While major media report on "tax cuts" proposed by our dear President the Wall Street Journal found major, triple, tax increase on corporate dividends.
Mr. Obama is proposing to raise the dividend tax rate to the higher personal income tax rate of 39.6% that will kick in next year. Add in the planned phase-out of deductions and exemptions, and the rate hits 41%. Then add the 3.8% investment tax surcharge in ObamaCare, and the new dividend tax rate in 2013 would be 44.8%—nearly three times today's 15% rate.
Belive it or not that means that those of us who invested in anything, like 401k, will be affected. Not just those "
filthy rich individuals who make $200,000 a year."
According to the Investment Company Institute, about 51% of adults own stock directly or through mutual funds, which is more than 100 million shareholders. Tens of millions more own stocks through pension funds. Why would the White House endorse a policy that will make these households poorer?
Read it here
