Six Months to Go Until The Largest Tax Hikes in History

[NYcarbineer]

These are Bush tax increases.

Many provisions in the Bush tax bills did not go into effect immediately. This is one of those provisions.

 

[DiamondDave]

These are Bush tax increases.

Many provisions in the Bush tax bills did not go into effect immediately. This is one of those provisions.

But, but, but, but Booooooooooooooooooooossshhhh

And funny.. you do not see a lot of conservatives applauding Bush's economic record, yet you continually try to use it like a crutch, just like Obama does

 

[WillowTree]

Welcome to " Great" Britain.
You fools lost that " war" too.
The media told you different.

Give me control of a nation's money and I care not who makes her laws. Mayer Amschel Rothschild

I wish Great britain had all this ******* oil washing up on their shores. meanwhile. BP lost something like 17 billion dollars..

 

[rightwinger]

There was never any single CENT in debt reduction under Clinton.. this has been shown and proven time and time and time again

But Clinton balanced his budget.

It was Bush who doubled our national debt

 

[WillowTree]

I like rich people and appreciate all they do for us. I would really like to keep giving them nice tax breaks but unfortunately, we can't afford it.

The Tea Party keeps reminding me about this huge deficit and passing up $2 trillion for tax cuts to people who are not struggling is something we can't afford to do. You see, we have two wars to pay for, a struggling economy and this $13 trillion deficit.

Once the economy turns around and the wealthy start providing jobs for Americans and not Chinese, I assure you we will start taking care of our wealthy again

good luck with that idea. The wealthy when taxed at 40% won't be so wealthy and will not provide AMerican jobs, They will seek even cheaper operations overseas. Thanks for the push demonRats.

 

[DiamondDave]

There was never any single CENT in debt reduction under Clinton.. this has been shown and proven time and time and time again

But Clinton balanced his budget.

It was Bush who doubled our national debt

And again you conveniently skip over his intergovernmental spending... his total 'budget' and books were never balanced

But nice try

 

[Mr. Shaman]

there will be a deal that looks something like.
Clinton rates on top 5%, they will scale back or eliminate the cap gains increase on the rich.
thus the market goes up, progressives get to look like they are socking it to the rich.

....And, once-again, Republicans maintain their LIAR-status!!!​

"For nearly two decades I have been an entrepreneur, founding, running and also investing my own money in new technology start-up businesses. Tax rate$ have never played a role, positively or negatively, in the ability to raise capital or decisions to invest it. Other general economic factors surely have, but not tax rates. As shall be explained below, there are a few tweaks to tax policy that might make a difference, but keeping these tax rates where they are, or letting them rise, is not one of them.

Never ones to miss an opportunity to lie about taxes, however, Republican chicken-littles are using the slow-growth in job creation--while far ahead of Ronald Reagan's at this stage in the recovery--to push rightwing claptrap that the pending rise of 4.6% in ordinary income tax and of 5% in capital gains tax rates is a sword of Damocles ready to fall on January 1, 2010 to choke off new investment.

Never ones to miss an opportunity to cower before rightwing claptrap, some Democrats are beginning to swallow those nostrums.

Although a larger discussion of the truths and falsehoods about tax policy is being prepared, this one is limited to the subject of the impending tax rate increases to capital formation and investment in new and early-stage enterprises, the place -- I do agree (which is why I like my industry) -- from which a job recovery is likely to be launched and sustained."

 

[DiamondDave]

And again winger hyper-partisan huffy puffy links cited as 'fact' or 'proof'... give it up troll

 

[LibocalypseNow]

Yes this is very sad. The Socialists/Progressives have spent us into H*ll and now they will punish the People for this. 'Indoor Tanning' Taxes are only the beginning. On the bright side though,their excessive taxation will be the final nail in the coffin for the Socialist/Progressive Democrats. The People will rise up against them and give them the boot. They have no way of paying for their spending madness and they know it. They will now have to try and punish the People for their own corruption & incompetence. Hopefully the People will make them pay instead. Make 2010 count people.

