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The Tax Tsunami On The Horizon
IBD Editorial ^ | July 21, 2010 | Investors Business Daily staff

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 ...


TOPICS: Business/Economy
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To: Impy
Good point! I still think McCain would have won, if not for the manufactured financial meltdown that occurred.

And the Lone Ranger movie is a piece of crap - really bad. They were showing it on one of the Encore (Western?) Channels about 6-8 weeks ago. I tried to watch it - it's just bad.

The caliber of acting in a standard 1970’s porno is superior...and has a more believable storyline.

I came up with the “Captain UN” idea - it's appropriate, no?

21 posted on 07/22/2010 9:31:49 AM PDT by GOPsterinMA (Vote Jill Stein for governor.)
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To: GOPsterinMA

It was more his reaction to that meltdown I think.


22 posted on 07/25/2010 1:34:27 AM PDT by Impy (DROP. OUT. MARK. KIRK.)
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To: Impy

Good point Impy.


23 posted on 07/25/2010 7:04:53 AM PDT by GOPsterinMA (Vote Jill Stein for governor.)
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To: Kaslin
The tax on dividends will go all the way from 15% to 39.6% — a 164% increase.

This is the tax the libtards keep bringing up as the bogeymen of the Bush tax breaks.

First of all, it's not a tax on income, it's a tax on dividends on your investments. Most libtards don't or can't understated the difference-and how it's effects our ecomony and money markets . It was a nice tax break for the rich, but also helped keep capital in the system so our economy could expand.

Now, I'd be the first to say I have no real problem raising the tax on dividends REASONABLY to help us get out of this financial mess. Much rather raise the tax on that gain than average joe hard working American wages.

Many, many libtards are going to be shocked come Jan 2011 when they open their first paycheck and OMG I made less take home money. (Damn that Bush!!) The real shock will come when they do their 2011 taxes and are not getting back all those tax credits they "earned"

24 posted on 07/25/2010 7:17:19 AM PDT by Popman (Why does the New Black Panther Party want to kill saltines ?)
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