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100 Days Until Taxmageddon (largest tax hikes in the history of America)
atr.org ^ | 9/20/2012

Posted on 09/21/2012 9:11:22 AM PDT by GrandJediMasterYoda

100 Days Until Taxmageddon

Sunday will mark the start of the 100-day countdown to “Taxmageddon” – the date the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2013:

First Wave: Expiration of 2001 and 2003 Tax Relief In 2001 and 2003, the GOP Congress enacted several tax cuts for small business owners, families, and investors (later re-upped by President Obama and Democrat Congress in 2010).

The following tax hikes will occur on January 1, 2013:

Personal income tax rates will rise on January 1, 2013. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which the majority of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.

The full list of marginal rate hikes is below:

-The 10% bracket rises to a new and expanded 15%

-The 25% bracket rises to 28%

-The 28% bracket rises to 31%

-The 33% bracket rises to 36%

-The 35% bracket rises to 39.6%

Read more: http://atr.org/days-taxmageddon-a7203#ixzz277YSfPmP

(Excerpt) Read more at atr.org ...


TOPICS: Breaking News; Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: 2012; bury0bama; congress; democrats; economy; elections; govtabuse; nobama2012; obama; obamacaretaxes; taxes; taxmageddon
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Well this most certainly will improve the economy...


1 posted on 09/21/2012 9:11:24 AM PDT by GrandJediMasterYoda
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To: GrandJediMasterYoda

All of the FReepers wanting tax deductions and exemptions to be phased out should be overjoyed with the democrats. Well, here it comes. Enjoy.


2 posted on 09/21/2012 9:21:38 AM PDT by Kirkwood (Zombie Hunter)
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To: GrandJediMasterYoda

Redistribute!!!


3 posted on 09/21/2012 9:27:08 AM PDT by Focault's Pendulum (Obama A man without an American mission.)
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To: GrandJediMasterYoda

Well, at least it will happen after the Nov election so the Dems will be able to blame the new Republican majority in both houses for the tax increases... (I wish I were being sarcastic)


4 posted on 09/21/2012 9:28:03 AM PDT by Sopater (...where the Spirit of the Lord is, there is liberty. - 2 COR 3:17b)
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To: GrandJediMasterYoda

Instead of injuring an already ailing economy, this will be more like putting a pillow over its face and attempting to bring an end to the suffering. Add inflation due to Ben’s QE3 and death’s door approaches.


5 posted on 09/21/2012 9:32:16 AM PDT by ZX12R (FUBO GTFO 2012 !)
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To: GrandJediMasterYoda
I feel like I'm living in bizarro world- Canada will have lower federal rates than the USA. Our top marginal rate is 29% which kicks in above $130k. Here are our rates for 2012: ■ 15% on income less than or equal to $42,707 (formerly $41,544); ■ 22% on income greater than $42,707, but less than or equal to $85,414 (formerly $83,088); ■ 26% on income greater than $85,414, but less than or equal to $132,406 (formerly $128,800); and ■ 29% on income greater than $132,406 (formerly $128,800). Rates will be the same next year but the brackets will be increased as they are indexed to inflation. Deductions for our pension plan (equivalen to FICA) are also lower, and our corporate tax rates are lower. Our achilles' heel is payroll & consumption taxes (our VAT in Ontario is 13%). As I mentioned in another thread, it seems that since Stephen Harper took office in 2006 our contries have been heading in opposite directions.
6 posted on 09/21/2012 9:34:12 AM PDT by Squawk 8888 (True North- Strong Leader, Strong Dollar, Strong and Free!)
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To: GrandJediMasterYoda
The obvious remedy to this....

Since the congress and this turd of a president don't listen to the people they are supposed to represent...

and have done either by willful disregard of the Constitution or edict (see executive order)

How about the 53% who pay taxes just say F*$K You and not.....

7 posted on 09/21/2012 9:41:38 AM PDT by SERE_DOC ( “The beauty of the Second Amendment is that it will not be needed until they try to take it.” TJ.)
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To: GrandJediMasterYoda

We need 100 million people to stop paying their taxes. How do you go about that?


8 posted on 09/21/2012 9:48:08 AM PDT by crazydad (-` sd)
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To: crazydad

If all 100 million increased the number of dependents on their tax form, it would hurt the gov.
found this:
“think 99 is the max. for withholding allowance. I wouldnt do it. It usually only takes about 5 (depending on your income) for taxes to stop coming out of your paycheck. If you owe 1k or more at tax time you will have to pay a penalty.”
Claim 5 dependents, you will have to pay tax on April 15th, if you owe it, so no free money back that the IRS took from you anyway.


