The Lying A-Holes have stuck it to us again

[8537]

Here’s how it would play out, according to Snopes.com, a well-respected nonpartisan website that confirms or debunks rumors and urban legends: If a couple with a combined income of over $250,000 wanted to scale back by selling their $2 million residence, and they made a $750,000 profit on the sale, they would have to pay an additional 3.8 percent tax on $250,000 (the $750,000 profit minus the $500,000 capital gains threshold), for a total “health care law tax” of $9,500 over and above the normal capital gains levy.

The national median existing-home price for all housing types was $170,700 in March, according to the National Association of Realtors. And because Internal Revenue Service figures show that less than 2 percent of all tax-paying households have incomes of $250,000 or more, most of us won’t be subject to the 3.8 percent tax.

Fact check: Investment income tax only affects 'high earners? | jacksonville.com

Why you gotta be bringin' facts to this mindless rant?

 

[Liability]

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.

ObamaCare Flatlines: ObamaCare Taxes Home Sales - Clobbers Middle-Class Americans - Blog - GOP.gov

There is already a thread on this somewhere, but it was pointed out and proven that this tax only effects individuals with incomes of more than $250k or married couples with more than $500k and even then the first $200k or $250k (can't remember which) of their house profits from the sale are exempt from the tax.

Not saying that this makes it a good law, but just pointing out the middle class will not be hit with this.

Nonsense. Those earning 250K per year include very small business owners whose income is calculated by the proceeds of whatever they sell. And it doesn't take into account the varying costs of living which depends heavily on WHERE they live/do business. These guys and gals are going to get royally raped.

And like the original Alternative Minimum Tax was designed only to "get" those evil "rich" people, it soon started to "get" a whole lot of other people because it never did get legislatively adjusted to take into account changes in the cost of living. Each year the same dollar has smaller and smaller purchasing power, but each year the level at which the fucking AMT kicks in remains unchanged. The government finds endless ways to fuck the people.

The bastards will tinker with these measures as time goes by because they become cash cows for government spending. And the fucks in Congress simply have had NO ability or willingness to stop spending our money and our future money. They fucking run on what money they have "BROUGHT HOME!" And they will always do so until somebody gets the electorate to notice that the fucking money they are bringing home is OUR tax dollars.

Congresscritters have zero discipline and zero incentive to get discipline until we start booting their asses OUT of congress for exactly this kind of shit.

Obamacare must get repealed.

 

[Care4all]

NOTE, according to the irs, less than 2% of all couples earn more than $250k in taxable income.

And I seriously doubt all of those couples are small business owners, plus all business expenses are tax deductible or business investments as well are tax deductible so this "over $250k in taxable income" is the money that is going in to the hands of the individual owners and does nothing to the business itself.

 

[code1211]

Americans who think Obamacare should have done more outnumber those who think the government should stay out of health care by 2-to-1.

There is a poll coming up to test the accuracy of your statement.

It will be conducted nationwide on November 2.

If your statement above is accurate, the election should sweep away the last vestiges of the Republican Party and the the TEA Party. If your statement above reflects something that is not accurate, the Democrat Majorities will be severely reduced or eliminated.

I believe it is not accurate, but I may be wrong.

 

[Liability]

Let us finish that story:

* * * *

We put the question to the Tax Policy Center, which has a computer model of the tax system similar to the ones used by the Treasury Department and Congress' Joint Committee on Taxation.

For simplicity, we'll just focus on the over-$250,000 group. Those reporting adjusted gross income of more than $250,000 to the IRS are projected to make up 2 percent of households next year, when the new president will take office. Those folks will earn 24.1 percent of all income, and pay 43.6 percent of all personal federal income taxes, the Tax Policy Center figures. Under either Obama or Clinton, they might pay even more.

The candidates haven't said exactly how a $250,000 limit would be applied. But often these figures are meant only for couples filing jointly, and the limit is half that for singles filing alone.

