Time to Vilify & Tax The Rich?

With the elections in less than 2 weeks the campaign rhetoric is heating up. On the federal level one of the hot button issues is the expiration of the so-called “Bush” tax cuts, set to expire on January 1st, 2010.  Despite the harsh recession Congress has failed to extend the 2001 & 2003 tax cuts....

With the elections in less than 2 weeks the campaign rhetoric is heating up. On the federal level one of the hot button issues is the expiration of the so-called “Bush” tax cuts, set to expire on January 1st, 2010. 

Despite the harsh recession Congress has failed to extend the 2001 & 2003 tax cuts. Much campaign rhetoric has centered around weather or not to hike taxes on the top 5% of income earners, or not. Without any action income tax rates will rise significantly for all the following tax brackets, not just the top-earners.

• The 10% bracket rises to an expanded 15%
• The 25% bracket rises to 28%
• The 28% bracket rises to 31%
• The 33% bracket rises to 36%
• The 35% bracket rises to 39.6%

Additionally the capital gains, dividends, and death taxes will also rise. The holdup to extending the tax cuts is the old “tax cuts for the rich” argument from Speaker Pelosi and other Congressional leaders.

But aren’t these people in the top income brackets just evil rich people? This “investigative” video set out to find the truth.