Posted on 07/21/2010 5:16:59 PM PDT by Kaslin
Fiscal Policy: Many voters are looking forward to 2011, hoping a new Congress will put the country back on the right track. But unless something's done soon, the new year will also come with a raft of tax hikes — including a return of the death tax — that will be real killers.
Through the end of this year, the federal estate tax rate is zero — thanks to the package of broad-based tax cuts that President Bush pushed through to get the economy going earlier in the decade.
But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.
Resurrection of the death tax, 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%.
But the damage doesn't stop there.
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.
(Excerpt) Read more at investors.com ...
Surf’s up, dude!
I firmly believe this is as much about making sure we have no disposable income as it is money grubbing.
Then we will all have to turn the the government for some kind of aid program to get our own money back.
I can’t go there yet.
I KNOW it is coming.
We desperately need to get control back.
But Mr. Skittles said......!
If you compare the economy to a bull fight, where the bull is the economy and the matador is the demo-socialists now running things, then the tax hike will be analogous to where the matador sticks the bull with the sword.
Uh huh
That is what I have been saying for month
This provision in the health care bill is the most troubling:
“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.’”
If you thought the IRS was thuggish before this provision, just wait for act 2. I sense that they will apply this doctrine to enemies of the state.
I think there is also another tax provision that is just as troubling.
The IBD analysis does not include tax increases through deduction and credit phase outs. Someone posted a good summary of all of these items.
Democrats will not allow the lower brackets to increase. In addition, they will not end tax welfare for the masses. However, since they have not moved a tax bill, the tax issues may not be resolved until December.
The most productive will be heavily penalized. It is time for John Galt to visit. We must resist the financial police state of the rats.
Yep, being in that tax bracket at the time, I remember it clearly, not to mention the $300 rebate.
But don't tell it to a liberal. Their eyes will glaze over, their ears will suck shut.
They were told it was "Tax Cuts for the rich", they want to believe it, therefore it is true.
Idiots.
2011-2012 are going to hurt more than 2009-2010 in regards to the economy; the Rats created this disaster, let them get all the blame.
And stop all of the ‘impeach Obama’ babble. No way in Hell will the ‘first black president’ ever be impeached or removed. If the Pubs didn't get rid of Clinton, they ain't doing it to Soetoro.
2011-2012 are going to hurt more than 2009-2010 in regards to the economy; the Rats created this disaster, let them get all the blame.
You are exactly right. 2011 is not going to be pretty.
Who is Mr. Skittles????
That’s why Pubbies running for office should let the Dems win so they can get all the blame.
Right - let the Rats take the complete and total blame; Lord knows they deserve it!
Mr. Skittles????
I believe that is the name of Obozo’s unicorn who craps out the rainbow colored skittles for the masses.
A profitable business owner takes risks to hire people and start new ventures or the other way to fire everyone and retire if the circumstances are too frustrating to want to produce. The Administration and Congress want to confiscate more of the business wealth and redistribute it, embracing social engineering to steer it 'fairly' into the waiting pockets of appreciative voters. Batten down the hatches! Taxes a plenty next year.
These liberals are going to friggin' sing and dance along, all the way, as they dance off a cliff.
Death tax, death panels, death of the economy.
Øbama is simply the political Grim Reaper.
Except you can’t really run to lose.
Well John McCain can....
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