6 Months until the Economy really tanks

[JustRalph]

You think Unemployment is bad now.......just Wait until a year from now

Get ready to be hammered boys and girls..........this economy will go south.......let's just hope it happens in time for the 2012 election....... :bang:

http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171

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:


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 “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 “Special Needs Kids Tax” This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education.

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.

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. The 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.

Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#ixzz0sU9rlQSg

[NJ Stinks]

You mean we're not Greece anymore?

[LottaKash]

Can't Wait !.....I love to Pay.....Go Tax !!!!:jump: :jump: :jump:

best,

[Tom]

You mean we're not Greece anymore?

You will be wishing we were by the time this piece of garbage destroys our economy. Facts are facts - it will only get worse with the socialist/ terrorist in charge. His economic polices are moronic and the world is pleading with him to stop. He will not.

The only word you can use to describe him is failure.

[prospector]

two words..
underground economy...easy to do..

[BlueShoe]

Obama has studied Marxist theory and history intensely and knows it very well. Taxation coming soon, not long afterward comes the inflation.
"The way to crush the Bourgeoisie is to grind them between the millstones of taxation and inflation".
Vlamimir Lenin

[LottaKash]

Obama has studied Marxist theory and history intensely and knows it very well. Taxation coming soon, not long afterward comes the inflation.
"The way to crush the Bourgeoisie is to grind them between the millstones of taxation and inflation".
Vlamimir Lenin

Sadly, it is happening right before our eyes.....

The Stock Market is the only thing left to "kill", as everything else is wrecked....

New World Order, comin' up...Soon, I fear...

best,

[bigmack]

two words..
underground economy...easy to do..
I like the way you think.

[BlueShoe]

The Stock Market is the only thing left to "kill", as everything else is wrecked....

"The best way to destroy the capitalist system is to debauch the currency"
Vladimir Ilyich Lenin

[LottaKash]

"The best way to destroy the capitalist system is to debauch the currency"
Vladimir Ilyich Lenin

Blueshoe, I believe that has already been done.....I think that once the "stimulus" money, that was created out of "thin air", has all been dispensed, that will be the "debauchery" part, brought to fruition....

best,

[jamey1977]

"The best way to destroy the capitalist system is to debauch the currency"
Vladimir Ilyich Lenin
Tax those rich S.O..B's. Tax every S.O.B. that got a 300 thousand dollar bonus from the Banker and Wall Street bailouts. These fools were suppose to hire more people and create jobs. All of these fools are just sitting on the money and hiring no one and lending money to no one. These rich greedy S.O.B's should be taxed 55 percent, there are so many loopholes. They hardly pay anything. Oh yeah, they 'll report they paid 47 percent of their income to the government , another crock of bull. They never mention the tax write offs they put all of their money in. Even Hugh Hefner pays 25 thousand dollars a month for rent of The Playboy Mansion to his company Playboy Enterprises. The rich are full of crap like that. They have companies that take in depreciation money and tax write- offs. All a crock. Make them pay. 55 percent taxes. Everything. The Senate is all paid off. Hell. Some of The Senators are the rich. Those fat pig selfish idiots.

[BlueShoe]

I believe that has already been done.....I think that once the "stimulus" money, that was created out of "thin air", has all been dispensed, that will be the "debauchery" part, brought to fruition.
Sadly, this is correct. Also well underway is the indoctrination of the nations children. Just look at the almost total leftist domination of the public school systems.

"Give me four years to teach the children and the seed I have sown will never be uprooted."
Vladimir Ilyich Lenin

"Give us the child for eight years and it will be a Bolshevik forever."
Vladimir Ilyich Lenin

[acorn54]

one of the first things i learned in economics is that you don't raise taxes during a recession.
well here in new york we have a retard for governor who is tax crazy and raising every imaginable tax he can.
seems the politicians we elect are just morons in suits.

[lamboguy]

in the stupid healthcare legislation they stuck in a real killier. all coin and precious metal transaction that coing dealers transact $600 or over must be reported with a 1099 just like wg2 racetrack earnings. this law killed the racing game, the coin dealer law is designed to kill everyone else that has figured out what this govenment has been doing to its citizens the last 10 years.