9 posted on 09/21/2012 10:15:07 AM PDT by 9422WMR (Life is not fair, just deal with it.)
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To: crazydad
The Founding Fathers did not need that percentage of people to protest taxes. A small group merely threw the tea into the harbor.

That's what we need.

10 posted on 09/21/2012 10:18:47 AM PDT by ShadowAce (Linux -- The Ultimate Windows Service Pack)
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To: SERE_DOC

Now THAT is something I would LOVE to see! Demon-rats want to destroy this country, OK fine. Let’s do it the right way and have a tax strike. Demon-rats have no problem with unions doing it every 3 seconds, OK good. Then let’s see how they would like a strike where the 53% decide to say “Stick it up your Marxist arse!” And as we have seen with illegal immigration, if “everybody is doing it” then that makes it perfectly legal!


11 posted on 09/21/2012 10:26:28 AM PDT by GrandJediMasterYoda (Someday our schools we will teach the difference between "lose" and "loose")
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To: SERE_DOC

I have never filed an extension, so I do not know what all it entails, but if we all did that, it would certainly cause a sh*t storm.


12 posted on 09/21/2012 11:14:58 AM PDT by Gator113 (I would have voted for NEWT, now it's Ryan and the other guy.~Just livin' life, my way~)
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To: GrandJediMasterYoda

And the Democrats have the whole #OffTheCliff campaign to boot.


13 posted on 09/21/2012 12:26:42 PM PDT by 92nina
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To: GrandJediMasterYoda

Bump


14 posted on 09/21/2012 2:15:55 PM PDT by lowbridge (Joe Biden: "Look, the Taliban per se is not our enemy.")
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To: crazydad

A taxpayer strike would be cool


15 posted on 09/21/2012 3:27:16 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: Sopater
Dems will be able to blame the new Republican majority in both houses for the tax increases...

I just hope we HAVE a majority in both houses by then.

16 posted on 09/21/2012 3:45:20 PM PDT by Evil Slayer (Onward, Christian soldiers, marching as to war....)
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To: GrandJediMasterYoda
Voting for people who will raise your taxes is like asking your boss for a demotion. Yet they continue to vote for these demagogues.

Obama and the Democrats are all about demoting America.

17 posted on 09/21/2012 3:49:35 PM PDT by PapaNew
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To: GeronL

That’s a bout when Obummer would turn off the internets....


18 posted on 09/21/2012 3:54:55 PM PDT by Osage Orange ( Liberalism, ideas so good they have to be mandatory.)
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To: GrandJediMasterYoda
-The 10% bracket rises to a new and expanded 15%

-The 25% bracket rises to 28%

-The 28% bracket rises to 31%

-The 33% bracket rises to 36%

-The 35% bracket rises to 39.6%


19 posted on 09/21/2012 3:56:06 PM PDT by COBOL2Java (I'm not voting for Obama, so therefore I must be helping Romney!)
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To: GrandJediMasterYoda

Romney will be no better than 0bama on any given issue. ANYONE BUT ROMNEY! ROMNEY IS THE ENEMY!

(right?)


20 posted on 09/21/2012 4:09:51 PM PDT by ConservativeMind ("Humane" = "Don't pen up pets or eat meat, but allow infanticide, abortion, and euthanasia.")
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To: Gator113

You still need to send in all to due by April 15th.

The extension lets you get all the forms finished. You will get penalties for any amount short you were.


21 posted on 09/21/2012 4:18:58 PM PDT by ConservativeMind ("Humane" = "Don't pen up pets or eat meat, but allow infanticide, abortion, and euthanasia.")
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To: GrandJediMasterYoda
and America takes another one in the........


22 posted on 09/21/2012 4:25:26 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks GrandJediMasterYoda.


23 posted on 09/21/2012 4:30:06 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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To: SERE_DOC

How about Doctors just don’t go in for a week, and all other Conservative Careers that are high end braniac skill sets that many organizations can’t live without. Nevermind a week, how about 2, 3 or 4?.....


24 posted on 09/21/2012 4:58:48 PM PDT by taildragger (( Fubarward Obama 2012, think about it :-) ))
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To: GrandJediMasterYoda

Those who make under $250,000 will not see......Oh, never mind.


25 posted on 09/21/2012 5:42:53 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Sopater

This is BEFORE the new terms of POTUS and Congress, whoever ends up being in charge.


