Tax cuts for the wealthy expiring is only the beginning - GoFuckYourself.com

onwebcam · 09-08-2010, 06:08 PM

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 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 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 IRAs and 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-untilb...3ixzz0sY8waPq1

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 . . . the dupes, er, dopes, 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.?

http://www.biggestidiots.com/what-ha...1-2011-nation/

Amputate Your Head · 09-08-2010, 06:12 PM

this is exactly why i pay enormous amounts of money to my accountant. so i don't have to read that shit.

Brujah · 09-08-2010, 06:12 PM

I stopped at "largest tax hike in the history of America," because if it starts out with such an obvious lie, the rest of it's probably bullshit too.

onwebcam · 09-08-2010, 06:18 PM

Quote:

Originally Posted by Brujah

I stopped at "largest tax hike in the history of America," because if it starts out with such an obvious lie, the rest of it's probably bullshit too.

"largest tax hikes in the history of America,"

GatorB · 09-08-2010, 06:27 PM

Quote:

Originally Posted by Brujah

I stopped at "largest tax hike in the history of America," because if it starts out with such an obvious lie, the rest of it's probably bullshit too.

Of course it is.

I love how it's called a tax hike when really it's just taking the rates back to where the SHOULD have stayed in the first place. Haters are like a guy who goes to a bar where his friend is the bartender and gets is drinks half price then his friend gets fired and now he has to pay full price and complains that the bar "raised" prices. No moron you never should have gotten the discount in the first place.

BFT3K · 09-08-2010, 06:38 PM

These shoes get excellent reception!

Bill8 · 09-08-2010, 07:05 PM

hopefully the teabagged republicans will win a majority in the next two elections, and they can crush the infrastructure some more, start a few more wars against the ragheads, and starve the government and privatize social security.

you see, it won't make any difference - we have ripped the guts out of the american economy and education system these past 30 years, so nothing can stop the crash that is coming.

the dems have no balls and no clue, and the baggers WANT to destroy the federal government. so let them. that way, the dems get punished, but the baggers take the blame.

it would be far wiser of us to let the baggers take power. they can't really make things worse, and they will be the ones holding the bag when the coming era of truly fucked up shit starts.

marketsmart · 09-08-2010, 07:09 PM

i love it...

i hope the economy worsens...

i am cash ready to buy everything in sight at pennies on the dollar...

i have met so many multi millionaires in my life that said "i became wealthy after such and such recession because i had cash when no one else did"...

the bigger the crash, the better as far as i am concerned...

.

BFT3K · 09-08-2010, 07:09 PM

Quote:

Originally Posted by Bill8

hopefully the teabagged republicans will win a majority in the next two elections, and they can crush the infrastructure some more, start a few more wars against the ragheads, and starve the government and privatize social security.

you see, it won't make any difference - we have ripped the guts out of the american economy and education system these past 30 years, so nothing can stop the crash that is coming.

the dems have no balls and no clue, and the baggers WANT to destroy the federal government. so let them. that way, the dems get punished, but the baggers take the blame.

it would be far wiser of us to let the baggers take power. they can't really make things worse, and they will be the ones holding the bag when the coming era of truly fucked up shit starts.

Don't fool yourself...

(cue ominous music)

The coming era of truly fucked up shit has already begun!

gleem · 09-08-2010, 07:13 PM

this is how juicy our asses look to the politicians:

woj · 09-08-2010, 07:18 PM

Quote:

Originally Posted by marketsmart

i love it...

i hope the economy worsens...

i am cash ready to buy everything in sight at pennies on the dollar...

i have met so many multi millionaires in my life that said "i became wealthy after such and such recession because i had cash when no one else did"...

the bigger the crash, the better as far as i am concerned...

.

I wouldn't count on that, you missed the boat already

woj · 09-08-2010, 07:23 PM

Quote:

Originally Posted by GatorB

Of course it is.

I love how it's called a tax hike when really it's just taking the rates back to where the SHOULD have stayed in the first place. Haters are like a guy who goes to a bar where his friend is the bartender and gets is drinks half price then his friend gets fired and now he has to pay full price and complains that the bar "raised" prices. No moron you never should have gotten the discount in the first place.

that's actually not a bad analogy, now think about it, what will that guy do now (besides complaining)?
a. go to the same bar, and drink less
b. go to the same bar, and drink the same
c. go to the same bar, and drink more
d. go to a different "bar", where "beer" is more competitively priced

Bill8 · 09-08-2010, 07:26 PM

seriously tho, what could the baggers do that would be worse than what the dems are doing?

setting aside the reality that the baggers themselves have no policy AT ALL, so what we are really talking about here are teabagged republicans.

they cant fix anything, because whats happening is fundamental and arguably can't be fixed by anybody, and certainly can't be fixed by bought and paid for politicians.

what harm could there be in letting them have power?

The Demon · 09-08-2010, 07:36 PM

Quote:

Originally Posted by marketsmart

i love it...

i hope the economy worsens...

i am cash ready to buy everything in sight at pennies on the dollar...

i have met so many multi millionaires in my life that said "i became wealthy after such and such recession because i had cash when no one else did"...

the bigger the crash, the better as far as i am concerned...

.

