Posted on 07/02/2010 3:01:05 PM PDT by Desdemona
We’ve been here before.
American’s For Tax Reform culled a few things from the List of Expiring Federal Tax Provisions 2009-2020 off the government’s website:
In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:
(Excerpt) Read more at redstate.com ...
Historic Defeat for the Democrats in 4 months.
And you will be seeing the most historic tax revolt in six months. The tax system works because people go along with it. The resistance to this will be massive.
*
I don’t have to worry because I make less than $250K. Obama (peas be upon him) promised me and I know he would never, ever lie.
Gonna be a bloodbath.....people have no idea how punishing those old rates are......
0bama’s Depression Continues!
I guess this wasn’t such a bad year to be laid off after all. Our income will be less than the AMT will look for, I think.
In just six months, barring a change of heart from Congress and the President, taxes will be going up for EVERYONE, significantly, despite a campaign pledge to not only swear-off tax increases for families earning less than $250,000 a year, but to actually provide tax relief for those families:
Income Taxes:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%... See More
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
The GOP media, elected officials, talk show hosts, columnists, etc. need to get on the same page on this one in pushing this issue to the forefront of the public eye.
The public does not know this, they don't.
They need to be educated BEFORE we get slammed, and it is us to the aforementioned bodies to get it done.
Thanks.
Cross-linked articles:
“Six Months to Go Until The Largest Tax Hikes in US History Take Effect…”
“Wounded Warriors Face New Tax This Independence Day”
http://www.atr.org/sixmonths.html?content=5171
“Description:List Of Expiring Federal Tax Provisions 2009-2020”
http://www.jct.gov/publications.html?func=startdown&id=3646
Of course, it's just a matter of time before the IRS decides to start taxing the "imputed income" from the child care and commuting and business clothing savings for the stay-at-home spouse.
The market is gonna crater if Congress doesn’t massively shift Right in Nov. Can you imagine the market on Novemeber 3rd, if the Dems still control?? Don’t cap gains rates go up hugely? No way it can go through. It will destroy the economy.
55 percent death tax rate ? what kind of friggin country is this ? oh .. i forgot ... it’s a communist country ... everybody is brainwashed accepting this BS .
This is one of those years when the old saying "Sell in May and go away" looks like good guidance. Everyone knows the Bush tax cuts are expiring, and most people expect two additional things to happen. First, significant change in Congress, hopefully leading to gridlock is likely. (Nothing Obama wants will get passed; everything the GOP wants will get vetoed.) Second, everyone expects a tax bill which will lead to intermediate rates on estate taxes and on dividends (scheduled to be treated as ordinary income).
You have to realize that no tax modification is in place.. it has to be written up and agreed upon. Without such an agreement, the full force of the expiration of the Bush cuts will hit next year.
That said, I think that one thing is not widely anticipated: A lame duck Congress running hog-wild between the election in November and the end of their term. It's talked about here, but I don't believe it is factored in yet by the investment community. They will try some really wild stuff in the lame duck term, and while it looks possible, the market will swoon again after a bit of a post election bounce.
Well, that's my scenario for the day.
Read the article. There's nothing Republicans can do even if they take back Congress. Any reforms will be met with Zero's veto pen.
People need to start planning, now. Create an emergency kit. Pay off bills and reduce your debt. Stock up on non-perishable food and supplies. I'm not waiting on whether or not the Stupid Party wins. My confidence level in the Republican Party is completely negative.
You are always that way anyway.
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