Is it true the taxes next year will be 50%?

[Butifldrm]

These figures blow my mind too. It seems to me we might be headed for another Boston Tea Party. Just wondering if anyone else has had the following thought, If this RV's/RI's in December we most likely won't be able to cash in before January. The taxes in January of 2011 would be substantially higher. Have to wonder if Obama has planned/timed these tax hikes accordingly. Obviously our government is in desperate need either way, but just saying.

I pray everyday the RV/RI happens before January 2011! The Boston Tea Party happened because of a 3% tax, not 40-50% tax. We have been the lambs who have watched our BIG government get to this point. We need Ronald Reagan.

[siouxperseven]

ROFLMAO

What does that mean? I've read it in other comments but don't know what it stands for...sorry for the question as i'm sure it'll get a chuckle or two...

[mars]

It's more like "Hope You Can Survive The Change" You know, there used to be a few people who supported the Obamanomics on this site, where are they now? The wise never got on the Ship of Hope!

[ROACH]

What do you call a Democrat holding Dinar after the RV?

A Republican.

I nominate this THE POST OF THE DAY!!!!

[mars]

What does that mean? I've read it in other comments but don't know what it stands for...sorry for the question as i'm sure it'll get a chuckle or two...

Rolling Over Laughing My F'n As! Off sounds good.

[vegasman56]

I found a spot on the Internet that will explain state’s capital gain tax, also a spot that will explain federal capital gains tax. Take a look at it I have no idea if this is the way it’s going to go. If anybody knows the truth please post it.

Click here for state capital gains tax

Click here for federal capital gains tax

[kiteman]

These figures blow my mind too. It seems to me we might be headed for another Boston Tea Party. Just wondering if anyone else has had the following thought, If this RV's/RI's in December we most likely won't be able to cash in before January. The taxes in January of 2011 would be substantially higher. Have to wonder if Obama has planned/timed these tax hikes accordingly. Obviously our government is in desperate need either way, but just saying.

Obama didn't schedule the elimination of these tax breaks. Neither did the Democrats. These tax cuts expiring are all due to the Republicans not making them permanent tax cuts in 2001. Does anyone know why they didn't make them permanent back in 2001? I'll tell you why. Because they didn't have the 60 votes they needed to pass the legislation. So they used that terrible, horrible process everyone was screaming about last year called reconcilliation. And when they went to reconcilliation, those rules say you can't pass anything that effects the budget for more than 10 years. Hence, because they didn't have the votes they needed, they had to put an expiration date on them.

Trust me, there is plenty of blame to go around on the Obama / Democrat sid for the situation we're in, but the Bush/Republican side also bears some culpability here. If we all continue to play D vs. R, our country will continue down the path it's been on for the last 15 - 20 years. Worse, worse, and worse is in our future until we mean throw them all out. That means not only do we have to throw out the members of the party we don't like, but we also need to seriously consider throwing out the members of the party we do like. McConnell, Boenher, Cantor and the like are no different than Ried, Pelosi, and the Democrats. They just spend money on different things.

I know it's probably a liberal web site, but it actually gives you the history and the votes toward the end of the article.

http://www.politifact.com/truth-o-meter/statements/2010/mar/04/alan-grayson/bush-tax-cuts-were-passed-reconciliations-50-votes/

[DinarDiva007]

What does anyone know about the Tea Party political group? Might be time to have a modern day Tea Party!

[Deathmonkey]

Don't blame just Obama, blame all politicians in general. The democrats and republicans are all spend happy. They might be in front of faux news or CNN preaching less spending, but have no problems cashing those government checks for programs in their states. Even better, they have no issues turning in expense reports that include world wide trips in private jets on the taxpayers dime.

Lets not forget Bush started the spending spree with the TARP program, and Obama is guilty for keeping and expanding that program even greater.

With all the money spent over the years by multiple presidencies, it was only time until we found ourselves in the situation we are in now.

If you want real change in the government, look into the Libertarian party or someone like Ron Paul. I originally liked the IDEA of the Tea Party, but being backed by Fox News took away its true credibility as a neutral party looking out for the good of the country. It is now full of republicans who dont want to be called republicans. Many of the original members of the Tea Party like Ron Paul, and like myself, fear that Palin will get "backed" by the party.