Good lord, you have NO understanding or grasp of economics. If the economy crashes, you're not getting anything at "pennies on the dollar", unless you foolishly think we're going to have any kind of Great Depression deflation, or any deflation for that matter rather than inflation and hyperinflation.. In which case, you won't get anything at "pennies on the dollar" because your dollar will be worth pennies. Educate yourself, then buy precious metals.

mynameisjim · 09-08-2010, 07:38 PM

It's the same tax rate that was in effect during the Clinton years. A time which we turned deficits into a surplus and the economy was booming so hard even my idiot friends were making money in the stock market.

The past 8 years we had the Republican tax rates and it didn't seem to lead us to prosperity. If fact it caused a net loss in jobs during that low tax period.

So I'm willing to give the old way another shot.

Look, I don't want to pay more taxes but the Republicans gave away all the money and started two wars costing over a TRILLION dollars and now we are fucking bankrupt. We gotta pay that shit back and get on track again.

onwebcam · 09-08-2010, 07:40 PM

Quote:

Originally Posted by Bill8

seriously tho, what could the baggers do that would be worse than what the dems are doing?

setting aside the reality that the baggers themselves have no policy AT ALL, so what we are really talking about here are teabagged republicans.

they cant fix anything, because whats happening is fundamental and arguably can't be fixed by anybody, and certainly can't be fixed by bought and paid for politicians.

what harm could there be in letting them have power?

While the Tea Party that you speak of is not the same as the original as it has been co-opted by the Republican party cast you vore for Ron Paul who started the real grassroots movement and I can guarantee you he will fix the underlying problems.

onwebcam · 09-08-2010, 07:43 PM

Quote:

Originally Posted by mynameisjim

We gotta pay that shit back and get on track again.

Pay who back what? You mean pay the same people who profitted from the wars back with the pieces of paper they print off on their printer and/or computer entries plus interest via our labor?

SallyRand · 09-08-2010, 07:47 PM

Quote:

Originally Posted by onwebcam

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 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 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 IRAs and 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-untilb...3ixzz0sY8waPq1

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 . . . the dupes, er, dopes, 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.?

http://www.biggestidiots.com/what-ha...1-2011-nation/

Sorry to burst your bubble but I posted this info on 08/26, here:

https://gfy.com/showthread.php?t=984087

Sally.

mynameisjim · 09-08-2010, 07:54 PM

Quote:

Originally Posted by onwebcam

Pay who back what? You mean pay the same people who profitted from the wars back with the pieces of paper they print off on their printer and/or computer entries plus interest via our labor?

Pay down the deficit.

This is first year economics. Tax breaks to the rich result in them saving more money, not expansion and expenditures. You can find think tanks and ideologues to state otherwise, but those are the facts as proven throughout our economic history.

I already said I don't want higher taxes, but on this issue there is no debate on what's right for the country as a whole.

Kingfish · 09-08-2010, 07:59 PM

I don?t know if they dismantle Social Security, Medicare, the Department of Education and so forth it is likely that none of those things will ever come back even though the dismantling of such programs would likely have catastrophic consequences. The bottom line is during the Bush years the American public were told that they could have it all: two wars that weren?t paid for, numerous tax cuts, the continued dismantling of consumer protections and even a prescription drug benefit for seniors that didn?t have to be paid for, and better yet the government wasn?t allowed to negotiate with the drug companies on price they just had to pay whatever price the drug companies said. The consequence of such horrific governance was a Democratic landside and the floor was mopped up with Republican carcasses.

Upon learning of such an overwhelming victory, the first thing Democrats did was immediately surrender to the Republicans and announce they were ready to agree to all of their terms. Just one example the Health Care bill we got was more like the one John McCain purposed during the election than the one Obama purposed. So Republicans end up calling their own proposal communism, demanding it be repealed and Obama ends up scratching his head trying to figure out why the Republicans still hate him when he gave them everything they wanted.

I talk to people I meet in everyday life and when they bring up not likening Obama I ask them why. Almost universally they say because he bailed out the banks, insurance companies, car companies and ran up a huge deficit. When collectively as a country we are this ignorant of recent history there is no hope for us.

onwebcam · 09-08-2010, 08:01 PM

Quote:

Originally Posted by mynameisjim

Pay down the deficit.

This is first year economics. Tax breaks to the rich result in them saving more money, not expansion and expenditures. You can find think tanks and ideologues to state otherwise, but those are the facts as proven throughout our economic history.

I already said I don't want higher taxes, but on this issue there is no debate on what's right for the country as a whole.

Abolish the Federal Reserve and cancel/suspend the debt which then cancels the interest which then lowers the deficit.. Tax dollars actually go to fund government rather than interest on debt created via a printer.

Your economics class taught you to continue on to pay the men behind the curtain. Not that Congress can create debt free dollars on their own rather than borrowing them and paying interest on said borrowing/printing.

theking · 09-08-2010, 08:05 PM

Quote:

Originally Posted by mynameisjim

Pay down the deficit.

This is first year economics. Tax breaks to the rich result in them saving more money, not expansion and expenditures. You can find think tanks and ideologues to state otherwise, but those are the facts as proven throughout our economic history.

