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> No Tax Increase On Income Under 250K?!
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Patch 
Posted: 04-Jul-2010, 06:56 PM
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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%

Estate tax will return, capital gains tax will increase and numerous new taxes will be imposed on business which will cost jobs and also be passed on to us!

There was too much here to list and the lady who sent it to me had no link. Health care taxes are also a big one

Another campaign promise broken. He has no idea what he is doing.

The last president to break a tax promise was bush 1 and that is how many terms he got!!

It is interesting that the lowest tax bracket got the highest increase!

Is that what taxing the rich is all about?!

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Mailagnas maqqas Dunaidonas 
Posted: 05-Jul-2010, 08:24 AM
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IMHO, Mr. Obama has disappointed just about everyone, including his ardent supporters.
The Republicans will need to make some major mistakes to lose the next Presidential election.


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Patch 
Posted: 05-Jul-2010, 01:28 PM
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QUOTE (Mailagnas maqqas Dunaidonas @ 05-Jul-2010, 09:24 AM)
IMHO, Mr. Obama has disappointed just about everyone, including his ardent supporters.
The Republicans will need to make some major mistakes to lose the next Presidential election.

The Republicans are capable of doing just that.

The number of disappointed Democrats attending Tea Party meetings has nearly doubled in the last two months.

I believe we need to end the system of D's and R's. Neither mean what they did 50 years ago. In reality we are liberals, moderates and conservatives.

Business is going to pass the increased taxes to us as higher prices and there will be substantial job losses as the higher prices depress sales.

The worst is that the highest tax increase is in the lowest tax bracket.

All of this can not be attributed to obama though he will get the blame as bush 1 did. The house and senate drafted and passed the laws and since they add so much unrelated port to every bill they are impossible to read. The health care bill was 3,300 plus pages in it's final form and the cap and trade bill (not completed yet) is over 1500 pages.

The Az illegal alien law which they admittedly not read for about a month at the federal level was 11 pages in it's final form.

That is why we must vote out the house and senate ASAP. If we do not change the present mentality that festers in both, America will cease to exist. It will be replaced by the strongest country or group and they may well not be American.

Right now mexican drug lords would be a good bet. Where ever you live, they are likely in your community now with the exception of very small communities where evryone knows everyone else's business.

We all need to be savvy about the political situation. To save the day, we need leaders and thinkers. Not seep who just follow the "#judas goat" blindly where ever he goes.

#A "judas goat" is used in the slaughter houses to lead sheep and veal calves to the "kill floor." The goat returns to the pens to live another day. Those who followed him blindly do not.

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wdorholt 
Posted: 06-Jul-2010, 03:15 AM
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Here is the proposal as reported by the Brookings and Urban Institutes.

http://www.taxpolicycenter.org/taxtopics/2...high-income.cfm

I see nothing about an increase for the lower brackets.

Obama vowed during the 2008 presidential election campaign that he would not raise taxes on individuals making less than $200,000 and households earning less than $250,000 a year. Evidently, those numbers were adjusted by applying the standard deductions and a couple of exemptions.

According to an ABC news report when the budget was proposed in Feb. "In all, Obama would increase taxes on some businesses and wealthy individuals by a total of about $1.4 trillion over the next decade, while cutting taxes for middle-class workers and other businesses by about $330 billion. The bottom line: Tax receipts would increase by about $1.1 trillion over the next decade."


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Patch 
Posted: 06-Jul-2010, 09:43 AM
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Apples and onions!!

Go back and READ the percentages posted and the link. The D's refused to extend the bush tax cuts. Walla, a tax increase on even the poorest of the poor. Child tax credits are reduced, earned income credits reduced. That is not even the tip of the iceberg.

The D's are certainly making it a breeze to attract Tea Party supporters in droves. The percentage if D's who have embraced the movement has increased weekly.

At the start we attracted the right and a number of independents. The left is now loosing it's own to the Tea Party movement. We think that is GREAT!

It is all part of obama loosing control of himself and his administration.

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wdorholt 
Posted: 08-Jul-2010, 04:39 AM
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Patch,

I think I get it. You believe that all the tax cuts would be restored to the previous levels. Yes, that would mean tax increases for folks other than the ones that Obama promised.

However, the plan outlined in the Obama administration's budget is to allow only one of those 12 provisions to revert exactly to what it was in early 2001:

The top tax rate will revert from 35% to 39.6%
Five of those dozen major provisions will change, but they won't go back to exactly what they were in 2001:

Estate tax law will revert to 2009 instead of 2001: exemption of $3.5 million and top rate of 45%
Rate on long-term capital gains will revert to 2001 law (rate of 20%) but only for couples with over $250,000 in AGI the year the gain is realized ($200K threshold for singles)
Dividends will be taxed just like long-term capital gains
The 33% tax rate will revert to 2001 law (rate of 36%) but the income threshold where that bracket starts will shift up to $250,000 in taxable income (couples) and $200,000 for singles
The PEP and Pease provisions will be restored, rescinding from high-income people the value of some exemptions and deductions, but the income threshold where they start to pay more will shift up to $250,000 in taxable income (couples) and $200,000 for singles
The other 6 of the 12 major Bush tax cut provisions for individuals listed above will be preserved as enacted during the Bush years.

I am unaware of your fact that the Democrats have refused to extend the Bush tax cuts for those in the middle class and below.
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Patch 
Posted: 08-Jul-2010, 07:44 AM
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QUOTE (wdorholt @ 08-Jul-2010, 05:39 AM)
Patch,

I think I get it. You believe that all the tax cuts would be restored to the previous levels. Yes, that would mean tax increases for folks other than the ones that Obama promised.

However, the plan outlined in the Obama administration's budget is to allow only one of those 12 provisions to revert exactly to what it was in early 2001:

The top tax rate will revert from 35% to 39.6%
Five of those dozen major provisions will change, but they won't go back to exactly what they were in 2001:

Estate tax law will revert to 2009 instead of 2001: exemption of $3.5 million and top rate of 45%
Rate on long-term capital gains will revert to 2001 law (rate of 20%) but only for couples with over $250,000 in AGI the year the gain is realized ($200K threshold for singles)
Dividends will be taxed just like long-term capital gains
The 33% tax rate will revert to 2001 law (rate of 36%) but the income threshold where that bracket starts will shift up to $250,000 in taxable income (couples) and $200,000 for singles
The PEP and Pease provisions will be restored, rescinding from high-income people the value of some exemptions and deductions, but the income threshold where they start to pay more will shift up to $250,000 in taxable income (couples) and $200,000 for singles
The other 6 of the 12 major Bush tax cut provisions for individuals listed above will be preserved as enacted during the Bush years.

I am unaware of your fact that the Democrats have refused to extend the Bush tax cuts for those in the middle class and below.

The thread was "No Tax Increase On Income Under 250K?! "

The lowest rate goes from 10 to 15% and the highest only increases 3.9%. The earned income credit which many low income families depend on is cut ias is the child tax credit. These may not be big increases compared to what they expect from the rich but they are MONUMENTAL to those who they will effect.

That was the point of the post. He lied as the R's tried to get it extended once for sure and maybe twice but the D's defeated it. The administration made no effort to do anything about it. It was a silent tax increase.

He lied, period!

The wealthy, by the way, will not "have" to pay any tax imposed and most are already positioned to accomplish just that.

Tax on industry is also a tax on all of us. They just add it to the price of the goods or services that we purchase.

Slàinte,    

Patch    

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