Joint returns with more than $250,000 adjusted gross income and single returns with more than $125,000 adjusted gross income together are estimated to make up 3.1 percent of households next year. That group is projected to earn 27 percent of all personal income and pay 47.9 percent of all personal federal income taxes in 2009, according to the TPC's calculations. * * * *

-- excerpted from: FactCheck.org: What percentage of the U.S. population makes more than $250,000 per year?

Also, consider WHO is getting taxed and what it implies for the economy:

September 13, 2010
Business Income to Shoulder over a Third of Tax Increase on Top Earners

39 Percent of $630 Billion in Revenue from Expiration of Top Two Rates Would Come from Business Income

Washington, DC, September 10, 2010 - Advocates of allowing the top two federal income tax rates to expire claim that only 2 or 3 percent of businesses would be affected, but a new Tax Foundation report shows that more than one-third of the revenue from an increase in the top two rates would come from business income.

About 39 percent of the $630 billion tax increase on high-income taxpayers (defined by President Obama as individuals earning more than $200,000 and married couples earning more than $250,000) in 2011 would come from business income. This amounts to an extra $246 billion in taxes on business income over 10 years.

"The fact that 'only' 2 or 3 percent of taxpayers with business income would face higher taxes is meaningless to the debate," said Tax Foundation President Scott Hodge, who authored the paper. "What matters most is not the number of taxpayers impacted, but the amount of business income - and, therefore, business activity - impacted."

Tax Foundation Special Report, No. 185, "Over One-Third of New Tax Increases to Come from Business Income," is available online at The Tax Foundation - Over One-Third of New Tax Revenue Would Come from Business Income If High-Income Personal Tax Cuts Expire.

More than 74 percent of tax filers in the highest tax bracket report some business income, compared to 20 percent of those at the lowest bracket.

Of the roughly $864 billion in taxable business income reported on individual income tax returns in 2008, nearly 68 percent was claimed by taxpayers earning more than $200,000, and 35 percent was claimed by taxpayers earning over $ 1 million.

"This means that the combined business income of every taxpayer earning up to $200,000 was still less than the total business income of taxpayers earning more than $1 million," Hodge said.

More business income is taxed under the individual income tax code as "pass-through" businesses (non-corporate firms such as sole proprietors, S-corporations, Limited Liability Corporations and partnerships) than is taxed under the traditional corporate income tax code. The number of pass-through businesses nearly tripled between 1980 and 2007, from roughly 10.9 million to more than 30 million. The number of traditional C-corporations declined steadily from 2.2 million in 1980 to 1.9 million in 2007.

* * * *

excerpted from: The Tax Foundation - Business Income to Shoulder over a Third of Tax Increase on Top Earners

 

[JBeukema]

What was it doing in the health care bill? Thank god the party of KNOW voted NO.

:yawn:

I don't need the news, I have a history book

Not one Republican voted for your bullshit. sucks to be you donut?

What are you talking about?

 

[code1211]

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.

ObamaCare Flatlines: ObamaCare Taxes Home Sales - Clobbers Middle-Class Americans - Blog - GOP.gov

There is already a thread on this somewhere, but it was pointed out and proven that this tax only effects individuals with incomes of more than $250k or married couples with more than $500k and even then the first $200k or $250k (can't remember which) of their house profits from the sale are exempt from the tax.

Not saying that this makes it a good law, but just pointing out the middle class will not be hit with this.

The way that the law is written right now, it is the nose in the tent approach that the politicians live to use. Advisors in Viet Nam turned into 58,000 dead.

Taxing those with outrageously high incomes or outrageously expensive houses is just the first step. This is intended to turn into something more. What in the world does real estate have to do with Health Care, anyway? Why is the sale of anything going to be penalized by the Feds?

The Middle class will not be directly hit by this, but the middle class is employed by the "rich" who are currently sitting on 3 Trillion dollars in cash because they just can't figure out what the next move to take money from them might be.

The drift of this country is toward taxing half of the country and paying off the other half. When there are more recipients than givers, what happens then? This does not look like a sustainable path to me.

