After About Twenty Wrong Steps, Finally One in the Right Direction (Dems Stomp American People)

ATR ^ | 10/22/10 | Cassandra Baker

[Andrea19]

...We’ve talked in excess Obama’s tax hikes, but here’s a refresher on how small businesses will be affected, thanks to just two policies:

Small business and the expiration of the 2001 and 2003 tax cuts (January 2011)

• Personal income tax rates will rise for all brackets, making the highest tax rate 39.6 percent and the lowest rate 15 percent. Currently, the lowest rate is 10 percent; the highest is 35 percent.
• Itemized deductions and exemptions will be phased out, which will have the same effect as higher marginal tax rates.
• The Death Tax, which has always been especially hard on small businesses, will return with a vengeance at 55 percent on estates worth over $1 million.
• Capital gains taxes will rise to 20 percent while dividends tax rates will rise to 39.6 percent. Both are then slated to rise another 3.8 percent in 2013.

Obamacare and small businesses (now-2016)

• New excise tax on small business owners who do not buy “qualifying” insurance.
• New tax on name-brand drugs which will raise the price on prescription drugs.
• Medicare payroll taxes will increase for the self-employed to 3.8 percent on wages over $200,000.
• Medical device manufacturers will be subjected to a 2.3 percent excise tax for all products over $100. Businesses will be required to file 1099-MISC forms for all contracted companies, in addition to filing for contracted individuals.
• The “Medicine Cabinet Tax” will disallow the use of pre-tax dollars to purchase non-prescription, over-the-counter drugs (except insulin) via health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement accounts (HRAs).
• The “Economic Substance Doctrine” will give arbitrary power to the IRS to determine the legality of previously legal deductions...

Read more: http://www.atr.org/twenty-wrong-steps-finally-one-right-a5502#ixzz136hX59TF

[Andrea19]

Time to pull the rug out from under Pelosi, Reid, and Obama.

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