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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. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Drill, Baby, Still Standing in the Way of Big Goverment is Not Standing in the Way of Progress It's Not Obama And His Supporters Who Will Decide If Republcans Get The Keys Back. It's The American People. Liz Cheney |
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Zealot... |
A person has up to ten years to pay the so-called death tax.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ whyisit |
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Enthusiast... |
And here I thought the dead people who actually paid the tax had an eternity. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I know the rent is in arrears. The dog has not been fed in years. It's even worse than it appears...but it's alright. We will get by. |
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Steadfast... |
Frighty plainly doesn't care about the US economy...he only listens to the jackholes on the right...
The middle class...the backbone of America...must be saved. If this means the ultra-rich have to kick in a few more bucks, so be it. Only an idiot would feel otherwise. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ "I don’t reject your Christ. I love your Christ. It’s just that so many of you Christians are so unlike your Christ.” ---Gandhi |
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Aavid |
 Might it be the one tax where they are willing to pay an arm and a leg? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Drunk with greed and power the Republicans drove the country off a cliff. Now that we are pulling the car out of the abyss, don't give them back the keys. |
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This will be the only effect - unless Republicans block new tax cuts for lower incomes and small businesses proposed by Obama and the Democrats. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~  Brain surgery for right-wing wackos. No waiting...the Doctor is in! |
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Devoted... |
the republicans had no trouble whatsoever with the idea of allowing george bush to run huge deficits for eight years running .. they had no problems almost doubling the national debt .. in eight years .. BUT .. they do have a problem with each and every method of increasing revenues in order to lower a deficit .. or pay down the debt ..
a full 70% of our current national debt is a direct resut of the failed policy of saupply side economics .. which cost us about three trillion under reagan .. and about 4 trillion under bush .. everybody knows it doesn't work .. david stockton ..reagans' budget whiz admitted it way back in the eighties .. he even wrote it in a book .. too bad the righties don't read ..and are impervious to learning anything but assinine talking points .. they're just too too weird for words .. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~Jkat~~~~ "the time has come" the walrus said "to speak of many things ..of ships and shoes and sealing wax .. of cabbages and kings..." |
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Never goes away... |
All propaganda and ruminant guano.
First of all, 39.4% is a low tax rate for the top bracket. We need a steeply progressive federal income tax. The rate for the top bracket should be about 90%. Second, you know it's propaganda when they start talking about the death tax. There is no such thing as the death tax. They don't want to call it by it's real name: the federal estate tax. The 55% rate would only apply to estates valued at over $1,000,000. The $1,000,000 is a total exemption. So, when it says Let's say that the two homes and IRA are worth $1,200,000, then even at a 55% rate, the tax would be $110,000 ($200,000 x 0.55), except that the tax rate is not REALLY 55%. Notice that they said the TOP rate is 55%. The actual rate on a $1,200,000 estate would be more like 35%, so the actual tax would be more like %70,000. It's also very likely that Congress will raise the federal estate tax exemption to $2,000,000 or $3,000,000, so that a $1,200,000 estate would be totally exempt, but, of course, they don't want to tell you that. The exemption was $3,000,000 for persons dying in 2009, for instance. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Destroy the Republican Party! |
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Aavid |
The Dems earlier had said they wanted to raise the exemption to $5 million.
That is per person or married couple but with an A-B trust through a Living Will, they both can claim the exemption. That means they could exempt $10 million. Also note stepped up tax basis comes with that as well so NO capital gains taxes on unrealized profits on property or stocks. Get real. Is that a problem? Why are Repukes crying over the richest of the rich? They can always pass more of it to their heirs before they die. If we don't have an estate tax we will end up with an aristocracy and family corporations that will own everything. The American dream will be dead for everybody else. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Drunk with greed and power the Republicans drove the country off a cliff. Now that we are pulling the car out of the abyss, don't give them back the keys. |
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Bill Gates got his start in a garage. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Drill, Baby, Still Standing in the Way of Big Goverment is Not Standing in the Way of Progress It's Not Obama And His Supporters Who Will Decide If Republcans Get The Keys Back. It's The American People. Liz Cheney |
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Aavid |
No he didn't.Gates and Allen created DOS in the computer lab of the most expensive and elite private school in the northwest at a time when hardly any other schools had computer labs. Both of Gates parents were rich attorneys and his mother put him together with the CEO of IBM that she knew through their philanthropic work. IBM then licensed DOS from them helping to create Microsoft. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Drunk with greed and power the Republicans drove the country off a cliff. Now that we are pulling the car out of the abyss, don't give them back the keys. |
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Chronic... |
FRighty sure loves his fantasies, doesn't he?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ http://chu65nang67.us/nam/play...rthebeautiful-RC.wav "I think that Republicanism is revealing itself as a personality disorder, not so much an ideology." -- Naomi Klein FOX NEWS: A Monopoly on Stupidity"  |
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Admin |
Charlie... ya' given up on sourcing your (un-)quoted content? Tsk, tsk... you know better. *CJ |
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Forum Host |
Feeding a line of the original text into Google leads here:
