We're a long way from Obama's "firm pledge" in 2008:
On September 8th 2010, at a speech in Parma, Ohio, Obama admitted that if Congress did not act on extending the Bush tax cuts "taxes are scheduled to go up substantially next year -- for everybody."
Today, Wednesday September 29th Congress adjourned without passing an extension of the Bush tax cuts. The vote was close. The adjournment passed by only one vote 209-210 with Nancy Pelosi breaking the tie and casting one of her last votes as Speaker. 39 Democrats joined ALL House Republicans (roll call record here)in voting against adjournment until action was taken to extend the tax cuts and give businesses and Americans the certainty they need to create jobs and protect their families finances.
House GOP Leader John Boehner, who may soon return as the Speaker to replace Nancy Pelosi decried this move as "irresponsible" for Democrats to leave town without voting on this issue. [Boehner's video statement].
Tax Hikes to Impact Lower Income Families Hardest!
In a story from the Associated Press, here's the impact on small income families:
A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.Forbes has more info on how taxes at all levels will rise. In addition, return of the death tax appears just in time for Halloween. From Americans for Tax Reform:
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.Refusal by Democrats to take action results in THE LARGEST TAX INCREASE IN AMERICAN HISTORY!