BIGUN 1,053 #1 July 8, 2010 Quote In just six months, 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: 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, there is no death tax. 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 and a retirement account could easily pass along a death tax bill to their loved ones. 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 be used to pay for this type of special needs education. The HSA 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 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 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. Source: Americans for Tax Reform July 1, 2010 Contact: Ryan Ellis, ATR Tax Policy Director: [email protected] Nobody has time to listen; because they're desperately chasing the need of being heard. 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Andy9o8 0 #2 July 8, 2010 Something has to pay for the disastrous combination of George's War coupled with Republican tax cuts. The chickens are coming home to roost. Either that, or it's time to pay the piper. I forget which. Quote Share this post Link to post Share on other sites
hwt 0 #3 July 8, 2010 I can't wait to see the comments posted by the progressives like Lucky..Next year they will still be trying to blame Bush..these tax hikes will make the Democrats responsible for the results just like they are for the failed stimulas .. Quote Share this post Link to post Share on other sites
mnealtx 0 #4 July 8, 2010 QuoteSomething has to pay for the disastrous combination of George's War coupled with Republican tax cuts Barry's Disastrous Medical Boondoggle. Fixed that for you.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Amazon 7 #5 July 9, 2010 Quote Something has to pay for the disastrous combination of George's War coupled with Republican tax cuts. The chickens are coming home to roost. Either that, or it's time to pay the piper. I forget which. You dont expect the rePUBIClowns here to actually believe in FISCAL RESPONSIBILITY do you.. The GOP talking points are all just that... Talk the talk.. but they have no idea how to walk....or run or evn crawl... the walk Quote Share this post Link to post Share on other sites
mnealtx 0 #6 July 9, 2010 Quote Quote Something has to pay for the disastrous combination of George's War coupled with Republican tax cuts. The chickens are coming home to roost. Either that, or it's time to pay the piper. I forget which. You dont expect the rePUBIClowns here to actually believe in FISCAL RESPONSIBILITY do you.. The GOP talking points are all just that... Talk the talk.. but they have no idea how to walk....or run or evn crawl... the walk Given the expansion of deficit spending under Barry, sounds like the GOP have a better handle on the concept than the Dems.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
BIGUN 1,053 #7 July 9, 2010 For those with a 10% income tax (lowest income) with a 5% increase to 15%? The highest percent increase of any wage bracket?!?!? C'Mon... Even the Democrats can't agree with that.... unless the objective is to raise the poverty level.Nobody has time to listen; because they're desperately chasing the need of being heard. Quote Share this post Link to post Share on other sites
Amazon 7 #8 July 9, 2010 Quote Quote Quote Something has to pay for the disastrous combination of George's War coupled with Republican tax cuts. The chickens are coming home to roost. Either that, or it's time to pay the piper. I forget which. You dont expect the rePUBIClowns here to actually believe in FISCAL RESPONSIBILITY do you.. The GOP talking points are all just that... Talk the talk.. but they have no idea how to walk....or run or evn crawl... the walk Given the expansion of deficit spending under Barry, sounds like the GOP have a better handle on the concept than the Dems. Well lets do some maths... Deficit when Ronnie RayGun took office.... 800 BILLION DEFICIT when your HERO left office.... 11+TRILLION I do not think its possible for Barry to run up the deficit by THAT many percentage points. Quote Share this post Link to post Share on other sites
