Channman 2 #1 July 22, 2010 Copied from a Web page. As for me and my family, we expect to be hit rather hard next year. But for some, I'm sure this is rather good news and they will welcome it with open pockets. "Fiscal Policy: Many voters are looking forward to 2011, hoping a new Congress will put the country back on the right track. But unless something's done soon, the new year will also come with a raft of tax hikes — including a return of the death tax — that will be real killers. Through the end of this year, the federal estate tax rate is zero — thanks to the package of broad-based tax cuts that President Bush pushed through to get the economy going earlier in the decade. But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture. Resurrection of the death tax, however, isn't the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it's not just the rich who will pay. The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%. But the damage doesn't stop there. The marriage penalty also makes a comeback, and the capital gains tax will jump 33% — to 20% from 15%. The tax on dividends will go all the way from 15% to 39.6% — a 164% increase. Both the cap-gains and dividend taxes will go up further in 2013 as the health care reform adds a 3.8% Medicare levy for individuals making more than $200,000 a year and joint filers making more than $250,000. Other tax hikes include: halving the child tax credit to $500 from $1,000 and fixing the standard deduction for couples at the same level as it is for single filers. Letting the Bush cuts expire will cost taxpayers $115 billion next year alone, according to the Congressional Budget Office, and $2.6 trillion through 2020. But even more tax headaches lie ahead. This "second wave" of hikes, as Americans for Tax Reform puts it, are designed to pay for ObamaCare and include: The Medicine Cabinet Tax. Americans, says ATR, "will no longer be able to use health savings account, flexible spending account, or health reimbursement pretax dollars to purchase nonprescription, over-the-counter medicines (except insulin)." The HSA Withdrawal Tax Hike. "This provision of ObamaCare," according to ATR, "increases the additional tax on nonmedical early withdrawals from an HSA from 10% to 20%, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10%." Brand Name Drug Tax. Makers and importers of brand-name drugs will be liable for a tax of $2.5 billion in 2011. The tax goes to $3 billion a year from 2012 to 2016, then $3.5 billion in 2017 and $4.2 billion in 2018. Beginning in 2019 it falls to $2.8 billion and stays there. And who pays the new drug tax? Patients, in the form of higher prices. Economic Substance Doctrine. ATR reports that "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.'" A third and final (for now) wave, says ATR, consists of the alternative minimum tax's widening net, tax hikes on employers and the loss of deductions for tuition: • The Tax Policy Center, no right-wing group, says that the failure to index the AMT will subject 28.5 million families to the tax when they file next year, up from 4 million this year. • "Small businesses can normally expense (rather than slowly deduct, or 'depreciate') equipment purchases up to $250,000," says ATR. "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.'" • According to ATR, there are "literally scores of tax hikes on business that will take place," plus the loss of some tax credits. The research and experimentation tax credit will be the biggest loss, "but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs." • The deduction for tuition and fees will no longer be available and there will be limits placed on education tax credits. Teachers won't be able to deduct their classroom expenses and employer-provided educational aid will be restricted. Thousands of families will no longer be allowed to deduct student loan interest. Then there's the tax on Americans who decline to buy health care insurance (the tax the administration initially said wasn't a tax but now argues in court that it is) plus a 3.8% Medicare tax beginning in 2013 on profits made in real estate transactions by wealthier Americans. Not all Americans may fully realize what's in store come Jan. 1. But they should have a pretty good idea by the mid-term elections, and members of Congress might take note of our latest IBD/TIPP Poll (summarized above). Fifty-one percent of respondents favored making the Bush cuts permanent vs. 28% who didn't. Republicans were more than 4 to 1 and Independents more than 2 to 1 in favor. Only Democrats were opposed, but only by 40%-38%. The cuts also proved popular among all income groups — despite the Democrats' oft-heard assertion that Bush merely provided "tax breaks for the wealthy." Fact is, Bush cut taxes for everyone who paid them, and the cuts helped the nation recover from a recession and the worst stock-market crash since 1929. Maybe, just maybe, Americans remember that — and will not forget come Nov. 2." Quote Share this post Link to post Share on other sites
rushmc 23 #2 July 22, 2010 Maybe not The Dems are a gettin squeamish gotta get elected even if you have to lie about what you (they) believe......."America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
