• 120 Days Until the Largest Tax Hikes in History
    231 replies, posted
All I'm getting from this thread is that when either party is in power, their supporters will justify any immediate increase in spending because "they have to." This dual-party system is such bullshit.
[QUOTE=nERVEcenter;24591084]All I'm getting from this thread is that when either party is in power, their supporters will justify any immediate increase in spending because "they have to." This dual-party system is such bullshit.[/QUOTE] Agreed. More than anything I'd love to disband political parties and people would have to run for office based on their merits and their platform alone...
[QUOTE=sloppy_joes;24575202]Anyone else find it funny, that the 10% bracket even exists? In most other countries it's 0%, the lowest bracket is like less than 8 grand per year, so students and such barely get taxed if they don't work much. Yet in America they shit on their poor people by increasing their tax bracket the most out of any group.[/QUOTE] you are aware that you don't have to pay taxes unless you make something like 9k / year in america right [editline]01:40PM[/editline] [QUOTE=Ridge;24592451]Agreed. More than anything I'd love to disband political parties and people would have to run for office based on their merits and their platform alone...[/QUOTE] don't make me pull out a fucking argument about why the abolition of political parties is the stupidest fucking idea on the fact of the planet on you. [editline]01:49PM[/editline] [QUOTE=POLOPOZOZO;24577842]Move to Somalia. [editline]08:24PM[/editline] Also how many people on this forum actually pay income taxes. [editline]08:24PM[/editline] Or even property tax.[/QUOTE] [img]http://blogs.westword.com/latestword/raised%20hand.JPG[/img] i'm also in favor of bumping tax rates up to 40% for anyone who makes over 100k and considering i'm well on my way to making that sort of dosh i'm personally willing (and even looking forward) to contributing that much cash.
[QUOTE=WhatTheKlent;24574340]But then who will keep the unclean masses out of my gated community?[/QUOTE] Since when did public sector workers patrol gated communities?
[QUOTE=Tetracycline;24574143]Goodish, we need taxes to get out of the debt or something along those lines[/QUOTE] Taxes only encourage our politicians to spend more. We should know better by now.
[QUOTE=Capitulazyguy;24592953]Since when did public sector workers patrol gated communities?[/QUOTE] gated communities actually are public roads.
Biased article much? Still, america has some of the lowest tax rates of any developed country, so hey, I wouldn't mind paying a bit more to see something fixed.
[QUOTE=Ridge;24574302] How about cutting spending?[/QUOTE] Oh pffft....Americans want great services for free, we try to take away one and they start bitching and moaning like its the end of the universe. There is no way to fucking cut spending.
[QUOTE=BrickInHead;24592670]you are aware that you don't have to pay taxes unless you make something like 9k / year in america right [/QUOTE] It's 10% (soon to be 15%) for people that make less than 8,350. Look it up.
[QUOTE=BrickInHead;24592670]i'm also in favor of bumping tax rates up to 40% for anyone who makes over 100k and considering i'm well on my way to making that sort of dosh i'm personally willing (and even looking forward) to contributing that much cash.[/QUOTE] You are, does that mean everyone else is willing. I'm sure you would be willing to go ahead and work in a soup kitchen for a day. But does that mean we should have everyone forced to at least 24 hours of community service a year? If it is mandatory, it isn't generous nor charitable.
[QUOTE=Swilly;24601772]Oh pffft....Americans want great services for free, we try to take away one and they start bitching and moaning like its the end of the universe. There is no way to fucking cut spending.[/QUOTE] Could kill off or reduce spending to a lot of agencies that have purposes other agencies have, or don't do their jobs well...
[QUOTE=Ridge;24573991]In just 120 days, 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 tax credit 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 top capital gains tax will rise from 15 percent this year to 20 percent in 2011. The top dividends tax rate 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 Tanning Tax. This went into effect on July 1st of this year. It imposes a new, 10% excise tax on getting a tan at a tanning salon. There is no exemption for tanners making less than $250,000 per year. 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 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. Brand Name Drug Tax. Starting next year, there will be a multi-billion dollar tax assessment imposed on name-brand drug manufacturers. This tax, like all excise taxes, will raise the price of medicine, hurting everyone. Economic Substance Doctrine. The IRS is now empowered to disallow perfectly-legal tax deductions and maneuvers merely because it judges that the deduction or action lacks “economic substance.” This is obviously an arbitrary empowerment of IRS agents. Employer Reporting of Health Insurance Costs on a W-2. This will start for W-2s in the 2011 tax year. While not a tax increase in itself, it makes it very easy for Congress to tax employer-provided healthcare benefits later. 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. Until this year, a retired person with an IRA could 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. Read more: [url]http://www.atr.org/days-thebr-largest-tax-hikes-history-a5370##ixzz0yVWZDUXP[/url][/QUOTE] Here is an idea, have a couple million Americans just not pay any taxes at all to fight all of these hikes.
