Oh Yes, Your Taxes Are Going Up

by Melissa Clouthier | July 28, 2010 12:08 am

The Obama administration can spin it like a top. The Democrats can try to blame Bush (it was they who refused to make tax cuts permanent). The Heritage Foundation has a calculator to analyze how much[1]:

The constant refrain from those who oppose the tax relief is that they benefited only the rich. If the tax cuts expire as scheduled, this myth will be proven untrue once and for all. But taxpayers don’t have to wait until next year to see how much bigger a bite Uncle Sam will take. The Tax Foundation recently created a tax calculator that will show them how much more they will pay in taxes next year.

Go here and plug in your data[2] and be horrified.

Bonus points: Now imagine how taking this money out of the private sector, out of your spending money, is going to harm the economy generally. The government will lose more in lost taxes than it gains. Count on it.