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

[JakeStarkey]

Dave, I don't care about the Democratic Party. If you are a Republican, neither do you, honestly. Either we get the party right, or we will be in the minority for a very long time. The Dems will do what they will do, and they will laugh at us squabbling, because they will win more than not.

 

[daveman]

daveman, I am a centrist Republican, as I described several times Wednesday evening, as you well know.

You are a far con, maybe not even a Republican, but that's OK. Just fair disclosure, you know.

Try being polite. I will do the same.

And no matter how many times I say I'm an NBA center...


...I'm not.

Oh, and FYI: I don't care if you're polite to me or not.

 

[daveman]

Dave, I don't care about the Democratic Party. If you are a Republican, neither do you, honestly. Either we get the party right, or we will be in the minority for a very long time. The Dems will do what they will do, and they will laugh at us squabbling, because they will win more than not.

I'm not a Republican...I'm a conservative. There is a difference.

 

[JakeStarkey]

OK, then what you think about the GOP counts no more than what a Dem does. Thanks for the fair disclosure. You are irrelevant to the process. And you are probably to the right of normal conservative, somewhere in reactionary land.

 

[ConHog]

OK, then what you think about the GOP counts no more than what a Dem does. Thanks for the fair disclosure. You are irrelevant to the process. And you are probably to the right of normal conservative, somewhere in reactionary land.

Be fair, Dave is no more of a reactionary than most on here. left and right

 

[JakeStarkey]

No, daveman is to the right of normal conservatism. He believes in economic predatory politics, strongest survives. That's not American.

 

[ConHog]

No, daveman is to the right of normal conservatism. He believes in economic predatory politics, strongest survives. That's not American.

Didn't say he wasn't. I said most of the poster on here are either radical left or right.

 

[MaggieMae]

If you bother to check out all of the smaller tax adjustments, listed inclusively below, it's easy to see that many of these were tax loopholes not available to every American taxpayer. The way the OP reads is that ALL OF THAT will effect ALL AMERICANS. Not true.

May 26, 2010

List of Tax Provisions Scheduled to Expire on December 31, 2010
by Gerald Prante
The Tax Foundation - List of Tax Provisions Scheduled to Expire on December 31, 2010

If nothing is done by Congress on tax policy from now until December 31, massive tax changes will take place. The odds of Congress doing absolutely nothing are small, but it is worth considering why Congress is highly likely to address the tax code this year: it is because so many key provisions are scheduled to change when the ball drops on January 1, 2011.

Most of the key provisions that expire at the end of 2010 were put in place with the 2001 and 2003 tax cuts, often called the "Bush tax cuts." There were other tax changes that took place during Bush's term that are set to expire at the end of 2010, and President Obama has also pushed through some changes in tax law that are set to expire at the end of 2010.

The table below presents a complete list of the tax provisions scheduled to expire at the end of 2010 (as of March 19, 2010). Note that there were some key tax provisions that technically "expired" at the end of 2009, but which will likely be retroactively put back into law such as an AMT patch for 2010 and the infamous list of "tax extenders." Most of these provisions will likely be extended another year, and thereby also be scheduled to expire on December 31. For a list of these provisions that expired at the end of 2009, click here. (The source for these expiring provisions is the Joint Committee on Taxation's report of expiring tax provisions.)

Bush Tax Cut (2001 and 2003) Provisions Scheduled to Expire on December 31, 2010

Major Individual Income Tax Provisions

Increase of the size of 15 percent rate bracket for married filers to double that of unmarried filers (sec. 1(f)(8) and sec. 901 of Pub. L. No. 107-16).

Increase of the standard deduction for married filers to double that of unmarried filers (sec. 63(c)(2)(A) and sec. 901 of Pub. L. No. 107-16).

Reduced capital gain rates for individuals (secs. 1(h)(1)(B), 1(h)(1)(C), 55(b)(3)(B), 55(b)(3)(C), 57(a)(7), 1445(e)(1), 7518(g)(6)(A) and sec. 102 of Pub. L. No. 109-222).

Dividends of individuals taxed at capital gain rates (secs. 1(h)(11), 163(d)(4)(B), 854(a), 854(b) and 857(c) and sec. 102 of Pub. L. No. 109-222).

Ten percent individual income tax rate (sec. 1(i) and sec. 901 of Pub. L. No. 107- 16).

Reduction in other individual income tax rates — size of 15 percent rate bracket modified to reflect 10 percent rate, and 28 percent, 31 percent, 36 percent and 39.6 percent rates are reduced to 25 percent, 28 percent, 33 percent and 35 percent, respectively (sec. 1(i)(2) and sec. 901 of Pub. L. No. 107-16).