 

[maineman]

Yes this is very sad. The Socilaists/Progressives have spent us into H*ll and now they will punish the People for this. 'Indoor Tanning' Taxes are only the beginning. On the bright side though,their excessive taxation will be the final nail in the coffin for the Socialist/Progressive Democrats. The People will rise up against them and give them the boot. They have no way of paying for their spending madness and they know it. They will now have to try and punish the People for their own corruption & incompetence. Hopefully the People will make them pay instead. Make 2010 count people.

all you do is predict the demise of progressivism... kinda like a broken record.

can you explain why the republicans who WROTE and PASSED the tax cut legislation PLANNED for it to expire in 2011?

 

[LibocalypseNow]

'Indoor Tanning' taxes are only the beginning. The Socialists/Progressives haven't even seen anger from the People yet. When the People start seeing massive & excessive taxes like 'Indoor Tanning' taxes,they are going to get angry and fight back. Hopefully this anger will lead to the end for the Socialist/Progressive Democrats. 2010 could be a great year for Freedom & Liberty. Give the Socialists the boot.

 

[hortysir]

Raising taxes in this economy looks like a truly bad idea to me.

Not that our system doesn't need reform, but right now?

Bad idea.

I thought the same way as you....but I'm not so certain anymore....not after hearing that those at the very top are NOT spending the huge tax breaks they got, on creating jobs or expanding businesses and are only pocketing their tax breaks.

If they were using their humongous tax breaks given to them on "creating jobs" then it would be a bad idea to kill them, but SINCE THEY ARE NOT, I don't see it as much of a problem as I once did....

I see it more beneficial to reduce our deficits.

And yes, congress needs to stop increasing the deficit through their over spending as well....

People thought the Clinton tax hikes on the highest income earners was going to absolutely kill the economy, but they did not....they showed fiscal responsibility....

those tax cuts to the upper echelon out there now, came from the working man's social security surpluses....and we no longer have those surpluses, we are going in the deficit on social security payments now....something HAS TO GIVE.

I just came out of a meeting with the owner of the location (he owns 4 total) I manage for him.
Any "tax breaks" that he's getting is soaked up by increased payroll costs, because of record unemployment, or pumped right back into the stores to stay afloat.
He would love nothing more than to realize a profit, or a rise in demand, to justify creating jobs.
With a 20% decrease in sales, compared to last year, it's just not feasible.

The consumer isn't confident enough, yet, to come up off their wallets.

Add to these troubles the sight of an added expense coming down the pike, by the name of mandated insurance coverage, and we're discussing the probability of flipping the locks.

 

[Care4all]

Raising taxes in this economy looks like a truly bad idea to me.

Not that our system doesn't need reform, but right now?

Bad idea.

I thought the same way as you....but I'm not so certain anymore....not after hearing that those at the very top are NOT spending the huge tax breaks they got, on creating jobs or expanding businesses and are only pocketing their tax breaks.

If they were using their humongous tax breaks given to them on "creating jobs" then it would be a bad idea to kill them, but SINCE THEY ARE NOT, I don't see it as much of a problem as I once did....

I see it more beneficial to reduce our deficits.

And yes, congress needs to stop increasing the deficit through their over spending as well....

People thought the Clinton tax hikes on the highest income earners was going to absolutely kill the economy, but they did not....they showed fiscal responsibility....

those tax cuts to the upper echelon out there now, came from the working man's social security surpluses....and we no longer have those surpluses, we are going in the deficit on social security payments now....something HAS TO GIVE.

I just came out of a meeting with the owner of the location (he owns 4 total) I manage for him.
Any "tax breaks" that he's getting is soaked up by increased payroll costs, because of record unemployment, or pumped right back into the stores to stay afloat.
He would love nothing more than to realize a profit, or a rise in demand, to justify creating jobs.
With a 20% decrease in sales, compared to last year, it's just not feasible.

The consumer isn't confident enough, yet, to come up off their wallets.

Add to these troubles the sight of an added expense coming down the pike, by the name of mandated insurance coverage, and we're discussing the probability of flipping the locks.

fyi
any money put back in to the stores and any increased payroll expense is not taxable, even if the individual income tax cut expires...

those are company/business expenses, which are totally tax deductible.

