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Daniel Eubank
Sport climber
Woodbridge, VA
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Topic Author's Reply - Jul 28, 2010 - 05:16pm PT
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Fat Dad
Trad climber
Los Angeles, CA
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Jul 28, 2010 - 05:38pm PT
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//This thread is lame
We should all move to the Wrong Republican thread
Its the same stuff, here and there, and I'm forgetting which post I put where.//
Dude, I said that probably a hundred posts ago. I just peeked in because I couldn't believe that anyone still had the endurance to put up with Fatty's and Eubank's BS. Do yourself a favor and just say 'no'.
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Daniel Eubank
Sport climber
Woodbridge, VA
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Topic Author's Reply - Jul 29, 2010 - 07:54am PT
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Enjoy your present income right now....retired or not ....it will all change January 1, 2011. Welcome to Obamacare and his promise of no tax increase...
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New tax changes -
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.
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 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 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 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 and
experimentation 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: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171##ixzz0sY8waPq1
Now your insurance is 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 . . .
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 the 15% who 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. 9001,
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.
http://www.kiplinger.com/businessresource/forecast/archive/health-care-reform-tax-hikes-on-the-way.html
People have the right to know the truth because an election is coming in November.
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lucaskrajnik
Trad climber
Anchorage, AK
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Jul 29, 2010 - 11:35am PT
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......? I think they just ran off.
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Douglas Rhiner
Mountain climber
Tahoe City/Talmont , CA
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Jul 29, 2010 - 12:35pm PT
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Like anyone can take seriously ANYTHING from Americans for Tax Reform.....
Involvement with Jack Abramoff
According to an investigative report from the Senate Indian Affairs Committee on the Jack Abramoff scandal, released in June 2006, ATR served as a "conduit" for funds that flowed from Abramoff's clients to finance surreptitiously grass-roots lobbying campaigns.[17] Records show that donations from the Choctaw and Kickapoo tribes to ATR were coordinated in part by Abramoff, and in some cases preceded meetings between the tribes and the White House.[17][18]
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Fat Dad
Trad climber
Los Angeles, CA
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Jul 29, 2010 - 01:53pm PT
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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.
Bob Eubanks apparently is uncomfortable with facts. As I already explained MANY posts ago, the rephasing in of a lower estate tax rate was the result of EGGTRA, which went into effect in 2001. Not Obama's change, though Eubanks repeatedly attempts to blame the change on him.
Obama's lobbied to increase the credit to $3.5 m., but the right has refused to accept that, choosing instead to engage in some political theater and arguing instead that with the huge Republican created deficit, that it's unfair to tax the extremely wealthy.
BTW, when Reagan was in office, the credit was only $600K.
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JEleazarian
Trad climber
Fresno CA
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Jul 29, 2010 - 02:00pm PT
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The fact remains that the tax increases go into effect in 2011. Thus far, the majority party in Congress has failed to do anything about it, and the President has spent much more political capital on other issues.
Connections to Abramoff money does not change those facts.
John
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Chaz
Trad climber
greater Boss Angeles area
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Jul 29, 2010 - 02:04pm PT
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The tax changes scheduled for this January will most certainly be a tax increase for a huge segment of the working population.
Many working people who will be hit by this increase never paid the high Clinton-era tax rates because they were too young to work then, or were making too little income then to pay taxes.
It will be a tax hike for them, as well as the rest of you.
Raising taxes in a recession is a stupid move, no matter who does it.
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the Fet
climber
Tu-Tok-A-Nu-La
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Jul 29, 2010 - 02:07pm PT
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If Republicans are right why do they lie and misrepresent so much?
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%
Obama has said over and over he only wants the rate on income above $250K to go up. Why misrepresent that unless you aren't confident in your position? When you lie you just come of as wrong on everything.
The only way Congress won't extend the other tax cuts is if the Republicans block it to try to score political points.
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Chaz
Trad climber
greater Boss Angeles area
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Jul 29, 2010 - 02:10pm PT
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Why should anybody's tax rate go up?
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Daniel Eubank
Sport climber
Woodbridge, VA
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Topic Author's Reply - Jul 29, 2010 - 02:17pm PT
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Additional taxes for only those who make over $250,000 a year is a cruel joke. See breakdown of the 2010 IRS Tax Brackets.