Child credit — increase from $500 to $1,000, expand eligibility for refundable portion of the credit, AMT relief, provide that child credit not treated as income or resources for purposes of benefit or assistance programs financed in whole or in part with Federal funds (secs. 24(a) and (b)(3) and secs. 203 and 901 of Pub. L. No. 107-16).

Earned income tax credit ("EITC") - increase in the beginning point of the phase-out range for joint returns, modification of EITC treatment of amounts not includible in income, repeal of reduction of EITC for AMT liability, expansion of math error authority (secs. 32(b)(2), (c)(2)(A)(i), (h), and 6213(g)(2) and sec. 901 of Pub. L. No. 107-16).

Repeal of the personal exemptions phase-outs ("PEP") for high income taxpayers (sec. 151(d)(3)(F) and sec. 901 of Pub. L. No. 107-16).

Repeal of overall limitation on itemized deductions (the “Pease limitation”) (sec. 68(g) and sec. 901 of Pub. L. No. 107-16)

Dependent care credit — increase of dollar limit on creditable expenses from $2,400 to $3,000 ($4,800 to $6,000 for two or more children), increase of applicable credit percentage from 30 to 35 percent, increase of beginning point of phase-out range from $10,000 to $15,000 (secs. 21(a)(2) and 21(c) and sec. 901 of Pub. L. No. 107-16).

Adoption credit and adoption assistance exclusion — increase to $10,000 for maximum credit and maximum exclusion, special needs adoptions deemed to have $10,000 eligible expenses for purposes of credit and exclusion, increase the beginning and ending points of phase-out range for credit and exclusion, the credit is allowed against AMT (secs. 23 and 137 and sec. 901 of Pub. L. No. 107-16).

Student loan interest deduction — increase and indexation for inflation of the phase-out ranges, repeal of the limit on the number of months that interest payments are deductible, repeal of the rule that voluntary payments of interest are not deductible (sec. 221 and sec. 901 of Pub. L. No. 107-16).

Education IRAs (Coverdell education savings accounts) — increase of maximum annual contribution from $500 to $2,000, expansion of definition of qualified education expenses, increase in the size of the phase-out range for married filers to double that of unmarried filers, provision of special needs beneficiary rules, contributions by corporations and other entities, and contributions until April 15th, permitted (secs. 530(b)(1), (b)(2), (b)(4), (c)(1), (d)(2) and sec. 901 of Pub. L. No. 107-16).

Estate Tax Provisions

Modified carryover basis rules for property acquired from a decedent who dies during 2010 (secs. 1022, 1040, 6018, and 6716 and sec. 901 of Pub. L. No. 107-16).

Estate tax deduction for State death taxes paid (secs. 2011, 2053, 2058, 2102, 2106, and 2604 and sec. 901 of Pub. L. No. 107- 16).

Expansion and clarification of estate tax conservation easement rules (secs. 2031(c)(2) and (c)(8)(A)(i) and sec. 901 of Pub. L. No. 107-16).

Temporary repeal of the estate and generation-skipping transfer taxes (secs. 2210 and 2664 and sec. 901 of Pub. L. No. 107-16).

Reduction in the maximum gift tax rate to 35 percent (sec. 2502 and sec. 901 of Pub. L. No. 107-16).

Treatment of certain transfers in trust as taxable gifts under section 2503 (sec. 2511(c) and sec. 901 of Pub. L. No. 107-16).

Repeal of the qualified family-owned business deduction (sec. 2057 and sec. 901 of Pub. L. No. 107-16).

Modifications to generation-skipping transfer tax rules regarding deemed allocations of exemption to certain transfers in trust, severing of trusts, valuation, and relief for late elections (secs. 2632(c) and 2642(a)(3), (b)(1) and (b)(2)(A) and sec. 901 of Pub. L. No. 107-16).

Modifications to estate tax installment payment rules (secs. 6166(b)(1)(B)(ii), (b)(1)(C)(ii), (b)(8)(B), (b)(9)(B)(iii)(I) and (b)(10) and sec. 901 of Pub. L. No. 107-16).

Other Tax Provisions

Expand from 90 days to 120 days the postponement of certain tax-related deadlines in the case of Presidentially declared disasters (sec. 7508A(a) and sec. 901 of Pub. L. No. 107-16).

Credit for employer-provided child care (sec. 45F and sec. 901 of Pub. L. No. 107-16).

Elimination of tax on awards under the National Health Service Corps Scholarship Program and the F. Edward Hébert Armed Forces Health Professions Scholarship and Financial Assistance Program (sec. 117(c)(2) and sec. 901 of Pub. L. No. 107-16).

Employer-provided educational assistance — expansion to graduate education and making the exclusion permanent (sec. 127(c)(1) and sec. 901 of Pub. L. No. 107-16).