 

[hortysir]

fyi
any money put back in to the stores and any increased payroll expense is not taxable, even if the individual income tax cut expires...

those are company/business expenses, which are totally tax deductible.

WADR,

Is this tax deductible also?

The wage base which Florida unemployment tax is calculated is going from $7,000 annually per employee to $8,500 in 2010.
The minimum tax rate is going from .0012 in 2009 to .0118 in 2010. In 2009 the minimum tax for employees reaching $7,000 was $8.40. In 2010 the minimum tax rate per employee reaching $8,500 will be $100.30, an increase of almost 12 times the 2009 rate.
The maximum unemployment tax rate remains at .0540, however because of the increased wage base the maximum tax will go from $378 dollars in 2009 to $459 in 2010 per employee reaching the new wage base.
Because of the high unemployment rate in Florida, the state’s Unemployment Compensation Trust Fund dropped from more than $1.3 billion last year to zero in August. Florida then began borrowing $300 million a month from the federal government to pay benefits.

That's what we had to face this year.
Can't wait until next year!!!
Florida unemployment taxes to skyrocket!

 

[Care4all]

fyi
any money put back in to the stores and any increased payroll expense is not taxable, even if the individual income tax cut expires...

those are company/business expenses, which are totally tax deductible.

WADR,

Is this tax deductible also?

The wage base which Florida unemployment tax is calculated is going from $7,000 annually per employee to $8,500 in 2010.
The minimum tax rate is going from .0012 in 2009 to .0118 in 2010. In 2009 the minimum tax for employees reaching $7,000 was $8.40. In 2010 the minimum tax rate per employee reaching $8,500 will be $100.30, an increase of almost 12 times the 2009 rate.
The maximum unemployment tax rate remains at .0540, however because of the increased wage base the maximum tax will go from $378 dollars in 2009 to $459 in 2010 per employee reaching the new wage base.
Because of the high unemployment rate in Florida, the state’s Unemployment Compensation Trust Fund dropped from more than $1.3 billion last year to zero in August. Florida then began borrowing $300 million a month from the federal government to pay benefits.

That's what we had to face this year.
Can't wait until next year!!!
Florida unemployment taxes to skyrocket!

yes, i am pretty certain this is a business expense, and would be tax deductible....? It's horrible that the unemployment insurance tax has had to go up, but it would be very unfair to all of us tax payers who do not own businesses to have to pay for it, don't you think?

also, if this company is NOT making a profit, then they are paying ZERO in federal income tax....taxes are only paid on business PROFIT, if they make no profit then there is no federal income tax.

what is being discussed is individual couples who NET over 250k in PROFIT, their taxes due for the amount of profit OVER 250k would go back to 39.4% from the 35.0%....

so their taxes do NOT go up on the first 250 k, it stays the same as now and they still benefit from the Bush tax cuts up to that point....but any additional profit made over the 250k in profit, would be taxed at the rate it was being taxed before the Bush tax break.

that's my understanding of it.

This is an individual income tax break, not a tax on the business, that is being discussed as one that is being considered for not extending.

All the other Bush tax breaks that took place below the $250k net, are suppose to be extended.

 

[boedicca]

News reports today include an item that cigarette tax receipts in CA are down quite a bit after the huge increase in the tax rate.

Duh.

If something is taxed, we get less of it.

If something is subsidized, we get more of it.

Looking at what Obamanomics taxes and subsidizes is very telling. No wonder the economy is cratering.

 

[Newby]

fyi
any money put back in to the stores and any increased payroll expense is not taxable, even if the individual income tax cut expires...

those are company/business expenses, which are totally tax deductible.

WADR,

Is this tax deductible also?

The wage base which Florida unemployment tax is calculated is going from $7,000 annually per employee to $8,500 in 2010.
The minimum tax rate is going from .0012 in 2009 to .0118 in 2010. In 2009 the minimum tax for employees reaching $7,000 was $8.40. In 2010 the minimum tax rate per employee reaching $8,500 will be $100.30, an increase of almost 12 times the 2009 rate.
The maximum unemployment tax rate remains at .0540, however because of the increased wage base the maximum tax will go from $378 dollars in 2009 to $459 in 2010 per employee reaching the new wage base.
Because of the high unemployment rate in Florida, the state’s Unemployment Compensation Trust Fund dropped from more than $1.3 billion last year to zero in August. Florida then began borrowing $300 million a month from the federal government to pay benefits.