In an unrelated tax scheme which the Congress just hasn't had the time to address, if the tax cuts from the Bush era expire and are not renewed, there will be an increase in Capital Gains of about 13%.

Again, if the tax goes up from a current level, that is a tax increase.

 

[code1211]

You know Libo

Come to think of it, this Congress will be known as one of the best in history. With the passing of the healthcare bill, economic stimulus and overcoming a massive recession they will go down as one of our greatest sessions of Congress.

Now, lets look back at what the Republican led Congress accomplished.......

Oh yea....they got us into two wars. I wonder how history will rank that one?

What was the unemployment rate while the Reps controlled Congress? GNP? All economic indicators? Growth rate of the economy? Inflation?

The response to 9/11 was absolutely misguided and over the top, but comparing one set of results to the other is a no brainer.

I guess we'll just wait until November 2 to see how that comparison plays out in the minds of each individual voter in the voting booth.

Every Republican or TEA Party candidate just needs to ask if you are better off now than you were 4 years ago: When Harry met Nancy.

The problem with that congress was a little thing about a couple of wars they started. In 2006 the American people sent them packing. The Democratic Congress took over in Jan 2007 just as the greatest recession in 70 years was starting.

Now we all know Conservatives claim that a recession of that magnitude can be initiated in a few months. But the American voter knew better and still sent the Republicans packing in 2008. To this day, they still blame the Republicans for that recession

After two years, who is responsible for the recession receeds and who has engineered the recovery advances.

If the voters are saying, "Yeah! This recovery is exactly what I voted for!" The Dems will retain big majorities in both Houses. If the Voters are saying, "What recovery?" the Dems are going to take it in the shorts in a big way.

 

[chanel]

Ok Can someone sum up the new taxes on the "rich" for me? Income tax, capital gains, medicare payroll tax, homeowner tax, etc. Where does it end? 100 percent?

What else is in this fucking bill? Good grief. I honestly thought this thing could be simplified or tweeked after the Rs get in. But it seems like a total repeal will be necessary.

 

[The Rabbi]

Ok Can someone sum up the new taxes on the "rich" for me? Income tax, capital gains, medicare payroll tax, homeowner tax, etc. Where does it end? 100 percent?

What else is in this fucking bill? Good grief. I honestly thought this thing could be simplified or tweeked after the Rs get in. But it seems like a total repeal will be necessary.

If we taxed everyone making over $250,000 a year at 100% we still wouldn't be able to pay for any of the deficits.
The middle class is where the money is. And that is what is going to be taxed.

 

[JBeukema]

Ok Can someone sum up the new taxes on the "rich" for me? Income tax, capital gains, medicare payroll tax, homeowner tax, etc. Where does it end? 100 percent?.

Oh, stfu. They pay less then they did in our most prosperous age, so this whole spiel is a load of crap.

 

[The Rabbi]

Ok Can someone sum up the new taxes on the "rich" for me? Income tax, capital gains, medicare payroll tax, homeowner tax, etc. Where does it end? 100 percent?.

Oh, stfu. They pay less then they did in our most prosperous age, so this whole spiel is a load of crap.

Actually they pay more, both in dollar terms and as a percentage of income tax collected.
So shut the fuck up.

 

[Care4all]

Let us finish that story:

* * * *

We put the question to the Tax Policy Center, which has a computer model of the tax system similar to the ones used by the Treasury Department and Congress' Joint Committee on Taxation.

For simplicity, we'll just focus on the over-$250,000 group. Those reporting adjusted gross income of more than $250,000 to the IRS are projected to make up 2 percent of households next year, when the new president will take office. Those folks will earn 24.1 percent of all income, and pay 43.6 percent of all personal federal income taxes, the Tax Policy Center figures. Under either Obama or Clinton, they might pay even more.

The candidates haven't said exactly how a $250,000 limit would be applied. But often these figures are meant only for couples filing jointly, and the limit is half that for singles filing alone.