Tax-exempt bonds for educational facilities — increase in amount of bonds qualifying for small-issuer arbitrage rebate exception, expansion of tax-exempt bond treatment to public school facilities (secs. 142(a)(13) and (k), 148(f)(4)(D)(vii) and sec. 901 of Pub. L. No. 107-16).

Repeal of collapsible corporation rules (sec. 341 and sec. 102 of Pub. L. No. 109-222).

Modified tax treatment of electing Alaska Native Settlement Trusts and their beneficiaries (sec. 646 and sec. 901 of Pub. L. No. 107-16).



Obama Stimulus Provisions Scheduled to Expire on December 31, 2010

Major Individual Income Tax Provisions

Making Work Pay credit (sec. 36A).

Refundable child credit floor amount (sec. 24(d)).

American Opportunity Tax credit (sec. 25A(i)).

Earned income tax credit: a. Credit percentage of 45 percent for three or more qualifying children (sec. 32(b)(3)(A)); b. Phase-out threshold for marriage penalty relief (sec. 32(b)(3)(B)).

Modification of AMT limitations on tax-exempt bonds (secs. 57(a)(5)(C)(vi) and 56(g)(4)(B)(iv)).

Other Provisions

Increase in dollar limitations for expensing to $125,000/500,000 (indexed) (secs. 179(b)(1) and (2), (c)(2), and (d)(1)(A)(ii)).

Credit for certain nonbusiness energy property (sec. 25C(g)).

Alternative fuel vehicle refueling property (non-hydrogen refueling property) (sec. 30C(g)(2)).

Enhanced credit for health insurance costs of eligible individuals (sec. 35(a)).

Election of investment credit in lieu of production tax credit (sec. 48(a)(5)).

Grants for specified energy property in lieu of tax credits (sec. 48(d) and sec. 1603 of Pub. L. No. 111-5).

Work opportunity tax credit targeted group status for unemployed veterans and disconnected youth (sec. 51(d)(14)).

Qualified school construction bonds – allocation of bond authority (sec. 54F(c)(3)).

Authority to issue Build America Bonds (secs. 54AA(d)(1)(B) and 6431(a)).

Deferral and ratable inclusion of income from business debt discharged by reacquisition (sec. 108(i)).

Parity for exclusion from income for employer-provided mass transit and parking benefits (sec. 132(f)).

Expansion of availability of industrial development bonds to facilities manufacturing intangible property (sec. 144(a)(12)(C)).

Modification of small issuer exception to tax-exempt interest allocation rules for financial institutions (sec. 265(b)(3)(G)).

Computer technology and equipment allowed as a qualified higher-education expense for section 529 accounts (sec. 529(e)(3)(A)(iii)).

Special rules for qualified small business stock (sec. 1202(a)(3)).

Reduction in S corporation recognition period for built-in gains tax (sec. 1374(d)(7)).

Authority to issue recovery zone economic development bonds and facility bonds (secs. 1400U-2(b) and 1400U-3(b)).




Other Tax Changes Scheduled to Expire on December 31, 2010

Energy Provisions


Alternative motor vehicle credit for advanced lean burn technology motor vehicles and qualified hybrid motor vehicles that are passenger automobiles or light trucks (sec. 30B(k)(2)).

Alternative motor vehicle credit for qualified alternative fuel vehicles (sec. 30B(k)(4)).

Alternative fuel vehicle refueling property — increase in credit rate and credit cap (sec. 30C(e)(6)).

Incentives for alcohol fuels: a. Alcohol fuels income tax credit (alcohol fuel, alcohol used to produce a qualified mixture, and small ethanol producers) (secs. 40(e)(1)(A), (h)(1), and (h)(2)); b. Alcohol fuel mixture excise tax credit and outlay payments (secs. 6426(b)(6) and 6427(e)(6)(A)).

Credit for energy efficient appliances (sec. 45M(b)).

Natural gas distribution lines treated as 15-year property (sec. 168(e)(3)(E)(viii)).

Housing Provisions

Qualified mortgage bonds for refinancing of subprime loans (sec. 143(k)(12)).

Volume cap increase and set-aside for private activity bonds for housing (secs. 146(d)(5) and (f)(6)).

Bonds guaranteed by Federal Home Loan banks eligible for treatment as tax-exempt bonds (sec. 149(b)(3)(A)(iv)).

Premiums for mortgage insurance deductible as interest that is qualified residence interest (sec. 163(h)(3)).

Other Provisions

Qualified zone academy bonds — allocation of bond authority (sec. 54E(c)(1)).

Exclusion from income for benefits provided to volunteer firefighters and emergency medical responders (sec. 139B).

Five-year amortization of music and music copyrights (sec. 167(g)(8)).

