Bush Increases Taxes! Lies again!
Breaking his promise...lying again..In June of 1999, when George W. Bush wrote, "If elected president, I will oppose and veto any increase in individual or corporate marginal income tax rates or individual or corporate income tax hikes," he meant, as most of us already knew, on his 18 multi-billionaire friends. He has no problem tripling the taxes of our young people. Where is the Con outrage!
Under the new law, teenagers age 14 to 17 with investment income will now be taxed at the same rate as their parents, not at their own rates. Long-term capital gains and dividends that had been taxed at 5 percent will now be taxed at 15 percent. Interest that had been taxed at 10 percent will now be taxed at as much as 35 percent.
The increases, which are retroactive to the first day of the year, are expected to generate nearly $2.2 billion over 10 years, according to the Congressional Joint Committee on Taxation, which issues the official estimates.
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