I already said I don't want higher taxes, but on this issue there is no debate on what's right for the country as a whole.

The deficit can never be paid down without reducing expenditures...and up to this point in time both parties have increased expenditures when they are in office.

BFT3K · 09-08-2010, 08:05 PM

Quote:

Originally Posted by Kingfish

I don?t know if they dismantle Social Security, Medicare, the Department of Education and so forth it is likely that none of those things will ever come back even though the dismantling of such programs would likely have catastrophic consequences. The bottom line is during the Bush years the American public were told that they could have it all: two wars that weren?t paid for, numerous tax cuts, the continued dismantling of consumer protections and even a prescription drug benefit for seniors that didn?t have to be paid for, and better yet the government wasn?t allowed to negotiate with the drug companies on price they just had to pay whatever price the drug companies said. The consequence of such horrific governance was a Democratic landside and the floor was mopped up with Republican carcasses.

Upon learning of such an overwhelming victory, the first thing Democrats did was immediately surrender to the Republicans and announce they were ready to agree to all of their terms. Just one example the Health Care bill we got was more like the one John McCain purposed during the election than the one Obama purposed. So Republicans end up calling their own proposal communism, demanding it be repealed and Obama ends up scratching his head trying to figure out why the Republicans still hate him when he gave them everything they wanted.

I talk to people I meet in everyday life and when they bring up not likening Obama I ask them why. Almost universally they say because he bailed out the banks, insurance companies, car companies and ran up a huge deficit. When collectively as a country we are this ignorant of recent history there is no hope for us.

True dat, bitch!

marketsmart · 09-08-2010, 08:40 PM

Quote:

Originally Posted by The Demon

Good lord, you have NO understanding or grasp of economics. If the economy crashes, you're not getting anything at "pennies on the dollar", unless you foolishly think we're going to have any kind of Great Depression deflation, or any deflation for that matter rather than inflation and hyperinflation.. In which case, you won't get anything at "pennies on the dollar" because your dollar will be worth pennies. Educate yourself, then buy precious metals.

ok dummy...

i have been buying places out of foreclosure for 25% of what they sold for 3-5 years ago..

the banks have finally figured out that holding them is no longer an option...

i guess i need to expand my explanation for the naysayers..

i dont think we are going to have an economic collapse, but i do think that home prices will continue to go down.. buying at 25% assures me that even if the market drops 50% from 3-5 years ago, i will still be just fine...

since gold is no longer backing the dollar, i dont think precious metals are immune from a bad economy..

until the dollar no longer becomes the preferred currency, it will never become worthless..

too many other economies are dependent on the US and so when the US goes down, the rest of the world goes down..

your opinion is your own and i wont bash it, but lets just see in 10 years where my current investing strategy lands me..

i am very confident i will be in great shape...

.

marketsmart · 09-08-2010, 08:41 PM

Quote:

Originally Posted by woj

I wouldn't count on that, you missed the boat already

i have been riding the boat for the last year...

i didnt miss anything...

in my area prices continue to decline as the investor money is really starting to dry up..

i got in about six months later that i wanted to, but it seems to be paying off now...

.

Barefootsies · 09-08-2010, 08:43 PM

Quote:

Originally Posted by Amputate Your Head

this is exactly why i pay enormous amounts of money to my accountant. so i don't have to read that shit.

My thoughts exactly.

spazlabz · 09-08-2010, 08:51 PM

Quote:

Originally Posted by Kingfish

I don?t know if they dismantle Social Security, Medicare, the Department of Education and so forth it is likely that none of those things will ever come back even though the dismantling of such programs would likely have catastrophic consequences. The bottom line is during the Bush years the American public were told that they could have it all: two wars that weren?t paid for, numerous tax cuts, the continued dismantling of consumer protections and even a prescription drug benefit for seniors that didn?t have to be paid for, and better yet the government wasn?t allowed to negotiate with the drug companies on price they just had to pay whatever price the drug companies said. The consequence of such horrific governance was a Democratic landside and the floor was mopped up with Republican carcasses.

Upon learning of such an overwhelming victory, the first thing Democrats did was immediately surrender to the Republicans and announce they were ready to agree to all of their terms. Just one example the Health Care bill we got was more like the one John McCain purposed during the election than the one Obama purposed. So Republicans end up calling their own proposal communism, demanding it be repealed and Obama ends up scratching his head trying to figure out why the Republicans still hate him when he gave them everything they wanted.

I talk to people I meet in everyday life and when they bring up not likening Obama I ask them why. Almost universally they say because he bailed out the banks, insurance companies, car companies and ran up a huge deficit. When collectively as a country we are this ignorant of recent history there is no hope for us.

I laughed

, I cried

but ultimately I bow before the truth... well said

Redrob · 09-08-2010, 08:53 PM

Nothing good lasts forever.........

TheDoc · 09-08-2010, 09:07 PM

Wow... this "tax hike" spin that right is doing sure isn't looking good for them. It's sad, sad, sad.

mynameisjim · 09-08-2010, 10:14 PM

Quote:

Originally Posted by onwebcam

Abolish the Federal Reserve and cancel/suspend the debt which then cancels the interest which then lowers the deficit.. Tax dollars actually go to fund government rather than interest on debt created via a printer.

