Obama - "I will not raise taxes on the middle class". Liar Liar Liar!!!

[Jac]

Obama - "I will not raise taxes on the middle class". Liar Liar Liar!!!

Tax Hikes

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:

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. 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 "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 "Special Needs Kids Tax"

This provision of Obamacare imposes a cap on flexible spending accounts

(FSAs) of $2500 (Currently, there is no federal government limit). There

is one group of FSA owners for whom this new cap will be particularly

cruel and onerous: parents of special needs children. There are

thousands of families with special needs children in the United States

and many of them use FSAs to pay for special needs education.

Tuition rates at one leading school that teaches special needs children

in Washington , D.C. (National Child Research Center) can easily

exceed $14,000 per year. Under tax rules, FSA dollars can not be used

to pay for this type of special needs education.

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.

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 beheld harmless, and

many tax relief provisions will have expired. The 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.

PDF Version Read more:

http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waPq1

Now your insurance is INCOME on your W2's......

One of the surprises we'll find come next year, is what follows - -

a little "surprise" that 99% of us had no idea was included in the

"new and improved" healthcare legislation . . . the dupes, er, dopes,

who backed this administration will be astonished!

Starting in 2011, (next year folks), your W-2 tax form sent by

your employer will be increased to show the value of whatever

health insurance you are given by the company. It does not

matter if that's a private concern or governmental body of

some sort. If you're retired? So what; your gross

will go up by the amount of insurance you get.

You will be required to pay taxes on a large sum of money that

you have never seen. Take your tax form you just finished

and see what $15,000 or $20,000 additional gross does to your

tax debt. That's what you'll pay next year. For many, it also puts

you into a new higher bracket so it's even worse.

This is how the government is going to buy insurance for the15% that

don't have insurance and it's only part of the tax increases.

Not believing this??? Here is a research of the summaries.....

On page 25 of 29: TITLE IX REVENUE

PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001,

as modified by sec. 10901) Sec.9002 "requires employers

to include in the W-2 form of each employee the aggregate cost of

applicable employer sponsored group health coverage that is

excludable from the employees gross income."

Joan Pryde is the senior tax editor for the Kiplinger letters.

Go to Kiplingers and read about 13 tax changes that

could affect you. Number 3 is what is above.

Why am I posting this? The same reason I hope you forward this to every single person in your address book.

People have the right to know the truth because an election is coming in November.

[mhl0521]

Why is Barry still our president?

[dinariac]

This is exactly why I did NOT vote for Dumbama!!!!

[cris]

taxes have already been raised....if you drink or smoke, the taxes have increased in a huge way....ahh well...i can see Nov. from my home...

[Traconesu02]

When he promised us Change - What he really meant was he was promising he would Change his mind or opinion once in office.

Thanks for post .

[rarefind]

Obama - "I will not raise taxes on the middle class". Liar Liar Liar!!!

Tax Hikes

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:

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. 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 "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 "Special Needs Kids Tax"

This provision of Obamacare imposes a cap on flexible spending accounts

(FSAs) of $2500 (Currently, there is no federal government limit). There

is one group of FSA owners for whom this new cap will be particularly

cruel and onerous: parents of special needs children. There are

thousands of families with special needs children in the United States

and many of them use FSAs to pay for special needs education.

Tuition rates at one leading school that teaches special needs children

in Washington , D.C. (National Child Research Center) can easily

exceed $14,000 per year. Under tax rules, FSA dollars can not be used

to pay for this type of special needs education.

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.

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 beheld harmless, and

many tax relief provisions will have expired. The 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.

PDF Version Read more:

http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waPq1

Now your insurance is INCOME on your W2's......

One of the surprises we'll find come next year, is what follows - -

a little "surprise" that 99% of us had no idea was included in the

"new and improved" healthcare legislation . . . the dupes, er, dopes,

who backed this administration will be astonished!

Starting in 2011, (next year folks), your W-2 tax form sent by

your employer will be increased to show the value of whatever

health insurance you are given by the company. It does not

matter if that's a private concern or governmental body of

some sort. If you're retired? So what; your gross

will go up by the amount of insurance you get.

You will be required to pay taxes on a large sum of money that

you have never seen. Take your tax form you just finished

and see what $15,000 or $20,000 additional gross does to your

tax debt. That's what you'll pay next year. For many, it also puts

you into a new higher bracket so it's even worse.

This is how the government is going to buy insurance for the15% that

don't have insurance and it's only part of the tax increases.

Not believing this??? Here is a research of the summaries.....

On page 25 of 29: TITLE IX REVENUE

PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001,

as modified by sec. 10901) Sec.9002 "requires employers

to include in the W-2 form of each employee the aggregate cost of

applicable employer sponsored group health coverage that is

excludable from the employees gross income."

Joan Pryde is the senior tax editor for the Kiplinger letters.

Go to Kiplingers and read about 13 tax changes that

could affect you. Number 3 is what is above.

Why am I posting this? The same reason I hope you forward this to every single person in your address book.

People have the right to know the truth because an election is coming in November.

I recently got this in my email.

>

>>

>>> Psalm 109:8

>>>

>>> We were in slow-moving traffic the other day and the car in front of us had an Obama bumper sticker on it. It read: "Pray for Obama. Psalm 109:8".

>>> ......................................................................................................

>>>

>>>

>>> My husband's Bible was lying on the dash board & he got it & opened it up to the scripture & read it. He started laughing & laughing. Then he read it to me. I couldn't believe what it said. I had a good laugh, too.

