Obama and the Democrat controlled Congress continues their destruction of America and the working people. To continue to increase tax on the rich and investments is a destruction of jobs , the poor don't start companies and invest in jobs, the rich do.
In just six months, on January 1, 2011, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves.
On January 1, 2011, here's what happens... (read it to the end, so you see all three waves)...
First Wave:
Expiration of 2001 and 2003 Tax Relief In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011.
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed).
The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise.
Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.
The full list of marginal rate hikes is below:
*The 10% bracket rises to an expanded 15%
*The 25% bracket rises to 28%
*The 28% bracket rises to 31%
*The 33% bracket rises to 36%
*The 35% bracket rises to 39.6%
Higher taxes on marriage and family. The "marriage penalty" (narrower tax brackets for married couples) will return from the first dollar of income.
The child tax credit will be cut in half from $1000 to $500 per child.
The standard deduction will no longer be doubled for married couples relative to the single level.
The dependent care and adoption tax credits will be cut.
The Return of the Death Tax. This year only, there is no death tax. (It's a quirk!) For those dying on or after January 1, 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes, a business, a retirement account, could easily pass along a death tax bill to their loved ones. Think of the farmers who don't make much money, but their land, which they purchased years ago with after-tax dollars, is now worth a lot of money. Their children will have to sell the farm, which may be their livelihood, just to pay the estate tax if they don't have the cash sitting around to pay the tax. Think about your own family's assets. Maybe your family owns real estate, or a business that doesn't make much money, but the building and equipment are worth $1 million. Upon their death, you can inherit the $1 million business tax free, but if they own a home, stock, cash worth $500K on top of the $1 million business, then you will owe the government $275,000 cash! That's 55% of the value of the assets over $1 million! Do you have that kind of cash sitting around waiting to pay the estate tax?
Higher tax rates on savers and investors.
The capital gains tax will rise from 15 percent this year to 20 percent in 2011.
The dividends tax will rise from 15 percent this year to 39.6 percent in 2011.
These rates will rise another 3.8 percent in 2013.
Second Wave: Obamacare
There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:
The "Medicine Cabinet Tax". Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).
The "Special Needs Kids Tax". This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.
There are thousands of families with special needs children in the United States , and many of them use FSAs to pay for special needs education.
Tuition rates at one leading school that teaches special needs children in Washington , D.C. ( National Child Research Center ) can easily exceed $14,000 per year.
Under tax rules, FSA dollars can not be used to pay for this type of special needs education.
The HSA (Health Savings Account) Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
Third Wave:
The Alternative Minimum Tax (AMT) and Employer Tax Hikes. When Americans prepare to file their tax returns in January of 2011, they'll be in for a nasty surprise-the AMT won't be held harmless, and many tax relief provisions will have expired.
The major items include:
The AMT will ensnare over 28 million families, up from 4 million last year.
According to the left-leaning Tax Policy Center , Congress' failure to index the AMT will lead to an explosion of AMT taxpaying families-rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.
Small business expensing will be slashed and 50% expensing will disappear.
Small businesses can normally expense (rather than slowly-deduct, or "depreciate") equipment purchases up to $250,000.
This will be cut all the way down to $25,000. Larger businesses can currently expense half of their purchases of equipment.
In January of 2011, all of it will have to be "depreciated."
Taxes will be raised on all types of businesses.
There are literally scores of tax hikes on business that will take place. The biggest is the loss of the "research and experimentation tax credit," but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.
Tax Benefits for Education and Teaching Reduced.
The deduction for tuition and fees will not be available.
Tax credits for education will be limited.
Teachers will no longer be able to deduct classroom expenses.
Coverdell Education Savings Accounts will be cut.
Employer-provided educational assistance is curtailed.
The student loan interest deduction will be disallowed for hundreds of thousands of families.
Charitable Contributions from IRAs no longer allowed.
Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.
This contribution also counts toward an annual "required minimum distribution." This ability will no longer be there.
PDF Version Read more: <" href="http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171%3E" rel=nofollow target=_blank>;; http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waPq1
And worse yet?
Now, your insurance will be INCOME on your W2's! One of the surprises we'll find come next year, is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation . . . the dupes, er, dopes, who backed this administration will be astonished!
Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort.
If you're retired? So what... your gross will go up by the amount of insurance you get.
