Pat yourself on the back for this one!

In just six months, 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, 2011:

(N.B. This version of the document contains even more tax hikes than the original version did)

First Wave: Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:

Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds 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 an 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%

Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child.<< This one, I like. Folks shouldn't be rewarded for pumpin' out kids. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.

The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.

Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.

Second Wave: Obamacare

There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:

The Tanning Tax. This went into effect on July 1st of this year. It imposes a new, 10% excise tax on getting a tan at a tanning salon. There is no exemption for tanners making less than $250,000 per year.

The “Medicine Cabinet Tax” Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.

Brand Name Drug Tax. Starting next year, there will be a multi-billion dollar tax assessment imposed on name-brand drug manufacturers. This tax, like all excise taxes, will raise the price of medicine, hurting everyone.

Economic Substance Doctrine. 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.” This is obviously an arbitrary empowerment of IRS agents.

Employer Reporting of Health Insurance Costs on a W-2. This will start for W-2s in the 2011 tax year. While not a tax increase in itself, it makes it very easy for Congress to tax employer-provided healthcare benefits later.

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. These major items include:

The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.

Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000. This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”

Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.

Tax Benefits for Education and Teaching Reduced. The deduction for tuition and fees will not be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. The student loan interest deduction will be disallowed for hundreds of thousands of families.

Charitable Contributions from IRAs no longer allowed. Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.

OVER TAXATION UNDER MISREPRESENTATION!


This BS is never going to end!


Congress just can't seem to get deep enough into our wallets, now can they?

And just when we need to stimulate small business here comes Obama.

Great, yet another EMail ELie. Pfft...

Think about it, federal, state, and local income tax all deducted on your pay stub. Not to mention deductions for medicare and social security. Then what you have left, which has all been taxed, you pay property tax, sales tax, tax on all of your utilities, not to mention all other fees (licenses, gas, etc.). Add it up, the government already takes half what you make. We aren't working for ourselves, we are owned by the government.

This is why we need the fair tax.

Screw the 'fair tax' ... do people learn NOTHING from watching politicians in action ... ? Money is their DRUG ...

The RATE for the so-called 'Fair Tax' will be established by WHO ... ?

POLITICIANS.

The rate they love to toss out for the 'red meat' crowd is 23%. Why sure, I think a tax of damned near ONE-QUARTER the sales price is 'fair'. Who wouldn't ... ?

Point is, when the politicians get their assses in a financial crack (much like they just did in this session of 'congress'), WHAT do you think their FIRST response will be ... ? WE NEED MORE MONEY. And where do you suppose they might look to GET that money ... ? Why, hell, we'd only be payin' a 23% 'Fair Tax' rate ...

What's to stop 'em from making it a little MORE 'Fair' by jackin' it up to, oh, let's say ... 30% ... ? That's lots more fair than 23%, isn't it? Why sure it is ... Give 'em hell, Harry ... make 'em jack up that rate 'til we owe THEM money just to wake up ... that'd REALLY be 'Fair'.

The ones who scream, "Great! I'll gladly pay more taxes!", are the ones who aren't working anyways.

I hate to break it to you guy's, but during any major conflict, the government has had to raise taxes. Except Bush jr.'s brilliant *** who just borrowed all his war money from the Chinese, and doing so, depreciated the Dollar. That along with his de-regulation of Wall Street and the actions of irresponsible greedy bankers screwed our economy to the state it's in.
I heard a lot of BS about how "Obamacare" was gonna ruin my medicare when it turned out that my benefits where actually increased. Seems like a lot of right-wing nutjobs are in the business of spreading disinformation now days. Can't say I blame you though, anyone dumb enough to watch Fox news, and vote for a guy who wanted to stay in Iraq for a hundred years and make his vice-president running mate someone who doesn't even know what a vice-president does, just because she's a chick, must have an extra chromasone.

Ive worked since I was eighteen, first time Ive ever been unemployed longer than a month or two,,,and I have and will always GLADLY pay taxes for the luxuries of living in such a wealthy country,,,,

Nice tirade but the OP knows this is a BS Email report, you see any links?..lol...you see they are down to out right lies and hope enough dumdarses believe it to get a few votes...egads, this is sizing up worse than '08 but some comfort is knowing that if they have to lie they know they are in trouble. Again

Seen their new logo?

Nice.

Nice.


Borrowed directly from General Motors!

Nice.


Borrowed directly from General Motors!




Actually GM isn't doing all that bad if you consider that they paid back thier federal loan ahead of schedule.

Hate to break what to us?The majority of us myself included have watched the news,watched the stock market,listened to the experts,seen the economy go up and down,and understand how the financial system works in the country including tax hikes and tax cuts.

The economy was booming under Bush including having a all time record high under the stock market at 14198.10 on 10/11/07.Unemployment was 4.7%,people were making money,had their houses,and were living a good life.You also had one of the best days ever with the US dollar versus the Euro since that currency was introduced in 1999,the US Dollar index is also having its eighth best day since 1971.

