Posted on 07/05/2012 8:52:29 AM PDT by TribalPrincess2U
The so-called Bush tax cuts are set to expire at the end of the year. That means that all of the current income tax rates will rise to pre-2001 levels overnight: the lowest rate will jump from 10 percent to 15 percent and the highest from 35 percent to 39.6 percent. Moreover, rhetoric from Congress suggests that Democrats will settle for nothing less than an expiration of those provisions benefitting the rich, says Merrill Matthews, a resident scholar with the Institute for Policy Innovation.
(Excerpt) Read more at ncpa.org ...
This biggest divider and violence instigating selected presdent in American history?
The rich my arse. We’re in a lower tier couple who depend on our savings/distributions to live out our lives and not on welfare.
How many out there are just like us?
These taxes will affect plenty of people with debt and shield those with wealth but not high taxable incomes.
That's the secret behind wealthy Democrats calls for increased taxes -- they know they wont have to pay!
In my neck of the woods, have seen two zer0/biden bumper stickers. By this time four years ago was seeing heaps a plenty of zer0 stickers and yes we can. Have seen three anti-zer0/biden stickers, and have seen no pro-mitt stickers. Just an observation, and not meant to be on or off topic.
By allowing the 2003 tax cuts to retire, President Obama will be increasing the bottom rate from 10% to 15% ... more math here:
Raising the 10% bracket to 15% represents what percentage of increase? Hint: The correct answer is NOT 5%.
Raising the 35% bracket to 39% represents what percentage of increase? Hint: The correct answer is NOT 4%. Extra credit question: People in which tax bracket will see the largest percentage of increase in their taxes?
Extra extra credit question: People in which tax bracket will see the smallest percentage of increase in their taxes?
To those moving from the 35% to the 39% tax bracket...that’s roughly an 11% 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.
If you have savings, then you have money you don’t “need” (obama term) and be prepared to send it to the government to redistribute
In my lifetime the only two “tax cuts” I experienced that actually cut our taxes were the Reagan tax cuts and the Bush tax cuts. All the other supposed cuts were special deals that didn’t apply to ordinary people like ourselves.
So, yes, I expect a huge jump in taxes is coming down the pike. Just when our retirement income is withering and the cost of food and other necessities is rapidly rising.
And, of course, we don’t qualify for any of the Obama freebies. Nor, I expect, will the Death Panels view us favorably when we need medical assistance.
The Alternative Minimum Tax goes up *this* year, 2012, for a lot of non-rich people.
Go the way of FRANCE. Tax at the 75% rate and drive the last capital to China and entrepreneurs to offshore havens. C’mon Obama. Catch on. Destroy the nation in one fell swoop.
AMT should be revised so that it applies to everyone and that deductions, credits, rebates, etc are capped so that everyone has to pay the minimum tax rate.
That is a good sign but there is still the problem of fraud, illegal votes, etc., and we know it’s not above them to use every trick in the book and then some.
Well, yes.... but not because of this. The President is not the sole RULER of our government (yet) and there are hundreds if not thousands of others complicit in this.
I find it exceedingly strange that we are expected to believe:
That the ruling elite of our nation are not 'rich'.
That those who make the rules would increase taxes on themselves.
And finally... the new 'healthcare' will be free, or resemble actual 'healthcare'.
Raising taxes on the middle income bracket is what produces real money, simply due to the sheer number of them, and the lack of 'loopholes' for them to use.
If this tax cut really affected the ruling elite, they would have fought it tooth, skin, and nail.
What should that minimum tax rate be?
After numerous setbacks over the years, I finally have a chance to put away money for retirement. Better late than never, and I'm making enough I might be able to pull it off. Snatch another 15% and add Obamacare on that, and I'll work until I die.
The minimum? Zero. But that would require one heck of a lot less government.
Your thoughts are correct TribalPrincess2U. I sometimes think of those who weathered Valley Forge, and remember ... Giving up would have been easy ... they endured ... I too believe Americans will endure. Surrender is not an option. There is much to do. I am busying myself and am priming my votes (to come). It is now or never. For myself it is now! Ready ... Aim ... Vote!
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