Your economics class taught you to continue on to pay the men behind the curtain. Not that Congress can create debt free dollars on their own rather than borrowing them and paying interest on said borrowing/printing.

You suggest some pretty extreme solutions that are beyond what is possible in the short term, even though they may work.

It's similar to having your car run out of gas by the side of the road and you suggest converting your engine to run on tap water to solve the problem. It may solve your problem in the long term, but in the short term you have to work within the system and find some gasoline.

I would agree the system is broken for the most part, but we can do certain things to make it work.

Quote:

Originally Posted by theking

The deficit can never be paid down without reducing expenditures...and up to this point in time both parties have increased expenditures when they are in office.

True. The biggest drains though were the two wars and the tax cuts. Actually, the tax cuts cost more than the wars. So if we can get these wars wrapped up and stop the tax cuts, we'll be well on our way to getting the ship on the right course. It won't fix everything, but it will make a difference.

For the record, I'm a liberal on most issues but I don't hate conservatives and in fact believe that conservative viewpoints are needed to make this country succeed. But the Republican party has been totally hijacked by the far right, the party is out of control and it's dragging us all down with it. If anyone out there is a conservative, you need to get your party under control so we can all get back to business.

onwebcam · 09-08-2010, 10:28 PM

Quote:

Originally Posted by mynameisjim

You suggest some pretty extreme solutions that are beyond what is possible in the short term, even though they may work.

It's similar to having your car run out of gas by the side of the road and you suggest converting your engine to run on tap water to solve the problem. It may solve your problem in the long term, but in the short term you have to work within the system and find some gasoline.

I would agree the system is broken for the most part, but we can do certain things to make it work.

What's so impossible about taking the printing presses away from the banksters? So some fat cats will have to actually earn a living rather than living off of everyone elses earnings? So the fuck what? That's what was suppose to have happened with the Federal Reserve Act or so the people thought. And at the time we only had 1 million in debt.

mynameisjim · 09-08-2010, 10:46 PM

Quote:

Originally Posted by onwebcam

What's so impossible about taking the printing presses away from the banksters? So some fat cats will have to actually earn a living rather than living off of everyone elses earnings? So the fuck what? That's what was suppose to have happened with the Federal Reserve Act or so the people thought. And at the time we only had 1 million in debt.

Believe it or not, I'm not really arguing with you. I just don't think with the current political climate that we can undertake a fundamental restructuring like you are proposing. There is so much pandering going on that it's the wrong time for it. We need to get both parties to move back to the center of their respective platforms so that we can start passing some common sense legislation.

jackknoff · 09-08-2010, 11:26 PM

nuff said...

onwebcam · 09-09-2010, 12:02 AM

[

Quote:

Originally Posted by mynameisjim

Believe it or not, I'm not really arguing with you. I just don't think with the current political climate that we can undertake a fundamental restructuring like you are proposing. There is so much pandering going on that it's the wrong time for it. We need to get both parties to move back to the center of their respective platforms so that we can start passing some common sense legislation.

These people aren't even reading the bills they pass nor writting them. There's not a drop of common sense in Nancy Pelosi's pea size brain. Personally I'd be quite fine with when Ron Paul first signs a piece of legislation it is to suspend all but essential government and send Congress and the House on a plane trip home. Dismantle the Republican and Democratic parties and ask each state to hold a state funded election for two representatives whom will be paid via the state. Actual state representatives. The next would be to abolish the Federal Reserve, put a moratorium on the national debt, freeze the interest payments and create a parallel currency to the dollar debt free.

Government employees are paid in credit/new currency which business owners can use as tax credits encouraging acceptance.

Get back to the fundamentals as far as government. Much less of small groups of people sitting around all day long dictating everyone else's life/future. Especially when they admittedly don't even know themselves what they are signing or voting on. The only bills that are passed are one's actually read and written by those who vote on them.

Bill8 · 09-09-2010, 01:03 AM

Quote:

Originally Posted by onwebcam

There's not a drop of common sense in Nancy Pelosi's pea size brain. Personally I'd be quite fine with when Ron Paul first signs a piece of legislation it is to suspend all but essential government and send Congress and the House on a plane trip home.

...

Get back to the fundamentals as far as government. Much less of small groups of people sitting around all day long dictating everyone else's life/future. Especially when they admittedly don't even know themselves what they are signing or voting on. The only bills that are passed are one's actually read and written by those who vote on them.

this type of absolute blind ignorance is why we progressives should let the teabagged republicans win.

there simply is no reasoning with this lack of common sense. and every day more and more americans join the ranks of blindly raging fools who actually and sincerely believe the Koch/Murdoch agitprop.

and the democrats MUST be punished - everything obama has done is a carbon copy of what the republicans did, he has no vision at all, he's a complete fraud and totally owned by the corporations. it's important we never forget this betrayal.

the only useful politician these days is a frightened politician - so we should abandon the dems and let the baggers take charge, preside over the collapse, and take the blame.

then deal with the aftermath in whatever way seems wisest at that time.

mlove · 09-09-2010, 01:06 AM

Who would have thought a bunch of porn peddlers would side with the same group of people who have rallied to censor their businesses for decades on end?

