23 Million Americans Hit By A Tax Hike

The looters in congress are hoping you don’t notice this until its too late for them to do anything about.

CNS News reports:

(CNSNews.com) - Almost 23 million American households are about to have their federal taxes raised by an average of $3,900 this year, but they may not know it yet.

They could get a big surprise when they prepare their tax returns next year.

Among those subject to this already-in-place tax increase are some families making less than $50,000 per year, and virtually all married couples earning between $100,000 and $500,000 a year, according to data published by the Congressional Budget Office.

The looming tax hike is contrary to President Barack Obama’s repeated promise not to increase taxes on any individual earning less than $200,000 a year or on any household earning less than $250,000.

This tax increase on almost 23 million people will happen if Congress does not quickly pass legislation that temporarily increases the amount of income exempt from the Alternative Minimum Tax.

The temporary reprieve passed by Congress for each of the past nine years expired on Dec. 31, 2009, and so far, Congress has not extended the AMT “fix” for 2010.

The ATM was originally designed to rob so-called “rich” people who were productive enough to actually earn a decent living.

Since no one should be allowed to earn more than their neighbor, the congress setup the ATM tax to violently expropriate the wealth of the productive class.

Chairman Mao comments on the need for an ATM Tax:

There is a serious tendency towards capitalism among the well-to-do peasants. This tendency will become rampant if we in the slightest way neglect political work [violent expropriation of their property] among the peasants during the co-operative movement and for a long period after.