mnealtx 0 #9 July 9, 2010 Quote Quote Quote Quote Something has to pay for the disastrous combination of George's War coupled with Republican tax cuts. The chickens are coming home to roost. Either that, or it's time to pay the piper. I forget which. You dont expect the rePUBIClowns here to actually believe in FISCAL RESPONSIBILITY do you.. The GOP talking points are all just that... Talk the talk.. but they have no idea how to walk....or run or evn crawl... the walk Given the expansion of deficit spending under Barry, sounds like the GOP have a better handle on the concept than the Dems. Well lets do some maths... Deficit when Ronnie RayGun took office.... 800 BILLION DEFICIT when your HERO left office.... 11+TRILLION I do not think its possible for Barry to run up the deficit by THAT many percentage points. Oh my, yes...let's do some maths (you *do* mean nat'l debt and not deficit, since those are the rough numbers you used): Bush increased the debt by 4.9T in 8 years. Barry has increased the debt by 2.5T in 2.45 years. 52.19% of Bush's total increase in 18.21% of the time. Or, would you rather compare by who controlled Congress? From 2001-2006, the Reps increased the debt by 2.95T. Since the Dems took over in 2007, they've run up the bill by 4.5T 152.65% of the Reps' increase in 59% of the time. As for the deficit, the last budget Bush signed had a 400Bn (roughly) deficit - what was the deficit for '09? 1.4T, wasn't it?Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Amazon 7 #10 July 9, 2010 Still not doing so good are you...you left out the deficits of a few others.... OH YEAH. You did not address the DEFICIT brought on by the people YOU voted for... since 1981 when the Reagan VOODOODOO economics began. Face it...You guys and your VOODOODOO is 13.75 times what the deficit was under Jimmy Carter Quote Share this post Link to post Share on other sites
mnealtx 0 #11 July 9, 2010 QuoteStill not doing so good are you...you left out the deficits of a few others.... OH YEAH. You did not address the DEFICIT brought on by the people YOU voted for... since 1981 when the Reagan VOODOODOO economics began. Face it...You guys and your VOODOODOO is 13.75 times what the deficit was under Jimmy Carter National debt, dear, not deficit. Nice try, though. 52% of the increase in 18% of the time - heckuva job, Barry.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Amazon 7 #12 July 9, 2010 Quote Quote Still not doing so good are you...you left out the deficits of a few others.... OH YEAH. You did not address the DEFICIT brought on by the people YOU voted for... since 1981 when the Reagan VOODOODOO economics began. Face it...You guys and your VOODOODOO is 13.75 times what the deficit was under Jimmy Carter National debt, dear, not deficit. Nice try, though. 52% of the increase in 18% of the time - heckuva job, Barry. STILL hiding from the real number.... thats a lot of VOO DOODOO for a party of Fiscal Responsibility Quote Share this post Link to post Share on other sites
Gawain 0 #13 July 9, 2010 Quote Quote Quote Quote Something has to pay for the disastrous combination of George's War coupled with Republican tax cuts. The chickens are coming home to roost. Either that, or it's time to pay the piper. I forget which. You dont expect the rePUBIClowns here to actually believe in FISCAL RESPONSIBILITY do you.. The GOP talking points are all just that... Talk the talk.. but they have no idea how to walk....or run or evn crawl... the walk Given the expansion of deficit spending under Barry, sounds like the GOP have a better handle on the concept than the Dems. Well lets do some maths... Deficit when Ronnie RayGun took office.... 800 BILLION DEFICIT when your HERO left office.... 11+TRILLION I do not think its possible for Barry to run up the deficit by THAT many percentage points. That is so incorrect it's not even funny. You're misrepresenting deficit and debt.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
Lucky... 0 #14 July 9, 2010 BIGUN meet reality, reality meet BIGUN. Other than typical RW fear propaganda, the largest income tax increase was in 1932, the Revenue Act of 1932 raised taxes, top brkt, from 25% to 63%, this measly hike, rather sunsetting cut, isn't even in the same zip code as the the Revenue Act of 1932. Try to at least be somewhat correct when you make a claim for the benefit of fear. http://en.wikipedia.org/wiki/Revenue_Act_of_1932 The Revenue Act of 1932 (June 6, 1932, ch. 209, 47 Stat. 169) raised United States tax rates across the board, with the rate on top incomes rising from 25 percent to 63 percent. The estate tax was doubled and corporate taxes were raised by almost 15 percent Quit with the fear mongering already. Quote Share this post Link to post Share on other sites