26 posted on 09/21/2012 6:58:10 PM PDT by PghBaldy (I am sick of Obama's and Hillary's apologies to muslims, especially after 11 September 2012.)
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To: PghBaldy

January 3, 2013 is the end of the 113th Congress- 2 days after the taxes increase.


27 posted on 09/21/2012 7:05:55 PM PDT by PghBaldy (I am sick of Obama's and Hillary's apologies to muslims, especially after 11 September 2012.)
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To: GrandJediMasterYoda

.....WOOHOOOOO!!!! ..... That’s right kiddies ..... only 100 shopping days left until the largest tax hike in history!!!!


28 posted on 09/21/2012 7:21:28 PM PDT by R_Kangel ( "A Nation of Sheep ..... Will Beget ..... a Nation Ruled by Wolves.")
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To: GrandJediMasterYoda

Romney, and all Republicans running for races, need to make this one of the key themes of the 2012 campaign. The “middle class” that Obama always pretends to care about is going to get crushed by Taxmageddon, during an extremely fragile economy.

There is a golden opportunity here.


29 posted on 09/21/2012 7:43:54 PM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: GrandJediMasterYoda
Does anyone on FR seriously believe the GOP will stand tough and not cave to the libtards now running the country?
30 posted on 09/21/2012 7:51:03 PM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: GrandJediMasterYoda
$494 billion tax increase to hit in 2013

http://dailycaller.com/2012/04/10/494-billion-tax-increase-to-hit-in-2013/

"“Sixty percent of the tax cuts in the Bush tax cuts are direct cuts for middle and low income families. The payroll tax cut is a middle and low income family tax cut, and the AMT patch, the whole purpose of it is to prevent a tax hike on middle and low income families. So when you add it all up 70 percent of that [nearly] $500 billion figure is a direct tax increase on middle and low income families.”

31 posted on 09/21/2012 8:05:46 PM PDT by TurboZamboni (Looting the future to bribe the present)
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To: GrandJediMasterYoda

Shouldn’t be a problem - thanks to Obama, most people aren’t generating much taxable income these days, anyway. :)


32 posted on 09/21/2012 8:09:35 PM PDT by Mr. Jeeves (CTRL-GALT-DELETE)
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To: Mr. Jeeves

By allowing the 2003 Bush tax cuts to retire, taxes will be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%.
Raising the 10% bracket to 15% represents what percentage of increase? (Hint: The correct answer is NOT 5%)

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

Raising the 20% bracket to 25% represents what percentage of increase? (Hint: The correct answer, again, is NOT 5%)it’s s a full-blown 25% increase in taxes

Finally, raising the 35% bracket to 39% represents what percentage of increase: (Hint: The correct answer is NOT 4%)that’s roughly an 11% increase in taxes.


33 posted on 09/21/2012 8:11:12 PM PDT by TurboZamboni (Looting the future to bribe the present)
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To: TurboZamboni
I borrowed your stats for reposting on Facebook :-) I had read all this earlier today, but I did not really make the connection about how large of an increase we are looking at until I read your explanation!

Considering the kind of year I'm having, I'll likely be back in the bottom bracket, and thus facing that 50% increase: an unbelievable increase in such poor economic conditions, and one that should have the media screaming, if they had any interest in actually doing their job instead of shilling for their party....

34 posted on 09/21/2012 9:01:32 PM PDT by GizmosAndGadgets (How Free Are You In America Today?)
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To: GizmosAndGadgets

“percentage of” math is commonly misreported in the media.


35 posted on 09/21/2012 9:05:26 PM PDT by TurboZamboni (Looting the future to bribe the present)
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To: ConservativeMind

I see this “increase your exemptions and deny them money” idea before. It makes little sense. Come April 15th the account must be settled. They print whatever they want anyway.

But, the idea of filing more paperwork is a start. Changing exemptions is pointless because the employer handles that. But filing amended returns for trivial amounts will cost them. And if people turn in hand written forms the system would bog down, especially if the writing was poor or there were stray marks to confound the scanners.

The system relies on automation and computers too much now, it can be overwhelmed in a simple old-fashion way.


36 posted on 09/21/2012 9:21:00 PM PDT by wrencher
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To: wrencher

I WISH taxes would go up on everybody and if they’re going up on anybody. Those in the lower brackets who love obama would get hit. But that won’t happen. Only the “wealthy” will get an increase because the republicans will cave.


37 posted on 09/21/2012 9:56:14 PM PDT by Terry Mross (The Clintons seem to be very afraid of obama. Do they owe him their souls?)
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To: GrandJediMasterYoda

Don’t forget that the Obamacare taxes on businesses start next year. Also, the FICA deductions return to the old amount (and employer contributions also return to this old amount).