billvon 3,118 #3 July 22, 2010 >But as of midnight Dec. 31, the death tax returns — at a rate of 55% >on estates of $1 million or more. The effect this will have on hospital >life-support systems is already a matter of conjecture. I definitely agree here. Hospitals will cut way back on their care for dead people once they lose additional money to taxes. How many dead people will die again because of this tax? Quote Share this post Link to post Share on other sites
funjumper101 15 #4 July 22, 2010 More right wingnut "scare the crap out of the ignorant" with a load of bullshit. Nothing to see here. Move along. The right wingnuts are all skeered of the latest Faux News bogeyman. Last week is was the New Black Panther Party, aka, a small group of loudmouths who got wall to wall coverage, much like Natalie Hollaway. This week is is those awful tax raising, baby murdering liberals who are at it again. You too can jump on the bandwagon if you are a lazy right wing follower who can parrot the latest talking points. Don't bother to try to understand what you copy and paste. Just DO IT! Quote Share this post Link to post Share on other sites
Channman 2 #5 July 22, 2010 Quote>But as of midnight Dec. 31, the death tax returns — at a rate of 55% >on estates of $1 million or more. The effect this will have on hospital >life-support systems is already a matter of conjecture. I definitely agree here. Hospitals will cut way back on their care for dead people once they lose additional money to taxes. How many dead people will die again because of this tax? Well I'm not sure what your getting at. I think the idea was, is it better to pass on in the tax year 2010 than in 2011. George Steinbrenner taking the oppertunity to kick the bucket this year saved his family millions. Had he waited till 2011, that would have been a 55% tax kick in the ass to his estate, family. Quote Share this post Link to post Share on other sites
Rstanley0312 1 #6 July 22, 2010 QuoteMore right wingnut "scare the crap out of the ignorant" with a load of bullshit. Nothing to see here. Move along. The right wingnuts are all skeered of the latest Faux News bogeyman. Last week is was the New Black Panther Party, aka, a small group of loudmouths who got wall to wall coverage, much like Natalie Hollaway. This week is is those awful tax raising, baby murdering liberals who are at it again. You too can jump on the bandwagon if you are a lazy right wing follower who can parrot the latest talking points. Don't bother to try to understand what you copy and paste. Just DO IT! Aside from the personal opinion being added to this article it is all FACT! The tax hikes, revisions, or expirations are all true. Scare tactic or not.... it's still true so I guess you need to ask yourself, does the truth scare you? It should!Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it. Muff Brother #4382 Dudeist Skydiver #000 www.fundraiseadventure.com Quote Share this post Link to post Share on other sites
airdvr 210 #7 July 22, 2010 QuoteMore right wingnut "scare the crap out of the ignorant" with a load of bullshit. Nothing to see here. Move along. The right wingnuts are all skeered of the latest Faux News bogeyman. Last week is was the New Black Panther Party, aka, a small group of loudmouths who got wall to wall coverage, much like Natalie Hollaway. This week is is those awful tax raising, baby murdering liberals who are at it again. You too can jump on the bandwagon if you are a lazy right wing follower who can parrot the latest talking points. Don't bother to try to understand what you copy and paste. Just DO IT! Please don't dent the planet. Destinations by Roxanne Quote Share this post Link to post Share on other sites
Channman 2 #8 July 22, 2010 Quote More right wingnut "scare the crap out of the ignorant" with a load of bullshit. Nothing to see here. Move along. The right wingnuts are all skeered of the latest Faux News bogeyman. Last week is was the New Black Panther Party, aka, a small group of loudmouths who got wall to wall coverage, much like Natalie Hollaway. This week is is those awful tax raising, baby murdering liberals who are at it again. You too can jump on the bandwagon if you are a lazy right wing follower who can parrot the latest talking points. Don't bother to try to understand what you copy and paste. Just DO IT! Three deep breaths...that should help calm you. Quote Share this post Link to post Share on other sites