Joint returns with more than $250,000 adjusted gross income and single returns with more than $125,000 adjusted gross income together are estimated to make up 3.1 percent of households next year. That group is projected to earn 27 percent of all personal income and pay 47.9 percent of all personal federal income taxes in 2009, according to the TPC's calculations. * * * *

-- excerpted from: FactCheck.org: What percentage of the U.S. population makes more than $250,000 per year?

Also, consider WHO is getting taxed and what it implies for the economy:

September 13, 2010
Business Income to Shoulder over a Third of Tax Increase on Top Earners

39 Percent of $630 Billion in Revenue from Expiration of Top Two Rates Would Come from Business Income

Washington, DC, September 10, 2010 - Advocates of allowing the top two federal income tax rates to expire claim that only 2 or 3 percent of businesses would be affected, but a new Tax Foundation report shows that more than one-third of the revenue from an increase in the top two rates would come from business income.

About 39 percent of the $630 billion tax increase on high-income taxpayers (defined by President Obama as individuals earning more than $200,000 and married couples earning more than $250,000) in 2011 would come from business income. This amounts to an extra $246 billion in taxes on business income over 10 years.

"The fact that 'only' 2 or 3 percent of taxpayers with business income would face higher taxes is meaningless to the debate," said Tax Foundation President Scott Hodge, who authored the paper. "What matters most is not the number of taxpayers impacted, but the amount of business income - and, therefore, business activity - impacted."

Tax Foundation Special Report, No. 185, "Over One-Third of New Tax Increases to Come from Business Income," is available online at The Tax Foundation - Over One-Third of New Tax Revenue Would Come from Business Income If High-Income Personal Tax Cuts Expire.

More than 74 percent of tax filers in the highest tax bracket report some business income, compared to 20 percent of those at the lowest bracket.

Of the roughly $864 billion in taxable business income reported on individual income tax returns in 2008, nearly 68 percent was claimed by taxpayers earning more than $200,000, and 35 percent was claimed by taxpayers earning over $ 1 million.

"This means that the combined business income of every taxpayer earning up to $200,000 was still less than the total business income of taxpayers earning more than $1 million," Hodge said.

More business income is taxed under the individual income tax code as "pass-through" businesses (non-corporate firms such as sole proprietors, S-corporations, Limited Liability Corporations and partnerships) than is taxed under the traditional corporate income tax code. The number of pass-through businesses nearly tripled between 1980 and 2007, from roughly 10.9 million to more than 30 million. The number of traditional C-corporations declined steadily from 2.2 million in 1980 to 1.9 million in 2007.

* * * *

excerpted from: The Tax Foundation - Business Income to Shoulder over a Third of Tax Increase on Top Earners

What is business income Liability? Huh?

anything that the business owner spends on the company to do business like salaries etc, IS NOT TAXABLE....

After the business is invested in, after salaries paid, after paying the cost of goods for the business, after paying the business's overhead, after hiring new people....ALL OF WHICH IS NOT TAXED, does the left over money/the profit, goes to the individual that owns it.

this is NOT the business's money that is being taxed, this is the INDIVIDUAL'S INCOME that is being taxed????

I don't get what you are trying to say???

 

[Trajan]

Now we all know Conservatives claim that a recession of that magnitude can be initiated in a few months. But the American voter knew better and still sent the Republicans packing in 2008. To this day, they still blame the Republicans for that recession

who said that?maybe you do because you want this to be an isolated event...

and the housing bubble etc. began it all, but it had been in the works for years. this uber partisanship is getting gold.

 

[JBeukema]

One less-noticed finding in the report is that the super rich have been paying smaller and smaller portions of their incomes to taxes*. The chart below shows the effective tax rate for the richest 400 American filers from 1992 and 2007. The blue line represents the highest income tax bracket, the red line is the tax rate on long-term capital gains, and the orange line is the average tax rate that the richest 400 filers actually paid...

