Largest tax increase in american history
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Largest tax increase in american history

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    Senior Member Ron Hill's Avatar
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    Default Largest tax increase in american history

    Six Months to Go Until
    The Largest Tax Hikes in History
    From Ryan Ellis on Thursday, July 1, 2010 4:15 PM

    BREAKING: Wounded Warriors Face New Tax This Independence Day

    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.

    PDF Version



    Read more: http://www.atr.org/sixmonths.html?co...#ixzz0t3UDKdKm

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    Red Blooded American The Doctor's Avatar
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    But he promised only the very rich would be seeing a tax increase?????

    Oh yeah, it's the same story over and over and over again. HE LIED!
    The best things in life aren't things!

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    Senior Member 65 Sanger 440's Avatar
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    Let the impeachment process begin!! this guy is amazing at how bad he focking the us citizens and smiling all the while he prays to Muslims!!

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    Quote Originally Posted by The Doctor View Post
    But he promised only the very rich would be seeing a tax increase?????

    Oh yeah, it's the same story over and over and over again. HE LIED!
    He's a lying pos, but most on here already knew that.

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    ptz
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    were phucked !

    impeachment ..LOL!
    i think a hanging is in order
    monkey love

    "why is my stuff shit... and your shit stuff ?"

    "If ever a time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin." Samuel Adams

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    "On the road again..." Old Texan's Avatar
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    "And we're in better shape than we were 18 months ago......."

    ----A Blind Democrat Obamanite
    "Bottle by bottle, I'm clearing off that shelf...."

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    "On the road again..." Old Texan's Avatar
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    Quote Originally Posted by ptz View Post
    were phucked !

    impeachment ..LOL!
    i think a hanging is in order
    Tar and Feathers.....And no stopping with the Admin, we need to work our way through Congress.
    "Bottle by bottle, I'm clearing off that shelf...."

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    You mean when I start my new company "Petunias by Zombie" I will not be able to write of a 2011 F350 Lariat fully loaded $50,000 truck as a business expense anymore? How will I get my boat to the lake in style and comfort without this tax write off ? Damn Socialist bastards!

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    Senior Member Boss460's Avatar
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    Quote Originally Posted by zombie View Post
    You mean when I start my new company "Petunias by Zombie" I will not be able to write of a 2011 F350 Lariat fully loaded $50,000 truck as a business expense anymore? How will I get my boat to the lake in style and comfort without this tax write off ? Damn Socialist bastards!
    Start a company and you might realize people that say shit like this look like complete idiots.

    You can't "write off" an asset like that. You can only depreciate it OVER MANY YEARS. And when you sell it, that depreciation comes back as a capital gain if you sell it higher than what it's on the depreciation schedule.

    Also, you might want to snap that $50k truck up. I've priced a new diesel and it's quite a bit higher than that.

    Educate yourself on what it takes to run a business before you start having Diarrhea of the Mouth.

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    Quote Originally Posted by zombie View Post
    You mean when I start my new company "Petunias by Zombie" I will not be able to write of a 2011 F350 Lariat fully loaded $50,000 truck as a business expense anymore? How will I get my boat to the lake in style and comfort without this tax write off ? Damn Socialist bastards!
    You simply can't help yourself in continually displaying your ignorance.

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    Argumentative SOB! Forkin' Crazy's Avatar
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    The best advice I can offer is get a good CPA!!!

    Now I have two parasites trying to get more money out of me.. The Feds and my X wife!!!

    Since they both are playing me at the same game, I will refuse to make a profit!


    "An armed society is a polite society. Manners are good when one may have to back up his acts with his life"

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    "On the road again..." Old Texan's Avatar
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    Quote Originally Posted by Boss460 View Post
    Start a company and you might realize people that say shit like this look like complete idiots.

    You can't "write off" an asset like that. You can only depreciate it OVER MANY YEARS. And when you sell it, that depreciation comes back as a capital gain if you sell it higher than what it's on the depreciation schedule.

    Also, you might want to snap that $50k truck up. I've priced a new diesel and it's quite a bit higher than that.

    Educate yourself on what it takes to run a business before you start having Diarrhea of the Mouth.
    "Bottle by bottle, I'm clearing off that shelf...."

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    Senior Member wolfie's Avatar
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    Quote Originally Posted by zombie View Post
    You mean when I start my new company "Petunias by Zombie" I will not be able to write of a 2011 F350 Lariat fully loaded $50,000 truck as a business expense anymore? How will I get my boat to the lake in style and comfort without this tax write off ? Damn Socialist bastards!
    Not only do you not know tax laws but you also know nothing about economics. One of the biggest drivers of the economy is small businesses. When they purchase something for their business and are able to use tax incentives, it spurs growth in the other business which means they can purchase goods to grow and buys from another business.
    To make it simple and to an seventh grade level for you, it's kind of like watering a garden. If you water it and tend it, it grows. Obama's taxes, regulations, and imposition has cut the water off to business so the economy is wilting!!!

    I remember when I was 13 and still living off my parents. The economy was way over my head too. When you grow up and get a real job and have to pay your own expenses you'll understand.

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    Quote Originally Posted by zombie View Post
    You mean when I start my new company "Petunias by Zombie" I will not be able to write of a 2011 F350 Lariat fully loaded $50,000 truck as a business expense anymore? How will I get my boat to the lake in style and comfort without this tax write off ? Damn Socialist bastards!
    And you claim to not have voted for Obama.

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