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

[boedicca]

Fair and flat taxes don't necessarily mean increasing the overall tax burden in relationship to GDP.

Our current morass is due to government at all levels growing far faster than either population growth or inflation would justify. The Federal government alone has increased by 25% as a ratio of GDP in the first 18 month of the Obama Administration. This simple distortion is sucking the oxygen out of the private sector recovery. If we just rolled back federal spending to 2007 levels (hardly hardship levels), the recovery could begin in earnest.

 

[my2¢]

Fair and flat taxes don't necessarily mean increasing the overall tax burden in relationship to GDP.

Our current morass is due to government at all levels growing far faster than either population growth or inflation would justify. The Federal government alone has increased by 25% as a ratio of GDP in the first 18 month of the Obama Administration. This simple distortion is sucking the oxygen out of the private sector recovery. If we just rolled back federal spending to 2007 levels (hardly hardship levels), the recovery could begin in earnest.

I grew skeptical of any GDP doubletalk when it was being used 6 and 7 years ago to justify the stance that federal deficits didn't matter any more. The GDP began its current fall in 2007 thus its use as any basis hits me like saying the recovery could begin if we didn't have a recession.

 

[rightwinger]

What are these guys thinking?

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

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.

Same nonsense...

"I know what I am doing...but those who disagree with me are stupid"

 

[Neubarth]

These outrageous tax hikes 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%
Please supply a link for this, and please keep what you copy and paste down to 3-4 paragraphs and then link to the rest per USMB copyright policy.
Ryan Ellis
Americans for Tax Reform
July 3, 2010

 

[hortysir]

Not quite the largest in history, however.
But give him time.....

Hoover had raised individual tax rates at all income levels -- the top rate rose from 25 percent to 63 percent. Following Hoover, Roosevelt signed into law a series of tax increases. At the bottom end, personal exemptions were reduced and an earned income credit was eliminated. At the top end, the highest marginal rate was increased to 79 percent in 1936.

Tax Increases Won't Cure Federal Deficit | Veronique de Rugy | Cato Institute: Daily Commentary

 

[Old Rocks]

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.

We had two war going, and they cut taxes. Now we are paying for that.

Tell you what, I propose that we look at an era, the 1950's when we built our great Interstate System. That was a huge expenditure and investment at that time. But we did it, and it paid us back handsomely. So what was the tax rates then? Perhaps we should go back to those tax rates, and create a 21st Century grid.

 

[Old Rocks]

Not quite the largest in history, however.
But give him time.....

Hoover had raised individual tax rates at all income levels -- the top rate rose from 25 percent to 63 percent. Following Hoover, Roosevelt signed into law a series of tax increases. At the bottom end, personal exemptions were reduced and an earned income credit was eliminated. At the top end, the highest marginal rate was increased to 79 percent in 1936.

Tax Increases Won't Cure Federal Deficit | Veronique de Rugy | Cato Institute: Daily Commentary

Really? How did we pay off WW2?

 

[Old Rocks]

And Clinton raised taxes in 1993. Did that result in a downturn? What was the economy like after that tax increase? Anybody here remember? How about the deficit?

 

[Old Rocks]

1. Mr. Fitnah has offered material that does not apply to the future.

2. Mr. Fitnah and daveman, both economic predators, have offered nothing of worth here for America in the future.

3. They are in the small minority, they will always be in the small minority, and they are fun to make fun of.

And your idea of worth for America's future is "Whatever Democrats want!"

Sorry. You lack credibility. No matter how much you stamp your feet and insist you're relevant.

And you have credibility?

 

[william the wie]

Since tax increases without cuts in spending during a downturn is more or less the Japanese recipe for two lost decades in a row why does anyone think these tax increases are anything other than insane?

 

[editec]

If lower taxes don't reduce spending, you think Higher Taxes will?

Well yeah, in way they might.

When the government borrows money, the people who are hurt are in the future so there's no constituency to complain.

But when the people actually pay as they spend, they have a motive to petition the government to spend less.

That's all in theory, of course.

The facts are that our government spends too much because the middle class PEOPLE need services and the RICH demand services, too.

We're in two land wars in Asia because the oligarchy wants us there.

Those wars will not help the middle class, but they will help some members of the superwealthy class.

That has cost this nation $1.1 Trillion.

And the government has extended unemplyment benefits that the middle class is clamoring for.

That has cost us about $100 Billion in the last year or so.

We spend too much because some of us can demand that the government spend too much, folks.

It's simple to describe the problem, but it's a complex problem to actually solve.

 

[Paulie]

What are these guys thinking?

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

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.

You say this, and then you have a line in your sig that says you don't have to think because the dems will do it for you.

You are a walking contradiction.