Timothy Geithner, Obama's Secretary of the Treasury, announced that the IRS, under his direction, will vigorously pursue tax cheats in order to recover revenue due to the government.
This statement comes from the man who was caught cheating on his income taxes over a period of three years to the tune of $34,000, a sum he only paid after it came to light during his confirmation process (all penalties and interest were forgiven by the IRS - you think they'd do that for an ordinary citizen?). Think of that - the boss of the IRS admitted cheating on his taxes.
This man will oversee the largest increase in taxes in the history of the world. Legislation buried in the porkulus bill and the bloated budget will see the following:
- - President Bush's tax cuts will be allowed to lapse in 2010.
- - Social Security taxes will be based on all income, rather than the current cap, meaing that anyone earing over $100K will see an additional 7% tax levied on all income over that level.
- - Top bracket income tax rates will increase to 42%. Anyone making over $250K will see an additional 3% of their income taken away above what they would lose, even after the Bush cuts expire.
- - Lower wage earners will receive 'tax refunds', even though they have not paid any income tax.
- - Capital gains taxes will be increased over their post Bush tax cut levels, though by how much depends upon who you talk to. Figures I've heard vary from 30-45%.
And much, much more .....
Obama The Immaculate has decried that the top 2% of wage earners in this country will be responsible for funding all of his liberal iniatives, and that those 2% are responsible for supporting and paying for the benefits to be given to lower wage earners.
Geithner is the chief finiancial officer of this country. His policies, statements, and willingness to drink the Obama koolaid shows he has a second grader's understanding of economics. He is overseeing and directing not only the largest tax increase in the world's history, but he's also overseeing the largest destruction of personal and corporate wealth in the world's history.
Gee, I really feel good about my money under his control .....