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July 30, 2010

Taxes are going up… FOR EVERYONE!

This scares the hell out of me.

Despite what you may WANT to believe from the current administration that you will not face increased taxes unless… you know… you’re one of those evil non-productive, teet sucking rich folks.  You’re in for a hellofa surprise. If you haven’t seen this from Investors Business Daily, I recommend reading the whole article.

Many are unaware that the “Bush Tax Cuts” are due to expire this year.  Many may assume letting any “Bush” policy expire is a good thing.  I warn you to not get caught up in your zeal to denigrate all things “Bush”.  When these tax cuts expire (a termination date was initially established as an appeasement to the congressional Democrats, instead of making these permanent… so if you hear twits like this trying to point a finger at the Republicans for wanting this to happen… please CALL BULLSHIT!) there are a plethora of increases even the lowest marginal tax payer will be affected by.   Here are some of the low-lights…

The Tax Tsunami On The Horizon

…Resurrection of the death tax, (the death tax returns — at a rate of 55% on estates of $1 million or more.) however, isn't the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it's not just the rich who will pay.

  • The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.
  • The marriage penalty also makes a comeback, and the capital gains tax will jump 33% — to 20% from 15%. The tax on dividends will go all the way from 15% to 39.6% — a 164% increase.
  • Both the cap-gains and dividend taxes will go up further in 2013 as the health care reform adds a 3.8% Medicare levy for individuals making more than $200,000 a year and joint filers making more than $250,000.
  • Other tax hikes include: halving the child tax credit to $500 from $1,000 and fixing the standard deduction for couples at the same level as it is for single filers.

I think the IDP/TIPP poll tells the story…

image

Look, you can buy into the crap that the Government is here to save us all from ourselves, or those evil (non-union) job creating small businesses and corporations.  But I promise you, the more money you remove from individual Americans, the more despair we will face in the coming years.

July 30, 2010 in Current Affairs, Idiots on Parade, Politics | Permalink

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