Happy New Year! 73 New Tax Hikes Take Effect

Americans for Tax Reform ^ | Monday, January 4, 2010 | Ryan Ellis

[U of IL Conservative]

It might surprise many people to learn that not one, not two, but seventy-three new tax increases went into effect on January 1, 2010. This was the result of Congress letting temporary tax relief expire. They still have time to put the tax relief back in place before the end of the year, but they are gone for now. A complete list of them is maintained by the Joint Tax Committee. Here are some of the more recognizable tax relief which expired:

• * The first-time homebuyer credit ($10.8 billion)
• * The research and experimentation tax credit ($6.97 billion)
• * The AMT “patch” to prevent more families from paying the AMT ($63 billion)
• * The additional standard deduction for state and local real estate taxes ($1.46 billion)
• * The itemized deduction for state and local general sales taxes ($1.85 billion)
• * 15-year depreciable life for leasehold improvements and restaurants ($5.4 billion)
• * 50 percent partial expensing for business asset purchases ($5.074 billion)
• * Increase in small business expensing to $250,000 ($41 million)
• * Above-the-line deduction for college tuition and fees ($1.53 billion)
• * Above-the-line deduction for teacher classroom expenses ($228 million)
• * Tax-free distributions from IRAs to make charitable contributions ($591 million)
• * DC first-time homebuyers credit ($17 million)

All told, these expiring tax provisions total between $100-$150 billion of new tax hikes.

Estimated revenue effects of the individual provisions come from recent legislative scores by the Joint Tax Committee.

PDF Version

========> Check out the original piece from ATR.org

[U of IL Conservative]

Like my last post, this one is a bit tardy, but also contains news that most have overlooked.

Please help spread the word, about this underreported situation. Maybe this nonsense can be undone, in this new year!

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Thanks!!

[PatriotGirl827]

bookmark

[GeronL]

and they will say these are not tax increases.

lol.

[gibsosa]

bump

[CPT Clay]

AMT is going to piss a LOT of Blue Staters off.

I predict Brown will win in Mass!

Blumenthal is in for the fight of his life in CT.

Bye bye Bayh.

Bubye Boxer.

Shalom “putzhead” Schumer!!!

[Carley]

Our social security payments were a bit over $50 less.

[Gaffer]

What does this mean? The maximum SS payments were $6,620 something....are you saying yours was just $50?

[Dianna]

What does this mean? The maximum SS payments were $6,620 something....are you saying yours was just $50?

I think what she meant was with no COLA for SS this year, but an increase in Medicare premiums, that her SS payment is less this year over last.

[Man50D]

True tax relief will occur only when The Fair Tax Act(HR25/S296) is enacted that will replace all federal income taxes with a national sales tax and abolish the IRS. Fair Tax ping!

[RayChuang88]

In short, we need a taxation system that is simple and encourages personal savings and capital investment staying in the USA. FairTax specifically does that, and it will result in potentially millions of repatriated jobs and equally millions of new jobs as American (and even foreign!) companies expand operations in the USA to take advantage of the USA no longer imposing taxes on the process of earning money.