>>> Psalm 109:8 "Let his days be few and brief; and let others step forward to replace him."

>>> At last - I can voice a Biblical prayer for our president!

>>> Look it up - it is word for word! Let us all bow our heads and pray.

>>>

>>>

>>> Now Brothers and Sisters, can I get an AMEN ????

>>>

>>>

>>>

>>>

[dlbfilm]

Obama - "I will not raise taxes on the middle class". Liar Liar Liar!!!

Tax Hikes

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:

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. 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 "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 "Special Needs Kids Tax"

This provision of Obamacare imposes a cap on flexible spending accounts

(FSAs) of $2500 (Currently, there is no federal government limit). There

is one group of FSA owners for whom this new cap will be particularly

cruel and onerous: parents of special needs children. There are

thousands of families with special needs children in the United States

and many of them use FSAs to pay for special needs education.

Tuition rates at one leading school that teaches special needs children

in Washington , D.C. (National Child Research Center) can easily

exceed $14,000 per year. Under tax rules, FSA dollars can not be used

to pay for this type of special needs education.

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.

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 beheld harmless, and

many tax relief provisions will have expired. The 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.

PDF Version Read more:

http://www.atr.org/s...23ixzz0sY8waPq1

Now your insurance is INCOME on your W2's......

One of the surprises we'll find come next year, is what follows - -

a little "surprise" that 99% of us had no idea was included in the

"new and improved" healthcare legislation . . . the dupes, er, dopes,

who backed this administration will be astonished!

Starting in 2011, (next year folks), your W-2 tax form sent by

your employer will be increased to show the value of whatever

health insurance you are given by the company. It does not

matter if that's a private concern or governmental body of

some sort. If you're retired? So what; your gross

will go up by the amount of insurance you get.

You will be required to pay taxes on a large sum of money that

you have never seen. Take your tax form you just finished

and see what $15,000 or $20,000 additional gross does to your

tax debt. That's what you'll pay next year. For many, it also puts

you into a new higher bracket so it's even worse.

This is how the government is going to buy insurance for the15% that

don't have insurance and it's only part of the tax increases.

Not believing this??? Here is a research of the summaries.....

On page 25 of 29: TITLE IX REVENUE

PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001,

as modified by sec. 10901) Sec.9002 "requires employers

to include in the W-2 form of each employee the aggregate cost of

applicable employer sponsored group health coverage that is

excludable from the employees gross income."

Joan Pryde is the senior tax editor for the Kiplinger letters.

Go to Kiplingers and read about 13 tax changes that

could affect you. Number 3 is what is above.

Why am I posting this? The same reason I hope you forward this to every single person in your address book.

People have the right to know the truth because an election is coming in November.

And the mess he is creating will continue...

[aebryant1]

WHY DO MEMBERS OF THIS FORUM HAVE TO BOMBARDED WITH THIS POLITICAL BULL ****?

I FOR ONE AM SICK AND TIRED OF ALL OF YOU THAT USE IT TO VENT YOUR LOSS TO MR OBAMA ! BELIEVE IT OR NOT THERE ARE MANY MEMBERS THAT DO NOT SEE THINGS AS YOU DO, WE MAY BE SILENT, BUT WE ARE THE SILENT MAJORITY, AND ALL OF YOU WILL AGAIN HEAR FROM US NOT ONLY THIS COMMING NOVEMBER, BUT AGAIN IN 2012! I ALSO THINK THAT YOU NEED TO BE KICKED OFF THIS FORUM!

[bulldawg]

WHY DO MEMBERS OF THIS FORUM HAVE TO BOMBARDED WITH THIS POLITICAL BULL ****?

I FOR ONE AM SICK AND TIRED OF ALL OF YOU THAT USE IT TO VENT YOUR LOSS TO MR OBAMA ! BELIEVE IT OR NOT THERE ARE MANY MEMBERS THAT DO NOT SEE THINGS AS YOU DO, WE MAY BE SILENT, BUT WE ARE THE SILENT MAJORITY, AND ALL OF YOU WILL AGAIN HEAR FROM US NOT ONLY THIS COMMING NOVEMBER, BUT AGAIN IN 2012! I ALSO THINK THAT YOU NEED TO BE KICKED OFF THIS FORUM!

Silence the voice of opposition?.....I believe I have heard that before. Perhaps you could use a lesson in third grade arithmetic....40% does not a majority make. Also, you have demonstrated that you, for one, are not all that silent.

Good day sir,

Dawg

Edited August 6, 2010 by bulldawg

[PAPATOM]

WHY DO MEMBERS OF THIS FORUM HAVE TO BOMBARDED WITH THIS POLITICAL BULL ****?

I FOR ONE AM SICK AND TIRED OF ALL OF YOU THAT USE IT TO VENT YOUR LOSS TO MR OBAMA ! BELIEVE IT OR NOT THERE ARE MANY MEMBERS THAT DO NOT SEE THINGS AS YOU DO, WE MAY BE SILENT, BUT WE ARE THE SILENT MAJORITY, AND ALL OF YOU WILL AGAIN HEAR FROM US NOT ONLY THIS COMMING NOVEMBER, BUT AGAIN IN 2012! I ALSO THINK THAT YOU NEED TO BE KICKED OFF THIS FORUM!

Hey Aebryant1. your caps key is stuck.