Six Months to Go Until The Largest Tax Hikes in History

[chanel]

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%


Second Wave: Obamacare

There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011.

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. These major items include:

The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.

Read more: Six Months to Go Until<br> The Largest Tax Hikes in History

 

[Trajan]

And of course this does not speak to what many states will have to do as the stimulus runs down.
Those states will also be forced to take other action. For those with an income tax, there have been increases already in rates. They have deferred tightening belts as they had federal money to provide succor to/for everything from road work to buttressing pay for state, county employees , they will have to enact further raises, a plethora of regulatory and Fee payments.

Income tax is the last thing they want to raise of course as its the most publicized, but there is always more than one way to skin a cat.



California for instance 2 years ago ( which took effect last year) raised DMV fees by as much as 30% among other regulatory fees added in as well. They also raised the heck out of tobacco and alcohol sales taxs, which are btw, highly regressive.

Washington state which does not have a income tax, has a an income tax for the 'rich' only as a referendum on the ballot, of course when one reads the bill, it allows them to go much further than that 2 years from now, which as usual means it will inevitably hit folks in the middle class.

 

[Mr. Shaman]

Six Months to Go Until The Largest Tax Hikes in History

That was bullshit, the first-time "conservatives" tried to sell it, and it'll remain the same....for your "reheated"-version.

​

August 5, 1996​

"The vast majority of taxpayers saw no change in their income taxes as a result of the 1993 law. CBO estimates that most households paid only $38 more per year, as a result of the 4.3 cent per gallon increase in the gas tax."

 

[mudwhistle]

Six Months to Go Until The Largest Tax Hikes in History

That was bullshit, the first-time "conservatives" tried to sell it, and it'll remain the same....for your "reheated"-version.

​

August 5, 1996​

"The vast majority of taxpayers saw no change in their income taxes as a result of the 1993 law. CBO estimates that most households paid only $38 more per year, as a result of the 4.3 cent per gallon increase in the gas tax."

And Shaman let's out a quiff once again.

That's about all the good your posts are.

 

[Dick Tuck]

I'm sure congress will extend the Obama tax cuts to the middle class, unless the GOP blocks it, which they've threatened to do.

 

[Wry Catcher]

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%


Second Wave: Obamacare

There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011.

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, they&#8217;ll be in for a nasty surprise&#8212;the AMT won&#8217;t be held harmless, and many tax relief provisions will have expired. These major items include:

The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress&#8217; failure to index the AMT will lead to an explosion of AMT taxpaying families&#8212;rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.

Read more: Six Months to Go Until<br> The Largest Tax Hikes in History

Interesting link, I noticed the ad for Grover Norquist. For those who are unfamiliar with Mr. Norquist I'll link his bio.
Grover Norquist - SourceWatch

 

[Mr Natural]

We have a $13+ trillion national debt that's not going to get paid off by itself.

What's the plan for that?

 

[Trajan]

I'm sure congress will extend the Obama tax cuts to the middle class, unless the GOP blocks it, which they've threatened to do.

what are they waiting for with their majority in congress? oh wait they have adjourned....

 

[WillowTree]

We have a $13+ trillion national debt that's not going to get paid off by itself.

What's the plan for that?

stop spending.

 

[Trajan]

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%


Second Wave: Obamacare

There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011.

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. These major items include:

The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.

Read more: Six Months to Go Until<br> The Largest Tax Hikes in History

Interesting link, I noticed the ad for Grover Norquist. For those who are unfamiliar with Mr. Norquist I'll link his bio.
Grover Norquist - SourceWatch

My god its ...its sourcewatch!!!!!

any comments on the op or is this it?

 

[Mr Natural]

We have a $13+ trillion national debt that's not going to get paid off by itself.

What's the plan for that?

stop spending.

On what?

 

[Trajan]

We have a $13+ trillion national debt that's not going to get paid off by itself.

What's the plan for that?

stop spending.

On what?

10% across the board . And not the old 'cut the increase' dodge, negative dollar funding from their present baseline.

 

[Wry Catcher]

We have a $13+ trillion national debt that's not going to get paid off by itself.

What's the plan for that?

stop spending.

"Stop spending" and ignore the interest on the debt? That's a plan?
I suppose that's why WT and others buy the tea party rhetoric, simply ideas to complex issues they understand, real solutions to complex problems require thought.

 

[Trajan]

We have a $13+ trillion national debt that's not going to get paid off by itself.

What's the plan for that?

stop spending.

"Stop spending" and ignore the interest on the debt? That's a plan?
I suppose that's why WT and others buy the tea party rhetoric, simply ideas to complex issues they understand, real solutions to complex problems require thought.

uhm, hello.... if you cut spending and even at today smaller fed. revenue collection the savings could be used to pay off Principal taking the interest down as we service it.

 

[Baruch Menachem]

First you raise entitlement spending to the moon, then you raise taxes to pay for it. Since it is entitlement spending, it is no longer possible to cut it.

A perpetual ratchet of slavery

 

[Charles_Main]

Six Months to Go Until The Largest Tax Hikes in History

That was bullshit, the first-time "conservatives" tried to sell it, and it'll remain the same....for your "reheated"-version.

