Taxes on the Rise?
I love hearing this "NO TAX CUTS FOR RICH!!! >:("
From the article
"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."
So in essence the Bush tax cuts where a 12% tax cut for the top bracket and a 33% tax cut for the bottom bracket. Grrrr, no tax cuts for the billionaires! >:(
This works out decent for me as I'll be retiring in 2011... My tax burden will likely be a fraction of what it is now and I'll be getting my welfare and doing my part to bring the system to collapse.
From the article
"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."
So in essence the Bush tax cuts where a 12% tax cut for the top bracket and a 33% tax cut for the bottom bracket. Grrrr, no tax cuts for the billionaires! >:(
This works out decent for me as I'll be retiring in 2011... My tax burden will likely be a fraction of what it is now and I'll be getting my welfare and doing my part to bring the system to collapse.
I wouldn't take too much of that article too seriously. Taxes are no doubt on the rise, but my guess is the current administration passes some sort of patch before 12/31/2010.
The part about medical insurance on the W-2s is false. It will be there for reporting purposes, but it is not taxable.
I also despise how this is somehow "Obama's fault" even though it was the Bush administration that enacted this tax cut, knowing full well it would be someone else's problem to deal with in 2011. This is exactly why our government is so effed up.
The part about medical insurance on the W-2s is false. It will be there for reporting purposes, but it is not taxable.
I also despise how this is somehow "Obama's fault" even though it was the Bush administration that enacted this tax cut, knowing full well it would be someone else's problem to deal with in 2011. This is exactly why our government is so effed up.
@KevinM: patch? I don't think they have any intention of extending the tax cuts.
I wish the tax cuts had been permanent. 33% increace for the low bracket is going to hurt a lot more than 12% on the top bracket.
I agree that most of the rhetoric it is partisan nonsense, but both Obama and Bush are at fault for spending like lunatics... It would have helped if Bush hadn't tripled the size of govt (haha Republicans = small government) or Obama hadn't passed 2 of the biggest "defense" budgets in history (haha Democrats = no war).
We're just a PIIG with a printing press.
I agree with HSpencer, it will be a good time to be poor, aka not produce as much... Hopefully no one has to live in a Hooverville, FEMA camp, etc!
I wish the tax cuts had been permanent. 33% increace for the low bracket is going to hurt a lot more than 12% on the top bracket.
I agree that most of the rhetoric it is partisan nonsense, but both Obama and Bush are at fault for spending like lunatics... It would have helped if Bush hadn't tripled the size of govt (haha Republicans = small government) or Obama hadn't passed 2 of the biggest "defense" budgets in history (haha Democrats = no war).
We're just a PIIG with a printing press.
I agree with HSpencer, it will be a good time to be poor, aka not produce as much... Hopefully no one has to live in a Hooverville, FEMA camp, etc!
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The link contained in the first post of this thread seems to contain at least some speculation. Also there seems to be a degree of exciting rhetoric involved.
For instance, "the largest tax hikes in the history of America will take effect"-- I dunno, someone earning $20k per year in 1912 paid NO income tax, but by 1918, he paid 14%. That seems a bit steeper than letting the Bush tax cuts expire.
My understanding is that there is a movement underway to extend the Bush tax cuts for all but the top two income brackets. I think it's likely this will come to be. However, exactly what qualifies as the top two brackets hasn't been finalized yet (they won't use the 2001 or 2003 brackets-- a simple glance at those brackets compared to 2010 brackets will tell you why).
For instance, "the largest tax hikes in the history of America will take effect"-- I dunno, someone earning $20k per year in 1912 paid NO income tax, but by 1918, he paid 14%. That seems a bit steeper than letting the Bush tax cuts expire.
My understanding is that there is a movement underway to extend the Bush tax cuts for all but the top two income brackets. I think it's likely this will come to be. However, exactly what qualifies as the top two brackets hasn't been finalized yet (they won't use the 2001 or 2003 brackets-- a simple glance at those brackets compared to 2010 brackets will tell you why).
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I'm all in favor of tax increases to balance the budget if it can't be done with cuts. No more borrowing as in "borrow and spend".
In fact, make it so that instead of deducting taxes from wages, have everybody show up down at a designated federal tax collecting building every month with cash in hand.
In return, we'd get a receipt for government services rendered.
In fact, make it so that instead of deducting taxes from wages, have everybody show up down at a designated federal tax collecting building every month with cash in hand.
In return, we'd get a receipt for government services rendered.
I don't see a balanced budget without some kind of revolution, a voter one would be nice.
I am not in favor of increased taxation towards reducing the debt as I don't think the debt can be paid back. The unfunded liabilities are astronomical.
The US is bankrupt:
http://www.bloomberg.com/news/2010-08-1 ... ikoff.html
Most are going to get burned for investing in such a pyramid train wreck. If I can insulate myself (ie: permanent portfolio) I'll be happy... Hopefully it wont be too horrible and hopefully our next attempt will be better.
I am not in favor of increased taxation towards reducing the debt as I don't think the debt can be paid back. The unfunded liabilities are astronomical.
The US is bankrupt:
http://www.bloomberg.com/news/2010-08-1 ... ikoff.html
Most are going to get burned for investing in such a pyramid train wreck. If I can insulate myself (ie: permanent portfolio) I'll be happy... Hopefully it wont be too horrible and hopefully our next attempt will be better.