Are you ready to pay more taxes in 2011??

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.

....If President Bush's tax cuts are allowed to expire at the end of this year, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. Lower-income families will pay more too: 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.

This is not what is needed to keep the economy going. Right when things may be turning around the bulk of tax payers will be hit with less income thanks to taxes.

Investors will pay more on their earnings next year, the tax on dividends will jump to 39.6 percent from 15 percent and the capital-gains tax increases to 20 percent from 15 percent.

Also, the death tax may be back as early as this year, and there is talk of making it retroactive!

Does this make sense to anyone?

To read the who article go to Yahoo! News