Thursday, July 1, 2010

Here it comes...

You've seen the hyperlink on Drudge Report but I think that link might be broken. I've copied down below the basic information that someone posted on a forum. Scary fucking stuff, especially the AMT which will fuck me over good next year. I also work for a small business and income tax increases hurt us the most. Because insurance costs are spiraling out of control and will only get worse thanks to NiggerCrackerCare, I'm losing my dental insurance next year; my company can no longer afford it. Our health care insurance premiums are also going up for 2011. And now my state of Washington is secretly planning a state income tax in addition to a host of other tax increases on businesses. Meanwhile, state and federal deficits have spiraled out of control with no end in spending in sight anywhere. The only difference between our local, state and federal governments and the regimes of Stalin and Mao is that our government hasn't murdered us, yet. But like the Romans said just prior to their complete collapse, "Maybe we're better off dead."

Higher taxes in perpetuity is what's cookin' for dinner. But I ain't eating. And I don't think the vast majority of my fellow Americans are eating that crap either. November 2010 here we come!

Go here for an official downloadable publication from the Joint Committee on Taxation.

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.

I've said it before and I'll say it again. Our United States federal government has become the enemy of we the people and must be stopped.


PeggyU said...

Paul - I can't believe the number of signature gatherers I have seen out collecting names for that goddamned income tax initiative. All of them that I have seen have been bubbleheaded college kids. They are frickin EVERYWHERE, ALL THE DAY LONG! At Costco, at the grocery store, at the mall ... "Sign this petition! It puts an income tax on people making more than $200,000 a year. We need it to save education!" Whatta buncha idjits!!! Who is paying them? I am absolutely certain these are not volunteers, but paid workers who get incentive pay for each page they fill. I am sure this will make it onto the ballot ... we need to fight it tooth and nail. I am thinking of talking to the mall people and asking if I can hand out literature against this petition drive.

CharlieDelta said...

It must be stopped like a brick fuggin wall! Re-inforced with rebar! Lot's of aggregate!

Me thinks PeggyU needs her own blog too...Get it on PeggyU..

PeggyU said...

Methinks PeggyU would be a dismal failure at it if she had to write on a regular basis. :)

kerrcarto said...

Government creates a tax. Free market figures a way around it. Government creates a new tax. Free market figures a way around it. Government creates a new tax. Free market figures a way around it. Government creates a new tax. Free market figures a way around it. Government creates a new tax. Free market figures a way around it. Government creates a new tax. Free market figures a way around it.

It is a circle of monetary tyranny. Abolish the IRS and give me a 15% flat tax and cut spending everywhere by 50% to get us out of this rut. Then once we have pulled ourselves out we can lower the flat tax to about 10% maybe lower.

PeggyU said...

Have you ever wondered how many fewer accountants and lawyers would be needed if there were no IRS? Part of why it's so hard to dismantle government programs is because even some private sector jobs become dependent on their existense. It's not a good enough excuse for getting rid of it, however, and going to either a flat tax or a national sales tax instead.

PeggyU said...

Paul: In case you haven't seen this, here is a more in-depth read on I-1098, the state initiative to impose an income tax on "the rich".

CenTexTim said...

In addition to the tax increase resulting from the expiration of the 2001 and 2003 tax cuts, here's a couple more from the obamacare bill.

Tax on investment income - ObamaCare imposes a 3.8% annual tax on investment income of individuals making $200,000 or more and on families making $250,000 or more. The new tax is not indexed to inflation, so more people will fall under it each year. Seniors on fixed incomes and people with IRAs and 401(k) plans will be hit particularly hard.

Tax on Home Sales - Imposes a 3.8% tax on home sales and other real estate transactions. Middle-income people must pay the full tax even if they are “rich” for only one day – the day they sell their house and buy a new one, if the profits push their adjusted gross income above the yearly limits.

These and more from

kerrcato nailed it - we need a flat tax, or smart tax, or whatever you want to call it. No more of this death by a thousand cuts.

CharlieDelta said...

I call bullshit PeggyU! You write well and should keep writing!