Lucky... 0 #15 July 9, 2010 Quote Quote Quote Quote Something has to pay for the disastrous combination of George's War coupled with Republican tax cuts. The chickens are coming home to roost. Either that, or it's time to pay the piper. I forget which. You dont expect the rePUBIClowns here to actually believe in FISCAL RESPONSIBILITY do you.. The GOP talking points are all just that... Talk the talk.. but they have no idea how to walk....or run or evn crawl... the walk Given the expansion of deficit spending under Barry, sounds like the GOP have a better handle on the concept than the Dems. Well lets do some maths... Deficit when Ronnie RayGun took office.... 800 BILLION DEFICIT when your HERO left office.... 11+TRILLION I do not think its possible for Barry to run up the deficit by THAT many percentage points. 2 guys raised taxes inbetween and stopped the bleeding.....how did they do so? Tax increases and chopped spending, the polar opposite of fascist Ronnie and G Dumbya. Quote Share this post Link to post Share on other sites
mnealtx 0 #16 July 9, 2010 QuoteThat is so incorrect it's not even funny. You're misrepresenting deficit and debt. You expected different? She *can't* acknowledge Barry's numbers.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Lucky... 0 #17 July 9, 2010 Quote Quote Quote Quote Quote Something has to pay for the disastrous combination of George's War coupled with Republican tax cuts. The chickens are coming home to roost. Either that, or it's time to pay the piper. I forget which. You dont expect the rePUBIClowns here to actually believe in FISCAL RESPONSIBILITY do you.. The GOP talking points are all just that... Talk the talk.. but they have no idea how to walk....or run or evn crawl... the walk Given the expansion of deficit spending under Barry, sounds like the GOP have a better handle on the concept than the Dems. Well lets do some maths... Deficit when Ronnie RayGun took office.... 800 BILLION DEFICIT when your HERO left office.... 11+TRILLION I do not think its possible for Barry to run up the deficit by THAT many percentage points. Oh my, yes...let's do some maths (you *do* mean nat'l debt and not deficit, since those are the rough numbers you used): Quote Bush increased the debt by 4.9T in 8 years. Barry has increased the debt by 2.5T in 2.45 years. Bush inherited a stable debt, a balanced budget and a 236B surplus, Obama inherited the 2nd worst economy ever and even when FDR inherited the economy, at least Hoover raised income taxes 260%, estate tax doubled, so he had a head start versus an economy in full-on nosedive. Quote 52.19% of Bush's total increase in 18.21% of the time. Not relevant since he inherited a 1 T debt and climbing with the entire country/world in shambles. Quote Or, would you rather compare by who controlled Congress? From 2001-2006, the Reps increased the debt by 2.95T. They took a stable debt picture and threw it into the shitter, yes. And it was just picking up steam as 2007 rolled around and teh Dems stepped in. Quote Since the Dems took over in 2007, they've run up the bill by 4.5T Yes, the debt was in full-on nosedive when the Dems inherited the mess. I guess a truck coming at you at 5 MPH is the same as one at 80MPH is Mikeeland. Quote 152.65% of the Reps' increase in 59% of the time. If you ignore debt/deficit momentum, that makes perfect sense. I guess you could lend me your new car and would expecct it come back in great shape, whereas if I thought like you, I could lend you my 200k mile POS and expect it to come back in new condition. Anything is possible if you frame things in a vacuum. Quote As for the deficit, the last budget Bush signed had a 400Bn (roughly) deficit - what was the deficit for '09? 1.4T, wasn't it? What was the actual addition to the debt in 08? I guess if you look at signed budgets and ignore the trainwreck of >1T in debt addition as well as the unemp rate climbing 3.4% the year preceding Obama, all you see are roses....I see dead roses as I look at teh whole picture, call me a realist. Quote Share this post Link to post Share on other sites
Lucky... 0 #18 July 9, 2010 Quote Quote Quote Still not doing so good are you...you left out the deficits of a few others.... OH YEAH. You did not address the DEFICIT brought on by the people YOU voted for... since 1981 when the Reagan VOODOODOO economics began. Face it...You guys and your VOODOODOO is 13.75 times what the deficit was under Jimmy Carter National debt, dear, not deficit. Nice try, though. 52% of the increase in 18% of the time - heckuva job, Barry. STILL hiding from the real number.... thats a lot of VOO DOODOO for a party of Fiscal Responsibility He's hiding from the reality of a >1T debt increase and an economy on the verge of real total collapse, versus the gem he inherited. Quote Share this post Link to post Share on other sites
