Posted on 04/17/2010 5:37:28 AM PDT by Zakeet
DEMOCRATS LIE!!!!!!!!!!!!!
http://turbotax.intuit.com/tax-tools/tax-tips/irs-tax-return/5519.html#2011
Starting in 2011
Higher Tax Rates
Beginning in 2011, tax rates that were in effect prior to 2001 return. The top income tax rate goes back to 39.6 percent, and the special low 10 percent bracket is eliminated. Whether this will actually happen will be at the heart of a spirited battle in Congress during 2010.
Estate Tax Revived
For individuals dying after 2010, the federal estate tax returns with a $1,000,000 exemption and a 50 percent maximum rate. Congress is likely to take some action on these rules during 2010.
Increase in Capital Gains and Dividend Tax Rates
The tax rate reductions for long-term capital gains and dividends is scheduled to expire this year.
•In 2011, the maximum long-term capital gains tax rate goes back up to 20 percent from 15 percent. A lower 10 percent tax rate is used by individuals who are in the 15 percent tax bracket. Their long-term capital gains had been tax-free since 2008.
•In 2011, dividend income (other than capital gain distributions from mutual funds) is taxed as ordinary income at your highest marginal tax rate.
Child Tax Credit
The credit of $1,000 per eligible child reverts to $500 after 2010. After 2010, none of the child tax credit will be refundable to taxpayers unless their earned income is more than $12,550. This is one of the many Bush tax cuts currently scheduled to expire after 2010.
Payroll Tax Credit
Starting in 2011, the partial credit for payroll taxes paid is no longer available.
Section 179 Expense Deduction
The maximum amount of equipment placed in service that businesses can expense drops to $25,000, down from $135,000 in 2010.
College Savings Plans
Beginning in 2011, 529 Plans can no longer be tapped tax-free to pay for a computer or Internet access.
Tax Credit for College Tuition
The Hope credit is again limited to the first two years of college and is capped at $1,800. None of the credit is refundable if it is more than your regular income tax liability.
Earned Income Tax Credit (EITC)
Temporary increases in the Earned Income Tax Credit for filers with three or more children and the higher income levels for the phaseout of the credit are repealed.
Mortgage Insurance Premiums
The special itemized deduction for mortgage insurance premiums paid on mortgages taken out after 2006 expires on Dec. 31, 2010.
While MOC's are in respected positions, yes, they individually are not representatives of the whole of the citizenry, if Barney Frank, one example, does his usual arrogant derision when he's talking to the punditry, fine. But for the man who sits in the chair in the Oval Office to constantly sneer and ridicule one particular sub-set of Americans or another, it is so beneath the office -- unbelievably childish.
Does Smithers have a background in ballet like Rahm Emmanuel?
Smithers, as an effeminate two dimensional cartoon, is more of a man than Rahmy could ever hope to be...
A New York Times survey found that tea-partiers are wealthier and better educated than the general population, exploding the stereotype of them as rubes.
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