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Six Months to Go Until The Largest Tax Hikes in History

8 minutes ago from todaysworld

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  Get ready for some of the biggest tax hikes in history. As I started reading through this and the PDF file itself. All I could thing of was.
  Daniel 11
  
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  20"Then in his place one will arise who will (Y)send an oppressor through the [a]Jewel of his kingdom; yet within a few days he will be shattered, though not in anger nor in battle.
   21"In his place a despicable person will arise, on whom the honor of kingship has not been conferred, but he will come in a time of tranquility and (Z)seize the kingdom by intrigue.
   22"The overflowing (AA)forces will be flooded away before him and shattered, and also the prince of the covenant.
   23"After an alliance is made with him he will practice deception, and he will go up and gain power with a small force of people.
   24"In a time of tranquility he will enter the (AB)richest parts of the realm, and he will accomplish what his fathers never did, nor his ancestors; he will distribute plunder, booty and possessions among them, and he will devise his schemes against strongholds, but only for a time.
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  BREAKING:  Wounded Warriors Face New Tax This Independence Day
  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:
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  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.
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  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:
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  read more on www.atr.org
  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. 
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  PDF Version
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  Be sure to read the full article at the link. PDF is directly above.

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States may hold onto tax refunds for months

clipped from www.usatoday.com Residents eager to get their state tax refunds may have a long wait this year: The recession has tied up cash and caused officials in half a dozen states to consider freezing refunds, in one case for as long as five months. States from New York to Hawaii that have been hard-hit by the economic downturn say they have either delayed refunds or are considering doing so because of budget shortfalls. "It's an indicator of how bad it is," says Scott Pattison, executive director of the National Association of State Budget Officers. "You know things are bad when you have to do that." New York, hit with a $9 billion deficit, may delay $500 million in refunds to keep the state from running out of cash, says Gov. David Paterson. Hawaii's Department of Taxation says some residents may not see state income tax refunds until the end of August,

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Read His Lips: Obama Calls for Increasing Payroll Taxes on ‘Households’ Earning Less Than $250,000 Per Year

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clipped from cnsnews.com (CNSNews.com) - President Obama presented a new health care plan on Monday that calls for raising the Medicare payroll tax on some households earning less than $250,000, an apparent breach of his campaign pledge not to raise taxes on families earning less than that amount. The president’s plan also calls for increasing taxes on interest, dividends, annuities, royalties and rents. In a Sept. 12, 2008 campaign speech in Dover, N.H, Obama said: “And I can make a firm pledge: Under my plan, no family making less than $250,000 will see their taxes increase—not your income taxes, not your payroll taxes, not your capital gains taxes, not any of your  taxes.” But the new health care plan released in summary form yesterday by the White House specifically calls for increasing the Medicare payroll tax on “households with incomes exceeding $200,000 for singles and $250,000 for married couples filing jointly.”

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Oregon Passes Tax Boost on Wealthy, Corporations - WSJ.com

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• Oregon Passes Tax Boost on Wealthy, Corporations - WSJ.com

  "PORTLAND, Ore.—Oregon voters approved two special tax measures Tuesday designed to close a $733 million state budget gap. With 80% of the expected vote tallied, the Associated Press reported "yes" voters for Measures 66 and 67 garnered about 54% of Oregon's mail-in ballots. Elections here are by mailed ballot only. Tuesday was the last day ballots could be cast. Measure 66 increases Oregon's personal-income-tax rate by two percentage points for households earning over $250,000 a year. Measure 67 calls for an increase in the state's minimum corporate income tax, currently $10 a year, and imposes a tax on gross revenues for corporations that do not report a profit. The Oregon Legislature approved both tax increases last year, however opponents of the measures—chiefly business groups—sponsored a referendum campaign to put them to a statewide vote. Voters in this heavily Democratic state supported the legislators. "Passage of these measures means we keep core services of education, health care and public safety that Oregon families, businesses, and communities count on," said Oregon House Speaker Dave Hunt, a Democrat who represents Clackamas County. Defeat, he said, would have forced the state to cut nearly a billion dollars more from such services. The twin ballot measures also served as a gauge of anti-business populism and highlighted a nationwide debate over whether to fix state budgets by targeting the affluent. But they also fueled resentment of "tax and spend" legislators, as well as public-employee unions whose members enjoy job security at a time when thousands here have lost jobs. "

  tags: Oregon, Portland, Raising, Taxes, on, the, Rich, News, Law

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