Higher Taxes Next Year

Higher taxes next year for 163 million American workers no matter who gets elected:

• SS payroll tax holiday due to expire, rates for individual workers will return to 6.2% up from 4.2% the last two years. US borrowed $103 billion in 2011 and $112 billion in 2012 to make up SS Trust Fund shortage, which added to the national debt. Dems think the average American realizes the payroll holiday was just a temporary fix - we shall see.

• Bush income tax cuts are also due to expire at the end of this year. As it is on paper, this will affect the working poor and middle class the most.

• Obama also wants to jack up taxes on investments and capital gains as well. Greatest impact will be on pension funds and those counting on dividends, interest, and capital gains for support or to enhance their SS income. Those earning $250,000 or more will lose most of their personal discretionary funds that support workers dependent upon them.