I just received this in an email:
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. (the
"Bush" tax-cuts)
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.
Tax Benefits for Education and
Teaching Reduced. The deduction for tuition and fees will
not be available. Tax credits for education will be limited.
Teachers will no longer be able to deduct classroom expenses.
Coverdell Education Savings Accounts will be cut. Employer-provided
educational assistance is curtailed. The student loan interest
deduction will be disallowed for hundreds of thousands of
families.
Charitable Contributions from IRAs no longer
allowed. Under current law, a retired person with an IRA
can contribute up to $100,000 per year directly to a charity from their
IRA. This contribution also counts toward an annual “required
minimum distribution.” This ability will no longer be
there.
PDF Version Read
more:
http://www.atr.org/six-months-untilbr-l ... kes-a5171##ixzz0sY8waPq1
Now your insurance is
INCOME on your W2's......
One of the surprises
we'll find come next year, is what follows - - a little
"surprise"that 99% of us had
no idea was included in the "new and improved"
healthcare legislation . . . the dupes, er, dopes, who
backed this administration will be astonished!
Starting in 2011, (next year
folks), your W-2 tax form sent by your employer
will be increased to show the value of whatever
health insurance you are given by the company. It
does not matter if that's a private concern or
governmental body of some sort. If you're
retired? So what; your gross will go up by
the amount of insurance you get.
You will
be required to pay taxes on a large sum of money that
you have never seen. Take your tax form you
just finished and see what $15,000 or $20,000
additional gross does to your tax debt. That's
what you'll pay next year. For many, it also
puts you into a new higher bracket so it's even
worse.
This is how the government is going to buy
insurance for the15% that don't have insurance and
it's only part of the tax increases.
Not
believing this??? Here is a research of the
summaries.....
On page 25 of 29: TITLE IX
REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET
PROVISIONS-(sec. 9001, as modified by sec. 10901)
Sec.9002 "requires employers to include in the W-2
form of each employee the aggregate cost of applicable
employer sponsored group health coverage that is
excludable from the employees gross income."
Joan
Pryde is the senior tax editor for the Kiplinger
letters. Go to Kiplingers and read about 13
tax changes that could affect you. Number 3 is
what is above.
For all you out there who don't know what this means. NAALCP is an acronym started out by that fat scumbag, black hating Rush Limbaugh. The 'L' stands for 'Liberal.' Oooh, good one Rush! I guess you have to be liberal to not hate blacks. Good God is that pathetic RWF. You are a blind lemming.
You're the one spewing garbage and expecting people to believe it. Go ahead and tell me this represents the democrat party and Obama so the board can collectively laugh at you.