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Are all these new taxes true???

  1. SparklingJewel profile image66
    SparklingJewelposted 6 years ago

    "It takes twenty years to build a reputation and five minutes to lose it. If you think about that, you will do things differently"
    -Warren Buffett



    In just six months, on January 1, 2011, 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, here’s what happens... (read it to the end, so you see all three waves)...
     
    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 highermarginal 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 only, there is no death tax.  (It’s a quirk!) 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, a business, a retirement account, could easily pass along a death tax bill to their loved ones.  Think of the farmers who don’t make much money, but their land, which they purchased years ago with after-tax dollars, is now worth a lot of money.  Their children will have to sell the farm, which may be their livelihood, just to pay the estate tax if they don’t have the cash sitting around to pay the tax.  Think about your own family’s assets.  Maybe your family owns real estate, or a business that doesn’t make much money, but the building and equipment are worth $1 million.  Upon their death, you can inherit the $1 million business tax free, but if they own a home, stock, cash worth $500K on top of the $1 million business, then you will owe the government $275,000 cash!  That’s 55% of the value of the assets over $1 million!  Do you have that kind of cash sitting around waiting to pay the estate tax?

    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 not be used to pay for this type of special needs education.

    The HSA (Health Savings Account) 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 IRAsand other tax-advantaged accounts, which remain at 10 percent.

    Third Wave:

    The Alternative Minimum Tax (AMT) 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 currently 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 … z0sY8waPq1

    And worse yet?

    Now, your insurance will be 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 . . . those 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.

    Why am I sending you this?  The same reason I hope you forward this to every single person in your address book.

    People have the right to know the truth because an election is coming in November!

    1. weholdthesetruths profile image60
      weholdthesetruthsposted 6 years ago in reply to this

      The limit on expensing purchases to 25,000 may indeed put me out of business.   I have a new and rapidly expanding business, the vast majority of spending is not expenses, but actually purchases.   I've been able to write it all off, since I never see the equipment again and if I do, it's because it died and I have to replace it.   If I have to depreciate it over several years, I'm going to ahve a huge tax bill, without ever having made anywhere near enough cash flow to pay the tax.

    2. Sylvie Strong profile image60
      Sylvie Strongposted 6 years ago in reply to this

      This is a repeat of a scare tactic chain email that has been circulating.  Parts of your post are verbatim from the email.  The value of employer provided health insurance will not appear on W-2s for anyone in 2011.  In 2018, if the value of your annual health benefit exceeds $27,500 (a so-called "cadillac" health plan), the value will appear on your W-2 but it is not added to your gross income and you do not get taxed on it.  It is for purposes of calculating an excise surcharge to the insurer.  You can read what Snopes has to say about this hoax. 

      http://www.snopes.com/politics/taxes/hr3590.asp

    3. Sylvie Strong profile image60
      Sylvie Strongposted 6 years ago in reply to this

      In addition to the Snopes link I provided, here's one from Factcheck.org.

      http://www.factcheck.org/2010/05/health … w-2-forms/

      1. Pcunix profile image88
        Pcunixposted 6 years ago in reply to this

        Aso http://www.factcheck.org/2010/09/2011-tax-increases/

        The rich lie to the uninformed and they spread it far and wide.

        1. kerryg profile image87
          kerrygposted 6 years ago in reply to this

          Seriously! Never believe anything you read in a chain email before Googling it first.

          1. Randy Godwin profile image93
            Randy Godwinposted 6 years ago in reply to this

            These ridiculous topics does help us when we are deciding who to take seriously in the future, though!  Anyone who puts such posts here without checking to see if they are true or not cannot be taken seriously on any political discussion!

            1. Pcunix profile image88
              Pcunixposted 6 years ago in reply to this

              Why would you take ANYTHING the TP crowd has to say seriously?

              I mean, yes, they are serious, but it's all empty noise.   Cut taxes!  And fund our government with what?  Abolish Health Care! And ignore that we need health reform or the costs will eat us alive?Throw out the illegals?  How?

              It's all just anger driven with no THOUGHT behind it.  It sickens me because very wealthy people use the uninformed to further their agenda.

              1. Randy Godwin profile image93
                Randy Godwinposted 6 years ago in reply to this

                Scary isn't it!  But it just goes to show how easy it is to control the masses if you have plenty of money to back your agenda!  We see this all of the time here with someone posting blatantly false information because they read it on a favored right wing site. 

                But even when their posts are proven to be false info, it doesn't prevent them from doing it again!  Go figure!

              2. weholdthesetruths profile image60
                weholdthesetruthsposted 6 years ago in reply to this

                Fund the government?  cutting taxes doesn't defund the government.   It just funds it less.   Which is good.  It has too much money and does too many things.