mnealtx 0 #9 July 22, 2010 QuoteMore right wingnut "scare the crap out of the ignorant" with a load of bullshit. Nothing to see here. Move along. The right wingnuts are all skeered of the latest Faux News bogeyman. Last week is was the New Black Panther Party, aka, a small group of loudmouths who got wall to wall coverage, much like Natalie Hollaway. This week is is those awful tax raising, baby murdering liberals who are at it again. You too can jump on the bandwagon if you are a lazy right wing follower who can parrot the latest talking points. Don't bother to try to understand what you copy and paste. Just DO IT! So, sorta like you and the "Faux News bogeyman" stuff, yes? Here's a lil something for you: Link QuoteDemocrats are considering a plan to delay tax hikes on the wealthy for two years because the economic recovery is slow and they fear getting crushed in November’s election. It could mean a big reprieve for families earning $250,000 and above annually. President George W. Bush’s tax cuts will expire at the end of the year unless Congress acts to delay their sunset. Some Democrats are now arguing forcefully that a delay is a win-win plan that would help the federal budget without hurting the economy. Wealthy families would not have an incentive to cut back on spending and budget writers could assume an inflow of tax funds in future years, making five- and 10-year budget projections look less scary. Yeah, all those "Faux News" Dems trying to scare the public...damn them, anyway!!Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Channman 2 #10 July 22, 2010 QuoteQuoteMore right wingnut "scare the crap out of the ignorant" with a load of bullshit. Nothing to see here. Move along. The right wingnuts are all skeered of the latest Faux News bogeyman. Last week is was the New Black Panther Party, aka, a small group of loudmouths who got wall to wall coverage, much like Natalie Hollaway. This week is is those awful tax raising, baby murdering liberals who are at it again. You too can jump on the bandwagon if you are a lazy right wing follower who can parrot the latest talking points. Don't bother to try to understand what you copy and paste. Just DO IT! Aside from the personal opinion being added to this article it is all FACT! The tax hikes, revisions, or expirations are all true. Scare tactic or not.... it's still true so I guess you need to ask yourself, does the truth scare you? It should! And all I was trying to do, was be helpful...nerve of some people. Quote Share this post Link to post Share on other sites
kallend 2,148 #11 July 23, 2010 Looks to me like a return to the state of affairs when the USA more or less paid its bills instead of borrowing from China.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
Channman 2 #12 July 23, 2010 Quote Looks to me like a return to the state of affairs when the USA more or less paid its bills instead of borrowing from China. We will wait and see. Quote Share this post Link to post Share on other sites
airdvr 210 #13 July 23, 2010 Quote Looks to me like a return to the state of affairs when the USA more or less paid its bills instead of borrowing from China. When was that?Please don't dent the planet. Destinations by Roxanne Quote Share this post Link to post Share on other sites
kallend 2,148 #14 July 23, 2010 QuoteQuote Looks to me like a return to the state of affairs when the USA more or less paid its bills instead of borrowing from China. When was that? 1999-2000 we were "more or less" in balance. After correcting for inflation, tax revenues DECREASED during the Bush tax cutting era, as predicted by most competent economists (but not the ones who Bush chose to believe).... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
ZigZagMarquis 9 #15 July 23, 2010 Democrats in control of Congress and the White House + Taxes going up to pay for their entitlement and social welfare programs... yeah... there's a news flash... Quote Share this post Link to post Share on other sites
Channman 2 #16 July 23, 2010 Quote Democrats in control of Congress and the White House + Taxes going up to pay for their entitlement and social welfare programs... yeah... there's a news flash... The Have Nots are entitled to your money. There are things people can do. Senitor Kerry is docking his new yacht in RI. to bypass MA. taxes. Move to Florida or Texas can save you some big bucks, Lebron James saved Millions by playing for the Miami Heat, but he want escape 2011 without moving. Quote Share this post Link to post Share on other sites
Channman 2 #17 July 23, 2010 I just wanted to add one additional item to your reply. "HR-3590" Title IX Revenue Provisions-Subtitle A: Revenue Offset "(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 employee's gross income (excluding the value of contributions to flexible spending arrangements)." I'm not completly up to spead on this but if passed and I'm not sure it has, starting in 2011 the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided. Your gross income will go up by the amount of insurance your employer paid for. This can be a significant tax increase to any family that has coverage through their employer and extremely significant if both spouses carry coverage. Quote Share this post Link to post Share on other sites
airdvr 210 #18 July 23, 2010 QuoteI just wanted to add one additional item to your reply. "HR-3590" Title IX Revenue Provisions-Subtitle A: Revenue Offset "(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 employee's gross income (excluding the value of contributions to flexible spending arrangements)." I'm not completly up to spead on this but if passed and I'm not sure it has, starting in 2011 the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided. Your gross income will go up by the amount of insurance your employer paid for. This can be a significant tax increase to any family that has coverage through their employer and extremely significant if both spouses carry coverage. http://www.snopes.com/politics/taxes/hr3590.aspPlease don't dent the planet. Destinations by Roxanne Quote Share this post Link to post Share on other sites