You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That's what you'll pay next year.
For many, it also puts you into a new higher bracket so it's even worse.
This is how the government is going to buy insurance for the15% that don't have insurance and it's only part of the tax increases.
Not believing this??? Here is a research of the summaries.....
On page 25 of 29: TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001, as modified by sec. 10901) Sec.9002 "requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excludable from the employees gross income."
- Joan Pryde is the senior tax editor for the Kiplinger letters.
- Go to Kiplingers and read about 13 tax changes that could affect you. Number 3 is what is above.
Why am I sending you this? The same reason I hope you forward this to every single person in your address book.
People have the right to know the truth because an election is coming in November!
Someone doesn't read the news. Obama has said that they want to continue all tax cuts except to the top 3% of americans. For them, the rate will go from 35% to 39.5% Just like it was in the 90's. I remember the 90's, the budget got balanced, the economy was doing well. I don't know if its true, but how can such a small increase in taxes be the largest increase in history?
Quote from: Anmar on August 13, 2010, 05:57:10 PM
Someone doesn't read the news. Obama has said that they want to continue all tax cuts except to the top 3% of americans. For them, the rate will go from 35% to 39.5% Just like it was in the 90's. I remember the 90's, the budget got balanced, the economy was doing well. I don't know if its true, but how can such a small increase in taxes be the largest increase in history?
read the article again. its pretty good at explaining it. btw the top 5% already pay over 50% of all taxes anyway. Now when tthey have to shell out more in taxes, their going to cut jobs to cover the increase. Happens every time a dem gets tax crazy.
This is only the beginning... you ain't seen nothing yet from this a**hole we call our president.
Time to vote the mother (blank) out! Take him off at the knees in 2010 and kick his butt back to the sandpile in 2012.
I hope I haven't offended any far-left liberal democrats. If I have, please speak up and let me know.
New from the latest mail order houses....
Progressive liberal democrat, rope, tree. No batteries needed. Some assembly required.
Order yours today!
Quote from: Anmar on August 13, 2010, 05:57:10 PM
Someone doesn't read the news. Obama has said that they want to continue all tax cuts except to the top 3% of americans. For them, the rate will go from 35% to 39.5% Just like it was in the 90's. I remember the 90's, the budget got balanced, the economy was doing well. I don't know if its true, but how can such a small increase in taxes be the largest increase in history?
Obummer
says a lot of things, but bullspit is still bullspit... Talk is cheap! How's that 8% max unemployment rate thing doing? Or that close Gitmo in 100 days thing. Or that no to the national prayer breakfast and yes to muslim ramadan celebration dinner at the white house thing. Or that transparency thing. Or that post-racial presidency crap. Or those stimulus funds going overseas thing.
Google 'Cloward and Pliven strategy' and see what's really happening people. Remember, public (government run) schools, government directed agriculture and progressive income taxation were all keystones to Karl Marx Communist Manifesto. Those who refuse to learn from history are doomed to repeat it. Is it an accident that the progressive democrats in power now are so agressively pursuing these plans? To be sure, there are progressives on both sides of the isle. Bad news for the Republic to be sure.
Can't happen in America, you say? Keep on dreaming. It's time to decide and act. While there's still time.
Quote from: Warph on August 14, 2010, 03:00:36 AM
This is only the beginning... you ain't seen nothing yet from this a**hole we call our president.
Time to vote the mother (blank) out! Take him off at the knees in 2010 and kick his butt back to the sandpile in 2012.
I hope I haven't offended any far-left liberal democrats. If I have, please speak up and let me know.
Him and any other Wilson worshiping POS incumbent elitist 'progressive'. Contrary to popular belief, government is
NOT necessarily your friend.
"Power tends to corrupt, and absolute power corrupts absolutely. Great men are almost always bad men."
Lord Acton, 1887
Quote from: Patriot on August 14, 2010, 04:27:52 AM
New from the latest mail order houses....
Progressive liberal democrat, rope, tree. No batteries needed. Some assembly required.
Order yours today!
What a bunch of bullshit, threaten people with hanging because they dare to disagree with you.... obviously the author of that remark is an evil fascist bastard.
Quote from: jerry wagner on August 14, 2010, 07:01:15 AM
What a bunch of bullshit, threaten people with hanging because they dare to disagree with you.... obviously the author of that remark is an evil fascist bastard.
