In just six months, the largest tax hikes in the history of America will take effect

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:

First Wave: Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:

Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds 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 an 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%

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.

Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.


please keep your copy and pastes down to 3=4 paragraphs then link to the rest of the copy. - care
Six Months to Go Until<br> The Largest Tax Hikes in History


In the middle of a double dip recession these clowns are doing this? They are hell bent on destroying this country.

 

Tax hikes, or allowing pro temp tax cuts to go back to their original state, would be mistake as long as the employment picture is as bad as it is, I quite agree.

 

What are these guys thinking?

This is why we need term limits, this is why the clowns that occupy these positions now MUST GO!!

 

This is not happening, I have it on Good Authority " read my Lips, we are not Raising Taxes on those making less than 250,000.00"

Common, you just can't make me believe BO would lie


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WE HAVE TERM LIMITS, it is called an election. If we the people are to STUPID to vote out the bad seeds we DESERVE what ever bad legislation they enact.

 

Ya, but we have 50% of the population that is too stupid to vote, and they can't be trusted to do the right thing. That is why term limits are necessary.

 

EXACTLY! The problem is not the term limits but the stupidity of people that continue to vote these people back for continued terms. We call them incompetent, freeloaders, manipulators, yet WE as the citizens are in so many cases too damn lazy to do anything else but complain without following up with action.

We want change? We get off our butts and think for once, if that's possible, and vote these people OUT and try someone else, otherwise go back to the couch with your beer and snacks.

Blame them, Blame US, we are all accountable. And yes, we think our take home dollar has shrunk? Wait till 1 Jan 2011 and beyond, stop complaining folks, WE keep putting them back there.

 

I would have to say 25% possibly are too stupid to vote, 25% are too ignorant to vote, 25% are voting for the free stuff they want and the last 25% vote with the attitude of caring for the future.

On the contrary no one deserves bad legislation, but also i do not think anyone deserves to stay in politics for 30 to 40 years either!

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With the current congress I forsee the following happening.

After the summer break congress will come back and with the white house will work on a new tax bill. The bill will be designed for maximum impact on the 2010 midterm elections in november. What they will go for will be:

Keep the tax cuts on people under $250-$150k. Probably raise the estate tax threshold to $2-$5 million to steal some of the "killing family farms" stuff.

They will probably try to hide the rest of it. The bill will pass the house easily, but the sentate will be an issue. Expect the usual democratic class warfare tactics "Republicans are protecting the rich" et. al.

After the 2010 elections? who knows.

 

So Bush is raising our taxes in 6 months and he's not even in office anymore.

That's a neat trick.

btw, when you rightwingers were complaining a couple months ago about how 47% of American paid NO taxes last year, how many of them would have to pay some of that 'fair share' as you called it,

after these tax cuts expire?