Posted on 09/21/2010 9:07:04 AM PDT by Responsibility2nd
Walk down any street in America and you will see one of two kinds of people: people who pay federal income taxes and those who don't.
Nearly 50% of us don't pay income taxes either because we don't make enough to owe taxes or because we score so many deductions and credits that it wipes out our bill. That means everybody else has to pick up the tab.
When George W. Bush's tax cuts expire at midnight on Dec. 31 this year, those who pay will owe even more. Bush's 10% tax bracket is replaced by a 15% bracket for the lowest wage earners. For those at the top, the income tax rate resets to nearly 40% from 35%.
Little-noticed provisions that also expire with the tax cuts will push that top rate through the 40% threshold.
Here's what it could cost you:
(Excerpt) Read more at foxbusiness.com ...
Repealing the Bush tax cuts will likely be the proverbial straw.
Doing so will cost more jobs, and send the economy back downwards.
BUSH'S FAULT
The Bush tax cuts are not being repealed. Rather, they are not being extended. The legislation that created them states a specific expiration date, which means that Congress must pass specific legislation to extend them. There is no doubt that Congress will extend them for most, but Obama and most Dems are against extending them for the so-called rich, which includes many small businesses.
Bush believed that you could spend your own money better than the government could.
You know that’s completely contrary to the “Progressive” agenda.
No worries about tax increases, those making over $250K will cut back to $249K. It’s already in the cards, too late for Congress/Obama to change anything. Even if the Dems did make high wage earners a ‘deal’, they wouldn’t trust the offer.
The other fact is that everything you purchase will become more expensive if taxes are raised on the, so called, wealthy. Having an income of $200K is not being wealthy. If anyone believes that the people making $200K-$250K are not going to raise the price on their products, one, to keep their profit level up and two, to retain their employees, is fooling themselves.
I saw her report on the estate tax increase, on The Willis Report on FBN yesterday. She has a good grasp on the issues.
Unfortunately, as I talk with my clients, I remind them that even if Congress takes action to leave the “cuts” in place, Zero will probably veto and taxes will still go up. My clients enjoy that I refer to this as the Obama tax hikes. Nothing that a strong dose of tea won’t cure. I just hope it is not too late.
Gwjack
Right off the bat you will lose a $500 deduction for every child you have off of your tax liability.
You know what he’s going to do(because everything Mr. Obama does is wrong): We get tax cuts(so-called) them Mr. O raises other taxes and fees to pay for it.
I swear, if this man fell out of a boat, he couldn’t find water.
The dims won’t extend the Bush tax cuts for anyone. All they have to do is wait out the calender and they get a defacto tax increase without having to cast any votes on it. They will probabaly turn right around and blame Bush for agreeing to such terms.
Also don’t forget about the VAT that is lurking out there. obamaby created a deficit reduction task force that is to report their findings to him in December after the NOV elections.
All this bs talk about extending tax cuts is just that. It will require legislation from Pelosi and Reid. I am planning on a full out tax assault coming in January. If I am right, then the blow will not be a severe. If I’m wrong, then I will be wrong. I am not going to gamble on these marxists.
She didn’t include the change in Health Flexible Spending Accounts. The max will go from $5K to $2.5K. That’s an added 2,500 in income for those who max out on medical spending.
There is no doubt that Congress will extend them for most...
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Obama will end tax cuts for those who pay taxes. But for those who DON’T pay taxes?
He’ll extend them.
LOL. Of course they will extend them. Both parties want to extend them and so does Obama. Who is going to stop it? The Dems would like to frame the issue using class warfare. They know that the majority of the American people don't favor extending the tax cuts to the so-called rich. The Dems will draft a bill extending the Bush tax cuts for the middle class and dare the Reps to vote against it. They want to paint the Reps as the party of the rich.
The Reps and some Dems want to extend the Bush tax cuts for all. If the Reps gain control of the House in January, they can pass a bill extending the Bush tax cuts for all and then dare the Senate to vote against it and Obama to veto it thereby raising everyone's taxes. But make no mistake about it, the tax cuts will be extended.
Also don’t forget about the VAT that is lurking out there. obamaby created a deficit reduction task force that is to report their findings to him in December after the NOV elections.
Congress will never pass a VAT.
A DEPRESSION extended further and deeper than the one we are already in.
LLS
BS.
So the MINIMUM this will cost me is $5 grand
looks like I better wait to buy that new car
Yesterday they were talking about the House going home early so they could campaign. Guess that will be their excuse for allowing taxes to go up on the job providers.
Lefty bloggers still complaining that businesses are ‘hoarding’ piles of cash instead of hiring people. Don’t get or don’t want to get that said businesses assume they will need that cash to pay their taxes.
Maybe we should send these people Monopoly games instead of giving everyone a laptop?
Make them aware of this indirect tax increase from the health care bill:
http://www.freerepublic.com/focus/f-chat/2590969/posts
They will get extended. Not for the “rich” The tax assault will come to the middle class in other forms known as death by a thousand cuts.
ping
“She didn’t include the change in Health Flexible Spending Accounts. The max will go from $5K to $2.5K. That’s an added 2,500 in income for those who max out on medical spending.”
Not only that, but what you can use FSA money on is changing. Over-the-counter drugs will no longer be eligible under the new rules. So if you have a chronic condition that you regularly use OTC meds for you can’t use FSA money for them UNLESS you have a “prescription” or note from your doctor. Imagine getting your doctor to write notes for all your OTC meds or getting them to change you to a prescription only version? That’s IF you can get an appointment to even see your doc.
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