Thanks

Discussion in 'Politics' started by Bob Alkire, Jul 27, 2010.

  1. Bob Alkire

    Bob Alkire
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    Got this E-Mail today.

    Wish to thank all you who voted for BHO.

    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 not 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.

    PDF Version Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171##ixzz0sY8waPq1

    Now your insurance is 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.


    People have the right to know the truth because an election is coming in November.
     
  2. KenH

    KenH
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    To solve the annual budget deficit will require huge tax increases and huge domestic and military spending cuts.

    The piper will be paid.
     
  3. Bob Alkire

    Bob Alkire
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    I haven't heard of any big spending cuts from BHO, he just keep spending.
     
  4. tinytim

    tinytim
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    Like a teenage brat with a credit card...
     
  5. Crabtownboy

    Crabtownboy
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    The tax cuts should never had been passed. They benefited primarily the top 2% of the richest Americans. As another said, "The piper has to be paid. It is such a shame the Republican congress took the budget surplus that was going to pay down the then existing debt and increased it dramatically.
     
  6. Revmitchell

    Revmitchell
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    Or repeal the spending which makes more sense.
     
  7. Bob Alkire

    Bob Alkire
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    I'm not in the top 2%, no where near it and the cuts helped me. A dollar here and a dollar there on taxes is a help.
     
  8. Bob Alkire

    Bob Alkire
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    I have to agree my friend. I guess one of my political heroes was Harry Bird from Virginia, he spend years trying to cut the budget. He believed FDR could spend money faster than we could print it. I don't know much other about him, but anyone who is for cutting the budged is alright with me.
     
  9. Bob Alkire

    Bob Alkire
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    I agree!! We could take you Oliver B. Greene line and turn it to government spending, many thinks the government is Santa Clause.

    By the way Oliver Greene was speaking when I got saved.
     
  10. sag38

    sag38
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    I'm not rich but I've certainly benefited by the tax cuts and will be hit harder once the cuts fade away thanks to the caring and benevolent democrats that are in power today. I will be affected by the child tax credit. I'm married so I'll lose that cut (The government will further discourage marriage by taxing married couples at a higher rate than folks who live together). I write off the expenses of over the counter meds (kiss that good bye). At the very least my taxes will be raised by 5%. (Every little bit counts Crabby in this economy) And, God help those caught up in the AMT nightmare. I hope that one slams you Crabby, right where it hurts, and then lets see if you spout of the typical asinine (I have another word but I'd be banned) talking point about only the rich benefiting from these tax cuts. And, I thought liberals cared about the working man. Evidently not.
     
  11. StefanM

    StefanM
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    Part of this may not be true:
    http://www.snopes.com/politics/taxes/HR3590.asp

    That being said, I'm definitely not happy about some of these changes, especially the child tax credit. The marriage penalty is not exactly great, either.
     
  12. StefanM

    StefanM
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    I am nowhere near the highest tax bracket. In fact, I am in the lowest tax bracket.

    The tax cuts have helped me greatly, especially the standard deduction for married couples and the child tax credits.
     
  13. sag38

    sag38
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    Even so, to attempt to marginalize it by spouting of a deceitful talking point is unconscionable.
     
  14. KenH

    KenH
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    Never said that President Obama would be the one to do so. The fat may not hit the fire until after he leaves office.
     
  15. KenH

    KenH
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    At the end of the Clinton presidency there was talk about what would happen to the bond market if the national debt became extremely small or disappeared all together.

    The Republican Party cannot claim to be the party of fiscal responsibility(the "eat your peas" party) and the Democratic Party can't, either.
     

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