Increased Taxes

Bob and I do not make $235,000 or more a year. That's right - the original limit was $250,000 per year but it has been lowered.

Possibly you will also not be hit with increased income taxes; however, you and I will get hit with other tax hikes.

Higher taxes on cigarettes. Higher taxes on sugared drinks. Higher costs due to Cap and Trade. Cap and Trade will cost the average American household over $3,000 per year.

Possibly our medicare withheld tax will be increased to help cover government health care. It is currently 1.45% of each earned $1. It is matched by your employer. I suspect this rate will increased to 2% by the end of 2010.

The number of unemployed rises each month. Costs are covered in part by your employer who pays the state unemployment tax based on experience and industry. Bob's little company pays 0.6% unemployment to the state of Illinois but it has been as high as 2.1%. Even the uneducated can guess that these rates will double for employers. This will hit small companies very hard too.

No taxes or lower taxes if you make less than $235,000. Grab your wallets. It's not over by far.

'til later