De minimis safe harbor exception for tax-exempt interest expense of financial institutions (secs. 265(b)(7) and 291(e)(1)(B)(iv)).

 

[daveman]

OK, then what you think about the GOP counts no more than what a Dem does. Thanks for the fair disclosure. You are irrelevant to the process. And you are probably to the right of normal conservative, somewhere in reactionary land.

If it comforts your little mind to feel that way. But don't pretend you gave my views any serious consideration beforehand...because you didn't. Why? Because I committed the unforgivable sin: I disagreed with you.

 

[Charles_Main]

daveman is fun to watch! Such a goof. You, like bigrebnc1775, are good entertainment for a rainy afternoon, like watching two monkeys in the zoo throwing feces. But you throw it at yourself. Kiddo, you are zonkers, but, cool, go for it.

Yes, I agree -- me exposing the lunacy that is liberal thought...sorry, that's inaccurate...liberal feeling is entertaining, isn't it?

You know, for a conservative, you sure do get your panties in a wad when someone criticizes Democrats.

There seems to be a lot of co called Conservatives lately who at every turn defend Liberal Ideas and attack real conservatives.

Hmmmm?

 

[daveman]

No, daveman is to the right of normal conservatism. He believes in economic predatory politics, strongest survives. That's not American.

Ahh, so YOU'RE the "only true American".

 

[daveman]

daveman is fun to watch! Such a goof. You, like bigrebnc1775, are good entertainment for a rainy afternoon, like watching two monkeys in the zoo throwing feces. But you throw it at yourself. Kiddo, you are zonkers, but, cool, go for it.

Yes, I agree -- me exposing the lunacy that is liberal thought...sorry, that's inaccurate...liberal feeling is entertaining, isn't it?

You know, for a conservative, you sure do get your panties in a wad when someone criticizes Democrats.

There seems to be a lot of co called Conservatives lately who at every turn defend Liberal Ideas and attack real conservatives.

Hmmmm?

Indeed. Isn't it amusing how they think they're fooling everybody?

 

[JakeStarkey]

Real Republicans attack far right faux Republicans and hard core conservative/reactionaries. Yep. You got that right. The Party cannot return to the majority with those folks on board.

 

[Charles_Main]

Real Republicans attack far right faux Republicans and hard core conservative/reactionaries. Yep. You got that right. The Party cannot return to the majority with those folks on board.

The party will never hold a majority if it continues to move away from conservative values.

The party will never win running as the Democrat lite Party.

It is Rhinos like yourself who are destroying our chances. Why don't you just join the Democrats. Clearly you agree with their Positions more than the tradition Positions of the Republican Party.

 

[logical4u]

This is only the beginning. After amnesty for illegals is passed, those new citizens will vote to take even more of the documented workers' pay. The politicians that made them citizens will only be to glad to oblige the elimination of the middle class. When he said "change" you should have asked "what and how". Hasta la vista, baby.

 

[JakeStarkey]

Real Republicans attack far right faux Republicans and hard core conservative/reactionaries. Yep. You got that right. The Party cannot return to the majority with those folks on board.

The party will never hold a majority if it continues to move away from conservative values.

The party will never win running as the Democrat lite Party.

It is Rhinos like yourself who are destroying our chances. Why don't you just join the Democrats. Clearly you agree with their Positions more than the tradition Positions of the Republican Party.

I am not a RINO and you are not a real Republican apparently. Go study the party history then we can talk.

 

[daveman]

Real Republicans attack far right faux Republicans and hard core conservative/reactionaries. Yep. You got that right. The Party cannot return to the majority with those folks on board.

Unless it returns to conservative values, the party needs to wither and die. We have one Democratic Party. We don't need two.

 

[JakeStarkey]

Real Republicans attack far right faux Republicans and hard core conservative/reactionaries. Yep. You got that right. The Party cannot return to the majority with those folks on board.

Unless it returns to conservative values, the party needs to wither and die. We have one Democratic Party. We don't need two.

You are not a Republican, so you don't count.

 

[daveman]

Real Republicans attack far right faux Republicans and hard core conservative/reactionaries. Yep. You got that right. The Party cannot return to the majority with those folks on board.

Unless it returns to conservative values, the party needs to wither and die. We have one Democratic Party. We don't need two.

You are not a Republican, so you don't count.

And you're not a conservative. So you have no business discussing conservative values.

 

[JakeStarkey]

Unless it returns to conservative values, the party needs to wither and die. We have one Democratic Party. We don't need two.

You are not a Republican, so you don't count.

And you're not a conservative. So you have no business discussing conservative values.

I am not a reactionary, you got that right. (1) Fiscal responsibility, (2) transparency, (3) lower taxes, (4) regulations that foster business competition and (5) prevent businesses betting against the welfare of the country, and treason laws for punishing violations of (5).