Wow, with that said, it was only a matter of time that our spending over the last 20-30 years would catch up with us and taxes would have to be raised.

[Traconesu02]

You can always donate half of your dinar before cashing in. to a non-profit organization for charity and pay no taxes on the remaining dinar when you cash it in.

Thanks for the post BANE

[RICK C]

It's time for the people to say NO.No to all the corruption and Lobbiest. No to any tax higher than 10% across the Board and No more MOON SHOTS.or exploration to far off Planets, Star trex is enough for the Imagination. Gov spending is out of hand and untill we see OUR AMERICA supporting our way of life and our constitution NO MORE backing other Countries, or Bailing them out. No more Bailing out high interest Banks or Mortgage Conpany's . It's time American's let their voices be heard loud and Clear around the world. Remember OUR VOTES have Power. USE that Power to rid us of these politicians and their Boss's.And Anyone who runs for office of any type MUST PROVE they are a Native Born American. AND let's stop trying to be the Guardians of the World, Let other country's take care of themselves for a change, Knowing if they mess with us we'll unleash the Hounds of Hell on them with No mercy untill it's over.

well that's how i feel anyway.

[Deathmonkey]

It's time for the people to say NO.No to all the corruption and Lobbiest. No to any tax higher than 10% across the Board and No more MOON SHOTS.or exploration to far off Planets, Star trex is enough for the Imagination. Gov spending is out of hand and untill we see OUR AMERICA supporting our way of life and our constitution NO MORE backing other Countries, or Bailing them out. No more Bailing out high interest Banks or Mortgage Conpany's . It's time American's let their voices be heard loud and Clear around the world. Remember OUR VOTES have Power. USE that Power to rid us of these politicians and their Boss's.And Anyone who runs for office of any type MUST PROVE they are a Native Born American. AND let's stop trying to be the Guardians of the World, Let other country's take care of themselves for a change, Knowing if they mess with us we'll unleash the Hounds of Hell on them with No mercy untill it's over.

well that's how i feel anyway.

Preach it!

Want true reform? Like you said end lobbying and also add term limits. Get rid of ALL life time policticians, no matter their party.

[djiboutikid]

DeathMonkey you speak the truth. We need to vote out all the incumbents true, but starting with the Dems who hold the majorities so that we can oppose this current Obamanation of a presidency, and restore hope to our futures (yours, mine and our children etc.). Term limits need to be in effect and the SERVANTS of the PEOPLE need to be reminded with every election that this is not a career path, but an Opportunity to SERVE the people. The Tea Party is supposed to be rejuvenating the Republican party, but I fear too many people are drinking the wrong kool-aid and are looking to use it to form a new party. Obama and the socialists who are destroying our country win if we can't get the incumbents voted out this fall and in 2012. This tax hike, by letting the Bush tax cuts expire, and the obamacare taxes go into effect will crush this country and kill more jobs in the process. Please folks, I personally would urge you to vote Republican, or at least vote out incumbents, so that we can make Obama more lame than he is, and repeal his lame duck plans to further destroy this Beautiful Country.

[RICK C]

100% AGREE, NO OFFICE should be held for longer than 2 yr's and set a SALARY LIMIT for all politians. You want to be in any office here, you better do it RIGHT by US the people OR YOUR TERMINATED and you can NEVER hold ANY OFFICE AGAIN EVER.

[djiboutikid]

Preach it!

Want true reform? Like you said end lobbying and also add term limits. Get rid of ALL life time policticians, no matter their party.

what, you mean Really end lobbying? Not just saying you're going to be free of lobbyists in your admin and then hire several lobbyists? NOOOOO who would do that? End Lobbying now! Term limits NOW!

[jimanita]

That seems insane. Can this really be possible? How can the govt. take fifty percent of our money when we are barely making it as it is? I don´t quite understand.

Everyone voted for change ... well there ya go!! He sure kept his promise

[gr8cooker142]

I had a friend that won $500,000 and the government took $200,000 right off the top leaving him with $300,000 and state tax to pay. You got to love it!!!

[2dinar1dong]

I blame MOBAMA for Everything.... why not they do it everyday .... Obama does not have the Backbones to take any of the Fault and his great saying WELL BUSH DID IT.............Spineless...........Get a backbone stand for the PEOPLE not your on agenda your own private no expense paid 4 yr vacation--------- Obamas new name is Malikiobama

Edited August 18, 2010 by 2dinar1dong

[dwhite1971]

can anyone say, Cayman Islands!

