 33% goes to 36% and 35% goes to 39.6%.
This is a small group of people compared to what, 99% of the wage earners in this nation?
These corporate taxpayers are the same group we are bailing out.
If you want to get a sense about who will be affected and how, check this out from The Tax Foundation.
Charitable donation tax deductions are being reduced, too.
There has been an outcry that people won't donate to charities because of this.
My thinking is: if you are giving to charities in the spirit of charity, it won't matter how much you get out of it.
That's what philanthropy is: a gift that is given without expecting something in return.