Getbig.com: American Bodybuilding, Fitness and Figure
Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on February 02, 2010, 07:28:00 AM
-
Backdoor taxes to hit middle class.
www.yahoo.com
By Terri Cullen Terri Cullen – Mon Feb 1, 4:09 pm ET
________________________ ________________________ _____________
NEW YORK (Reuters.com) --The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.
While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.
The targeted tax provisions were enacted under the Bush administration's Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.
If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.
Investors will pay more on their earnings next year as well, with the tax on dividends jumping to 39.6 percent from 15 percent and the capital-gains tax increasing to 20 percent from 15 percent. The estate tax is eliminated this year, but it will return in 2011 -- though there has been talk about reinstating the death tax sooner.
Millions of middle-class households already may be facing higher taxes in 2010 because Congress has failed to extend tax breaks that expired on January 1, most notably a "patch" that limited the impact of the alternative minimum tax. The AMT, initially designed to prevent the very rich from avoiding income taxes, was never indexed for inflation. Now the tax is affecting millions of middle-income households, but lawmakers have been reluctant to repeal it because it has become a key source of revenue.
Without annual legislation to renew the patch this year, the AMT could affect an estimated 25 million taxpayers with incomes as low as $33,750 (or $45,000 for joint filers). Even if the patch is extended to last year's levels, the tax will hit American families that can hardly be considered wealthy -- the AMT exemption for 2009 was $46,700 for singles and $70,950 for married couples filing jointly.
Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:
* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;
* The $250 teacher tax credit for classroom supplies;
* The tax deduction for up to $4,000 of college tuition and expenses;
* Individuals who don't itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;
* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free.
________________________ ________________________ _____________________
F.U.B.O!!!!
YOU COMMUNIST POFS! ! !! ! ! ! ! ! ! !
-
And not one mention of changing,fixing, adjusting, the structural costs that have been, are currently and will totally bankrupt the U.S.
No mention of S.S., Medicare/Medicaid
Defense spending
Overall debt.
Wars.
How much it will cost to service the debt.
In our lifetime, in my opinion, we will see massively high taxes for all and a sudden and blunt cut to govt. spending when these fools finally realize that the game is up. All the time we wast with this bullshit will just make it harder and more painful to correct in the future.
-
And not one mention of changing,fixing, adjusting, the structural costs that have been, are currently and will totally bankrupt the U.S.
No mention of S.S., Medicare/Medicaid
Defense spending
Overall debt.
Wars.
How much it will cost to service the debt.
In our lifetime, in my opinion, we will see massively high taxes for all and a sudden and blunt cut to govt. spending when these fools finally realize that the game is up. All the time we wast with this bullshit will just make it harder and more painful to correct in the future.
Gigantor - I have posted a movie called I.O.U.S.A. which was spearheaded by the former Comptroller of the USA David White discussing these issues.
Have you ever seen that?
If not, check it out.
http://www.iousathemovie.com
-
Check out the communists/marxists on DU.
They love this. November cant come soon enough. Even Schumer is volnerable right now in NYS.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4252154
-
240 will see this as a polpulist move because ,as you know,EVERYONE loves paying taxes!!
-
240 will see this as a polpulist move because ,as you know,EVERYONE loves paying taxes!!
Its another example of HOAX & CHANGE
240 buys into the spin and thats his perogative. He thinks everyone is a maliable as he is. Not so!
-
yawn. i'm not buying it - but I am very cognizant of the fact that the repubs are NOT on tv today talking about this point nonstop.
Why the hell not?
This is a huge thing that would hurt obama... but they care more about Dont ask, dont tell and the Tea Party meltdown this weekend.
333386. please just run for office already dude!
-
yawn. i'm not buying it - but I am very cognizant of the fact that the repubs are NOT on tv today talking about this point nonstop.
Why the hell not?
This is a huge thing that would hurt obama... but they care more about Dont ask, dont tell and the Tea Party meltdown this weekend.
333386. please just run for office already dude!
240 - I looked into it and to be honest, politics is so corrupt here I want no part of it.
Just read about Yonkers, NY and I want no part of it on that level. What goes on in YO is far worse than you can imagine. This is where dMX, Mary J, the Lox, are from. Do you think thet want a teabagging, shaved head, metal head telling them their welfare aint coming?
-
yawn. i'm not buying it - but I am very cognizant of the fact that the repubs are NOT on tv today talking about this point nonstop.
Why the hell not?
This is a huge thing that would hurt obama... but they care more about Dont ask, dont tell and the Tea Party meltdown this weekend.
333386. please just run for office already dude!
Tonight,republicans will be talking about these tax increses like crazy,then about dont ask dont tell.Obama is like a cancer,everyday there is a new outrage.
-
Tonight,republicans will be talking about these tax increses like crazy,then about dont ask dont tell.Obama is like a cancer,everyday there is a new outrage.
Obama is the enemy of the taxpayer plain and simple.
-
"Tonight,republicans will be talking about these tax increses like crazy"
I wish they would.
But www.foxnews.com has the Tea party meltdown 1st, and Dont Ask right next to it.
The story that will actually affect us, the tax issue, is 3rd.
Why? cause they care more about ratings than anything else, I guess ???
-
Gigantor - I have posted a movie called I.O.U.S.A. which was spearheaded by the former Comptroller of the USA David White discussing these issues.
Have you ever seen that?
If not, check it out.
http://www.iousathemovie.com
This documentary STAYS on my instant netflix lists on my xbox. I made my girlfriend watch it with me one time and she was amazed and pissed at what our politicians are doing to our country. I keep it on there so I can make other people watch it.
-
This documentary STAYS on my instant netflix lists on my xbox. I made my girlfriend watch it with me one time and she was amazed and pissed at what our politicians are doing to our country. I keep it on there so I can make other people watch it.
That guy has been warning everyone for the last two years, yet we have people screaming for more spending as if that is the problem. Unreal.
240 - go watch that movie.
-
lol dude, i was bitching about the big lie that is money, the lie what is 911 and wmd, everything back to the uss maine in 1898 and northwoods.... about 4 years ago hahahaha
you're preaching to the choir dude... i am well aware of the shit youre waking up to.
i've just learned to accept it and moved on. As will you. :-\
-
"Tonight,republicans will be talking about these tax increses like crazy"
I wish they would.
But www.foxnews.com has the Tea party meltdown 1st, and Dont Ask right next to it.
The story that will actually affect us, the tax issue, is 3rd.
Why? cause they care more about ratings than anything else, I guess ???
And Im sure MSNBC will be reporting another lie about Palin.I guess they dont want ANY ratings ::)
-
he's pretty ballsy for all the shit he's trying to pull,
i'm actually pretty shocked he hasn't been assassinated yet.
-
he's pretty ballsy for all the shit he's trying to pull,
i'm actually pretty shocked he hasn't been assassinated yet.
The people who like Obama are generally those who dont work or pay taxes.
-
The people who like Obama are generally those who dont work or pay taxes.
i.e. ngaz