Posted on 09/23/2010 2:38:41 PM PDT by Andrea19
...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. Until this year, a retired person with an IRA could 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.
Read more: http://www.atr.org/update-days-untilbr-largest-tax-hikes-a5418#ixzz10OEKQcZk
(Excerpt) Read more at atr.org ...
Help promote Conservative activism here & here & here & here
Don't cut taxes ...
ELIMINATE them.
Drop them, erase them.
Cutting taxes is not projecting next years tax burden any further by taking from a "cut" to expand a program.
Ministry of Plenty bookmark.
Prediction. It will all be increased. They will not vote before the election and will gridlock after. Obama will veto any attempt next year so all taxes will go up. We are screwed.
That might be this election year’s October surprise, a reprieve from the programmed tax hikes. Too little, too late!
So will the pubs call them the Bush tax cuts or the clinton tax increase.
Taxes are not raised on businesses. Truth is taxes on small businesses are passed on to the consumer. So to properly word this, Taxes on small businesses will be on the consumer.
313 Economists to Congress: Tax Hikes Constitute "Anti-Stimulus"
If possible, yes, the tax increase will be passed on in higher prices.
But some small businesses will see their tax rate increase, while their competitors, even smaller businesses, will see their lower Bush tax rates extended. Other small businesses compete with foreign businesses that will not have their tax rates increase.
Whether or not you can successfully “pass on” a tax increase depends on your competitors’ tax situations. Don’t kid yourself, there will be plenty of businesses that CANNOT pass along the tax increase in higher prices, and will instead have to cut employees, equipment, etc.
I have tried to explain that concept to some liberal guys I know. They completely reject the concept even when clearly laid out. It is a lost cause for some until they get hit with the affect in their personal lives so hard that it can’t be ignored.
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