Here is the story from CA.gov. They say its withholding tax that goes up, then you get less back, BAM, redistribution of wealth. Its important to note that this administration will lie about the truth. Somehow they will say that we will get this money back, yeah right. Then why take it in the first place?
http://www.ftb.ca.gov/aboutFTB/State_Wage_Withholding_Rates_Increased.shtml
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3 years ago
Top Ten Tax Increases Included In H.R. 3962
ReplyDelete1. Small Business SURTAX (Sec.551, p. 336)
$460.5 Billion
2. Employment Mandate TAX* (Secs 511-512, p.308)
$135.0 Billion
3. Individual Mandate TAX* (Sec. 501, p.296)
$ 33.0 Billion
4. Medical Device TAX* (Sec.552, p. 339)
$ 20.0 Billion
5. $2,500 Annual Cap on FSAs* (Sec. 532, p. 325)
$ 13.3 Billion
6 Prohibition on Pre-Tax Purchases of Over-the-Counter
Drugs through HSAs, FSAs, and HRAs* (Sec. 531, p.324)
$ 5.00 Billion
7. Tax on Health Insurance Policies to fund Comparative Effectiveness Research Trust Fund* (Sec. 1802, p.1162)
$ 2.00 Billion
8. 20% Penalty on certain HSA Distributions* (Sec. 533, p.326)
$ 1.30 Billion
9. Other Tax Hikes and Increase Compliance on U.S. Job Creators
$ 56.4 Billion
> IRS reporting on payments to certain businesses (Sec. 553, p.344)
$ 17.1 Billion
> Delay implementation of worldwide interest allocation rules (Sec. 554, p. 345)
$ 26.1 Billion
> Override U.S. treaties on certain payments by "insourcing" business (Sec. 561. p. 346)
$ 7.50 Billion
> Codify economic substance doctrine and impose penalties (Sec.562, p.349)
$ 5.7o Billion
10. Other Revenue-Raising Provisions
$ 3.00 Billion
TOTAL TAX INCREASE . . . . . . . . . . $729.5 Billion
*[Violates President Obama's pledge to avoid tax increases on Americas earning less than $250,000]