Backdoor taxes to hit middle class

Reuters (via Yahoo Canada ^ | 2-1-2010 | Terri Cullen

[bigbob]

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.

[2ndDivisionVet]

Was this Barney Frank’s idea?

[fortheDeclaration]

to cut more than $1 trillion from the deficit over the next decade

1 trillion from the deficit over the next decade is NOTHING!

Obama has moved from the old Soviet 'five year plans' to the '10 year plan'

[circumbendibus]

Yeah. Rush is reporting on this story now. The yahoo link does not work. But this one, the CANADA yahoo link, works. We’ve already seen Obama media (TV, print, internet, and radio) censorship on the birth certificate/eligibility issue. This is the behavior of a Communist regime.

[screaminsunshine]

Obama Lies Democrat Party Dies!

[Man50D]

The federal income tax code has been gradually stealing the people's wealth while turning more of them into criminals for failing to comprehend the now more than 67,500 pages over the 97 years since the 16th Amendment was enacted. Clearly it is out of control.

A fundamental change must take place if we are ever to restore to the people their wealth and the associated freedom as intended by our founding fathers when they wrote the Constitution. The only viable solution has been before each session Congress since 199. It's called The Fair Tax Act(HR25/S296). It will replace all federal income taxes with a national sales tax and abolish the IRS. Fair Tax ping!

[GeronL]

This story should be spread far and wide

[Apple Blossom]

Ping.

[rstrahan]

Someone got to Reuters. The site says, “alternative story to be posted later this week”. So O can spin the story the way the administration wants it.

[max americana]

This was the story that Rush kept referring to..

It’s on the WAPO, and now Yahoo Canada. Reuters pulled it because the WH bullied them to do so (cant diss the O’) but it’s out.

[bmwcyle]

The $250 teacher tax credit for classroom supplies

When I taught High School I spent more than that of my own money to keep the Graphic Arts Shop running.

[Vaduz]

Yes they have proved just how worthless they are.

[ImpBill]

Amazing, simply amazing.

What's amazing?

That so many people, even the "journalists" some how buy into this concept that we can raise the taxes on the wealthiest Americans and Corporations and some how "we the people" will get a pass!

Perhaps, bewildering is a better word.

[listenhillary]

We need to have a stable tax that doesn’t waffle every time the wind changes direction. Businesses are not going to make long term investments when they can’t see the freight train coming around the corner. They can encourage banks to lend all they want, but when taxes are subject to rapid change, can be backdated by the taxman, forget about any economic recovery.

Government spending must be below 75% of revenue to stop the hemorrhaging. The politicians are drugged up and out of their mind with spending. Just one more fix and we’ll get clean tomorrow,

[jiggyboy]

Individuals who don't itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid

If you were renting in early 2009 and bought a house in mid to late 2009, jump on this one:

"If you do not itemize deductions on Schedule A (Form 1040), and you paid state or local real estate taxes on real property that is not used in a trade or business and does not produce rental income, you can increase the amount of your standard deduction by the amount of state or local real estate taxes you paid. However, this additional standard deduction amount cannot be more than $500 ($1,000 if your filing status is married filing jointly), and you cannot deduct taxes paid on foreign real estate. To figure the amount of your standard deduction, if you paid state or local real estate taxes, complete Schedule L (Form 1040A or 1040)"

http://www.irs.gov/publications/p17/ch22.html#en_US_publink1000173204

[EmilyGeiger]

bttt

[WOBBLY BOB]

By allowing President Bush’s tax cuts to retire, Present Broke Obummer will be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%.

To those moving from the 35% to the 39% tax bracket...that’s roughly an 11% increase in taxes.

From 20% to 25%...that’s a full-blown 25% increase in taxes.

To those moving from the 10% bracket to 15%, their taxes will be increased by a whopping 50%.

So the low-income people get their taxes raised even more when seen as a percentage. And the rich folks lose a higher magnitude of money...but the percentage compared to what they already make is lower.

[listenhillary]

We need a big headline screaming

"Obama to increase working poor's taxes by 50%!"

[PMAS]

to the list

[GUNGAGALUNGA]

I hate to be a spoil sport but I have read parts of the budget. The top tier rates he is proposing to increase. He wants to make permanent the other rates. Im just saying.