Bill8 · 09-09-2010, 01:16 AM

Quote:

Originally Posted by mlove

Who would have thought a bunch of porn peddlers would side with the same group of people who have rallied to censor their businesses for decades on end?

several of the most vocal baggers here are likely to be koch brothers thinktank trolls. they never seem to say anything that shows inside knowledge of the biz.

however, they needn't necessarily be. porn peddlers are not always the sharpest tools in the shed.

and democrats are just as likely to exploit porn for political gain as republicans.

onwebcam · 09-09-2010, 01:48 AM

Quote:

Originally Posted by Bill8

this type of absolute blind ignorance is why we progressives should let the teabagged republicans win.

there simply is no reasoning with this lack of common sense. and every day more and more americans join the ranks of blindly raging fools who actually and sincerely believe the Koch/Murdoch agitprop.

and the democrats MUST be punished - everything obama has done is a carbon copy of what the republicans did, he has no vision at all, he's a complete fraud and totally owned by the corporations. it's important we never forget this betrayal.

the only useful politician these days is a frightened politician - so we should abandon the dems and let the baggers take charge, preside over the collapse, and take the blame.

then deal with the aftermath in whatever way seems wisest at that time.

Hmmm so you consider yourself a progressive eh? Which Presidents considered themselves progressives? Teddy Roosevelt? Spear headed the Federal Reserve.. Wilson? President while Federal Reserve was enacted. FDR? President at the end of the 20 year charter after it bankrupted the nation whom made it permanent.. Three Presidents intimently involved with what is one of the biggest frauds/scams in history..

I think we just discovered what the "progressive party" was all about.. He did start it right around the creation of the Fed didn't he?

Bill8 · 09-09-2010, 02:09 AM

Quote:

Originally Posted by onwebcam

Hmmm so you consider yourself a progressive eh? Which Presidents considered themselves progressives? Teddy Roosevelt? Spear headed the Federal Reserve.. Wilson? President while Federal Reserve was enacted. FDR? President at the end of the 20 year charter after it bankrupted the nation whom made it permanent..

progressive means something different these days.

but I'm way fuckin worse than progressive. I also believe in the scientific method, rationality, and even some parts of secular humanism.

technically I'm a green techno libertarian, registered libertarian for many years, something that is so far beyond your ken that I may as well be an alien from another star system as far as you could ever tell.

but I can be lumped in the progressive movement, yes. I believe human progress is possible, and I don't believe in corporatist rule.

whereas, as far as I can tell, you have no discernable personal political philosophy. you think you are conservative I imagine, but I think you are just a corporatist who says whatever the corporations tell you to say.

we do both despise obama, you for imaginary bagger reasons, I because he's also a corporatist, just like you are.

i do sincerely hope your kind wins in november and 2012. we americans deserve your kind of misrule.

I hope your kind is clever enough to actually get Paul on the ballot - but you won't, because the corporations own the bagpublicans even more than they own the spineless dems.

so you will run romney or some other archetypal corporate baglicker. or beck/palin. please, let it be beck/palin, we americans deserve it.

onwebcam · 09-09-2010, 02:18 AM

Quote:

Originally Posted by Bill8

progressive means something different these days.

but I'm way fuckin worse than progressive. I also believe in the scientific method, rationality, and even some parts of secular humanism.

technically I'm a green techno libertarian, registered libertarian for many years, something that is so far beyond your ken that I may as well be an alien from another star system as far as you could ever tell.

but I can be lumped in the progressive movement, yes. I believe human progress is possible, and I don't believe in corporatist rule.

whereas, as far as I can tell, you have no discernable personal political philosophy. you think you are conservative I imagine, but I think you are just a corporatist who says whatever the corporations tell you to say.

we do both despise obama, you for imaginary bagger reasons, I because he's also a corporatist, just like you are.

i do sincerely hope your kind wins in november and 2012. we americans deserve your kind of misrule.

I hope your kind is clever enough to actually get Paul on the ballot - but you won't, because the corporations own the bagpublicans even more than they own the spineless dems.

so you will run romney or some other archetypal corporate baglicker. or beck/palin. please, let it be beck/palin, we americans deserve it.

You might as well be from another planet because you sure as hell haven't even come close to pegging me. Libertarian? what a joke.. The most fundamental part of liberty is freedom. You can't be free if you are a slave to debt. Slaves don't progress. Humanity can't progress in this regressive and oppressive system.

Bill8 · 09-09-2010, 03:10 AM

Quote:

Originally Posted by onwebcam

You might as well be from another planet because you sure as hell haven't even come close to pegging me. Libertarian? what a joke.. The most fundamental part of liberty is freedom. You can't be free if you are a slave to debt. Slaves don't progress. Humanity can't progress in this regressive and oppressive system.

since you dont have the integrity to take responsibility for your share of the debt, it's not really possible to discuss policy and political philosophy with you.

and debt is an essential power of business and government. you are both modeling the problem incorrectly, and stating the problem falsely.

altho i tend to agree with the vague political principle you seem to be suggesting. we can't progress as slaves to the multinational corporations and wall street.

thats why I want your kind to win - we need the economic disaster to happen as fast as possible so we can make fundamental changes, including particularly removing the ficticious legal personhood and artificial liability priviledges of corporations.

