Posted on 10/12/2010 9:00:00 AM PDT by facedodge
Politics The Biggest Tax Hike Ever? It Depends on Who You Ask By Ed Barnes
Published October 12, 2010 | FoxNews.com Print Email Share Comments (395) Text Size Is America headed for its biggest tax hike since World War II?
The answer, nonpartisan fiscal watchdogs say, is yes -- but with a big "if" and a few caveats.
If Congress returns after the Nov. 2 midterm elections and does nothing, allowing the Bush tax cuts to expire, then New Year's Day will usher in the nation's biggest tax increase since the end of World War II, according to Gerald Ahern, spokesman for the Tax Foundation, a nonpartisan tax monitoring group.
“If nothing happens in Congress -- and that is a possibility -- and all the tax cuts are allowed to expire, the median American family will see a smaller paycheck and a tax increase of $1,540 on January 1,” Ahern said.
And that could be just a start.
“If there is total gridlock, then there will be additional tax breaks that will expire not connected to the Bush cuts,” he said, noting that if this happens, then Americans' taxes would grow higher. Among those are the “patch” to the Alternative Minimum Tax (AMT), the estate tax and a host of temporary tax cuts the Obama administration implemented as part of the stimulus package.
“Not patching the AMT would cost an additional $70 billion” to taxpayers, Ahern said
(Excerpt) Read more at foxnews.com ...
My guess is that right before election day they will extend the Bush tax cuts for another two years.
Gives them nobility yet allows them to stop them if Obama should win again.
Just my guess....sometimes I’m wrong. I’m right about as often as Dick Morris.
If its not the biggest tax hike ever in history and just a run of the mill ordinary big tax hike then I should calm down.
What was I thinking when I got upset?
Another grand to Uncle Sam. I still find it funny that it is the largest increase in history when we were paying the same taxes in 2003 but again I don’t want to give another 1000 bucks to Uncle Sam that is for sure.
$70 billion that the RATs are drooling over the prospect of splitting among themselves and their union backers.
My taxes will go up to the point where I will have to give up one of these two: Pilates class or cooking for fun classes at a local store with demo kitchens. Both experiences are at locally owned small business and I have a good relationship with both owners. These are the people who will be hit hardest.
Also, since January, I have had to pay a tax on my Pilates class since it falls under some sports/entertainment category.
It’s only a tax hike if one ignores the fact that Obama’s United States has embraced full-fledged socialism, such that The State now owns everything, and gives to its supporters in proportion to the level of their support.
“From each according to his ability, to each according to his need,” has become America’s new governing credo.
Meanwhile, in a supreme irony, both Russia and China are moving rapidly ahead with capitalism.
Go figure.
My best guess is that on the taxable income I reported last year, I will owe another $3000 or so. But who knows how it will pan out. Now if I can’t figure out my relatively simple finances, how is a small businessman going to do it?
The extra money I’ll need to pay would have gone to a local landscaping company to do some work on my front yard. Why needs service jobs anyway? Or, the manufacturing jobs of those who make the equipment? Or the nursery jobs? President Obama has better ideas, I’m sure.
Out new tax hikes take a $1,200 bite out of our income...and this is in addition to CommieCare taxes!
In order for the Bush tax rates to be extended, the congress controlled by pelosi and reid will have to pass new legislation or ammend the current law. And obama will have to sign it. Don’t hold your breath on that.
Coming Jan 1.
Income tax rates all shift upward
Cap gains rate doubles
Dividend rate more than doubles
Estate taxes kick back in at 55%
Child tax deduction will be reduced by 1/2
They will probably not patch the AMT
Plus, obama’s deficit reduction panel is due to report their recommendations. They have already floated the idea of a VAT tax.
And they still haven’t produced the federal budget for 2011. Hiding that I would bet because there are a whole bunch of new taxes hidden in there as well.
Might as well just sign over your paycheck to the government and let them give you an allowance - if they choose to do so.
Already we can see in discussions of taxation the attitude that it’s ALL the government’s money, and they’ll let you keep as much - or as little - as is politically expedient.
That’s socialism, pure and simple. As a matter of fact, it’s communism.
Funny - and very ironic - that, after all the battles of the Cold War, America has gone down the communist road without a shot being fired - even as Russia and China embrace capitalism.
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