[T]he overall tax rates are really not that high. Contrary to concerns about socialism or a government takeover, the richest Americans, those earning an average of $345 million in 2007, paid about 16.5 percent in federal income taxes.

Effective Tax Rates of the Richest 400 Americans The Quick and the Ed

 

[The Rabbi]

One less-noticed finding in the report is that the super rich have been paying smaller and smaller portions of their incomes to taxes*. The chart below shows the effective tax rate for the richest 400 American filers from 1992 and 2007. The blue line represents the highest income tax bracket, the red line is the tax rate on long-term capital gains, and the orange line is the average tax rate that the richest 400 filers actually paid...

[T]he overall tax rates are really not that high. Contrary to concerns about socialism or a government takeover, the richest Americans, those earning an average of $345 million in 2007, paid about 16.5 percent in federal income taxes.

Effective Tax Rates of the Richest 400 Americans The Quick and the Ed

Can't distinguish "wealth" from "income" eh? Unfortunately you're not alone.

 

[Trajan]

NOTE, according to the irs, less than 2% of all couples earn more than $250k in taxable income.

And I seriously doubt all of those couples are small business owners, plus all business expenses are tax deductible or business investments as well are tax deductible so this "over $250k in taxable income" is the money that is going in to the hands of the individual owners and does nothing to the business itself.

yes thats true BUT 50% of the bus, in this country is generated by those in that bracket and above it.

If you are an S-corp. any profits are distributed amongst the shareholders according to % ownership and you have to report them on your personal tax return and pay the taxes at your tax rate.

Ergo if you are a business owner making more than 250K, you will take a big hit. These distributions are not taxed at a flat rate like the capital gains tax…they are added onto your income. Most of the time, a business owner doesn’t even see this money. It is put back into the business to be used as working capital or capital expenditures.


A huge majority of LLCs file as individuals also.

 

[JBeukema]

One less-noticed finding in the report is that the super rich have been paying smaller and smaller portions of their incomes to taxes*. The chart below shows the effective tax rate for the richest 400 American filers from 1992 and 2007. The blue line represents the highest income tax bracket, the red line is the tax rate on long-term capital gains, and the orange line is the average tax rate that the richest 400 filers actually paid...

[T]he overall tax rates are really not that high. Contrary to concerns about socialism or a government takeover, the richest Americans, those earning an average of $345 million in 2007, paid about 16.5 percent in federal income taxes.

Effective Tax Rates of the Richest 400 Americans The Quick and the Ed

Can't distinguish "wealth" from "income" eh? Unfortunately you're not alone.

Capital gains is a source of income

 

[Care4all]

NOTE, according to the irs, less than 2% of all couples earn more than $250k in taxable income.

And I seriously doubt all of those couples are small business owners, plus all business expenses are tax deductible or business investments as well are tax deductible so this "over $250k in taxable income" is the money that is going in to the hands of the individual owners and does nothing to the business itself.

yes thats true BUT 50% of the bus, in this country is generated by those in that bracket and above it.

If you are an S-corp. any profits are distributed amongst the shareholders according to % ownership and you have to report them on your personal tax return and pay the taxes at your tax rate.

Ergo if you are a business owner making more than 250K, you will take a big hit. These distributions are not taxed at a flat rate like the capital gains tax…they are added onto your income. Most of the time, a business owner doesn’t even see this money. It is put back into the business to be used as working capital or capital expenditures.


A huge majority of LLCs file as individuals also.

i think you are wrong....

if the businesses want to reinvest in their company, that is done PRIOR to taking the business's profit in individual income...not AFTER the owner takes his money, so it does not affect the business operating or investment income.

AND the taxes for the FIRST $250k in taxable income will NOT have a tax hike, it is only the taxable income earned OVER that amount that will have the 3.6 % tax increase....no small business owner will be hit with huge taxes as you say?

 

[chanel]

He is not wrong. All profits from our subchapter S corp are taxed as personal income - even though we do not touch them. It's the fact that we CAN take the money; not that we DO.