                1. Pcunix profile image88
                  Pcunixposted 6 years ago in reply to this

                  And yet you and your fellow TP folks cannot actually name anything that COULD be cut.  Asking that question either causes y'all to disappear or respond with more lies (overpaid government workers) or politically impossible cuts (military, social security).  You are all full of artificially induced rage, but that is all you have.

                  Anger isn't a policy.  Rage will only elect people who will say the things that rile you up.  Sure, they will wave the flag at you and lead you in prayer, but that is all they will ever be able to do because there are no realistic cuts to made and there are no significant programs to be eliminated.  But you gobble it up abd let it feed your anger.

                  We do not need cuts.  Cuts will drive us deeper into poverty.  We need to tax the wealthy because they have stolen so much that there is almost no one left to tax but them.  We are not talking about making them poor - they cannot even spend what they have now, but their insatiable greed continues unabated.  We just want to take what is necessary. 

                  I am sorry you will never understand this.  Your masters fill your ears with lies and you believe every one of them.

                  1. Jim Hunter profile image60
                    Jim Hunterposted 6 years ago in reply to this

                    "And yet you and your fellow TP folks cannot actually name anything that COULD be cut.  Asking that question either causes y'all to disappear or respond with more lies (overpaid government workers) or politically impossible cuts (military, social security).  You are all full of artificially induced rage, but that is all you have."

                    Start with Fannie Mae and Freddie Mac, do away with all redundant agencies. Do we need the US Marshal's office,DEA,FBI,Secret Service,ATF and on and on?

                    Use Social Security for Social Security not as a rainy day fund.

                    Do not pay to belong to the united nations, without the US there is no united nations.

                    Do not pay farmers to let crops burn in the fields but rather to produce in the fields.

                    Nobody is running from the question of what to cut, cut it all if that will make the US prosperous again.

                  2. weholdthesetruths profile image60
                    weholdthesetruthsposted 6 years ago in reply to this

                    Why do you lie?    Any TP type can rattle off a longlist of things to immediately end.

                2. Ralph Deeds profile image69
                  Ralph Deedsposted 6 years ago in reply to this

                  You mean it increases the deficit we are passing on to our grandchildren?

    4. Ralph Deeds profile image69
      Ralph Deedsposted 6 years ago in reply to this

      And they have a right to know the truth about what services and government functions the TPs would cut.

      I believe one of the platforms calls for eliminating the Education, Energy and Commerce Departments as well as phasing out Social Security and Medicare.

      1. Doug Hughes profile image60
        Doug Hughesposted 6 years ago in reply to this

        So who's gonna pay for the tent cities and soup kitchens?

  2. WryLilt profile image87
    WryLiltposted 6 years ago

    America is bankrupt/in recession and they want to bleed the poor people dry as well?

    Thank god I don't live in the US.

    1. profile image70
      logic,commonsenseposted 6 years ago in reply to this

      Got any room down under, I'm ready to move!

      1. WryLilt profile image87
        WryLiltposted 6 years ago in reply to this

        Well if you hop on a boat you'll get to stay in a detention centre for three months then let into the country and get more rights and money from the government than me. smile

        1. profile image70
          logic,commonsenseposted 6 years ago in reply to this

          Cool!  Do I get to choose my roommate in the detention center? smile

  3. Misha profile image75
    Mishaposted 6 years ago

    As bad as it sounds, I can't wait to see those taxes hitting our resident liberals, and all liberals for that matter. I am very curious what will they be saying after filling the tax forms smile

    1. Sylvie Strong profile image60
      Sylvie Strongposted 6 years ago in reply to this

      In addition to the inaccuracy regarding W-2's, the chain email is premised on the false assumption that the bush tax cuts will not be extended for all Americans.  That is actually the opposite of what the President and Congress have promised.  They have said that they will make decisions on bush tax cut extensions so as to affect only Americans in certain income categories.  Politicians can always fail to keep their promises, of course.  We will soon find out.  But to the extent that the email claims that this nightmare scenario is what is planned, it is incorrect.

      And, Misha, I am a big fan of poetic justice.  If there are painful taxes to be paid, I probably have it coming.  smile

      1. Misha profile image75
        Mishaposted 6 years ago in reply to this

        Since I am not really interested in digging deep into those texts and making all the comparisons and checks, I will just wait a couple of years, and watch how this will come out at the end in 2012, right before the Apocalypse hits big_smile

        1. lrohner profile image85
          lrohnerposted 6 years ago in reply to this

          lol  lol  lol

        2. Pcunix profile image88
          Pcunixposted 6 years ago in reply to this

          Gosh, I forgot about that.  It is puzzling, because I would think that those  clueless enough to believe these lies would believe Jesus is coming in 2012 too - so why do they care?