​

August 5, 1996​

"The vast majority of taxpayers saw no change in their income taxes as a result of the 1993 law. CBO estimates that most households paid only $38 more per year, as a result of the 4.3 cent per gallon increase in the gas tax."

And Shaman let's out a quiff once again.

That's about all the good your posts are.

But at least he is able to do it with some Color

 

[Wry Catcher]

stop spending.

On what?

10% across the board . And not the old 'cut the increase' dodge, negative dollar funding from their present baseline.

Another simple solution. So, you tell General Patraeus to cut his salary, the salary of his general staff and his general staff and the army by 10%. Then, tell Admiral Mullen to cut one member of the Joint Chiefs and the staff and all salaries 10%.
Tell the several states that all revenue sharing will be cut 10%, forthwith; and give pink slips to 10% of all federal employees.
Cut the size of the House of Rep. by 10% (I nominated Boehner and Bachman as the first two to be sent home). Oh, btw, this will require an amendment to the Constitution.
Now, what will happen when those federal employees stop paying their bills? Hw many more homes will be foreclosed? How many banks and S&L's will fail and how many private sector jobs will disappear?
I find it so hard to believe so many who post on this MB are as stupid as their posts suggest. Fucking incredible.

 

[Care4all]

the Alternative minimum tax has had a problem this past decade, including the time of Republican control of the executive, congress, and senate....

WHY DIDN'T THEY FIX the alternative minimum tax permanently back then? Why didn't they make all the income and capital gains tax and dividend tax cuts PERMANENT back then?

What was their reasoning to end them in 2011? there must have been a reason?

anyway, no matter who has controlled Congress, the alternative minimum tax problem has been adjusted and fixed every year it has had a problem, and THIS WILL be done again for this coming year.

I believe the Republicans BLOCKED the Democratic try at extending the tax cuts for 98% of this country, exempting the top 2% of this country's earners already once this year, (the over 250k for a couple earners).

JUST SO they can make the claims that you are making chanel on 'their' behalf....it WAS political posturing on the Republican's part....can't you see it?
The Republicans wanting to scare the pajesus out of the every day folk that are being made to THINK their taxes are going up, and so they can say, as you did for them, "this is the biggest tax hike in our history"?

Maybe I have become cynical? But I look for these kind of things now....it is like a chess game between the Dems and the Pubs, who can out maneuver the opponent....kind of thing.

And I might add in the scenario above, the Dems were fine with the Repubs blocking them, so they can tell "their crowd" that the Republicans prevented them from continuing their tax cuts.

It's all hogwash, READ BETWEEN THE LINES....

 

[Trajan]

the Alternative minimum tax has had a problem this past decade, including the time of Republican control of the executive, congress, and senate....

WHY DIDN'T THEY FIX the alternative minimum tax permanently back then? Why didn't they make all the income and capital gains tax and dividend tax cuts PERMANENT back then?

What was their reasoning to end them in 2011? there must have been a reason?

anyway, no matter who has controlled Congress, the alternative minimum tax problem has been adjusted and fixed every year it has had a problem, and THIS WILL be done again for this coming year.

I believe the Republicans BLOCKED the Democratic try at extending the tax cuts for 98% of this country, exempting the top 2% of this country's earners already once this year, (the over 250k for a couple earners).

JUST SO they can make the claims that you are making chanel on 'their' behalf....it WAS political posturing on the Republican's part....can't you see it?
The Republicans wanting to scare the pajesus out of the every day folk that are being made to THINK their taxes are going up, and so they can say, as you did for them, "this is the biggest tax hike in our history"?

Maybe I have become cynical? But I look for these kind of things now....it is like a chess game between the Dems and the Pubs, who can out maneuver the opponent....kind of thing.

And I might add in the scenario above, the Dems were fine with the Repubs blocking them, so they can tell "their crowd" that the Republicans prevented them from continuing their tax cuts.

It's all hogwash, READ BETWEEN THE LINES....

I don't think the AMT is included in the Bush cuts, its outsdie that as a stand-alone Care...

I understand your overall point though, . ...your question as to why they didn't kill it or index it say 10 years ago 5 years ago, is because it was still relatively benign, catching up in the net the folks it was created for. in the last 10 years that paradigm has shifted. The last 4-6 years congress, that is the house has revised it if for that particular year only....and yes thats because they each will use it as a partisan cudgel.

 

[Trajan]

On what?

10% across the board . And not the old 'cut the increase' dodge, negative dollar funding from their present baseline.

Another simple solution. So, you tell General Patraeus to cut his salary, the salary of his general staff and his general staff and the army by 10%. Then, tell Admiral Mullen to cut one member of the Joint Chiefs and the staff and all salaries 10%.
Tell the several states that all revenue sharing will be cut 10%, forthwith; and give pink slips to 10% of all federal employees.
Cut the size of the House of Rep. by 10% (I nominated Boehner and Bachman as the first two to be sent home). Oh, btw, this will require an amendment to the Constitution.
Now, what will happen when those federal employees stop paying their bills? Hw many more homes will be foreclosed? How many banks and S&L's will fail and how many private sector jobs will disappear?
I find it so hard to believe so many who post on this MB are as stupid as their posts suggest. Fucking incredible.

you're all over the place dude. thats not the way it works, there is no line item veto or apportionment power in this context.

Each dept. and or entity takes the cut, how they enact it and what they cut is up to them.