9-30-2008 Percent change 2.62

http://seekingalpha.com/article/97968-historic-strength-for-the-dollar


Everything went to hell as soon as the Democrats took power during the Bush years and have been going to hell ever since.Tax hikes are never good for the economy and only hurts it.Only Obama could have a stock market low of 6547.05 on March 9th,2009 thousands lower than what the stock market was trading at shortly after the 9/11 attacks.


It's not the right wing nutjobs who have it wrong here.It is the left wing brain dead liberals who are too stupid to see Obama is ten times worse than what Bush ever was running this country.

Your Illumination is so Heartwarming!

But may I add also that pre 1930 was also a boom. The 1920s the stock market was also going wild until 1929. The market fluctuated and then 1930 there was a spike, The stock market went into a melt down, people panicked and made a run on the banks, and then everything disintegrated. Taxation went up and small businesses died wholesale. It took four years for the full impact of the 1930s was felt. For four years the government of the time refused to acknowledge the Depression. Much like the same pattern as today. Numbers and statistics can be rehashed in any way to make them provide whatever information you want them too. The loss of GNP and other factors do not take all "Relative events and factors" into account. If you get rid of the flow of money and translate it into the flow of VIABLE COMMODITIES the loss is FAR GREATER than 20% of the GNP. Trade Deficit with China anyone? Even unemployment figures do not account for those on welfare or homeless. Add them in and holy cow Batman, it starts to look like a Depression now!

During the 1930s the Democratic President at the time began to raise taxes like crazy and likewise tried to throw money at the problem. He also tried Social Programs like the CCC which was a tremendous waste of money and regarded as a failure by historians and economists. Clinton Deregulated Banks previously to Bush and that is when all this crazy speculative lending went crazy in the first place.

I suspect this is an orchestrated action by big banking becasue lending was also a large part of the problem in the 1930s too. I am pretty sure Bush didn't deregulate Wall Street. I am sure it was Clinton's baby but didn't go into effect until Bush took office. Deregulation is more of a Democratic thing.

I also would like to add that the whole concept of "Wealth Redistribution" is a word Democrats like to masturbate the public with. It does not work. What do many top tier "wealthy" Americans spend money on? Economists chime in here... VELBIN GOODS! Look up the concept some time. This is an example. Perfume. Say the stuff only costs 10 an oz. to make. Put it in a $30 dollar crystal bottle, give it a fancy name, and charge $350 for it. That is a Velbin good. so is a Bentley. They are nice cars but ridiculously expensive. How many people manufacture Yachts in America these days??? Oh yeah they spend more to support their life styles but how does that redistribute the billions of dollars they accumulate and hoard top the public at large? it only benefits a select few.

And "Trickle Down" Economics? I believe that was associated with Regan but really it was the brain child of economists and intellectuals. The idea that big spending allows money to trickle down is a myth, a farce, and a lie. It never worked that way. Economics does not conform to the ideals of capitalism. Capitalism is raw greed without regulation. Also money always spends UP! Not down. You have to offer something to get something.

There in lies another conundrum, A governments purpose is to regulate. So why is it that industries are allowed to self regulate? People say the Fed was the ones who pushed all this rampant uncontrolled and predatory lending. Well, here is a little fact. the Federal treasury is run by Banks. It is not a real Government agency. In reality the Government was not there to STOP the toxic lending and the self destructive cycle of the debt chain.

I really suspect this whole thing is orchestrated to keep people down. That and dumbing down our education system and increasing Social Welfare Spending?

I still see my analogy to our economy like the Hindenburg falling to earth is right. We have yet to see the burning wreckage really hit the ground. All we seen was the initial explosion.

In all of this mess though I do hold one entity more guilty than the rest. The American Consumer. What a pack (choice derogatory adjective here)! YOU CANT LIVE ON A DEBT BASED LIFESTYLE! IT DOESN'T WORK! THE BANKS AND LENDERS LIED TO YOU AND YOU FELL FOR IT!

So why is it that a Bank can triple the money they lend but if we triple our money the Government gets pissed and punishes us for it? How is it a bank can lend $100K but after time they made $300K? I should be charging a lot more for what I do for a living!

for those who dont mind educating themself and forming their own conclusions,,,,here is the presidents proposed budget

http://www.whitehouse.gov/omb/budget/Overview/

(the restoring responsibility section singles out families in the 250,000 and up tax bracket in regards to allowing tax cuts to expire)



and here is a general explanation from the treasury,,,

http://www.treas.gov/offices/tax-policy/library/greenbk10.pdf

Here is a very illuminating link from Wikipeedia.


en.wikipedia.org/wiki/Financial_crisis_of_2007–2010

And this adds precisely WHAT in the way of 'information' ... ? Zero.

UM, Another fact here...

Congress sets the Budget. Not Mr Obama! A presidential budget proposal is MEANINGLESS! The budget is Congress's baby!

And you would listen to the Federal Treasury? The BANKERS WHO CAUSED THIS MESS IN THE FIRST PLACE?


SCANDALOUS!