Taxes on the Rise?

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HSpencer
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Post by HSpencer »

Here is some information I got off of Rense.com.

The writer of the article is from Kiplinger, whom I have trusted in the past.
http://www.rense.com/general91/esd.htm


JohnnyH
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Location: Rockies

Post by JohnnyH »

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. :)


HSpencer
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Post by HSpencer »

@JohnnyH
I would have to say "poverty never looked as attractive as it does now".
I wonder if the higher taxes will be used to fund health care in all the FEMA camps? I can taste the red beans and rice now!!


jj
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Post by jj »

With all of the spending Washington is doing, taxes have to rise, don't they???


HSpencer
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Post by HSpencer »

@jj
"With all of the spending Washington is doing, taxes have to rise, don't they??? "
Yes, that or start another pretty big "shootin' war".
The US needs another few zillion from Saudi or the UAE in payments to protect them from Iran.


Kevin M
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Post by Kevin M »

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.


JohnnyH
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Location: Rockies

Post by JohnnyH »

@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! ;)


AlexOliver
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Post by AlexOliver »

I hope they don't do anything about the Bush tax cuts expiring. The gov needs to increase income and decrease expenses.


HSpencer
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Post by HSpencer »

Hopefully the November elections will bring some relief. Fire the whole lot and put in some that have the American's needs at heart.

Do a deal in Nov elections, extend the tax file date to Jul 15,2011, to give time to rewrite the screwed up tax codes and repeal the criminal health care bill.


AlexOliver
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Post by AlexOliver »

@HSpencer: What are the American's needs?


HSpencer
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Post by HSpencer »

What are the American's needs?
Not to have their lifestyles and finances wiped out by tax and spend governments.


Kevin M
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Joined: Thu Jul 22, 2010 8:58 pm

Post by Kevin M »

The patch I'm referring to is the plan to only raise the upper level rates (those making above $250k) and leave the 10/15/25% brackets alone. Also I believe dividends are proposed to be taxed at 20% max instead of the 39.6% if the tax cuts were allowed to expire.


Mo
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Joined: Wed Jul 28, 2010 1:35 pm

Post by Mo »

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).


JohnnyH
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Post by JohnnyH »

I for one, feel the need for elected representatives to know and respect the law.
Most know less about the Constitution than a kid halfway through 6th grade civics.
@Keven, Mo: thanks for the info.


jacob
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Post by jacob »

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.


HSpencer
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Post by HSpencer »

@Mo
If this were just another wackball Jeff Rense article, I would tend to agree with you.

However it was written by the Kiplinger Washington Letter, Senior Tax Editor. Kiplinger has been around before most of us had hair.


JohnnyH
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Location: Rockies

Post by JohnnyH »

Boggles the mind how people can get so worked up over relatively small tax increases, but seem so docile over inflation.
Even cooked govt CPI figures on inflation are usually around 4.6%.


Kevin M
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Joined: Thu Jul 22, 2010 8:58 pm

Post by Kevin M »

Like Jacob, I don't mind paying more tax IF it leads to a balanced budget and some hope for our kids (and their kids) not to be paying this off when we're dead and buried. But we all know more taxes will just lead to more spending. They can't help themselves.


HSpencer
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Joined: Wed Jul 21, 2010 11:21 pm

Post by HSpencer »

@ All
The USA needs an accurate P&L statement quarterly. One copy to each taxpaying citizen, just as it would be one copy to each corporate shareholder, if a business.
Hey, maybe I should run for the Senate?


JohnnyH
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Location: Rockies

Post by JohnnyH »

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.


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