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Seuss
Error: divide byzero



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Tax increases in the US?
#13067728 - 08/18/10 05:34 AM (13 years, 5 months ago) |
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I've been hearing a lot of grumbling about tax increases that are scheduled to start January of next year, but I haven't seen anything in MSM. Does anybody know if these are accurate?
1) End of 2001 and 2003 tax cuts. 2) The top income tax rate will rise from 35% to 39.6%. 3) The lowest income tax rate will rise from 10% to 15%. 4) All other income tax rate, between the top and the bottom, will rise between 15% and 35%. 5) Itemized deductions and personal exemptions no longer count. 6) The child tax credit will be cut in half from $1000 to $500 per child. 7) The standard deduction will no longer be doubled for married couples relative to the single level. 8) No more dependent care and adoption tax credits. 9) New "death tax" with a 55% top rate on estates over $1 million. 10) The capital gains tax will increase from 15% to 20% on people who make more than $200,000 and couples who make more than $250,000. 11) The dividends tax will rise from 15% this year to 39.6% on people who make more than $200,000 and couples who make more than $250,000.. 12) Health insurance policies (which are mandatory) will now count as income (thus raising you into a higher tax bracket). 13) No more deductions for interest on student loans. 14) No more deductions for teachers that classroom expenses. 15) No more deductions for tuition and education fees.
-------------------- Just another spore in the wind.
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Doc_T
Random Dude




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Re: Tax increases in the US? [Re: Seuss]
#13067778 - 08/18/10 06:07 AM (13 years, 5 months ago) |
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1) has been going to happen for a while, never seems to. 12) sounds like scare tactics propaganda, but could well be true, I don't know. 13-15) Sounds unlikely.
12a) 'mandatory' needs an asterisk, I think.
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Edited by Doc_T (08/18/10 06:29 AM)
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Seuss
Error: divide byzero



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Re: Tax increases in the US? [Re: Doc_T]
#13067884 - 08/18/10 07:27 AM (13 years, 5 months ago) |
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> 12) sounds like scare tactics propaganda, but could well be true, I don't know.
From H.R. 3590:
Quote:
SEC. 9002. INCLUSION OF COST OF EMPLOYER-SPONSORED HEALTH COVERAGE ON W2.
(A) IN GENERAL. Section 6051 (a) of the Internal Revenue Code of 1986 (relating to receipts for employees) is amended by striking and at the end of paragraph (12), by striking the period at the end of paragraph (13) and inserting , and, and by adding after paragraph (13) the following new paragraph:CommentsClose CommentsPermalink
(14) the aggregate cost (determined under rules similar to the rules of section 4980B(f)(4)) of applicable employer-sponsored coverage (as defined in section 4980I (d) (1)), except that this paragraph shall not apply to (A) coverage to which paragraphs (11) and (12) apply, or (B) the amount of any salary reduction contributions to a flexible spending arrangement (within the meaning of section 125).. (B) EFFECTIVE DATE. The amendments made by this section shall apply to taxable years beginning after December 31, 2010.
Interesting... here is what snopes has to say: http://www.snopes.com/politics/taxes/HR3590.asp
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Doc_T
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Re: Tax increases in the US? [Re: Seuss]
#13067893 - 08/18/10 07:34 AM (13 years, 5 months ago) |
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Honestly, it's income, it ought to be taxed. I have always thought that the quickest way to get to public insurance would be to get rid of the tax subsidies in the current system. Which is kinda off topic to this discussion.
Back on track- was this sent to you in an email? Forwarded to you?
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zappaisgod
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Re: Tax increases in the US? [Re: Doc_T]
#13067907 - 08/18/10 07:43 AM (13 years, 5 months ago) |
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Either all health expenses should be deductible or employer provided health benefits should be taxed as income, subject to FICA as well as income taxes.
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johnm214



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Re: Tax increases in the US? [Re: Seuss]
#13068111 - 08/18/10 09:21 AM (13 years, 5 months ago) |
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9) I'm not aware of this, and I was following these issues pretty closely around a year ago.
A quick look at wikipedia doesn't reveal anything big I've missed.
With the estate tax its important to remember the tax credit's effect, which is a bit confusing. Currently (or soon if not in effect yet) you get a tax credit of some amount that amounts to 0 tax liability on the first 3.5 million of a person's estate (though this must be claimed at the time of death, so if gramps transfers his cash to his wife on his death, when grandma then dies they can't use two of these credits, so gramps' credit is lost even though they could have used the credit had he set up a trust to will the money- another stupid provision of our tax law that is pointless except as a means to fleece the ignorant or unprepared).
The top rate attaches after 3,000,000 according to wiki, and this is indeed 55%, so in essence it looks like someone was confused. Some sources/people confuse the credit with a deduction, and so misconstrue the bracket an estate is in.
It looks to me like everyone that pays a dime in federal estate tax is paying at the 55% rate for the entire portion that they are "in-effect" taxed on, since the credit satisfies the tax for an estate of up to 3.5 million but has no effect on the gross estate size, unlike a deduction, which means every dollar after 3.5 is taxed at 55%
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Seuss
Error: divide byzero



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Re: Tax increases in the US? [Re: Doc_T]
#13068170 - 08/18/10 09:46 AM (13 years, 5 months ago) |
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> was this sent to you in an email? Forwarded to you?
I got rid of all the fluff and combined several of those "scary" emails that come around talking about the various evils of elected officials. I got curious as to their accuracy and thought it would make for an interesting discussion. Given the source(s), I suspect most of them to be misleading at best.
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Doc_T
Random Dude




