Beware of tax hikes

Three tax increases proposed by President Obama and House Democrats on the richest Americans could produce the highest tax rates in a quarter-century. The current proposal by House Ways and Means Committee would be to impose a surtax of up to 5.4% on annual incomes of $350,000 or more to help pay for overhauling the health care system. About 500,000 taxpayers earning $1 million or more would pay the full surtax.(By Richard Wolf, USA TODAY)

As this nation comes to terms with how to balance what has happened to the economy as we know it, expect tax hike to take affect. For instance, lets look at the worst off state in that of the state of California with this statement by By Gene Maddaus Staff Writer of the DailyBreeze.com: The state of California has offered a bill to tax marijuana statewide, much like alcohol or cigarettes. As presented, the state tax officials believe a $50 per ounce tax would generate $1 billion a year in new revenues, which would help close the state’s budget gap.

Every possible measure is being sought by states to stay above what is considered an economic point of no return.

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