[QUOTE=Ridge;24602015]Could kill off or reduce spending to a lot of agencies that have purposes other agencies have, or don't do their jobs well...[/QUOTE] ATF out you go.
This is one of the most blatantly biased articles ever. You didn't even try did you?
[QUOTE=MBAfortytwo;24575314]With this, and the possibility of getting bombed by Iraq, we're just in some nice deep shit.[/QUOTE] Wait, you live in America? Okay, seconded, for different reasons than yours.
[QUOTE=MBAfortytwo;24575314]the possibility of getting bombed by Iraq[/QUOTE] :mmmsmug:
[QUOTE=JDK721v3;24604163]This is one of the most blatantly biased articles ever. You didn't even try did you?[/QUOTE] Shouldn't you be permabanned? Twice?
[QUOTE=Ridge;24605312]Shouldn't you be permabanned? Twice?[/QUOTE] Was that even relevant?
It mostly looks like tax cut repeals, which basically means our economy is coming out of limbo and back to it's original state before the 90's. In other words, the good 20 years we had between the 70's and 90's. Which is good.
[QUOTE=jjsullivan;24605445]It mostly looks like tax cut repeals, which basically means our economy is coming out of limbo and back to it's original state before the 90's. In other words, the good 20 years we had between the 70's and 90's. Which is good.[/QUOTE] Yeah, except for the stock market tanking and official unemployment numbers nearing 10%...
[QUOTE=MRTW113;24581284] Gotta thank all those corporations for out-sourcing[/QUOTE] Mmmhmm..
[QUOTE=Ridge;24605463]Yeah, except for the stock market tanking and official unemployment numbers nearing 10%...[/QUOTE] Higher tax means more government projects and endeavors which means more jobs. The only problem though being that this will probably mean that most businesses will be sucked dry. Still, if everyone does pay their fair-share the money will soon be balanced which means everyone should be happy. Then the big companies start to cry like big babies... But at least they can't do anything stupid with the fair business practices bill, which means the new golden age will last longer than it did before. It will take a big fuck-up to stop it.
[QUOTE=jjsullivan;24605512]Higher tax means more government projects and endeavors which means more jobs.[/quote] More TEMPORARY jobs. Which will soon disappear and people are back in the soup kitchen. [quote]The only problem though being that this will probably mean that most businesses will be sucked dry. Still, if everyone does pay their fair-share the money will soon be balanced which means everyone should be happy.[/quote] People don't pay their share, though. The biggest consumers of government programs pay the least in taxes. [quote]Then the big companies start to cry like big babies... But at least they can't do anything stupid with the fair business practices bill, which means the new golden age will last longer than it did before. It will take a big fuck-up to stop it.[/QUOTE] Or, alternatively; they take the quicker, cheaper, easier route, and they move everything to a foreign country, skyjacking the unemployment numbers.
Even with low taxes labor is cheaper overseas no matter what due to substandard wages and living conditions.
Agreed. I think the proper response is tariffs. Charge a fee/tax on all goods being shipped in from overseas. It will raise the cost of the product, which will shy away consumers, which will then cause the company to choose between failing and moving their products back to the US where it becomes cheaper to sell.
[QUOTE=WhatTheKlent;24574575]Most people are.[/QUOTE] No they aren't and I can give you statistics if you want.
lol hows it goin "i didnt mean to" [IMG]http://imgur.com/kESfe.jpg[/IMG] [IMG]http://imgur.com/s0fxd.png[/IMG]
Well then
Democracy sucks. A non-totalitarian dictatorship is much better.
During World War 2, highest tax bracket was 90%. [IMG_thumb]http://upload.wikimedia.org/wikipedia/en/8/8a/Federal_Debt-VS-Taxes.PNG[/IMG_thumb] If you look at this, you can clearly see that taxes are very functional way of lowering deficit. [img_thumb]http://upload.wikimedia.org/wikipedia/commons/b/b8/US_Federal_Debt_as_Percent_of_GDP_by_President.jpg[/img_thumb] And with this you can clearly see that GDP is still enough to pay the deficit. Better pay now than later. Otherwise you can't pay it and the country will go bankrupt.
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