Six Months to Go Until The Largest Tax Hikes in History Rea
WaveCameCrashin
Posts: 2,929
I thought Obama was only going to raise taxes on people that made over 250k a year. :lolno: :x I hope all of you that voted for this man are happy. He was full of shit then and he's full of shit now. :x
Six Months to Go Until
The Largest Tax Hikes in History
From Ryan Ellis on Wednesday, July 7,
http://atr.org/six-months-untilbr-large ... kes-a5171#
Read more: http://atr.org/six-months-untilbr-large ... kes-a5171##ixzz0tHx9wiaM
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:
(N.B. This version of the document contains even more tax hikes than the original version did)
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 Tanning Tax. This went into effect on July 1st of this year. It imposes a new, 10% excise tax on getting a tan at a tanning salon. There is no exemption for tanners making less than $250,000 per year.
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 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.
Brand Name Drug Tax. Starting next year, there will be a multi-billion dollar tax assessment imposed on name-brand drug manufacturers. This tax, like all excise taxes, will raise the price of medicine, hurting everyone.
Economic Substance Doctrine. The IRS is now empowered to disallow perfectly-legal tax deductions and maneuvers merely because it judges that the deduction or action lacks “economic substance.” This is obviously an arbitrary empowerment of IRS agents.
Employer Reporting of Health Insurance Costs on a W-2. This will start for W-2s in the 2011 tax year. While not a tax increase in itself, it makes it very easy for Congress to tax employer-provided healthcare benefits later.
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. These 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.
Read more: http://atr.org/six-months-untilbr-large ... kes-a5171##ixzz0tHvF63s7
Six Months to Go Until
The Largest Tax Hikes in History
From Ryan Ellis on Wednesday, July 7,
http://atr.org/six-months-untilbr-large ... kes-a5171#
Read more: http://atr.org/six-months-untilbr-large ... kes-a5171##ixzz0tHx9wiaM
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:
(N.B. This version of the document contains even more tax hikes than the original version did)
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 Tanning Tax. This went into effect on July 1st of this year. It imposes a new, 10% excise tax on getting a tan at a tanning salon. There is no exemption for tanners making less than $250,000 per year.
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 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.
Brand Name Drug Tax. Starting next year, there will be a multi-billion dollar tax assessment imposed on name-brand drug manufacturers. This tax, like all excise taxes, will raise the price of medicine, hurting everyone.
Economic Substance Doctrine. The IRS is now empowered to disallow perfectly-legal tax deductions and maneuvers merely because it judges that the deduction or action lacks “economic substance.” This is obviously an arbitrary empowerment of IRS agents.
Employer Reporting of Health Insurance Costs on a W-2. This will start for W-2s in the 2011 tax year. While not a tax increase in itself, it makes it very easy for Congress to tax employer-provided healthcare benefits later.
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. These 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.
Read more: http://atr.org/six-months-untilbr-large ... kes-a5171##ixzz0tHvF63s7
Post edited by Unknown User on
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Comments
also, any website hawking "obama tax hike exemption cards" has suspect credibility at best....
before you attack me, my position is i don't care if i pay higher taxes as long as it is paying for things....IMO we have been paying less than we should have been since bush's tax cuts where we all got $300 back....
"Well, you tell him that I don't talk to suckas."
Why would I attack you? If you can afford to pay higher taxes than good for you,but
Many Americans cannot afford for their taxes to go up. As far as the website goes
you can find others that are saying the same thing. You shouldn't be so cynical. Just bcos it's a conservative website doesn't mean you should automatically think it's not factual info The facts are the
facts taxes are going up across the board.
The budget also calls for a single extension of the Making Work Pay tax credit that adds a few dollars to workers’ paychecks every pay period. There’s only a one year plan in the budget but the hope is that it will be renewed every year for the next ten years. Estimated cost: $61.2 billion over 10 years.
As part of his agenda to “rescue” the middle class, the President suggests expanding the Earned Income Tax Credit and the child-care tax credit. Estimated cost: $27.8 billion over 10 years. In the end, the budget is a 192 pages. Essentially, everything gets pushed back to 2001 levels, before Bush's massive whirlwind tax cuts for the wealthy.
Now, if you must continue the Obama bashing instead of actually looking at the 192 page budget, which is available online, feel free. But remember, if you loved George W. Bush and seemed inspired by his presidency, you were probably inspired by your high school principal.
Libtardaplorable©. And proud of it.
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so it's all about you?
Screw everyone else huh?
I thought libs were about looking out for the little guy.