Channman 2 #19 July 23, 2010 QuoteQuoteI just wanted to add one additional item to your reply. "HR-3590" Title IX Revenue Provisions-Subtitle A: Revenue Offset "(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 employee's gross income (excluding the value of contributions to flexible spending arrangements)." I'm not completly up to spead on this but if passed and I'm not sure it has, starting in 2011 the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided. Your gross income will go up by the amount of insurance your employer paid for. This can be a significant tax increase to any family that has coverage through their employer and extremely significant if both spouses carry coverage. http://www.snopes.com/politics/taxes/hr3590.asp It would appear from the site, I'm off the hook...or at least I hope so. Quote Share this post Link to post Share on other sites
airdvr 210 #20 July 23, 2010 Quote Quote Quote I just wanted to add one additional item to your reply. "HR-3590" Title IX Revenue Provisions-Subtitle A: Revenue Offset "(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 employee's gross income (excluding the value of contributions to flexible spending arrangements)." I'm not completly up to spead on this but if passed and I'm not sure it has, starting in 2011 the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided. Your gross income will go up by the amount of insurance your employer paid for. This can be a significant tax increase to any family that has coverage through their employer and extremely significant if both spouses carry coverage. http://www.snopes.com/politics/taxes/hr3590.asp It would appear from the site, I'm off the hook...or at least I hope so. Not really. Please don't dent the planet. Destinations by Roxanne Quote Share this post Link to post Share on other sites
kallend 2,148 #21 July 23, 2010 Quote Democrats in control of Congress and the White House + Taxes going up to pay for their entitlement and social welfare programs... yeah... there's a news flash... Yep, it sucks that we educate our children and look after old people who've paid into Social Security all their working lives. Did you attend public school? Do you drive on public roads?... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
mnealtx 0 #22 July 23, 2010 QuoteQuoteI just wanted to add one additional item to your reply. "HR-3590" Title IX Revenue Provisions-Subtitle A: Revenue Offset "(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 employee's gross income (excluding the value of contributions to flexible spending arrangements)." I'm not completly up to spead on this but if passed and I'm not sure it has, starting in 2011 the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided. Your gross income will go up by the amount of insurance your employer paid for. This can be a significant tax increase to any family that has coverage through their employer and extremely significant if both spouses carry coverage. http://www.snopes.com/politics/taxes/hr3590.asp Snopes isn't the IRS. It's going to depend on how the company reports the amount as to whether or not you get zapped by extra taxes. Guess we'll all see, come next year.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
mnealtx 0 #23 July 23, 2010 Quote Quote Democrats in control of Congress and the White House + Taxes going up to pay for their entitlement and social welfare programs... yeah... there's a news flash... Yep, it sucks that we educate our children and look after old people who've paid into Social Security all their working lives. Did you attend public school? Do you drive on public roads? It's for the CHILLLLLLLLrennnnnnnn Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
kallend 2,148 #24 July 23, 2010 Quote Quote Quote Democrats in control of Congress and the White House + Taxes going up to pay for their entitlement and social welfare programs... yeah... there's a news flash... Yep, it sucks that we educate our children and look after old people who've paid into Social Security all their working lives. Did you attend public school? Do you drive on public roads? It's for the CHILLLLLLLLrennnnnnnn So you have no sensible response. OK.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
mnealtx 0 #25 July 23, 2010 Quote Quote Quote Quote Democrats in control of Congress and the White House + Taxes going up to pay for their entitlement and social welfare programs... yeah... there's a news flash... Yep, it sucks that we educate our children and look after old people who've paid into Social Security all their working lives. Did you attend public school? Do you drive on public roads? It's for the CHILLLLLLLLrennnnnnnn So you have no sensible response. OK. You have no point other than appeal to emotion. OK.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