[Robert Goren]

one of the first things i learned in economics is that you don't raise taxes during a recession.
well here in new york we have a retard for governor who is tax crazy and raising every imaginable tax he can.
seems the politicians we elect are just morons in suits.Clinton did it and the Bush 41 recession ended and the late 90s were one of the best ecomonic times in our history. They only ended because of 9/11.

[Robert Goren]

in the stupid healthcare legislation they stuck in a real killier. all coin and precious metal transaction that coing dealers transact $600 or over must be reported with a 1099 just like wg2 racetrack earnings. this law killed the racing game, the coin dealer law is designed to kill everyone else that has figured out what this govenment has been doing to its citizens the last 10 years. The reporting of race track winnings has been effect as long as I have betting horses. I bet my first horse in 1962. There have been a lot of things that have really hurt horse racing over the years, but it is hard to find any reason to believe that this law had much to do with.

[Tom]

Blueshoe, I believe that has already been done.....I think that once the "stimulus" money, that was created out of "thin air", has all been dispensed, that will be the "debauchery" part, brought to fruition....

best,

Time to roll out the NEW currency......Obama Bucks!

[lamboguy]

The reporting of race track winnings has been effect as long as I have betting horses. I bet my first horse in 1962. There have been a lot of things that have really hurt horse racing over the years, but it is hard to find any reason to believe that this law had much to do with.
the witholding of taxes got plenty to do with it. it used to be for tickets over $1000 that got witheld, now i know its higher. they hold 25% plus state tax now

i was just pointing the deal about the gold incase there are alot of slick people out there that think they are going to be able to protct their assets from the oncomilng avalanche. the government just closed up that loop hole with a pen.

[Robert Goren]

the witholding of taxes got plenty to do with it. it used to be for tickets over $1000 that got witheld, now i know its higher. they hold 25% plus state tax now

i was just pointing the deal about the gold incase there are alot of slick people out there that think they are going to be able to protct their assets from the oncomilng avalanche. the government just closed up that loop hole with a pen.When I started it was tickets over $600 and they took 20% of the whole ticket.

[lamboguy]

When I started it was tickets over $600 and they took 20% of the whole ticket.
i never used to hit to many of those things, so i can't argue with you.

these days i hit less! :bang:

[JustRalph]

Tax those rich S.O..B's. Tax every S.O.B. that got a 300 thousand dollar bonus from the Banker and Wall Street bailouts. These fools were suppose to hire more people and create jobs. All of these fools are just sitting on the money and hiring no one and lending money to no one. These rich greedy S.O.B's should be taxed 55 percent, there are so many loopholes. They hardly pay anything. Oh yeah, they 'll report they paid 47 percent of their income to the government , another crock of bull. They never mention the tax write offs they put all of their money in. Even Hugh Hefner pays 25 thousand dollars a month for rent of The Playboy Mansion to his company Playboy Enterprises. The rich are full of crap like that. They have companies that take in depreciation money and tax write- offs. All a crock. Make them pay. 55 percent taxes. Everything. The Senate is all paid off. Hell. Some of The Senators are the rich. Those fat pig selfish idiots.

I don't know how you can be so mis-informed on some things. The richest pay way over their fair share now.........you realize that 47% of Americans pay no tax at all, right?

I am no fan of the Bankers who got bailed out. But you can't just decide to 'tax the rich" by throwing a blanket over them and asking for money.

[witchdoctor]

But you can't just decide to 'tax the rich" by throwing a blanket over them and asking for money.

They are going to give it a try. :bang: :bang:

[RaceBookJoe]

I don't know how you can be so mis-informed on some things. The richest pay way over their fair share now.........you realize that 47% of Americans pay no tax at all, right?

I am no fan of the Bankers who got bailed out. But you can't just decide to 'tax the rich" by throwing a blanket over them and asking for money.