But you and the rest of the Obama drones are to blind to see it or just don't care or both.
We don't pay taxes on our total earnings; we pay them based on our "taxable income." That means that people with a taxable income of $32,000 would have a total income greater than that. In 2008, anyone filing taxes with single status would be entitled to a standard deduction of $5,450, as well as a personal exemption of $3,500. So to have a taxable income high enough to reach the 25 percent bracket, an individual would need to earn at least $41,500 in total income, while a married couple would need a combined income of at least $83,000.
Obama's March 2008 vote for a non-binding budget resolution that would have set general revenue and spending targets for congressional tax-writing and appropriations committees. The resolution does not contain a specific provision to raise tax rates, but rather assumes that most of the 2001 and 2003 tax cuts expire as scheduled in 2011. It also bears no relation to Obama's proposed economic plan. In fact, Obama has stated repeatedly that his plan would increase taxes only for those making more than $250,000 per year.
Therefore, some campaigns falsely claim that Obama voted to raise income taxes on individuals earning "as little as $32,000 per year." Certainly Obama's votes indicate a willingness to raise taxes, and Obama has not been shy about saying explicitly that he will raise some taxes. I'll leave it to you to decide what you think about Obama's record and his specific proposals. But, according to the Tax Policy Center, "only the top 10 percent of earners would see increases under Obama's plan, with most of the burden falling on the top 1 percent." Like I said, you don't know what you're talking about.
How do you know this?
"With our thoughts we make the world"
http://www.zerohedge.com/article/presen ... us-economy
I dont even think the government can raise taxes enough to get us out of this mess. Intrest rates need to skyrocket as well.
Not to mention there is a 400-600 TRILLION dollar derivatives market that's all worthless funny money based on bullshit wrapped around cow shit and bet on and leveraged against multiple times over and over. People need to start waking up here. Its gonna be bad, real, real bad.
Yes, I am, thank you. Happier than I'd be with someone else, anyway.
You are aware that Obama isn't part of the GOP, right? And you can clearly read above where your very own article states that its "First Wave" is something that was enacted by the GOP, right? THEY are the ones who decided these tax cuts would end on January 1, 2011. So if you persist in trying to fault Obama for this it's going to be very hard for anyone to take you seriously as someone who actually cares about the issue vs. someone who's just trying to bash Obama regardless of the facts.
I'll repeat: Yes, I am (relatively) happy.
This part is all too vague to be meaningful. So since this doesn't really say anything and there are posts in this thread that are actually providing meaningful details, I'm gonna have to believe the posts that aren't meaningless.
Will you please provide more specific information to demonstrate these facts? Thank you.
Congress is equally to blame.
The Tanning Tax. This went into effect on July 1st of this year. It imposes a new, 10% excise tax on getting a tan at a tanning salon. '.
twenty new or higher taxes, and the first one mentioned is to do with getting a tan at a tanning salon?
i kinda lost interest after that.
It's pretty simple really. We're about $11 trillion short on our tax revenue vs. our debt.
It is not simple at all. There are other possibilities.
"With our thoughts we make the world"
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I'm not entirely familiar with the tax situation down there (in regards to which class really gets hit)
but it sounds like opinion is split on who these tax hikes affect...
..where as where I live, everyone knows we're getting screwed.
Our HST tax basically takes the burden off large corporations and shifts it to the working class... and everyone knows it.
I don't know why I'm saying this... I guess maybe to compare ...a really shitty situation? I don't know...
Fuck gordon campbell :(
This is THE most fundamental misunderstanding regarding our money supply and the "federal debt".
The two are SYNONYMOUS.
"We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon."
-Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta, 1934
Without a Federal Debt, WE WOULD HAVE NO MONEY!
While there are other relatively minor sources of Federal Debt in modern day political-economics, THE MONEY SUPPLY ACCOUNTS FOR, BY FAR, THE LARGEST MAJORITY OF IT.
To misunderstand this basic concept is to misread the entire economic situation in our country and around the world.
:(
We CAN NOT "pay off" the national debt.
It is absolutely idiotic to pursue this course of logic, and the FEIGNED PURSUIT OF THIS GOAL is probably THE MOST MISLEADING TACTIC engaged in by campaigning politicians.
It is completely nonsensical and an insult of the highest order, given that these politicians (most of them) are bankrolled by or straight up former employees of the large banks that drive this policy via their pet monster, the federal reserve.
WATCH THIS MOVIE:
Money Masters 2: The Secrets of Oz
If I opened it now would you not understand?