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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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  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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OBAMA'S TAX ON JOB CREATION

clipped from www.ncpa.org The landmark health reform law signed by President Obama (ObamaCare) will require small businesses to provide health insurance to their employees.  This burden will be offset by a tax credit for each employee covered.  However, the credit is arbitrarily reduced as firms grow, penalizing employers that hire more workers or increase their salaries.  Thus, the credit may discourage firms from hiring more workers or higher-paid workers, say Devon Herrick, a senior fellow, and Pamela Villarreal, a senior policy analyst, at the National Center for Policy Analysis.  How does the tax credit for small firms work?  From 2010 to 2014, businesses in some industries that employ 25 workers or fewer will qualify for a tax credit worth up to 35 percent of the employer's contribution to workers' health coverage.  Beginning in 2014: The credit is not available to sole proprietorships and their families.  http://www.ncpa.org/pub/ba703  http://www.ncpa.org/sub/dpd/index.php?Article_Category=20

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Obama signs jobs bill, says more must be done

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clipped from news.yahoo.com WASHINGTON – President Barack Obama on Thursday signed into law a package of tax breaks and spending designed to give the nation a jobs boost by encouraging the private sector to start hiring again. It's the first of several such measures Democrats have promised this election year to address the public's top worry: jobs. The measure includes about $18 billion in tax breaks and pumps $20 billion into highway and transit programs. Under the new law, businesses that hire anyone unemployed for at least 60 days would be exempt from paying the 6.2 percent Social Security payroll tax through December. Employers also would get an additional $1,000 credit if new workers remain on the job a full year. Taxpayers will have to reimburse Social Security for the lost revenue. The new law also extends a tax break for small businesses buying new equipment and modestly expands an initiative that helps state and local government pay for transportation and infrastructure projects.

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Open Wi-Fi 'outlawed' by Digital Economy Bill

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clipped from news.zdnet.co.uk The government will not exempt universities, libraries and small businesses providing open Wi-Fi services from its Digital Economy Bill copyright crackdown, according to official advice released earlier this week. This would leave many organisations open to the same penalties for copyright infringement as individual subscribers, potentially including disconnection from the internet, leading legal experts to say it will become impossible for small businesses and the like to offer Wi-Fi access. "This is going to be a very unfortunate measure for small businesses, particularly in a recession, many of whom are using open free Wi-Fi very effectively as a way to get the punters in," Edwards said. "Even if they password protect, they then have two options — to pay someone like The Cloud to manage it for them, or take responsibility themselves for becoming an ISP effectively, and keep records for everyone they assign connections to, which is an impossible burden for a small café."

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Menasha attorneys distance themselves from 'Impeach Obama' billboard

clipped from www.postcrescent.com Attorney Thomas J. Wroblewski said he and his father, Thomas S. Wroblewski, merely represent an unnamed company that rented the billboard and are not responsible for its message. “It is nothing personal for my dad or me,” Wroblewski said. “It is a limited liability company that our firm represents. The company chose the location of the billboard and chose the language.” The billboard along U.S. 41 reads “Impeach Obama.” The tagline says, “America’s small businesses are failing. Help us spread the message.” The sign appeared Thursday and will remain in place for six months. Its message quickly generated national media attention and ignited a firestorm of debate online, often along political lines. A Google search for “impeach Obama billboard” generated 346,000 results Tuesday afternoon. “It is simply an expression of frustration by my client that politics in Washington should change to better support small businesses,” he said.

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