Six Months : Largest Tax Increase In History

This is from Americans for Tax Reform. "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." Here's the list of marginal tax rate increases scheduled for January 1st: "The 10% bracket rises to an expanded 15%. The 25% bracket rises to 28%. The 28% bracket rises to 31%."

A lot of these affect people under $250,000 a year, by the way. "The 33% bracket rises to 36%. The 35% bracket rises to 39.6%." "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." So to stay even, you'll have to have twice as many kids. "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. 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.

"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. There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011.

 

Not true, impossible.

BO and Biden both said during the campaign that for folks earning under $250K there would be no tax increases, no tax, any tax, not one dime....I can provide quotes

 

See...this isn't really a tax increase...it is just a rollback of a tax cut. lol

But, truthfully, I think we are coming to a point (or are already there) where we are going to have to choose between less spending or more taxes.

 

Stujoe,
Of course your right. We passed that point a while ago, what they are doing now, in the interim is BPE has the printing presses in overdrive. We will soon see inflation rear its ugly head. Remember whenever taxes go up its because Congress mandates the codes. Everyone seems to forget that part at the voting booth.

Steve

 

The BO tax on tanning bed usage kicked in last week....millions of tanning bed users will experience an immediate tax increase and I'm willing to bet the majority fall below that $250k mark. How many times did BO swear this wouldn't happen?

Any BO supporters care to chime in?

 

See...this isn't really a tax increase on any people making less than $250K...it is just a tax on businesses. lol

 

Business dont pay taxes, the consumers do. All the way from the mom and pop tanning shop to Exxon Mobile, it is always amertized into the price

 

Dont have a problem with taxing tanning shops to me that is simply vanity and also they are dangerouse

 

Ah, but it's still a tax & BO swore he wouldn't increase taxes on people earning less than $250k a year. Where's the outrage? This is another blatant lie from BO...a lie that helped him getting elected.

 

Exactly. But, I think a large percentage of people do not make the connection.

 

Hopefully the FOX News', Tea Partys, etc of the world will help point this out.

 

arizona jack,
As always thats what will have to happen. It can go no other way. As for any of this hitting the media, I dont belive it will make much of a splash. BO is the golden one for mainstream media. Just my thoughts.

Steve

 

Robert Gibbs was on Meet the Press this morning and was asked about the prospect of BO allowing the Bush tax cuts o expire. He didn't give a concrete answer but he did say BO wouldn't allow the middle class to bear an additional tax burden while we are still in a tepid stage of recovery. Mark this date on your calendar so we can refer back to it at the end of the year.

 

As I have said before, the term Middle Class is essentially meaningless in the US...especially when politicians use it. So, the question is...what's his definition of middle class?

 

My rear end really bleeds for those poor folks that the Bush tax cuts for the rich are going to expire on. How awful. Might have to stay in that new Mercedes lease an extra year...not be able to slip into their usual new ride every two years. Simply tragic.

 

TomC
With my Bush tax incentive for the "rich", everybody here knows my company bought a new Ford F350 delivery truck......nothing fancy, nothing luxury for me personally. Hmmmmm, I wonder how many Ford employees it took to build that truck? You know, guys and gals with jobs on the line?

Sure, I could have bought nice boat and rubbed it in, but that whould have kept boat maker's employed......it is a lose lose situation to some of you.

TomC, I ask .....are you in the 47% who pay zero tax?

 

Are you a complete & utter fool? With comments like this one has to wonder exactly what it is that goes on in that pea-sized brain of yours!
You realize, of course, business (large & small) is so uncertain of the impact of BO's "recovery" and "stimulus" agenda they aren't spending, hiring, producing, growing, etc. Now with his coyness on our individual tax liabilities he has put the people in the same situation.

 

Those "rich" are paying your and your neighbor's tax bill......so I think your rear end bleeds for another reason!

 

Many here consider you a "complete and utter fool" Davey, so I suppose I could compare myself to you for an answer to that but..and stay away from the mirror when you visit the restroom urinal if you don't think "pea-sized" is appealing.
Yeah business is so scared of Obama's policies that they've stopped trying to extract more mega profit. Yeah they've shut that practice down completely. Somehow I think their portfolios will fare just fine. "Business" isn't in the practice of foregoing mega wealth. Their greed won't allow that. Plenty of big bucks to be made from rape and exploit still available to the corporate pirates. I'm quite sure they'll continue that practice since they are always looking for ways to extract more from the common man. I'm also sure they'll continue to succeed at just that for the fore see able future. I feel awful for 'em. If it wasn't for Obama, champagne,yachts and cigars would be more plentiful. Poor little rich boys. WAA!

 

I pay for myself. Maybe you ought to keep your assumptions in your prejudiced mind where they belong instead of assuming you and your associates are God's gifts to the world.