Originally Posted by dklassen

More food for thought. This was the Bush tax CUT

27% rate goes to 25%
30% rate goes to 28%
35% rate goes to 33%
38.6% rate goes to 35%
The existing 10% and 15% rates remain unchanged.

Sunset Rule: Without further action by Congress, rates will revert to 15%, 28%, 31%, 36%, and 39.6% after 2010. The 10% rate would disappear altogether.

That's what Obama is going to do, let the Bush tax CUTS expire. That means any low income folks such as yourself (self described) who may be in the 10% rate will go back up to 15%. That's a lot of low income families. Add on a VAT tax which is exactly what he aims to do, a lot of people are going to get the shaft. Not rich people... poor people.