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Inside the 2013 Tax Increase

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  • Description

    FBN’s Lou Dobbs breaks down the changes in your taxes this year.

  • Duration 3:43
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Tonight I want to let everybody know Democrats are coming after your money yes I do mean you.

Not just the top 1% not the top 2%.

The middle class everybody.

You may not know most of you I suspect do which -- getting hammered right now.

Of course it may matter more if you're in the middle class let's let's start with -- White House and its National Economic Council is spending.

The result of that beautiful fiscal -- deal.

And obamacare.

I'm Brian -- from National Economic Council we just completed a major fiscal deal in Washington.

And so all of -- walking through what was in that deal who got what and what it means for our economy let's start with taxes for the middle -- Without this deal taxes were scheduled to go up by about 2200 dollars for the typical middle class them.

Because of this deal that's not gonna happen instead we are going to make permanent low rates for middle class it.

Atmosphere but I gotta feel good about that after yesterday's gets through it was amazing there.

At least that how -- can keep a straight base while he said what a great deal.

Middle class families were getting.

-- -- full video by the way it's seven minutes long but we just went to the heart of the matter that's what we do here.

But nowhere in that seven minutes -- they mention that the fiscal clip deal does raise taxes on middle class families and file.

So tonight we're gonna do what we do.

Here we're gonna talk truth to power and to anyone -- -- 77%.

77%.

-- Lemerre.

Are now paying higher taxes because of the expiration of the payroll tax cut -- 2%.

2%.

Of -- -- that's that's all.

That's been.

It's just about a third more than you were -- when your worth holding her it works out to an average increase for taxpayers.

Of about.

12100.

And fifty dollars.

Per year.

And as I said it -- almost all of the nation's 160.

Million workers if you're making under 101000 dollars a year your fine but just that.

You're actually paying 68 dollars more.

68 bucks more.

As a result of that if you're in the middle class make between 50075050.

To 75.

Thousand dollars.

-- -- You're losing 822.

Dollars.

Let me rephrase that that's not fair to say you're losing the money you sure you're not gonna have that money to spend yourself that you've got to feel better knowing -- government has it right.

Least that's the president's thinking -- President Obama you remember his pledge not to raise taxes on the middle class well hang on because that's gonna get better.

Democrats now say they are not throw raising revenue.

Raising taxes they're demanding higher taxes is part of negotiations of the debt ceiling they say but wait a minute.

The president says he won't negotiate on the debt ceiling.

So I guess he'll have to raise taxes unilaterally.

He seems to -- to do a lot of that but there's another thing whoever thought we would see President Obama.

Want to take credit.

For making.

The bush tax cuts permanent that's what he's doing he's bragging now about the fact the bush tax cuts are permanent.

For 98% of Americans.

I -- politics don't you.

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