“I can make a firm pledge …”
He could, but didn’t.
Posted on 10/07/2010 3:12:56 AM PDT by lowbridge
Among the bonehead increases that beckon to shove the economy back into recession is a nearly 20% increase in the top two income tax rates, counting the phase-out of deductions and exemptions. The top capital gains tax rate is scheduled to soar by nearly 60%, counting the application of Obamacare's new 3.8% tax on investment income. The tax rate on dividends is scheduled to nearly triple, from 15% to 43.4%, counting the new Obamacare tax as well. The Obamacare legislation also increased the Medicare HI payroll tax rate by 62% for the nation's employers and investors. On our current course, the death tax will rise from the grave next year with a 55% top rate.
At least that was the plan. But the Democrat Congress left town without ever making good on candidate Obama's pledge to the American people in 2008 to avoid any tax increase on those making less than $250,000 a year, by extending all of the Bush tax cuts for everyone below that income level. That means under current law federal income taxes will now increase next year for virtually every American. The bottom income tax rate of 10% will soar by 50% to 15%, and every other income tax rate will rise by a similar amount. The child tax credit will be slashed by 50% from $1,000 per child to $500 per child. The marriage penalty will also rise from the grave to tax more heavily those who are married rather than those who are just living together.
A family of four earning $50,000 per year will pay more than $2,100 in higher taxes. A single mom earning $36,000 per year will pay over $1,100 more in taxes. Married senior citizens earning $40,000 per year will pay more than $1,400 in higher taxes.
(Excerpt) Read more at spectator.org ...
We’re SCREWED!
The tax rate on dividends is scheduled to nearly triple, from 15% to 43.4%,
At that rate why would anyone bother investing in anything paying a dividend? Might as well stick it in a .5% savings account.
He’s making dividends useless. Why? What he does makes no sense. He’s telling corporations keep the money, don’t give it to the people, or I’ll just tax it away.
Lots of 80 and 90 year old widows have high dividend stocks to get some income.
Obama is a monster.
Every investor and saver should own dividend stocks, at any age.
Many people depend on dividends for retirement income. It’s like he’s trying to punish people for thinking ahead. Or, he just doesn’t give a damn and it’s pure politics – tax “The Rich”; after all, the ignorant know that only “The Rich” have investments.
Dividends have already been taxed once as corporate earnings before the earnings are distributed out to the owners as dividends. They ought NOT be taxed again, but if there is one boundless thing in this world, it is the appetite of government for money.
Dividends have already been taxed once as corporate earnings before the earnings are distributed out to the owners as dividends. They ought NOT be taxed again, but if there is one boundless thing in this world, it is the appetite of government for money.
“I can make a firm pledge …”
He could, but didn’t.
I am not worried about the tax rate on dividends. With the interest rate at 1.5% I don’t get enough dividends to worry about.
Yeah : We’re screwed.
We are headed for a point where they just take it all and give us what they want to.
From “Ten Years After”:
Everywhere is freaks and hairies
Dykes and fairies, tell me where is sanity
Tax the rich, feed the poor
Till there are no rich no more
Everywhere is freaks and hairies
Dykes and fairies, tell me where is sanity
Tax the rich, feed the poor
Till there are no rich no more
Dividends have already been taxed once as corporate earnings before the earnings are distributed out to the owners as dividends. They ought NOT be taxed again, but if there is one boundless thing in this world, it is the appetite of government for money.
Dividends have already been taxed once as corporate earnings before the earnings are distributed out to the owners as dividends. They ought NOT be taxed again, but if there is one boundless thing in this world, it is the appetite of government for money.
Anyone that uses “double dip” or “back into recession” is lying. We have been and will continue to be in a depression...and there is no end yet in sight.
LLS
Yesterday, Glen Beck covered the reasons why the Fabian Socialists do the things they do..Their goals go far beyond taxing dividends..It is beyond me that people do not understand that past consequences of such governments can be repeated here and in all highly civilized nations. Research this and feel your hair curl when the British Fabian Socialist woman speaks of “smothering” your handicapped child as good evidence of superior motherhood.
They wrap the worst crimes imaginable in terms of being “kind” enough to end suffering. Of course, such rhetoric would ultimately extend to those who suffer from the “wrong ideas.” Many of the radical environmentalists, such as Robert Kennedy, Jr., recommend jail for those who resist the theory of global warming..Others recommend execution and Glen shows a ad, again from Europe, where school children who do not go along with the madness are executed in a very bloody fashion. I do not know what you think of Glen Beck, but I have read history myself and I am telling you that genocide may definitely be in the plan of these radicals..Did you see the group that met on the mall this past weekend? Did you notice the trash they left behind?..It is symbolic of their thinking and their lack of responsibility..Blood in the street, chaos, and unbelievable suffering will be the end result of their goals. Radical socialism always ends that way. Please, America, wake up and stop this before it is too late. We may have enemies right under our noses who are a greater threat to life and liberty than those we have already named.
Economic ruin for people is a spoke in this destructive wheel, but a powerful one. Now, they are talking inflation to pay off their economic crimes with our cheap dollars, which will destroy the elderly on fixed incomes in this nation. I fear that is exactly what they desire. We face a watershed election. I hope so many people will turn out to vote that voting will require two or three days. This is a check in our rapidly disappearing system..Better use it before it is too late.
Gift and death taxes are just the same... You paid taxes on the money your earned. As you invested and saved it, you paid taxes on any interest and dividends you earned. If you decide to give some away to relatives or friends before you die, you have to pay another tax on them!
Mark
Now, they are talking inflation to pay off their economic crimes with our cheap dollars, which will destroy the elderly on fixed incomes in this nation. I fear that is exactly what they desire.
That could very well be.
I’m thinking of the rise of Hitler. Rabid inflation and unemployment were keys to his success. When society was on the verge of collapse he stepped up and promised to restore order and stability but needed dictatorial power to accomplish it. Elimination of “undesirable” portions of the population were a primary part of his plan.
People fell for it and paid the price.
Two comments: 1) Many of the dividends go to tax-exempt entities like pension funds, and 2) if he's thinking of a one-two punch, wait for an "undistributed profits" or "excess cash accumulation" tax proposal.
2) if he’s thinking of a one-two punch, wait for an “undistributed profits” or “excess cash accumulation” tax proposal.
This is it.
Also, he wants no one to be independent. Eventually, with dead money, people will outlive their savings and go on government assistance or die earlier. They will also push for both a Federal Elderly Pension and a Guaranteed Income for the rest.
To pay for it: Legalization of marijuana, first, and then of other drugs, all taxed at the licensed (more fees) distribution point. This buys off enough folks to make the entire bolus of excrement palatable and provides the voters for 2012. A black market will continue, but that just assures Treasury agents have employment. Likely, it will be modeled on the alcohol regulations, allowing a small amount of homegrown/homemade without penalty.
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