Tax Tsunami Coming to you!!!!

[SB Shock]

Coming to a paycheck near you!!!!!

Lowest Tax Bracket - increase from 10% to 15%
Next Lowest - 25% to 28%
28% to 31%
33% to 36%
35% to 39.6%

Marriage Penalty will be back

Capital Gains jumps from 15% to 20%
Dividend Tax goes from 15% to 39.6%

Capital Gains and Dividend taxes will also increase in 2013 due to health care.

If you have a health saving or flexible spending account - gone

AMT (Alternate Minimum Tax) will be catching a wider net (expected to increase from 4 million this year to 28.5 million next year)

Small business deductions for depreciation deductions will be decreased from 250,000 to 25,000

3.8% medicare tax on profits from real estate transactions in 2013

It is good thing only the rich got helped under the Bush tax breaks.

[SB Shock]

[ISASO]

Thanks for the heads up. I've been contemplating harvesting some capital gains this year at the advice of my tax advisor. He's right - do it now so His Majesty doesn't get his greedy mitts on MY money.

I hope no one snitches on me to VP Biden.

RJL, would you recommend I wait until next year so I can pay more taxes? It would doubly piss off Biden and Obama to know that I'm selling it in order to help send my firstborn son to a private Christian school for Kindergarten.

Again, please don't report me on the White House snitch site. I realize I'm rebelling against the Orwellian story they are writing, but they will have to deal with it. I'm selling before they get the chance to screw me and my kids.

[t7017s]

You forgot the estate tax (Death tax) which is going to jump from 0% to 55%. Yeah nothing like stealing from the dead baby!

[WuDrWu]

You forgot the estate tax (Death tax) which is going to jump from 0% to 55%. Yeah nothing like stealing from the dead baby!

:rant:

[WuDrWu]

Multiple bites at the same apple piss me off more than life itself.

[1979Shocker]

Re: Tax Tsunami Coming to you!!!!

Coming to a paycheck near you!!!!!

Lowest Tax Bracket - increase from 10% to 15%
Next Lowest - 25% to 28%
28% to 31%
33% to 36%
35% to 39.6%

Tax Rates - Marginal Tax Brackets and Ordinary Income Tax Rates.

Currently there are six tax brackets: 10%, 15%, 25%, 28%, 33%, and 35%. Those tax brackets were implemented in 2001 and are scheduled to expire at the end of 2010. If Congress does not pass a new law, the marginal tax brackets will revert to their pre-2001 levels, which were five tax rates of 15%, 28%, 31%, 36%, and 39.6%.

President Obama wants to keep the current six tax brackets and replace the top two tax brackets of 33% and 35% to their pre-2001 levels of 36% and 39.6%.

Obama's Proposed Tax Changes

[WuDrWu]

And I am certain that brilliant plan will be the next great job creator.

[ISASO]

'79, how about those capital gains rates in 2011 mentioned in the article you posted? Death/estate taxes? Do middle class people not own stock or do they not die?

[1979Shocker]

'79, how about those capital gains rates in 2011 mentioned in the article you posted? Death/estate taxes? Do middle class people not own stock or do they not die?

I don't own any stock, so that's why I didn't mention it. And I don't own a lot of real estate, just one home, which is not really that expensive. Now if I was in an upper income bracket and was able to invest the extra money I would have, then I might be more concerned about these taxes.

One way or another, someone is going to pay more. As slow as Congress is on getting anything passed, they're going to have a hard time keeping the tax cuts from expiring. Maybe they'll end up extending it again. And then again, maybe the Republicans will filibuster again just to make the President look bad.

[WuDrWu]

I just don't get where the government, or any sane person (the government mostly being devoid of sane persons) thinks it is right to tax the same dollar multiple times and reduce what a parent (or other family member) wants to pass along to their children.

How does one explain why the government is more entitled to the money than the family member is?

It is mind boggling how stunningly crazy that thought process is.

[Smooth007]

The section 179 deduction (small business depreciation deduction) will likely be renewed at a higher amount.

[ISASO]

'79, how about those capital gains rates in 2011 mentioned in the article you posted? Death/estate taxes? Do middle class people not own stock or do they not die?

I don't own any stock, so that's why I didn't mention it. And I don't own a lot of real estate, just one home, which is not really that expensive. Now if I was in an upper income bracket and was able to invest the extra money I would have, then I might be more concerned about these taxes.

One way or another, someone is going to pay more. As slow as Congress is on getting anything passed, they're going to have a hard time keeping the tax cuts from expiring. Maybe they'll end up extending it again. And then again, maybe the Republicans will filibuster again just to make the President look bad.

Don't make the mistake of thinking that only upper-income people own some stock. I got mine through payroll deduction of $15 per paycheck while I was working my way through school 25 years ago. Thanks to some 2-1 splits, some nice dividend reinvestment and no union to drive up their operating costs, it's actually worth a small chunk. So, I'll sell some of it now to keep Obama away from it and let the rest ride out the storm with the expectation that America is learning the truth about His Majesty and will send him packing.

Again, please don't rat me out to Joe Biden for exercising my right to pay as little in taxes as legally possible. If you desire to make an extra 10-15% donation to the IRS as a show of your uber-patriotic feelings, go for it. I bet your generosity will garner you an invite to Timothy Giethner's house on April 15 for a Tax Day party.

[SB Shock]

Re: Tax Tsunami Coming to you!!!!

President Obama wants to keep the current six tax brackets and replace the top two tax brackets of 33% and 35% to their pre-2001 levels of 36% and 39.6%.

Propaganda. Everybody knows that the bush tax cuts are going to expire and at this point there is nothing that can be done - and frankly the democrats and Obama don't care. Obama believe in believe that there is a general unfairness in the system and the only way to fix it is through redistribution.

[SubGod22]

The White House Has Declared Class War on the Rich, but the Poor and Middle Class Will Suffer Collateral Damage