**The Tax Tsunami On The Horizon: A Must Read-trust me

Fiscal Policy: Many voters are looking forward to 2011, hoping a new Congress will put the country back on the right track. But unless something's done soon, the new year will also come with a raft of tax hikes — including a return of the death tax — that will be real killers

Through the end of this year, the federal estate tax rate is zero — thanks to the package of broad-based tax cuts that President Bush pushed through to get the economy going earlier in the decade. But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture

Resurrection of the death tax, however, isn't the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it's not just the rich who will pay.

The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%. But the damage doesn't stop there.The marriage penalty also makes a comeback, and the capital gains tax will jump 33% — to 20% from 15%. The tax on dividends will go all the way from 15% to 39.6% — a 164% increase.

Both the cap-gains and dividend taxes will go up further in 2013 as the health care reform adds a 3.8% Medicare levy for individuals making more than $200,000 a year and joint filers making more than $250,000. Other tax hikes include: halving the child tax credit to $500 from $1,000 and fixing the standard deduction for couples at the same level as it is for single filers.

But even more tax headaches lie ahead. This "second wave" of hikes, as Americans for Tax Reform puts it, are designed to pay for ObamaCare and include: IF you can take it, read on from there at the source.
Soucre: www.investors.com...

How's that Hope & Change going for you all? You'll be hoping you have change left when these guys are finished!

And, this isn't some MSM or Right wing Group. These people don't care so much about politics as they do Serious Money and Investments.

Read the comments to the source article. Very interesting.

No matter where you sit politically, Taxing the citizens to Death will only bring your death (politically). I am beginning to think there is something to the End of the World in 2012 and they (Dems) know it. Acting like they really don't give a ---- about what the little guy thinks etc.

Originally posted by anon72
Fiscal Policy: Many voters are looking forward to 2011, hoping a new Congress will put the country back on the right track. But unless something's done soon, the new year will also come with a raft of tax hikes — including a return of the death tax — that will be real killers

Through the end of this year, the federal estate tax rate is zero — thanks to the package of broad-based tax cuts that President Bush pushed through to get the economy going earlier in the decade. But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture

Resurrection of the death tax, however, isn't the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it's not just the rich who will pay.

The 'death tax' as you refer to it is a great way to end perpetual wealth of families in this country.

The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%. But the damage doesn't stop there.The marriage penalty also makes a comeback, and the capital gains tax will jump 33% — to 20% from 15%. The tax on dividends will go all the way from 15% to 39.6% — a 164% increase.

Both the cap-gains and dividend taxes will go up further in 2013 as the health care reform adds a 3.8% Medicare levy for individuals making more than $200,000 a year and joint filers making more than $250,000. Other tax hikes include: halving the child tax credit to $500 from $1,000 and fixing the standard deduction for couples at the same level as it is for single filers.

In my humble opinion, anyone making $200,000 a year is making more than enough to support themselves and their family. I don't consider a tax hike on the rich to be a bad idea.

I would imagine it's still up for debate on whether or not the democrats would allow a tax increase on the middle and lower class.

How's that Hope & Change going for you all?

No one's asked me in a while, so far it's pretty good.

And, this isn't some MSM or Right wing Group. These people don't care so much about politics as they do Serious Money and Investments.

According to Sourcewatch.org, "ATR (Americans for Tax Reform) is headed by Grover Norquist, one of the most connected members of the new right-wing movement. He has close ties to the Republican Party, large U.S. business interests, and both the subsidized and regular U.S. media. Norquist helped the Heritage Foundation write the Republican's 1994 Contract With America."

No matter where you sit politically, Taxing the citizens to Death will only bring your death (politically).

Ah yes, the irresponsibility of Americans who want social safety nets but aren't willing to work/pay for them.

Why stop at 39.6% ?

Let's be more like the euro-socialists and hike that 35% up to 59% so we can be more like DENMARK (the happiest nation in the world!)

A broke college student only paying 15% tax now? Why not make that one 35%? I would gladly fork over 1/3 my wages to our SAVIOR.

When is the VAT coming?

this issue is so messed up im not sure where to start. First the idea of paying taxes into a corrupt system scares me. However taxes do serve a purpose in a sense if used appropriately.

I do believe the rich should pay their fair share, as should the lower income brackets. But I also believe a person should have to take care of their family in terms of food, insurances, and housing before paying taxes into a flawed system.

The real solution here though is very obvious. Its cutting spending. Aside from the wars in the middle east, how much waste is there in our budget? I will have to say I dont know at the moment, but I would imagine there is plenty. we need to cut spending!

For example, imagine if we took all of the money we're spending in the middle east right now fighting two "wars" and put it towards a positive direction such as research and job creation.

Cut the spending! Thats who will get my vote

For the record.... I support taxes and the uses it pays for.... when everyone is paying what they should NOT me paying for everyone else too!

And, anyone saying someone salary should be cappped-apparently isn't making that much money and they seek to take that money in which they Didn't earn and spend it on themselves.

Sorry, wrong country-you can just leave now.

I can't even believe people want to pay more taxes!