The bankers get no sympathy from me. When the tax rates go up in 6 months, AND then if you want to tax the rich even more then you can forget about any job recovery. The next time someone tells me that they got hired by a poor person, it will be the first time. On top of that its the rich, not the poor who spend the most money and pump it back into the economy. I would have no problem with a flat tax. Higher tax rates affect everything, there was an article earlier in the week about Labron James and how much more he would have to pay in taxes if he signs with the Knicks because of NY tax rates. rbj

[boxcar]

I don't know how you can be so mis-informed on some things. The richest pay way over their fair share now.........you realize that 47% of Americans pay no tax at all, right?

I am no fan of the Bankers who got bailed out. But you can't just decide to 'tax the rich" by throwing a blanket over them and asking for money.

Taxing the rich was never the real goal of libs to begin with. Taxing everyone is really their goal, especially the middle class. Eventually, there will be no such thing anymore as the "middle class". It will be only the rich and the poor, as the middle class moves into this latter one.

Boxcar

[Tom]

Those who cry tax the rich are taxing their pee-brains.
Simple solutions for simpletons.

[WinterTriangle]

When Bush Jr. left office, I had no expectation that the mess we were in would clear up, regardless of what was done, in a mere 2 years.

I believed that would be true regardless of who was elected.

It was not entirely Bush fault either.........30+ years in the making.

To play the blame game, one would have to have 1,000 times more tentacles than an octopus to have enough appendages to cover the finger-pointing.

[Mike at A+]

Taxing the rich was never the real goal of libs to begin with. Taxing everyone is really their goal, especially the middle class. Eventually, there will be no such thing anymore as the "middle class". It will be only the rich and the poor, as the middle class moves into this latter one.

Boxcar
This is EXACTLY what I believe. The Democrats are squeezing the last drops of blood out of the middle class. Jobs are not coming back under an Obama regime and the market is losing every time he opens his mouth demonizing anyone who makes a profit he deems to be excessive. Unemployed people over the age of 55 are getting the worst screwing as the money they had planned for retirement is vanishing before their eyes either through market downturns, withdrawals to survive or both. Plus these people (many of them former 6 figure earners) can't even get an interview. I wouldn't be the least surprised to see the suicide rate among seniors skyrocket. We elected a piece of garbage who is bent on taking America down the toilet. And if Republicans take the midterms convincingly, be prepared to see a record number of presidential vetoes in 2011 and 2012.

[Robert Goren]

i never used to hit to many of those things, so i can't argue with you.

these days i hit less! :bang: I hit 2 in 1968 and 1 in 1980. None since. All three were doubles. These days I almost never buy anything other than win tickets and they are very small bets. Really kind of :( but true.

[Robert Goren]

Taxing the rich was never the real goal of libs to begin with. Taxing everyone is really their goal, especially the middle class. Eventually, there will be no such thing anymore as the "middle class". It will be only the rich and the poor, as the middle class moves into this latter one.

Boxcar Where have you been? The middle class is already gone.

[Robert Goren]

The bankers get no sympathy from me. When the tax rates go up in 6 months, AND then if you want to tax the rich even more then you can forget about any job recovery. The next time someone tells me that they got hired by a poor person, it will be the first time. On top of that its the rich, not the poor who spend the most money and pump it back into the economy. I would have no problem with a flat tax. Higher tax rates affect everything, there was an article earlier in the week about Labron James and how much more he would have to pay in taxes if he signs with the Knicks because of NY tax rates. rbj I have work for people who claimed they were poor whenever I asked them for a raise. Does that count?;)

[JustRalph]

Well, I am about 3 weeks away from my one year prediction.

From everything I read in the last couple of weeks.......looks like the prediction is coming true......... I said a year..... I might be a little ahead of schedule ....... :bang: something I am not happy about. :mad:

You think Unemployment is bad now.......just Wait until a year from now

Get ready to be hammered boys and girls..........this economy will go south.......let's just hope it happens in time for the 2012 election....... :bang:

http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171

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:


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 “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 “Special Needs Kids Tax” This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education.

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.

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. The 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.

Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#ixzz0sU9rlQSg