Whatcha' talkin' 'bout Jerry?? Treason is a hangin' offense, boy. Patriot is right on the money with that one. Before you spout off with your tolerance and diversity BS, do a little research, goggle 'cloward and pliven', open your eyes and take a good look around and see what is going on.
Increasing taxes is not treason smart guy.
Gee, do ya think?? Tell me something though, when did I say anything about raising taxes dipshit?
Read the title of the thread....
And thanks for another fine display of your good, moral, christian conservative values....
Quote from: Anmar on August 14, 2010, 10:33:47 AM
Increasing taxes is not treason smart guy.
Try following the conversation as it changes. Your above quote was directed at me for my post...
Quote from: Varmit on August 14, 2010, 07:18:32 AM
Whatcha' talkin' 'bout Jerry?? Treason is a hangin' offense, boy. Patriot is right on the money with that one. Before you spout off with your tolerance and diversity BS, do a little research, goggle 'cloward and pliven', open your eyes and take a good look around and see what is going on.
Even my six year old daughter could tell I wasn't talking about taxes...dumbass.
awww poor varmit woke up on the wrong side of the bed. Well, its pretty easy to sit at a computer keyboard and call people names. Every time i think about throwing my vote to a tea party or republican type, all i have to do is picture you and think about how crappy our country would be if we let someone so angry, scared, and bitter run our great nation.
Really?...Thats the best you got...I call you out on something and you run...sad.
But wait just a sec...didn't you say that we shouldn't judge an entire group of people based on the actions of a few?? Or are you just trying to illustrate the diversity of your moral standing?
All Hail Warph! All Hail Varmit! All Hail Patriot! Go to Hell Jerry! Go to Hell Anmar!!
guess who????
P.S. Jerry's learning new, big words up there in Canada! WOW!
Not to worry guys. When anmar and jerry get the progressive liberal utopian new fantasy world order they seem to really believe can exist (in spite of any accurate view of true human nature and with no regard for the true history of nations & men), Warph will be provided a taxpayer supported lobotomy, Frawin & Varmit will be incarcerated for life for their hate thoughts, I will be stuck figuring out how to escape from the new world order re-education center, and KsHillbilly will be on the involuntary euthanasia short list!
I didn't come up with it, but I'm liking it more and more each day:
Progressive liberal democrat, rope, tree. No batteries needed. Some assembly required.
Hang in there anmar/jerry. I'm sure your peaceful utopia is out there...somewhere. (Hanging pun purely coincidental.)
Quote from: jerry wagner on August 14, 2010, 07:01:15 AM
What a bunch of bullshit, threaten people with hanging because they dare to disagree with you.... obviously the author of that remark is an evil fascist bastard.
jerry! Such spiteful, intolerant words. Go wash your keboard out with soap! Tsk, tsk, tsk. Careful, you might get nominated as a progressive club regional committee spokesperson.
Quote from: Patriot on August 14, 2010, 04:52:57 PM
jerry! Such spiteful, intolerant words. Go wash your keboard out with soap! Tsk, tsk, tsk. Careful, you might get nominated as a progressive club regional committee spokesperson.
shove it Patriot, I've conducted myself calmly and politely for quite some time... I've had with the name calling and frankly don't give a shit. Btw save your lecture for the others using the same language until you do go to hell.
Quote from: jerry wagner on August 14, 2010, 07:10:46 PM
shove it Patriot, I've conducted myself calmly and politely for quite some time... I've had with the name calling and frankly don't give a shit. Btw save your lecture for the others using the same language until you do go to hell.
The trouble with hypocrisy is that eventually the truth shows itself. Thanks for finally showing us your true self, jerry.
Quote from: Patriot on August 14, 2010, 09:00:21 PM
The trouble with hypocrisy is that eventually the truth shows itself. Thanks for finally showing us your true self, jerry.
Yes you are correct... it was a shame to see your hypocritical treatment regarding language on this forum. My true self? After all, I should continue to take abuse and foul language and not respond in kind? My mistake.... your lack of any measure of honesty in dealing with this displays your true understanding of respect. As I said, Shove it! Your thunderous self-righteous crap is piling up, but not to worry I'm sure you will continue to shovel it.
I do hope you feel better now, jerry.