The united states is just a corporation, you pay for services via taxes. Because I dont want the services the government spends the most money on (war, foreign military bases, the drug war, handouts) I am going to stop paying for them those services, just like I dont pay for other services I dont need. I pay enough via sales tax to cover my share for the roads, and I dont ask for a whole lot else from them so I am not going to pay them a whole lot more. The cayman islands pays for EVERYTHING with just sales tax, no property tax, no income tax because they efficiently manage their money and dont spend on military because they dont have one. I understand for a country this big, we need to have some sort of military, but there is no real reason to spend billions on bases in almost every country. And the war in iraq and afganistan arent making us any safer, in fact I'd say its keeping that area unstable. I think a lot of americans wont pay taxes either next year with these tax hikes, people cant afford it.

[edit on 22-7-2010 by CREAM]

reply to post by anon72


www.grailcode.net...
talks of your tax sunami and alot more of the reasons why
my post was TWO SIDES TO EVERY STORY THEN THE TRUTH
yes your right as are most others ,it as we are all connected

how do u spell tax revolt?? just wondering...seeing as noone is paying attention to what really matters...bottom line uncle sam is fueling civil unrest...follow the money. hows that black budget doing...how do u spell disgust?? piggos! why dont you all just choke off at the troff?

The resurrection of the death tax is simply absurd because this will certainly ensure the further demise of some of America's biggest land owners. Farmers.

This will crush the family owned farm and put an end to the passage of all land and assets from generation to generation. Can't pay the taxes??? Time to close shop and liquidate. Who will then come in to scoop up the land and assets? Your Friendly govt. of course!! Just travel to Iowa or Nebraska and you will see how fast land acres add up for a farmer whose land has been in the family for 40 years or more.

Back in 2007 the average farm in Iowa was 356 acres valued at $3400.00 per acre. That's easily $1.2 million in land alone. Add to that all of the outbuildings, barns, livestock, machinery and the homestead and you're easily pushing the $3 million mark and you are looking at $1.6 million in a single tax hit!!!! On land and assets that have already been taxed countless times!!!!

The same demise will hold true for any privately owned family businesses as well. Businesses that employ people and contribute to the local economy.

55% percent of an estate valued over $1million is a lot of money and will cost the heirs of these estates millions of dollars.

No good!!!

I hear about everyone crying over Wall Street Greed including Obama and very few realize the extremely high level of govt greed that far exceeds that of any Wall Street Banker.

reply to post by links234

Ah yes, the irresponsibility of Americans who want social safety nets but aren't willing to work/pay for them.

The only safety net I want is the 200,000k a year that wealth envious people think I should not be allowed to have any longer, making me reliant on *their* social safety nets.

Seems like you have the safety net thing bass ackwards. You need the social safety net because your wealth envy and laziness prevents you from raking in the 200k plus a year that would make you able to not have the government teat in your mouth. But then, that's why they call it "security" isn't it? Like a baby's blanket.

I don't want social "security", I want my 200k plus a year without your greedy paws taking from it because of some inane idea you have a "right" to what other people earn.

And anyone that thinks Medicare/Medicaid is great coverage, next time try to figure up 20% of that 250k medical bill and see how much will be coming out of your pocket afterall. That 20% includes your paid for house if you can't cough up the change. Great security, huh.

Sod off and go earn it yourself.

______________________________

I think one of the other taxes people don't know is coming and that I haven't seen talked about is the one for Health Care about your proposed worth as opposed to your real worth. IE: when your coproration sends you a notice that according to the matched donations to your 401k, and the part of your health benefits they cover, you are actually being considered at 49k a year instead of 28k a year, hence you will now be taxed as if you earn 49k a year regardless of the fact that you bring home far less than that.

That coupled with the Bush tax cuts expiring and all the secret new taxes being slipped into these "unread bills", is going to leave people with `15-20% or more tax increases that will affect *EVERYONE*, not "just those making over 250,000k a year.

That means the people making 25k a year, 40k, 60k etc.

All the while we still get to foot the bill for the next 99 years for the terminally unemployed. (Oh wait, thats just till AFTER the election, my bad.)

Originally posted by jibeho

I hear about everyone crying over Wall Street Greed including Obama and very few realize the extremely high level of govt greed that far exceeds that of any Wall Street Banker.

It's all about the perceived intent. Wall Street intends to make money. That's all they see. Government "intends" to bring us all together in some cartoonishly impossible utopia. Ergo greed is good.....for government.

The same people see the big pharma and other big industry folks as evil incarnate because they intend to make a profit. But some school charging you 50K to teach yourself from a book while your 'professors' molest the students and waste time writing pointless chock full of nothing articles about chock full of nothing research to funnel more government grant money to their school the intention is to 'educate' so it's all great and good and holy.

Too many stupid people making too many stupid decisions with my property. If I wanted morons to ruin my life I'd go work at WalMart.

reply to post by links234



Thats all well and good but this gets rich and poor. They really want the
perpetual wealth of the whole nation.

Nothing in this country stinks like the death tax. Nothing. Nothing says we own you like the death tax.

Originally posted by anon72


I can't even believe people want to pay more taxes!

