Posted on 07/08/2010 1:57:31 PM PDT by Andrea19
...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...
Read more: http://www.atr.org/sixmonths.html?content=5171#ixzz0t7stW5gw
(Excerpt) Read more at atr.org ...
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Obama said he wouldn’t raise taxes on anyone making less than 250K a year.
Of course the media will spin it that Obama didn’t raise them, it was Bush’s fault because the “Bush tax cuts” had an expiration date.
I had read somewhere, probably on FR, that the middle tax rates will increase the most. One will increase nearly 100%. I wish I had the numbers to quote.
But, Mr. Skittles is more conservative than Reagan!!!!!!
I don’t have the numbers either, but middle class marginal rates will go up where the deduction phaseout begins.
Since the 30-40K income bracket received the largest decrease, then inversely we will receive the largest increase.
Let’s see. From coast to coast, the RATS will be campaigning in favor of:
1. middle class tax increases
2. tax increases for everyone
3. generational theft, $1 trillion annual deficits, and ultimate financial collapse
4. Obamacare
5. cap & tax, to the tune of $1,600 per household per year
6. unlimited illegal immigration
7. drivers licenses for illegal immigrants
8. financial reform that socks consumers with new ATM fees
9. apologizing to the world for American “arrogance”
10. trials for the 9-11 criminals in NYC
What did I forget?
TAX CALCULATOR: 2000 - 2010
http://www.moneychimp.com/features/tax_brackets.htm
Go to the second calculator on that link. Put in your income for 2010 and write down the taxes you owe. Then recalculate that income for the year 2000 and write down the taxes you owe. The difference is what you will have less in your paycheck each year.
For me, Obama is about to screw me out of an additional $4000 dollars per year from my take home pay.
That it's all really Bush's fault.
Bookmark til later when I can punch in my numbers...and cry.
Think in order to get the 100% it involves a couple factors. Just the base tax brackets themselves don’t do it.
Lower income earners will probably be most hurt.
These aren’t my numbers at all. Mine are so confusing I have to hire an accountant to do mine, then just tell me how much I owe.
Given a $28,000 a year income, married with no kids. Straight taxes with no write offs and other deductions.
2009
Gross Income: 28,000
Standard Deduction: 11450
Taxable Income: 16550
Bracket: 10%
Taxes Owed: $1655
2010 (after tax cuts go away)
Gross Income: 28,000
Standard Deduction: 9500 (marriage penalty is back)
Taxable Income: 18500
Bracket: 15%
Because of the marriage penalty coming back they went up to next tax bracket. Wouldn’t have mattered anyways because their old 10% turned into 15%.
Taxes Owed: $2,775
Recap
2009: $1,655
2010: $2,775
That’s a 66% increase in tax dollars owed, for a couple making less that 30K a year.
Obama lied, and absolutely knew it. Of course like I said in a previous post it will be blamed on Bush anyways.
(I think these are right, it’s been 10 years since I was privileged enough to use a simple 1040EZ)
Seems like quite straightforward math.
Even Republicans ought to be able to produce a campaign ad explaining it.
2009: $1,655 - 1000 child credit = $655
2010: $2,775 - 500 child credit = $2,275
342% tax increase from the previous year for a young married couple with one child.
(again been 10 years since done a 1040EZ so could be wrong)
Miss me yet?
Why the Bush tax cuts only benefited the rich so Joe Sixpack won’t see any change. That lie will be made manifest with our first paychecks next year. Another whammy is in store with the 3.8% tax on “unearned” income hidden in Obamacare. I hope Republicans run those clips of Obama saying that anyone making under $250,000 won’t see a single dime of tax increase.
Why the Bush tax cuts only benefited the rich so Joe Sixpack won’t see any change. That lie will be made manifest with our first paychecks next year. Another whammy is in store with the 3.8% tax on “unearned” income hidden in Obamacare. I hope Republicans run those clips of Obama saying that anyone making under $250,000 won’t see a single dime of tax increase.
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