38 posted on 09/21/2012 10:08:30 PM PDT by Thunder90 (Kick Obama out of the White House in 2012.)
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To: taildragger
The whole "Doctors just don’t go in for a week" thing was tried in Calif (go figure) when they went on strike and, well something odd happened

the death rate for the hospitals where they were striking....

Fell, late 70's early 80's.

But I am with ya.

39 posted on 09/22/2012 1:14:04 AM PDT by SERE_DOC ( “The beauty of the Second Amendment is that it will not be needed until they try to take it.” TJ.)
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To: PapaNew
"Obama and the Democrats are all about demoting America"

True, but in my humble opinion the republicans are the same as Dems, but with no spine.

With wind burn on their ears from bending over at the drop of a hat, to drop trou!

40 posted on 09/22/2012 1:19:41 AM PDT by SERE_DOC ( “The beauty of the Second Amendment is that it will not be needed until they try to take it.” TJ.)
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- Barack Hussy Obama II





- clinging to his dogburgers and taquiyya Islam -










41 posted on 09/22/2012 6:30:18 AM PDT by devolve (----- ------- ------------LET*S_RUN_A_POLITE_LOSER_CAMPAIGN-------- ----------------------------)
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To: GeronL
A taxpayer strike would be cool

It would be; too bad that's impossible considering that income tax is withheld from your paycheck -- IOW, the government gets money before you see a cent.

42 posted on 09/22/2012 10:05:47 AM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: Terry Mross

A lot of us out here in fly-over country are in the lower two brackets. We don’t love Obama and we’re going to be sunk if and when this really takes place.

A lot of us are farmers, mechanics, factory workers, nurses, firemen, truck drivers, school teachers, ordinary people.

We feel like we are already pulling our weight. We didn’t know we were a bunch of Obama-lovin’ slackers who deserve to pony up more money to Washington.


43 posted on 09/22/2012 1:33:15 PM PDT by Cloverfarm (This too shall pass ...)
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To: crazydad
We need 100 million people to stop paying their taxes.

I don't think 100 million people pay taxes.

And if you point that out, some of the non payers even on this board will complain that you did point it out.

44 posted on 09/22/2012 2:15:31 PM PDT by FreeReign
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To: Cloverfarm

I know exactly where you’re coming from. You KNOW what’s going to happen. I’m talking about those lower income obama lovers. If all the cuts expire, their bring home pay is going to shrink and they deserve it. Unfortunately, so will a lot of others who don’t deserve it.

But I don’t think they’ll let them expire anyway. The media pushes how rich the republicans are and won’t say a thing about Ried and Pelosi and even obama. So, I think the republicans will cave and raise taxes on small businesses. And that will hurt the lower income folks even more.


45 posted on 09/22/2012 5:14:00 PM PDT by Terry Mross (The Clintons seem to be very afraid of obama. Do they owe him their souls?)
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To: GrandJediMasterYoda
Relax. Don't worry. It will all be over Dec. 21.

The new Islamic/Socialist government will simply process all your pay, for the good of the whole.

Meet the new Boss.


46 posted on 09/22/2012 5:19:46 PM PDT by UCANSEE2 ( If you think I'm crazy, just wait until you talk to my invisible friend.)
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To: All

Ugh! when Romney wins do you think this can be overturned?


47 posted on 09/22/2012 6:46:32 PM PDT by BrianE ("Dead at 25 buried at 65 the average American" - Benjamin Franklin 1776)
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To: UCANSEE2
Yes, Valerie Jarrett the Iranian. Lets see: The terrorists have exploded into full blown riots, Libya and Egypt are the new Irans, Iran is on the brink of obtaining a nuke - if they don't have one already, and to top it off we have an Islamic foreign national as POTUS and an Iranian advising him.

Remember what they said about 2012.....

,

48 posted on 09/22/2012 7:10:49 PM PDT by GrandJediMasterYoda (Someday our schools we will teach the difference between "lose" and "loose")
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To: Gator113

Filing an extension takes about 2 minutes.


49 posted on 09/22/2012 7:55:30 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: GrandJediMasterYoda

Well, after 40 years of Cultural Marxism you have to finaly have an Economic Marxism as well.
That is exactly how you are acheiving a full Communism.
At least they’ll shoot the liberals!


50 posted on 09/23/2012 12:28:18 AM PDT by cunning_fish (.)
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