Amazon 7 #19 July 9, 2010 Quote Quote That is so incorrect it's not even funny. You're misrepresenting deficit and debt. You expected different? She *can't* acknowledge Barry's numbers. I know what he has spent... inherited... but Reagan and the BUSH Boys.. sure as hell did not inherit over 10 TRILLION in DEBT>> DEFICIT call it what you will.... Bottom line.. you fuckers don't have a fucking clue of how to actually pay the bills. Fiscal responsibility my ASS Quote Share this post Link to post Share on other sites
mnealtx 0 #20 July 9, 2010 Quote2 guys raised taxes inbetween and stopped the bleeding.....how did they do so? Tax increases and chopped spending, the polar opposite of fascist Ronnie and G Dumbya. Disclaimer - the daily numbers for the debt don't start until Clinton's term, so I had to use fiscals for Reagan and the start of GHW. Reagan - 1.69T increase GHW Bush - 1.57T increase Clinton - 1.55T increase Yeah, Lucky...Bubba Jeff was SUCH a difference compared to Ronnie.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Lucky... 0 #21 July 9, 2010 Quote Quote Quote That is so incorrect it's not even funny. You're misrepresenting deficit and debt. You expected different? She *can't* acknowledge Barry's numbers. I know what he has spent... inherited... but REagan and the BUSH Boys.. sure as hell did not inherit over 10 TRILLION in DEBT>> DEFICIT call it what you will.... bottom line.. you fuckers don't have a fucking clue of how actually pay the bills. Fiscal responsibility my ASS Worse than the total debt was teh momentum teh economyh was heading. 3.4% unemp and climbing teh year before Obama took office, a deficit that just blew thru 1T w/o stopping, a GDP taht was 4 of 5 Q's negative; the Q Obama entered into the middle of was -6% growth. So as long as you fail to look at things in the, "totality of the corcumstances" you can paint whatever pic you want. Quote Share this post Link to post Share on other sites
mnealtx 0 #22 July 9, 2010 Quote Fiscal responsibility my ASS 52% in 18% of the time....heck of a job, Barry!!Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Amazon 7 #23 July 9, 2010 Quote Quote 2 guys raised taxes inbetween and stopped the bleeding.....how did they do so? Tax increases and chopped spending, the polar opposite of fascist Ronnie and G Dumbya. Disclaimer - the daily numbers for the debt don't start until Clinton's term, so I had to use fiscals for Reagan and the start of GHW. Reagan - 1.69T increase GHW Bush - 1.57T increase Clinton - 1.55T increase Yeah, Lucky...Bubba Jeff was SUCH a difference compared to Ronnie. You do seem to have left out the financial wizard you worshiped with such steadfastness... you know...the one who doubled what was already there Quote Share this post Link to post Share on other sites
mnealtx 0 #24 July 9, 2010 Quoteteh momentum teh economyh was heading. Funny you should mention that - WHO had Congress when the economy started it's nosedive???? Oh, yeah... the Dems. Quotea deficit that just blew thru 1T w/o stopping Yeah, Barry should have toned back the spending, huh? going from a 450B deficit to a 1.5T deficit in a year...now THAT'S some "Hope you saved some Change" for ya!Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
mnealtx 0 #25 July 9, 2010 Quote Quote Quote 2 guys raised taxes inbetween and stopped the bleeding.....how did they do so? Tax increases and chopped spending, the polar opposite of fascist Ronnie and G Dumbya. Disclaimer - the daily numbers for the debt don't start until Clinton's term, so I had to use fiscals for Reagan and the start of GHW. Reagan - 1.69T increase GHW Bush - 1.57T increase Clinton - 1.55T increase Yeah, Lucky...Bubba Jeff was SUCH a difference compared to Ronnie. You do seem to have left out the financial wizard you worshiped with such steadfastness... you know...the one who doubled what was already there I've already posted his numbers....and his successor's - you know, The One that's already spent 52% of the 'financial wizard's' total in 18% of the time? Bush didn't hit Barry's comparative spending level until 3/20/2006. That's 5.16 years, compared to Barry's 1.45 years. Three and half times longer than Barry's run so far. Can't *WAIT* to see what he comes up with for numbers in the next 2.5 years, can you? Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
