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jimmyg
09-25-2010, 09:54 AM
<span style="color: #CC0000">In all fairness, I have not fully researched all of this, but I couldn't find anything to refute it. J </span>

On January 1, 2011, here’s what happens... (read it to the end, so you see all three waves)...

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:

a.. The 10% bracket rises to an expanded 15%
b.. The 25% bracket rises to 28%
c.. The 28% bracket rises to 31%
d.. The 33% bracket rises to 36%
e.. 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 only, there is no death tax. (It’s a quirk!) 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, a business, a retirementaccount, could easily pass along a death tax bill to their loved ones. Think of the farmers who don’t make much money, but their land, which they purchased years ago with after-tax dollars, is now worth a lot of money. Their children will have to sell the farm, which may be their livelihood, just to pay the estate tax if they don’t have the cash sitting around to pay the tax. Think about your own family’s assets. Maybe your family owns real estate, or a business that doesn’t make much money, but the building and equipment are worth $1 million. Upon their death, you can inherit the $1 million business tax free, but if they own a home, stock, cash worth $500K on top of the $1 million business, then you will owe the government $275,000 cash! That’s 55% of the value of the assets over $1 million! Do you have that kind of cash sitting around waiting to pay the estate tax?

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.

Second Wave:

Obamacare:

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

The "Medicine Cabinet Tax"

Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health
reimbursement (HRA) pre-tax dollars to purchase non-prescription,
over-the-counter medicines (except insulin).

The "Special Needs Kids Tax

This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.

There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education.

Tuition rates at one leading school that teaches special needs children in Washington , D.C. ( National Child Research Center ) can easily exceed $14,000 per year.

Under tax rules, FSA dollars can not be used to pay for this type of special needs education.

The HSA (Health Savings Account) Withdrawal Tax Hike.

This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which
remain at 10 percent.

Third Wave:

The Alternative Minimum Tax (AMT) 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.

The 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.

Small business expensing will be slashed and 50% expensing will disappear.

Small businesses can normally expense (rather than slowly-deduct, or "depreciate") equipment purchases up to $250,000.

This will be cut all the way down to $25,000. Larger businesses can currently expense half of their purchases of equipment.

In January of 2011, all of it will have to be "depreciated."

Taxes will be raised on all types of businesses.

There are literally scores of tax hikes on business that will take place. The biggest is the loss of the "research andexperimentation tax credit," but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.

Tax Benefits for Education and Teaching Reduced.

The deduction for tuition and fees will not be available.

Tax credits for education will be limited.

Teachers will no longer be able to deduct classroom expenses.

Coverdell Education Savings Accounts will be cut.

Employer-provided educational assistance is curtailed.

The student loan interest deduction will be disallowed for hundreds of thousands of families.

Charitable Contributions from IRAs no longer allowed.

Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.

This contribution also counts toward an annual "required minimum distribution." This ability will no longer be there.

PDF Version Read more: &lt;http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171&gt;;
http://www.atr.org/six-months-untilb...3ixzz0sY8waPq1

And worse yet?

Now, your insurance will be INCOME on your W2's!

One of the surprises we'll find come next year, is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation . . . the dupes, er, dopes, who backed this administration will be astonished!

Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort.

If you're retired? So what... your gross will go up by the amount of insurance you get.

You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That's what you'll pay next year..

For many, it also puts you into a new higher bracket so it's even worse.

This is how the government is going to buy insurance for the15% that don't have insurance and it's only part of the tax increases.

Not believing this??? Here is a research of the summaries.....

On page 25 of 29: TITLE IX REVENUE PROVISIONS-
SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 900, as modified by sec. 10901) Sec.9002 "requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excludable from the employees gross income."

Joan Pryde is the senior tax editor for the Kiplinger letters.
Go to Kiplingers and read about 13 tax changes that could affect you. Number 3 is what is above.

LWW
09-25-2010, 11:20 AM
Those STEEN-KEENG RICH families trying to raise kids on $30K household income can certainly afford to shoulder more of the load.

The college kid supporting their own way making $10K per year part time need to start paying their fair share.

The regime spares no one!

LWW

jimmyg
09-25-2010, 11:26 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: LWW</div><div class="ubbcode-body">Those STEEN-KEENG RICH families trying to raise kids on $30K household income can certainly afford to shoulder more of the load.

The college kid supporting their own way making $10K per year part time need to start paying their fair share.

The regime spares no one! LWW </div></div>

But...But...Obama's so cute...he speaks (reads)so well...and dresses really nicely. Best "community organizer" ever. /forums/images/%%GRAEMLIN_URL%%/crazy.gif

J

LWW
09-25-2010, 11:55 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"><span style='font-size: 14pt'>"a light-skinned African American with no Negro dialect, unless he wanted to have one"</span>
<span style='font-size: 11pt'>-"DINGY HARRY" REID-</span></div></div>

LWW

pooltchr
09-25-2010, 01:28 PM
Don't worry, Jimmy. We have been assured by both Obama and Gayle that only those making more than $250k will be paying more taxes.
This information must be faulty!
We are all going to have cheap health insurance.
We are all going to have cheap energy.
We will all be able to afford a house.
We will all be able to afford a car.

The filthy rich are going to take care of us all. Obama says so! And Gayle backs him up!

Steve

LWW
09-26-2010, 03:59 AM
The child tax credit will be cut in half from $1000 to $500 per child. <span style="color: #3333FF">An average family earning $50K combined can easily afford an extra $1,000.00 per year in taxation just from this increase alone. It's only $83.33 extra a month if they have 2 kids. Let these filthy rich capitalist pigdogs drop cable TV and listen to American Barack Channel, National Barack Channel, and the Communist Broadcasting System via the old rabbit ears.</span>

The standard deduction will no longer be doubled for married couples relative to the single level. <span style="color: #3333FF">All the more reason to eschew marriage and trust the running of families to the state.</span>

The dependent care and adoption tax credits will be cut. <span style="color: #3333FF">All good comrades should be dependent upon dearest leaders benevolence and not on each other.</span>

The return of the Death Tax. <span style="color: #3333FF">It is "CRIMETHINK" to believe that the individual can better distribute wealth.</span>

LWW

jimmyg
09-27-2010, 08:22 AM
Let's just add a few more...."forgive them Father, for they know not what they do". J

<span style="color: #CC0000">Obama health care reform imposes 3.8% tax on all income from home sales and home rental income </span>

Mike Adams
Natural News
Sept 26, 2010

The news about Obama’s health care reform just keeps getting worse — and we only find these things long after the bill has passed, of course. The newest revelation concerns a 3.8% tax on income from home sales and home rentals which will go into effect in 2013. (Note: This story has been updated to clarify who the 3.8% tax impacts, see below.)

Depending on your income level, this could end up costing you thousands of dollars from the sale of a home (even if you’re a middle-class income earner). It would also place a tax burden on all rental income from any home you might rent out to others.

How could this be? Because the new health care bill imposes a 3.8% tax on “unearned income” above a certain threshold (see below), which includes income from any source that you aren’t directly working for. This includes interest you receive on a savings account, dividends from stocks, rental income from a property you own, social security income, unemployment checks, child support and of course income from home sales.

While this tax is supposed to be targeted to “the rich” with a threshold of $250,000 in unearned income, it can very easily hit middle-class income families who sell a house with a gain, forcing them to pay the 3.8% on a portion of their gain.

Link: http://www.prisonplanet.com/obama-health...tal-income.html (http://www.prisonplanet.com/obama-health-care-reform-imposes-3-8-tax-on-all-income-from-home-sales-and-home-rental-income.html)