Remember when the Liar in Chief stated there would be no additional taxes on those earning less than $400,000/$450,000 or $250,000? Now, did you really believe that?
Hold on to your shorts boys & girls, your cousin bobby is going to illustrate what the impact of the "no additional taxes" is just to Madison County Illinois.
Data is from the 2010 US Census.
Average household income = $49,948
Average increase in statutory withholdings for federal tax rate increases effective 1 Jan 2013 = 2%
Average household increase in federal taxes for 2013 = $999
Number of households = 101,953
ADDITIONAL funds pulled from the local economy due to the Liar in Chief’s no additional taxes platform = $101,851,047.
Within that $100M dollars, is a goodly sum of dollars that WILL NOT be spent with the local Mom’s & Pop’s places of business or invested. How does that impact recovery?
Remember, this is only for one county.