BlackCrayon · 09-09-2010, 04:31 AM

Quote:

Originally Posted by gleem

this is how juicy our asses look to the politicians:

looks like a nice meal.

The Demon · 09-09-2010, 06:43 AM

Quote:

Originally Posted by marketsmart

ok dummy...

i have been buying places out of foreclosure for 25% of what they sold for 3-5 years ago..

Ah yes, the first thing someone would do in an economic depression, go foreclosure buying and hoping he can turn those foreclosures around and sell the property for 10x their value. The only problem with this idea is that nobody is buying and nobody can afford to pay rent on their ARMs, which is why there are foreclosures in the first place.

Quote:

i dont think we are going to have an economic collapse, but i do think that home prices will continue to go down.. buying at 25% assures me that even if the market drops 50% from 3-5 years ago, i will still be just fine...

Home prices haven't even begun to hit rock bottom yet, but I don't understand what you're going to gain from this method. Your method rests on the belief that we will get out of this depression soon and people will start buying again, at a markup cost. I don't think there's any possibility of that happening anytime soon.

Quote:

since gold is no longer backing the dollar, i dont think precious metals are immune from a bad economy..

Immune? It's possible that they aren't. It's more possible that they're inversely related to the stock market on most occasions and are bought during periods of depression and/or high inflation or speculation of high inflation/hyperinflation. I still believe gold will rise $5000-$6000 an ounce so I'd be a full to keep my money in bonds, or other cash related assets.

Quote:

until the dollar no longer becomes the preferred currency, it will never become worthless..

It's already pretty worthless and it should have lost its reserve currency status years ago. I'd say it will lose that in the next 2-3 years as the Obama administration continues the runaway spending.

Quote:

too many other economies are dependent on the US and so when the US goes down, the rest of the world goes down..

Bullshit. China would prosper longterm if the dollar was no longer the reserve currency. The same goes for the other BRIC countries.

BFT3K · 09-09-2010, 08:29 AM

Quote:

Originally Posted by jackknoff

nuff said...

Rochard · 09-09-2010, 08:33 AM

The rich don't pay taxes.

SallyRand · 09-09-2010, 09:14 AM

Quote:

Originally Posted by Rochard

The rich don't pay taxes.

Actually, you don't have to be rich to use the perfectly moral, ethical and LEGAL deductions to pay ONLY the tax that you owe as the result of using those deductions and that tax owed may indeed be ZERO..................if you are conducting your business under a corporate veil.

You don't have to be rich to legally pay few or no taxes, only smart. If the aplicable tax laws say that you pay no tax, you have fulfilled your ethical, moral and legal obligations to the IRS, the government and the people. You don't even have to be a whale to pay few or no taxes, just smart.

I am also amused by the fact that so many people bitch, moan, groan and complain about the so-called "rich", while spending most of their time trying to become one of them!

LOL!

Sally.

Sausage · 09-09-2010, 09:27 AM

Quote:

Originally Posted by Rochard

The rich don't pay taxes.

Lol.

The rich pay most of your taxes for you. You should be kissing their feet for financing you and your lifestyle.

.. oh and its gotten worse. I think its about time you poor started paying your way, and stopped getting such a pathetic free ride on our backs.

SallyRand · 09-09-2010, 09:49 AM

Quote:

Originally Posted by Rochard

The rich don't pay taxes.

Your statement is very incorrect to the point of being disingenuous and well past misleading as this information form New York City clearly demonstrates:

http://www.gothamgazette.com/article...0090519/8/2920

Qouted from the citation:

"We know that the wealthy pay the bulk of the personal income tax. In fact, the Tax Revenue Forecasting Document shows that, in the 2005 tax year, the 315,000 city taxpayers who had $100,000 or more in taxable income (only 9.2 percent of all filers) paid nearly 73 percent of the total personal income tax, even though they accounted for only 9.2 percent of all filers. Most significantly to the mayor's point, the 1 percent of filers who have incomes of $500,000 or more accounted for 49 percent of the total income tax.

Lower-income filers, of course, pay much less. The 1.64 million filers (48 percent of total filers) who have less than $25,000 of taxable income pay only 2.2 percent of total personal income taxes. That's the nature of a progressive tax system."

It might interest you to know that the so-called "rich" are fleeing New York City in droves because of the punitive tax rates there:

http://www.nypost.com/p/news/local/i...1UXIc0i6cd3UpK

"Tax refugees staging escape from New York

By ANDY SOLTIS

Last Updated: 6:08 AM, October 27, 2009

Posted: 2:53 AM, October 27, 2009

New Yorkers are fleeing the state and city in alarming numbers -- and costing a fortune in lost tax dollars, a new study shows.

More than 1.5 million state residents left for other parts of the United States from 2000 to 2008, according to the report from the Empire Center for New York State Policy. It was the biggest out-of-state migration in the country.

The vast majority of the migrants, 1.1 million, were former residents of New York City -- meaning one out of seven city taxpayers moved out.

"The Empire State is being drained of an invaluable resource -- people," the report said.

What's worse is that the families fleeing New York are being replaced by lower-income newcomers, who consequently pay less in taxes.