Well most dont feel the pain of taxes....they are high on the opiate of satis-faction knowing the "rich" will be drained, never seeing how they sell thier souls in the meantime.

[edit on 22-7-2010 by Logarock]

I can't understand why people get so freaked-out by the tax issue. Is this really a surpirse to anyone? We have two ongoing wars that have (so far) cost $1 trillion dollars. The Washington Post talked about a largely ineffectve intelligence behemoth that costs $75 billion a year. Grab your calculator and do a quick estimate of the annula interest on that rolling debt.

People love to draw the focus to the health care reform and the bailouts. And I get that to a degree. But both of those have some measure of payback although no one can agree on what that is. But there is some.

But those wars, running since 2001, that were justified on the flimsiest of 'intelligencce' and whose rationale is suspect at best have all but bankrupted this country. Of course we're going to have to raise taxes. We're going to have to pay for all that --- with interest. Not the individuals and companies who have profited mightily from these wars but rather us, the substantially unemployed populace that has had our incomes, savings, equity and sanity ravaged by the very same greedy trolls that got us all into this mess. God bless America.

When you think about it, you really have to wonder what the government's intentions are with these tax hikes considering the fact that they have no problem simply printing out billions of dollar to give to private corporate interests, other countries and weapons manufacturers.

They print money whenever they feel like it yet they still want to tax us into oblivion, it's enough to make one think they're up to something.

You are starting to catch up with the european model. What will it accomplish? People (like me) living on welfare just because we can. Paying over 50% tax to the government is so rewarding.

Maybe this too is necessary, to finally sweep the rug from under our feets, and start anew. Maybe not. Atleast the awaken ones have the chance to not work/go to school, and the sleeping slaves will pay the bills. Maybe this is the goal? Keep the awoken ones quiet and happy, and the sleepers under so much stress that they have no power to question status quo

The REAL issue... When government destroys wealth through taxation, the entire economy suffers. When a parent dies and passes on the business to their children and the government insists on 55% taxation on the value of that business you can guarantee that that business will close and be liquidated to pay the tax bill. The result? People unemployed, loss of income tax revenue, loss of sales tax revenue and loss of GDP that said company was contributing. Increasing taxes is a short-term solution to a long-term problem - kind of like putting a band-aid on a bullet wound!

The next real issue is that in America EVERYONE is to be treated EQUALLY! A progressive income tax system and other tax schemes designed to bilk the "Wealthy" are NOT in keeping with the Constitution and are therefore illegal. Sadly, our cowardly politicians cater to the populist attitude that "wealthy" Americans should pay more. What they fail to understand is that 25% of $300,000 IS MORE than 25% of $25,000 - so they DO pay more!!!

Originally posted by jtma508
I can't understand why people get so freaked-out by the tax issue. Is this really a surpirse to anyone? We have two ongoing wars that have (so far) cost $1 trillion dollars. The Washington Post talked about a largely ineffectve intelligence behemoth that costs $75 billion a year.

Because they always fall back on the producers. Do you think WP is going to do a story on the massive amount of waste in other areas? Liberals have always argued about money spent on war when it could be spent on utopia here at home. And they always talk about the cost in $ terms because thier brain is limited and their appetite is vast.


How much $ has this contry dumped into the wealfare dump over the last 30 years? Bailing out the greeks?

Originally posted by kozmo
The REAL issue... When government destroys wealth through taxation, the entire economy suffers. When a parent dies and passes on the business to their children and the government insists on 55% taxation on the value of that business you can guarantee that that business will close and be liquidated to pay the tax bill. The result? People unemployed, loss of income tax revenue, loss of sales tax revenue and loss of GDP that said company was contributing. Increasing taxes is a short-term solution to a long-term problem - kind of like putting a band-aid on a bullet wound!

This is down right evil. Its like a government eating its own. Its awful.

All this money was aready taxed and then 50% in the end. Do the math is evil, evil out of hell.

reply to post by Logarock


You are absolutely correct - pure evil! There should be double-jeapoardy in taxation as their is in criminal prosecution. They are collecting money on an entity that they have already taxed. Further, taxes should ONLY be the result of income and earnings. When a child takes over a family business or a farm, they have NOT generated income or earnings. This is nothing short of criminal.

To comment on your previous post regarding liberal utopia and its incessant waste of tax dollars, I submit the "Projects" to you as a perfect example. In 1950s, the Democrats lead a charge to provide housing to minorities and the poor. The "Project" was to prove that providing such housing would show the rest of the country that minorities and the poor could support and build their own communities and would become a source of pride, thus leading to economic development. Obviously the "Project" has failed miserably and has become nothing short of vast financial black hole that continues to bleed us dry!

The problem with liberals is two-fold. First, their arguments and beliefs are purely emotional and not founded by any rational or logical thought. Almost every single liberal program has ended in complete failure and has cost billions of dollars in unnecessary spending. Secondly, they fail to understand that eventually you will run out of other people's money to spend. The reason is quite simple, when the most productive of society are penalized for their excellence, they will no longer strive for excellence as there is no point in putting forth the effort to have the fruits of that labor confiscated. This has been proven throughout the whole of human history, yet they fail to employ the necessary logic to grasp it! Oye!