[unclegeek]

well GET READY because it IS COMING ,

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. 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.

Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171##ixzz0wvSBDTAq

its ugly, and nasty, BUT very informative and useful info. thanks for doing this, it gives me stuff I can actually use.

[photochick]

I wrote about this the other day. Had found it on the Internet that tax hikes in 2011 means we'll go from 35 to 45 percent roughly.

BANE -- That's insane! I feel for you!

[dlbfilm]

well GET READY because it IS COMING ,

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. 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.

Read more: http://www.atr.org/s...##ixzz0wvSBDTAq

So get a good tax attorney and see what the rest of us will figure out to do once everything happens.... There is always a plan...

[Riverdawg]

Obama didn't schedule the elimination of these tax breaks. Neither did the Democrats. These tax cuts expiring are all due to the Republicans not making them permanent tax cuts in 2001. Does anyone know why they didn't make them permanent back in 2001? I'll tell you why. Because they didn't have the 60 votes they needed to pass the legislation. So they used that terrible, horrible process everyone was screaming about last year called reconcilliation. And when they went to reconcilliation, those rules say you can't pass anything that effects the budget for more than 10 years. Hence, because they didn't have the votes they needed, they had to put an expiration date on them.

Trust me, there is plenty of blame to go around on the Obama / Democrat sid for the situation we're in, but the Bush/Republican side also bears some culpability here. If we all continue to play D vs. R, our country will continue down the path it's been on for the last 15 - 20 years. Worse, worse, and worse is in our future until we mean throw them all out. That means not only do we have to throw out the members of the party we don't like, but we also need to seriously consider throwing out the members of the party we do like. McConnell, Boenher, Cantor and the like are no different than Ried, Pelosi, and the Democrats. They just spend money on different things.

I know it's probably a liberal web site, but it actually gives you the history and the votes toward the end of the article.

http://www.politifact.com/truth-o-meter/statements/2010/mar/04/alan-grayson/bush-tax-cuts-were-passed-reconciliations-50-votes/

Wow, Okay, Really??? Here it goes...

In your explanation, you made my point for me... if there were more Republicans in office when the vote was taken, no reconciliation would have been needed and the tax cuts would have been permanent!

Democrat leadership no different that Republican leadership??? Well, I am certain the democrat leadership would NOT vote to extend the tax cuts and the Republican leadership would definitely vote to extend. But, they're the same, right?

That's right people, keep votin those democrats into office but be aware when they start behaving like democrats... don't be surprised.

rd

Edited August 19, 2010 by Riverdawg

[disciple7]

These figures blow my mind too. It seems to me we might be headed for another Boston Tea Party. Just wondering if anyone else has had the following thought, If this RV's/RI's in December we most likely won't be able to cash in before January. The taxes in January of 2011 would be substantially higher. Have to wonder if Obama has planned/timed these tax hikes accordingly. Obviously our government is in desperate need either way, but just saying.

it certainly makes you wonder but i would have to agree with you.

[kiteman]

Wow, Okay, Really??? Here it goes...

In your explanation, you made my point for me... if there were more Republicans in office when the vote was taken, no reconciliation would have been needed and the tax cuts would have been permanent!

Democrat leadership no different that Republican leadership??? Well, I am certain the democrat leadership would NOT vote to extend the tax cuts and the Republican leadership would definitely vote to extend. But, they're the same, right?

That's right people, keep votin those democrats into office but be aware when they start behaving like democrats... don't be surprised.

rd

++++++++++++++++++++++++++++++++

Yes they are the same........ If they would have had more Republicans, you're right, they would have made them permanent and unfunded. Just like they did with Medicare Part D which was unfunded. They blew a hole in the deficit.. Like I said, they spend money just like Democrats, just on different things at different times. Democrats are blowing a hole in the deficit with the stimulus. Same scenario different people getting rich off the American taxpayer.

You don't buy it? Bury your head in the sand and pull the R lever across the board in November. And absolutely nothing will change except we'll keep going farther and farther in debt. Not one of the people currently in DC have the stones to try anything that is against the big money that is behind both parties.