2010 IRS Tax Brackets
The below 2010 tax tables are the projected federal income tax brackets for 2010:
Tax Bracket Single Married Filing Jointly
10% Bracket $0 – $8,375 $0 – $16,750
15% Bracket $8,375 – $34,000 $16,750 – $68,000
25% Bracket $34,000 – $82,400 $68,000 – $137,300
28% Bracket $82,400 – $171,850 $137,300 – $209,250
33% Bracket $171,850 – $373,650 $209,250 – $373,650
35% Bracket $373,650+ $373,650+
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Chaz
Trad climber
greater Boss Angeles area
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Jul 29, 2010 - 02:59pm PT
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Until Government gets a handle on the runaway spending binge they're on, tax rates should not be raised. Ever.
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Fat Dad
Trad climber
Los Angeles, CA
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Jul 29, 2010 - 03:25pm PT
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The fact remains that the tax increases go into effect in 2011. Thus far, the majority party in Congress has failed to do anything about it, and the President has spent much more political capital on other issues.
That's weak John. It's arguments like that which infuriate people on the other side of the table since they come across as reactionary, not reasoned.
Eubanks is clearly blaming Obama for the increase, which he did not enact. As far as changing the existing law, Obama has thrown his weight behind the House version of the bill, but non-passage by the Senate has largely been the result of political posturing by the right, who would rather have the political capital of telling their base that they fought the good fight for no new taxes (even though it's hardly a new tax) rather than accepting a very reasonable number being put forth by the Dems. Again, that is clearly not the President's doing.
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JEleazarian
Trad climber
Fresno CA
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Jul 29, 2010 - 05:19pm PT
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Fat Dad,
If my argument infuriates people on the other side, perhaps it's because their officeholders resemble my remarks. The President was perfectly willing to use the bully pulpit and twist arms to break log jams between the House and Senate on financial regulation and health care. I see neither tactic used on this issue.
The fact remains that inaction results in a tax increase next year for virtually every taxpayer. If the Democrats cared so much, they'd be expending the same energy blaming Republicans for that as they have blaming them for everything else.
John
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Fat Dad
Trad climber
Los Angeles, CA
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Jul 29, 2010 - 08:08pm PT
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The fact remains that inaction results in a tax increase next year for virtually every taxpayer.
No. It's not a tax until it's actually due, so "virtually every American" will not be affected by it unless everyone of us is dying next year and all of our net estates are worth over $1 m. each. Even then, those with bypass or credit shelter trusts, etc., won't even be affected.
Also, it's the Repub senators who are holding up passage of the bill, not the Dems. Are you saying it's Obama's fault because he's not twisting their arms hard enough to get them to bend? Really?
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Chaz
Trad climber
greater Boss Angeles area
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Jul 29, 2010 - 08:44pm PT
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Like we're gonna' live forever.
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Wade Icey
Trad climber
www.alohashirtrescue.com
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Jul 30, 2010 - 12:10pm PT
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No. It's not a tax until it's actually due
no...it's not a tax until it's actually paid...
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Daniel Eubank
Sport climber
Woodbridge, VA
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Topic Author's Reply - Aug 2, 2010 - 08:14am PT
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A federal judge blocked several critical provisions of Arizona's new immigration law from taking effect.The overall law will still take effect Thursday July 29th. Sections barred from being enforced include:
• Requiring a police officer to make a reasonable attempt to check the immigration status of those they have stopped;
• Forbidding police from releasing anyone they have arrested until that person's immigration status is determined;
• Making it a violation of Arizona law for anyone not a citizen to fail to carry documentation;
• Creating a new state crime for trying to secure work while not a legal resident;
• Allowing police to make warrantless arrests if there is a belief the person has committed an offense that allows them to be removed from the United States
I'm a legal American citizen and I must show my ID when:
1. Pulled over by the police.
2. Making purchases on my department store credit card.
3. When I show up for a doctor's appointment.
4. When filling out a credit card or loan application.
5. When applying for or renewing a driver's license or passport.
6. When applying for any kind of insurance.
7. When filling out college applications.
8. When donating blood.
9. When obtaining certain prescription drugs.
10. When making some debit purchases, especially if I'm out of state.
11. When collecting a boarding pass for airline or train travel.
I'm sure there are more instances, but the point is that we citizens of the USA are required to prove who we are nearly every day!
Why should people in this country illegally, be exempt!!!!!
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