Overall, the ex-New Yorkers earn about 13 percent more than those who moved into the state, the study found.

And it should be no surprise that the city -- and Manhattan in particular -- suffered the biggest loss in terms of taxable income.

The average Manhattan taxpayer who left the state earned $93,264 a year. The average newcomer to Manhattan earned only $72,726.

That's a difference of $20,538, the highest for any county in the state. Staten Island was second, with a $20,066 difference.

It all adds up to staggering loss in taxable income. During 2006-2007, the "migration flow" out of New York to other states amounted to a loss of $4.3 billion.

The study used annual US Census reports, which showed which states had increased population, combined with Internal Revenue Service data, which show which states, cities and counties had lost people.

While New York City and the state were the losers, the Sunshine and Garden States were winners. more than 250,000 New Yorkers who lived in and around the city fled to Florida. Another 172,000 city taxpayers ended up in New Jersey.

Why all the moving vans?

The center, part of the conservative Manhattan Institute, blames the state's high cost of living and high taxes.

The study also revealed surprising details about how city residents moved from borough to borough.

Manhattan lost 64,480 taxpayers, and more than half -- 34,383 -- went to The Bronx.

Brooklyn lost 68,951 taxpayers -- including 43,688 who went to Staten Island.

The study also had some good news. The peak loss of New Yorkers was in 2005, when nearly 250,000 residents left the state. But last year, only 126,000 left, the lowest figure over the eight-year period.

[email protected]"

Think before posting myth, misleading generalizations and out-and-out lies!

Sally.

SallyRand · 09-09-2010, 09:50 AM

Quote:

Originally Posted by Sausage

Lol.

The rich pay most of your taxes for you. You should be kissing their feet for financing you and your lifestyle.

.. oh and its gotten worse. I think its about time you poor started paying your way, and stopped getting such a pathetic free ride on our backs.

Thanks for posting that chart!

Sally.

onwebcam · 09-09-2010, 12:59 PM

Quote:

Originally Posted by Bill8

since you dont have the integrity to take responsibility for your share of the debt, it's not really possible to discuss policy and political philosophy with you.

and debt is an essential power of business and government. you are both modeling the problem incorrectly, and stating the problem falsely.

altho i tend to agree with the vague political principle you seem to be suggesting. we can't progress as slaves to the multinational corporations and wall street.

thats why I want your kind to win - we need the economic disaster to happen as fast as possible so we can make fundamental changes, including particularly removing the ficticious legal personhood and artificial liability priviledges of corporations.

We really aren't very far off from our ways of thinking.. Except you likely believe that the UNITED STATES OF AMERICA is something entirely different than it really is. What it is, is a corporation. A coporation with ficticious legal personhood and artificial liability priviledges ran by executive branches comprised mostly of lawyers speaking and writting law in a foreign language acting as executors of an estate. Said company borrows money to fund their business in the name of YOU. I personally don't agree with ANYTHING these people are signing my name to so I obviously don't care for them attaching my NAME to any of it. If they want to play contract law all day long instead of them making up social contracts that I never agreed to how about I come up with my own little contract on how I will live my life. Which will be entirely based on the law of the land and civil law which this country was founded upon but taken away during the "new deal" and your progressive president. Roosevelt played a key role in those corporate personhoods that you speak of. Grant it, it all began in the late 1800's but it wasn't until 1938 that they were able to turn YOU into a corporation.

The debt was created via the Federal Reserve system and borrowed by the corporation. Congress has the power to issue debt free money. So no I don't agree to be a part of a debt that should have never been.

09-08-2010, 06:08 PM	#1
onwebcam Fake Nick 1.0 Industry Role: Join Date: Oct 2005 Location: Rent free, your head Posts: 27,679	Tax cuts for the wealthy expiring is only the beginning 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 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 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 IRAs and 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-untilb...3ixzz0sY8waPq1 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 . . . the dupes, er, dopes, 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.? http://www.biggestidiots.com/what-ha...1-2011-nation/ __________________ PLEASE WAIT WHILE BIDEN ADMIN UNINSTALLS ITSELF..... ██████████████████▒ 99.5% complete.

09-08-2010, 06:12 PM	#2
Amputate Your Head There can be only one Industry Role: Join Date: Aug 2001 Location: Somewhere else Posts: 39,075	this is exactly why i pay enormous amounts of money to my accountant. so i don't have to read that shit. __________________ SIG TOO BIG

09-08-2010, 06:12 PM	#3
Brujah Beer Money Baron Industry Role: Join Date: Jan 2001 Location: brujah / gmail Posts: 22,157	I stopped at "largest tax hike in the history of America," because if it starts out with such an obvious lie, the rest of it's probably bullshit too. __________________ Free Premium Domain Lists and Tools at Clickmojo.com For Sale: Obscenity.com

09-08-2010, 07:13 PM	#10
gleem Confirmed User Industry Role: Join Date: Jun 2001 Location: Sunny Land Posts: 5,593	this is how juicy our asses look to the politicians: __________________ Contact me: \\// E: webmaster /at/ unprofessional.com

09-08-2010, 07:38 PM	#15
mynameisjim Confirmed User Join Date: Aug 2007 Posts: 2,985	It's the same tax rate that was in effect during the Clinton years. A time which we turned deficits into a surplus and the economy was booming so hard even my idiot friends were making money in the stock market. The past 8 years we had the Republican tax rates and it didn't seem to lead us to prosperity. If fact it caused a net loss in jobs during that low tax period. So I'm willing to give the old way another shot. Look, I don't want to pay more taxes but the Republicans gave away all the money and started two wars costing over a TRILLION dollars and now we are fucking bankrupt. We gotta pay that shit back and get on track again. __________________ jim (at) amateursconvert . com Amateurs Convert Last edited by mynameisjim; 09-08-2010 at 07:40 PM..

