Showing posts with label Tax. Show all posts

Thursday, May 5, 2011

Obama administration floats draft plan to tax cars by the mile

President Barack Obama with Senate Budget Comm...

Image via WikipediaBe sure to click on the link below to see the full article.
http://thehill.com/blogs/floor-action/house/159397-obama-floats-plan-to-tax-cars-by-the-mile
The Obama administration has floated a transportation authorization bill that would require the study and implementation of a plan to tax automobile drivers based on how many miles they drive.
The plan is a part of the administration's Transportation Opportunities Act, an undated draft of which was obtained this week by Transportation Weekly.
The White House, however, said the bill is only an early draft that was not formally circulated within the administration.
“This is not an administration proposal," White House spokeswoman Jennifer Psaki said. "This is not a bill supported by the administration. This was an early working draft proposal that was never formally circulated within the administration, does not taken into account the advice of the president’s senior advisers, economic team or Cabinet officials, and does not represent the views of the president.”

News of the draft follows a March Congressional Budget Office report that supported the idea of taxing drivers based on miles driven.
Among other things, CBO suggested that a vehicle miles traveled (VMT) tax could be tracked by installing electronic equipment on each car to determine how many miles were driven; payment could take place electronically at filling stations.
The CBO report was requested by Senate Budget Committee Chairman Kent Conrad (D-N.D.), who has proposed taxing cars by the mile as a way to increase federal highway revenues.
Obama's proposal seems to follow up on that idea in section 2218 of the draft bill. That section would create, within the Federal Highway Administration, a Surface Transportation Revenue Alternatives Office. It would be tasked with creating a "study framework that defines the functionality of a mileage-based user fee system and other systems."

The administration seems to be aware of the need to prepare the public for what would likely be a controversial change to the way highway funds are collected. For example, the office is called on to serve a public-relations function, as the draft says it should "increase public awareness regarding the need for an alternative funding source for surface transportation programs and provide information on possible approaches."

Tuesday, December 7, 2010

Obama actually encouraging Bush Tax Cuts?

WASHINGTON D.C. - DECEMBER 6: U.S. President ...

Image by Getty Images via @daylifeSeeing this happen is actually kind of shocking for me. If Obama actually gets this through, I would have to say it would be the first good thing he's actually done ever since he's been in office.

Extending the Bush Tax Cuts. Extending Unemployment Benefits and a payroll tax cut.
Then to top it off, If I get this right. It doesn't cost any more money to pass.
Problem here is it still has to go through Nancy Pelosi and the Democrats. Time will tell I guess.

Visit msnbc.com for breaking news, world news, and news about the economy

Friday, November 12, 2010

Preparing for the Tax Avalanche Ahead in 2011: What You Need to Know...

http://cl.publicaster.com/ViewInBrowser.aspx?pubids=7889%7c6789%7c93192&digest=xwtaANg2CnYnJnyKwm%2fF4g&sysid=1

Preparing for the Tax Avalanche Ahead in 2011: What You Need to Know...

Beginning on January 1, 2011, multiple waves of new taxes and tax increases will start hitting the fragile American economy like an avalanche. The coming tax avalanche threatens businesses and individuals, the rich and the working class – and needless to say, the entire economy.

Since Congress had neither the courage nor the decency to come up with a clean tax bill before the election, much uncertainty remains as to just how draconian the tax hikes will be. Obama says he only wants to raise taxes on the rich, but we've heard that line before in advance of new taxes that ultimately extend to the middle class.

The one thing that is certain is that if nothing is done, the Bush tax cuts will expire and the biggest series of tax increases in U.S. history will be upon us come January.

Virtually Nobody – Living or Dead – Is to
Be Spared from Tax Increases in 2011

The potential extent of the tax pain to come has been broken down and tabulated by Americans for Tax Reform, whose findings follow:

Personal income tax rates will rise.
- 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. (Recently, it was reported that some elderly citizens are actually planning to halt their use of dialysis before the end of the year to ensure they can leave their children ample money.)
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.
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 ultra-wealthy 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 over time.

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. Qualifying withdrawals from Coverdell Education Savings Accounts will be taxed. 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.

As if all this weren't enough, 20+ new tax intrusions imposed by Obamacare – on everything from drug makers to health insurance plans to Health Savings Account withdrawals– will begin going into effect in 2011. (The 10% tanning tax has already gone into effect.)

Being Tax Savvy is More Important than Ever

Obviously, the political and tax environment will be undergoing some changes in the months ahead. We doubt the changes will be dramatic enough to do much good for beleaguered taxpayers who are struggling to carry their existing federal, state, and local tax loads.

But as developments on the tax front take shape, paid, active subscribers to Independent Living will be kept updated with new strategies for coping with ever-increasing tax mandates and tax complexity – as well as opportunities we uncover for saving you money even as taxes proliferate.

Wednesday, October 13, 2010

The Biggest Tax Hike Ever? It Depends on Who You Ask - FoxNews.com

Image via Wikipediahttp://www.foxnews.com/politics/2010/10/08/tax-hike-record-bush-tax-cuts-congress-expiration-consequences
Is America headed for its biggest tax hike since World War II?
The answer, nonpartisan fiscal watchdogs say, is yes -- but with a big "if" and a few caveats.
If Congress returns after the Nov. 2 midterm elections and does nothing, allowing the Bush tax cuts to expire, then New Year's Day will usher in the nation's biggest tax increase since the end of World War II, according to Bill Ahern, spokesman for the Tax Foundation, a nonpartisan tax monitoring group.
“If nothing happens in Congress -- and that is a possibility -- and all the tax cuts are allowed to expire, the median American family will see a smaller paycheck and a tax increase of $1,540 on January 1,” Ahern said.
And that could be just a start.
“If there is total gridlock, then there will be additional tax breaks that will expire not connected to the Bush cuts,” he said, noting that if this happens, then Americans' taxes would grow higher. Among those are the “patch” to the Alternative Minimum Tax (AMT), the estate tax and a host of temporary tax cuts the Obama administration implemented as part of the stimulus package.
“Not patching the AMT would cost an additional $70 billion” to taxpayers, Ahern said.
Expiration of Bush Tax Cuts: How It Will Affect You

Wednesday, August 25, 2010

REALITY REPORT #58 - Mosque-ing the Tension at Ground Zero

http://RealityReport.TV | http://RestoreTheRepublic.com | On this edition of The Reality Report, Gary weighs in on the Ground Zero Mosque debate and presents Ron Paul's recent remarks on the topic. Nina Police takes a look at this weeks headlines including, how it maybe easy for someone to hack into your car's computer, how a 'frankenfish' could be coming to your grocers freezer, and she reveals the 2008 American Friends of Bilderberg tax return. She also presents Dr. Mercola's recent interview with the head of the Fluoride Action Network, Dr. Paul Connett. Gary also sits down with Chris Broughton, the infamous Obama Rally Gunman and reveals this weeks Enemy of the State.

Sunday, July 4, 2010