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Re: Tax increases in the US? [Re: Seuss]
#13068182 - 08/18/10 09:49 AM (13 years, 5 months ago) |
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Quote:
Seuss said: I suspect most of them to be misleading at best.
But generally with a nugget of truth somewhere, that's the fun part for me.
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dondoodle
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Re: Tax increases in the US? [Re: Doc_T]
#13082942 - 08/21/10 01:35 PM (13 years, 5 months ago) |
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I think the people of the USA are going to have to keep paying for their war taxes.
4.5 trillion stolen from social security and other trust funds of the total 13.3 trillion debt.
Over 50% of federal discretionary spending going to the war machine. And of course there are all kinds of supplementals and hidden misclassified military expenditures that go to war spending. Think CIA, nuclear power, etcetera.
Government website - http://www.treasurydirect.gov/NP/BPDLogin?application=np
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zappaisgod
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Re: Tax increases in the US? [Re: dondoodle] 1
#13082965 - 08/21/10 01:39 PM (13 years, 5 months ago) |
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Social security is not and never has been a trust fund. Obama and the Dems quadrupled (octupled in 2!) what had been a declining deficit in one year (see my sig). Clearly it has little to do with the war. You're just pissed off that money is being spent on the war and not given to you. I'd rather light my money on fire than see one cent of it go to you and your ilk.
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johnm214



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Re: Tax increases in the US? [Re: zappaisgod]
#13083168 - 08/21/10 02:19 PM (13 years, 5 months ago) |
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Quote:
zappaisgod said: You're just pissed off that money is being spent on the war and not given to you. I'd rather light my money on fire than see one cent of it go to you and your ilk.
Yeah, I really have started to think this is the main objection. The social programs are by far the biggest cost of the government and people are bitching about the defense budget? While the defense budget and the way the money is spent is indeed ridiculous, at least its constitutional and gives the nation something.
I can't say the same about the social security black hole I'm required to toss my money into.
I like the "trustfund" language. If that's what social security is then why do we even need the government? Why can't they allow us to buy private securities from bonded companies? They still get assurances of people saving money, and we get some return on the investment that isn't subject to bullshit politics.
Obviously the answer is because just like everything else, its just another tax that gets thrown into the fungible money pot- equating to more power for the government.
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communeart


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Re: Tax increases in the US? [Re: johnm214]
#13083690 - 08/21/10 05:00 PM (13 years, 5 months ago) |
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Quote:
Social security is not and never has been a trust fund. Obama and the Dems quadrupled (octupled in 2!) what had been a declining deficit in one year (see my sig). Clearly it has little to do with the war. You're just pissed off that money is being spent on the war and not given to you. I'd rather light my money on fire than see one cent of it go to you and your ilk.
you would rather bomb woman and children than give one cent to him and his ilk.
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Seuss
Error: divide byzero



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Re: Tax increases in the US? [Re: communeart]
#13083785 - 08/21/10 05:23 PM (13 years, 5 months ago) |
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> you would rather bomb woman and children than give one cent to him and his ilk.
Nah, I prefer to bomb the men and children. The woman can be useful.
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communeart


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Re: Tax increases in the US? [Re: Seuss]
#13083865 - 08/21/10 05:44 PM (13 years, 5 months ago) |
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well you know, they bomb everything,you don't get to choose, plus mens can be useful for woman.
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zappaisgod
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Re: Tax increases in the US? [Re: communeart] 1
#13083886 - 08/21/10 05:50 PM (13 years, 5 months ago) |
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No, I would rather free women and children from tyranny with the money, thank me very much. As for him he can make his own way. His choice.
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Prisoner#1
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Re: Tax increases in the US? [Re: communeart] 1
#13083975 - 08/21/10 06:19 PM (13 years, 5 months ago) |
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Quote:
communeart said: well you know, they bomb everything.
no, they dont
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communeart


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Re: Tax increases in the US? [Re: Prisoner#1]
#13084334 - 08/21/10 08:07 PM (13 years, 5 months ago) |
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Quote:
No, I would rather free women and children from tyranny with the money, thank me very much. As for him he can make his own way. His choice.
it's great how, they replace one tyranny with another and you call this victory. we'll see if human rights abuse are better in iraq in 20 years , i bet it will be just as bad as it always was. simply because, the people didn't rise up themselves to change the system, some outside influence did it.
Quote:
no, they dont
yes they do, they bomb things and bombs don't care if they kill woman or children.
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zappaisgod
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Re: Tax increases in the US? [Re: communeart]
#13084365 - 08/21/10 08:19 PM (13 years, 5 months ago) |
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Regardless, the outside agent gave them the chance.
I was more referring to Afghanistan. Life under the Taliban is a sentence. Much like life under the communist hegemony in Eastern Europe was for decades.
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Prisoner#1
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Re: Tax increases in the US? [Re: communeart]
#13084471 - 08/21/10 09:03 PM (13 years, 5 months ago) |
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Quote:
communeart said: they bomb things and bombs don't care if they kill woman or children.
'things' is not everything
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communeart


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Re: Tax increases in the US? [Re: Prisoner#1]
#13086775 - 08/22/10 02:34 PM (13 years, 5 months ago) |
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Quote:
I was more referring to Afghanistan. Life under the Taliban is a sentence. Much like life under the communist hegemony in Eastern Europe was for decades.
yes it sucked, i'm sure many people were happy under it, else why would the taliban be able to recruit anyone? why would there be any communist nostalgia?
Quote:
'things' is not everything
who the fuck cares, it kills people, that's the end of it.
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