Skip to comments.What do you predict will happen to income taxes in 2011?
Posted on 10/19/2010 7:51:07 AM PDT by reaganaut1
I predict that in the lame duck session, Congress will extend all of the Bush tax cuts, except that the $250K threshold of "rich" households facing higher taxes will be raised to $1 million as a compromise (there have been rumors of this) to have him save face and avoid vetoing an extension.
I don't think the Republicans will allow the tax rates rise for everyone over $250K (but with the Maine twins etc. you never know), and I would be mildly surprised if Obama vetoed a bill raising taxes only on incomes above $1 million and thus caused everyone to see a big tax hike.
OTOH, Obama's whole life is about redistributing wealth, so if issued a veto causing all tax rates to rise, no one should be shocked.
Let me predict that the Lame Duck session will find a Republican majority ~ Democrats won’t even bother to show up. Many of them will be putting their Maryland and Virginia suburban homes up for sale ~ same with their staffers ~ ‘cause none of those guys will be picked up by the new Republican majority.
I’ve been thinking the same thing. I’m not sure where the threshold will be, but I believe it will be higher than $250,000 (for couples), and less than $1,000,000.
Let’s hope they take care of the AMT in the process. I could see the million threshold happening.
Then there is also the possibility of ramming through Cap & Tax and Amnesty.
Given who these people are, I am expecting a scorched earth from the demonrats. If they lose their majority, then they have nothing to lose. When the Bush marginal tax rates expire, the dims will get a tax increase without having to cast a vote. All they have to do is wait out the clock. All this talk about raising taxes on the 250K and higher crowd is just so much talk.
The tax code is more about control of the population than raising funds and this current crowd is big on controlling the population.
Prediction 1: Both houses of the 212th Congress will be controlled by Republicans. The first order of business will be to swear in the new members and to organize the Congress. I predict that by January 7, 2011 the 212th Congress will have passed a bill to extend the Bush-era tax cuts by at least two years. I predict that by noon on Monday, January 10, 2011 Obama will have vetoed that bill.
Prediction 2 to N: Every other bill the Republican Congress will pass such as recinding Obamacara, returning the unspent stimulus funds to the general fund, etc., will all be vetoed by Obama.
Prediction N+1: The American people will be come so enraged that Democrats who refuse to override Obama’s vetoes will spend the next two years in Washington preparing for retirement.
Letting all of the Bush tax cuts expire was in Obama’s plan all along - it was how he planned to pay for ObamaCare. The $250K was an empty promise to the middle class.
Fox news alternative minimum tax calculator.
Taxpayers Anxiously Await Annual ‘Patch’ to Alternative Minimum Tax
Coming Jan 1.
All income tax rates will shift up. Bush tax rates expiring
From the medical industry takeover we will see:
Cap gains will go from 15 to 30%
Divdends will go from 15 to 40%
The AMT will not get the patch to index it.
The child tax deduction will go from $1,000 to $500.
Add to that, obama’s debt reduction commission will probably propose a VAT.
The current crop of demonrats are loyal to their party, not to this country. I really believe that they are going to worsen the depression so that republicans can be blamed because they are the ones in power. The dims are sick evil and twisted people. It’s all about power to them.
Surely the lame duck session will include a few democrats who are still Americans first, pray, enough to kill the institutionalizing of socialism. It may take a decade to undo the wave of the Obama/Pelosi administration doings of only 24 months.
It is reported that republican leadership behind several closed door meetings, including retiring Senator Judd Gregg I believe, are marginalizing repeal efforts in favor of “changes” in Obama Care. The Maine twins, McCain & Graham, and Mercowski /sp/ will surely have their curls trimmed a bit by the incoming conservative senators, and what if we COULD turn a Leiberman and one other?
Add to that, obamas debt reduction commission will probably propose a VAT.
Agree the commission will add a lot of new taxes I bet and Obama will set back and say they did it not me.
I think if the donkeys have their way, the government will print unbacked funny money until the dollar is inflated to such an extent that all of us will earn more than $250,000 per year, thus kicking us into the highest tax bracket.
Not in the lame duck. It will have to wait until a veto can be overridden. 0 says he will not sign “tax cuts for the rich”.
PLUS, the dims have not passed a budget for 2011. By law it was supposed to be completed by June or July. Still hasn’t been presented.
What do want to bet that there are a huge pile of new taxes included in that?
Patriotic Democrat is an oxymoron at this point.
I predict if nothing happens and the Republicans fail to take action or there is a VETO...
the will be no taxes paid to the Federal Government in the 2nd quarter of 2011.
The Tax-Strike should begin to emerge from its slumber.
This is because of the lead-time required for the IRS to recalculate the tax tables. They already issued new tables to employers to accommodate all taxes increasing.
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