First You See It, Now You Don’t – The Reuters Middle Class Tax Article

Just have to love the news bite site – Before It’s News that captured “**REUTERS: Backdoor taxes to hit middle class…” An anonymous member captured original article text:

“Backdoor taxes to hit middle class

-The Obama administration’s plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.

In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year — effectively a tax hike by stealth.

While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.

The targeted tax provisions were enacted under the Bush administration’s Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.

If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.”

With a Continue that leads to this broken link: http://ca.news.yahoo.com/s/reuters/100201/us/usreport_us_budget_backdoortaxes

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Even the New York Times makes mention of the event

Reuters Retracts ‘Taxes To Hit Middle Class’ Article

I just love Rush’s view:

The article drew scattered attention from conservative bloggers, some of whom questioned the retraction, and on his radio show, Rush Limbaugh said, “Reuters has withdrawn the story because the truth is not to be tolerated in the Obama administration.”

So much for Freedom of the Press!

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