  4. CMHypno profile image89
    CMHypnoposted 6 years ago

    Sounds like someone in the US Govenment has been reading the Gordon Brown paper on how to really complicate tax issues and charge a bit more for everything.

    Hope this is all not true for you in the US and is just a scam.  Here in the UK they have just worked out that they have been miscalculating income tax, and around 1.5 million tax payers can look forward to a letter arriving next week asking for on average £1400 tax that was not collected.  How are some families are going to be able to pay this, even if it is taken off in monthly incrments?

  5. Pcunix profile image88
    Pcunixposted 6 years ago

    GOP//TP misrepresentation and outright fibs.  A giant distortion.

    SOP, of course.

  6. Ron Montgomery profile image60
    Ron Montgomeryposted 6 years ago

    Just more wingnut fear mongering.  Pathetic.

    1. Randy Godwin profile image93
      Randy Godwinposted 6 years ago in reply to this

      It's true the nuts never fall far from the Bush!

      1. Pcunix profile image88
        Pcunixposted 6 years ago in reply to this

        The problem is that they believe it. 

        And, unfortunately, we can't make them educate themselves before they vote.  They won't read Snopes or FactCheck.org.

        1. Randy Godwin profile image93
          Randy Godwinposted 6 years ago in reply to this

          I know, Pcunix, but they have faith in what Faux News tells them to believe!  These type threads are proof of it!  You can almost hear the talking points !  LOL!

    2. weholdthesetruths profile image60
      weholdthesetruthsposted 6 years ago in reply to this

      I know for a fact that much of it IS true.   The fact IS, that a massive economy busting tsunami is about to hit us.   If someone has details wrong in the posting, they have details wrong.   Overall, the tsunami remains devastating. 

      But, this is what happens when people who have "intellectual quantity zero" start choosing whom to empower with money and control.   They have a religious faith in government redistribution, though there is no evidence anywhere on the planet or in history that it works.

      1. Sylvie Strong profile image60
        Sylvie Strongposted 6 years ago in reply to this

        If you know for a fact that much of the chain email is true, I find it curious that you did not give us any facts.  By providing specificity, instead of saying "fraid not," "fraid so," you will make a more persuasive argument.  If you know in your heart that most of the chain is true, but do not have any facts to back it up, maybe you should examine whether your beliefs are warranted.

        1. Pcunix profile image88
          Pcunixposted 6 years ago in reply to this

          The TP does not trade in facts.

      2. Pcunix profile image88
        Pcunixposted 6 years ago in reply to this

        The evidence that it works is all around you.  What you call "redistribution" created the most powerful nation in the world and the unbridled greed of the wealthy is what is tearing it down.  Progressive taxation built this nation.

      3. Ron Montgomery profile image60
        Ron Montgomeryposted 6 years ago in reply to this

        Then you need to understand what facts are...

        Hint:  They are not to be found @FoxNews.com

  7. Doug Hughes profile image60
    Doug Hughesposted 6 years ago

    "Are all these new taxes true???"

    In a word - no.

    However if things go as planned, taxes for those earning over $250K per year will return to pre-Bush levels. Do you rmeber pre-Bush? THat's the lastt ime the federal government had abudget SURPLUS.

  8. psycheskinner profile image80
    psycheskinnerposted 6 years ago

    The Bush tax cuts will expire soon, just as Bush wanted them to.  If government needs to be cut, the cuts needs to precede withdrawing the funding.  Otherwise you just have yet another unbalanced budget and even more debt.

  9. Shadesbreath profile image89
    Shadesbreathposted 6 years ago

    The biggest problem in America is not the liberals or the conservatives, it's ignorance. 

    This thread is the kind of sh-t that gets spewed around the American landscape like fertilizer, the Internet a big giant spreader flinging corrupt granules of half-truth into the fecund soil of several million empty heads.  A few flashing-lights from a well-timed TV commercial and "snip snip" the politicians on either side harvest another crop of votes.

  10. SparklingJewel profile image66
    SparklingJewelposted 6 years ago

    so, three of the points were checked as being incorrect...what about all the others?

    I truly thought there would be more knowledgeable responses, instead of more insults and shows of ignorant prejudice...

    It is common knowledge that the "right" and the "left" think differently about how the economy works or doesn't work...I think we are getting close to the time in history where all the cards are on the table and we shall see if the "sides" can work together and find common ways of looking at things and doing things, or burn it all down...and have to start from scratch..??

    1. Pcunix profile image88
      Pcunixposted 6 years ago in reply to this

      You start with ignorance and lies and you complain about the responses??????

  11. Ralph Deeds profile image69
    Ralph Deedsposted 6 years ago

    "In just six months, on January 1, 2011, the largest tax hikes in the history of America will take effect."

    You mean the biggest tax giveaway will expire as scheduled by George W. Bush in a bit of budget accounting ledgerdemain.

 
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