and America takes another one in the........
Posted on 09/21/2012 9:11:22 AM PDT by GrandJediMasterYoda
100 Days Until Taxmageddon
Sunday will mark the start of the 100-day countdown to “Taxmageddon” – the date 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, 2013:
First Wave: Expiration of 2001 and 2003 Tax Relief In 2001 and 2003, the GOP Congress enacted several tax cuts for small business owners, families, and investors (later re-upped by President Obama and Democrat Congress in 2010).
The following tax hikes will occur on January 1, 2013:
Personal income tax rates will rise on January 1, 2013. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which the majority 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.
The full list of marginal rate hikes is below:
-The 10% bracket rises to a new and expanded 15%
-The 25% bracket rises to 28%
-The 28% bracket rises to 31%
-The 33% bracket rises to 36%
-The 35% bracket rises to 39.6%
Read more: http://atr.org/days-taxmageddon-a7203#ixzz277YSfPmP
(Excerpt) Read more at atr.org ...
You still need to send in all to due by April 15th.
The extension lets you get all the forms finished. You will get penalties for any amount short you were.
and America takes another one in the........
Thanks GrandJediMasterYoda.
How about Doctors just don’t go in for a week, and all other Conservative Careers that are high end braniac skill sets that many organizations can’t live without. Nevermind a week, how about 2, 3 or 4?.....
Those who make under $250,000 will not see......Oh, never mind.
This is BEFORE the new terms of POTUS and Congress, whoever ends up being in charge.
January 3, 2013 is the end of the 113th Congress- 2 days after the taxes increase.
.....WOOHOOOOO!!!! ..... That’s right kiddies ..... only 100 shopping days left until the largest tax hike in history!!!!
Romney, and all Republicans running for races, need to make this one of the key themes of the 2012 campaign. The “middle class” that Obama always pretends to care about is going to get crushed by Taxmageddon, during an extremely fragile economy.
There is a golden opportunity here.
http://dailycaller.com/2012/04/10/494-billion-tax-increase-to-hit-in-2013/
"“Sixty percent of the tax cuts in the Bush tax cuts are direct cuts for middle and low income families. The payroll tax cut is a middle and low income family tax cut, and the AMT patch, the whole purpose of it is to prevent a tax hike on middle and low income families. So when you add it all up 70 percent of that [nearly] $500 billion figure is a direct tax increase on middle and low income families.”
Shouldn’t be a problem - thanks to Obama, most people aren’t generating much taxable income these days, anyway. :)
By allowing the 2003 Bush tax cuts to retire, taxes will be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%.
Raising the 10% bracket to 15% represents what percentage of increase? (Hint: The correct answer is NOT 5%)
To those moving from the 10% bracket to 15%, their taxes will be increased by 50%!!
Raising the 20% bracket to 25% represents what percentage of increase? (Hint: The correct answer, again, is NOT 5%)it’s s a full-blown 25% increase in taxes
Finally, raising the 35% bracket to 39% represents what percentage of increase: (Hint: The correct answer is NOT 4%)that’s roughly an 11% increase in taxes.
Considering the kind of year I'm having, I'll likely be back in the bottom bracket, and thus facing that 50% increase: an unbelievable increase in such poor economic conditions, and one that should have the media screaming, if they had any interest in actually doing their job instead of shilling for their party....
“percentage of” math is commonly misreported in the media.
I see this “increase your exemptions and deny them money” idea before. It makes little sense. Come April 15th the account must be settled. They print whatever they want anyway.
But, the idea of filing more paperwork is a start. Changing exemptions is pointless because the employer handles that. But filing amended returns for trivial amounts will cost them. And if people turn in hand written forms the system would bog down, especially if the writing was poor or there were stray marks to confound the scanners.
The system relies on automation and computers too much now, it can be overwhelmed in a simple old-fashion way.
I WISH taxes would go up on everybody and if they’re going up on anybody. Those in the lower brackets who love obama would get hit. But that won’t happen. Only the “wealthy” will get an increase because the republicans will cave.
Don’t forget that the Obamacare taxes on businesses start next year. Also, the FICA deductions return to the old amount (and employer contributions also return to this old amount).
the death rate for the hospitals where they were striking....
Fell, late 70's early 80's.
But I am with ya.
True, but in my humble opinion the republicans are the same as Dems, but with no spine.
With wind burn on their ears from bending over at the drop of a hat, to drop trou!
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