09-08-2010, 06:38 PM	#6
BFT3K Too lazy to set a custom title Industry Role: Join Date: Dec 2005 Location: Narnia Posts: 10,764	These shoes get excellent reception!

09-08-2010, 07:05 PM	#7
Bill8 Confirmed User Join Date: Oct 2001 Posts: 1,901	hopefully the teabagged republicans will win a majority in the next two elections, and they can crush the infrastructure some more, start a few more wars against the ragheads, and starve the government and privatize social security. you see, it won't make any difference - we have ripped the guts out of the american economy and education system these past 30 years, so nothing can stop the crash that is coming. the dems have no balls and no clue, and the baggers WANT to destroy the federal government. so let them. that way, the dems get punished, but the baggers take the blame. it would be far wiser of us to let the baggers take power. they can't really make things worse, and they will be the ones holding the bag when the coming era of truly fucked up shit starts.

09-08-2010, 07:09 PM	#8
marketsmart HOMICIDAL TROLL KILLER Industry Role: Join Date: Dec 2004 Location: Sunnybrook Institution for the Criminally Insane Posts: 20,419	i love it... i hope the economy worsens... i am cash ready to buy everything in sight at pennies on the dollar... i have met so many multi millionaires in my life that said "i became wealthy after such and such recession because i had cash when no one else did"... the bigger the crash, the better as far as i am concerned... .

09-08-2010, 07:26 PM	#13
Bill8 Confirmed User Join Date: Oct 2001 Posts: 1,901	seriously tho, what could the baggers do that would be worse than what the dems are doing? setting aside the reality that the baggers themselves have no policy AT ALL, so what we are really talking about here are teabagged republicans. they cant fix anything, because whats happening is fundamental and arguably can't be fixed by anybody, and certainly can't be fixed by bought and paid for politicians. what harm could there be in letting them have power?

09-08-2010, 07:59 PM	#20
Kingfish Confirmed User Join Date: Sep 2002 Posts: 668	I don?t know if they dismantle Social Security, Medicare, the Department of Education and so forth it is likely that none of those things will ever come back even though the dismantling of such programs would likely have catastrophic consequences. The bottom line is during the Bush years the American public were told that they could have it all: two wars that weren?t paid for, numerous tax cuts, the continued dismantling of consumer protections and even a prescription drug benefit for seniors that didn?t have to be paid for, and better yet the government wasn?t allowed to negotiate with the drug companies on price they just had to pay whatever price the drug companies said. The consequence of such horrific governance was a Democratic landside and the floor was mopped up with Republican carcasses. Upon learning of such an overwhelming victory, the first thing Democrats did was immediately surrender to the Republicans and announce they were ready to agree to all of their terms. Just one example the Health Care bill we got was more like the one John McCain purposed during the election than the one Obama purposed. So Republicans end up calling their own proposal communism, demanding it be repealed and Obama ends up scratching his head trying to figure out why the Republicans still hate him when he gave them everything they wanted. I talk to people I meet in everyday life and when they bring up not likening Obama I ask them why. Almost universally they say because he bailed out the banks, insurance companies, car companies and ran up a huge deficit. When collectively as a country we are this ignorant of recent history there is no hope for us.

09-08-2010, 08:53 PM	#28
Redrob Confirmed User Industry Role: Join Date: Oct 2004 Location: In a refrigerator box by the tracks. Posts: 4,791	Nothing good lasts forever.........

09-08-2010, 09:07 PM	#29
TheDoc Too lazy to set a custom title Industry Role: Join Date: Jul 2001 Location: Currently Incognito Posts: 13,827	Wow... this "tax hike" spin that right is doing sure isn't looking good for them. It's sad, sad, sad. __________________ ~TheDoc - ICQ7765825 It's all disambiguation

09-08-2010, 11:26 PM	#33
jackknoff Confirmed User Join Date: Feb 2010 Posts: 545	nuff said...

09-09-2010, 01:06 AM	#36
mlove the guy Industry Role: Join Date: Apr 2005 Posts: 764	Who would have thought a bunch of porn peddlers would side with the same group of people who have rallied to censor their businesses for decades on end? __________________ If you won't feel as good, I won't feel as cheap.

09-09-2010, 08:33 AM	#45
Rochard Jägermeister Test Pilot Industry Role: Join Date: Dec 2001 Location: NORCAL Posts: 74,492	The rich don't pay taxes. __________________ “The choice is no longer between right or left. The choice is between normal and crazy.” - Sarah Huckabee Sanders YNOT MAIL \| THE BEST ADULT MAILING SOLUTION