http://www.atr.org/six-months-...est-tax-hikes-a5171# It's the same article. I can't tell if it's original with that site. It's amazing the double-think going on. Republicans are supposed to be for smaller government and a balanced budget. Anyone disagree about that? So they are for cutting services in theory--although they can't point to any significant things to cut specifically. What Republican is running on a pledge to cut Medicare, Medicaid, Social Security benefits, and funding for the two wars? That's the bulk of the discretionary spending of our government, after all. Some or all of those things have to be cut to balance the budget OR more tax money has to be collected. But the Republicans are against higher taxes as well. It makes no sense at all. Never did. And, of course, the Bush Administration sold its tax cuts to Congress as a package--cuts for a few years, then back to normal to pay for the cuts. The Republicans agreed to a limited time for the cuts then. The cuts were and are disastrous to the U. S. economy, obviously. Passing similar cuts now is ridiculous. Having the Bush cuts expire is part and parcel of the Republican plan. But the Republicans, of course, will blame Obama. They blame Obama for everything. Jeff ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~  |
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Admin |
I know, as I did the same thing, Comp Guy. It's alllllll over RW blogs/BBs/web sites. But Charlie should've sourced it himself. *CJ |
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Aavid |
Medicare and Social Security are almost the definition of NOT descretionary spending items. I'm not sure how much of medicaid is descretionary but I believe a lot of the medicaid funds are paid by the states. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Drunk with greed and power the Republicans drove the country off a cliff. Now that we are pulling the car out of the abyss, don't give them back the keys. |
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Forum Host |
You're right. I wasn't using the word correctly. The budget process makes a distinction between mandatory and discretionary spending. Discretionary spending has to be approved by Congress each year in the budget; mandatory spending does not. Clearly military spending is discretionary and Social Security spending is not under that distinction. What I meant was that there are ways to cut the expenditures on the wars, the military, Medicare and Social Security which would help balance the budget and not have any adverse consequences. Establishing a means test for Medicare and Social Security, for example, would reduce the outlays for them, with the rich who are able to pay for their own retirement and medical benefits still being able to do so on their own. Increasing the social security tax income cap or removing it entirely would solve the problem as well--it's artificial to NOT make those who earn more than $108,500 per year pay SS taxes on the portion of their earnings above that cap. And so forth. You can cut expenditures and raise taxes yet still meet the needs these programs were designed to serve.... Jeff ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ |
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Devoted... |
yeah .. like people like john mc caint ... 165K a year senate salary . 55K a year navy pension ...and 26K a year from SS to boot .. we can definitely drop folks like this from the SS/medicare rolls .. imo ..same goes for ANY government-funded medical care . imo .. means test the applicant .. i used to work for a guy who was worth hundreds of millions of dollars .. but everytime he needed surgery for something [not service connected btw] .. he'd book it at the VA hospital .. that's one ofthe ways he hung on to his millions .. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~Jkat~~~~ "the time has come" the walrus said "to speak of many things ..of ships and shoes and sealing wax .. of cabbages and kings..." |
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Zealot... |
The government could raise more money to pay off the deficit, but the unpatriotic cons don't care about that...
They care more about money than their country...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ whyisit |
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Steadfast... |
All I ever hear from dems is tax increases. How come you people are never interested in spending cuts? ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ "It isn't pollution that's harming the environment. It's the impurities in our air and water that are doing it.." --Al Gore, Vice President |
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Forum Host |
I already posed in this thread spending cuts--pull out of Afghanistan and Iraq, require a means test for government programs like Medicare. (I don't think that would be legal for Social Security, but if it is require a means test there too.) Also, close down most of our hundreds of military bases spread around the world. Any one of those ideas will save trillions of dollars. How come Republicans always talk about spending cuts in the abstract--but NEVER get specific about what they want to cut and how they will do it? I'm not talking about cutting some bridge boondoggle in Tennessee--I want proposals from Republicans for MAJOR spending cuts which will add up to trillions of dollars in savings. But Republicans never will say they want to cut the military budget. They're afraid to propose cutting Social Security or Medicare. So they just babble on with generalities... Jeff ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ |
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End all corporate welfare, end all tax breaks for corporations that out-source jobs overseas, and apply estimated taxes to businesses incorporated offshore.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Brain surgery for right-wing wackos. No waiting...the Doctor is in! |
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Forum Host |
Cut the trillions in support to oil companies. Reduce the price support programs for farmers which encourage them NOT to grow certain crops. Stop the "war against drugs"--which only increases the price of drugs and leads to crime and corruption and jails filled with non-violent criminals.
Jeff ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ |
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Admin |
That's a helluva lotta lessons to be learned by the GOP in a very short time. Thankfully they aren't up to the task. *CJ |
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http://www.kollinger.com/_toons/taxes81.jpg
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Drill, Baby, Still Standing in the Way of Big Goverment is Not Standing in the Way of Progress It's Not Obama And His Supporters Who Will Decide If Republcans Get The Keys Back. It's The American People. Liz Cheney |
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