If you want your federal taxes reduced you will have to wait until 2017. If you want your state and local taxes reduced, move—now. Before President Obama lied about allowing you to keep your doctor and health insurance, he told his most famous fib: promising that he would never raise any form of taxes on anyone who earned less than $250,000. On February 4, 2009, only 16 days after his inauguration, he raised taxes on tobacco users, whose average income is less than $40,000. Obama signed the Affordable Care Act, which created 20 different new taxes. And on January 1, 2013, the president refused to extend all of George W. Bush’s temporary tax cuts, including the Alternative Minimum Tax (AMT) patch. Eighty-five of the cuts, measured by dollar value, were were made permanent, but 15 percent lapsed.
Today the House forestalls any effort to hike taxes, while the Democrat-controlled Senate and White House guarantee that GOP plans for tax reform—cutting the top rates for individuals and businesses to 25 percent, instituting a territorial tax system, allowing the expensing of business investment—are on ice until 2017.