That's what we had to face this year.
Can't wait until next year!!!
Florida unemployment taxes to skyrocket!

yes, i am pretty certain this is a business expense, and would be tax deductible....? It's horrible that the unemployment insurance tax has had to go up, but it would be very unfair to all of us tax payers who do not own businesses to have to pay for it, don't you think?

also, if this company is NOT making a profit, then they are paying ZERO in federal income tax....taxes are only paid on business PROFIT, if they make no profit then there is no federal income tax.

what is being discussed is individual couples who NET over 250k in PROFIT, their taxes due for the amount of profit OVER 250k would go back to 39.4% from the 35.0%....

so their taxes do NOT go up on the first 250 k, it stays the same as now and they still benefit from the Bush tax cuts up to that point....but any additional profit made over the 250k in profit, would be taxed at the rate it was being taxed before the Bush tax break.

that's my understanding of it.

This is an individual income tax break, not a tax on the business, that is being discussed as one that is being considered for not extending.

All the other Bush tax breaks that took place below the $250k net, are suppose to be extended.

Income is not profit tho Care, you are exchaning your services or labor in return for cash, it's an even exchange. Someone actually won a case against the IRS based on those premises several years ago. I am giving up 8 to 10 hours of my day in exchange for payment, there is no profit in that, they're paying me what my time and labor is worth. Income tax is bullshit and based on faulty premises and would never have stood in the early years of our country.

 

[editec]

Higher taxes on profits encentivizes businesses to reinvest in the business.

Why?

Because the money invested into business is deducted from the profits.

I am wondering how many buinesses are waiting UNTIL these taxes go back to the normal rates BEFORE they invest the money back into business/

It would be the rational way to avoid paying those taxes, after all.

 

[boedicca]

Businesses don't spend money to avoid taxes - they invest because they think they will be able to gain more customers/revenue/profit as a result.

 

[Care4all]

WADR,

Is this tax deductible also?

That's what we had to face this year.
Can't wait until next year!!!
Florida unemployment taxes to skyrocket!

yes, i am pretty certain this is a business expense, and would be tax deductible....? It's horrible that the unemployment insurance tax has had to go up, but it would be very unfair to all of us tax payers who do not own businesses to have to pay for it, don't you think?

also, if this company is NOT making a profit, then they are paying ZERO in federal income tax....taxes are only paid on business PROFIT, if they make no profit then there is no federal income tax.

what is being discussed is individual couples who NET over 250k in PROFIT, their taxes due for the amount of profit OVER 250k would go back to 39.4% from the 35.0%....

so their taxes do NOT go up on the first 250 k, it stays the same as now and they still benefit from the Bush tax cuts up to that point....but any additional profit made over the 250k in profit, would be taxed at the rate it was being taxed before the Bush tax break.

that's my understanding of it.

This is an individual income tax break, not a tax on the business, that is being discussed as one that is being considered for not extending.

All the other Bush tax breaks that took place below the $250k net, are suppose to be extended.

Income is not profit tho Care, you are exchaning your services or labor in return for cash, it's an even exchange. Someone actually won a case against the IRS based on those premises several years ago. I am giving up 8 to 10 hours of my day in exchange for payment, there is no profit in that, they're paying me what my time and labor is worth. Income tax is bullshit and based on faulty premises and would never have stood in the early years of our country.

i agree newby! the irs considers our income as profit, once we take the standard deductions given to us.....and that is bs!

how they have gotten away with it, on the 60% of the country that just files the short form with no further itemized deductions, is by saying the standard deductions given us, is the amount it should cost us to live and support ourselves, and any money made for our labor over such, is profit....and that's just bs....

Now that i am retired, we use every penny matt makes to support ourselves, we have NO profit, we are adding nothing to our savings, yet still taxed!

besides the fact, that since when is WORKING and getting paid for our work, profit? The entire income tax structure, when it comes to this, is faulty imo....but for 100 years, it has not been shot down as unconstitutional???