Pseudomind
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- Jul 1, 2008
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I would suggest one read it all, as it will affect even the lowest tax payers. :smt013 :smt013 :smt013
Damn the puke icon where is the outhouse icon
Obama Goodwrench is getting his wish .... spread the wealth
#yiv1438694251 p {margin:0;}
Read this in a quiet moment to be apprised of what you might do in 2010 before these kick in. Many are talked about in the press these days, but a few are more esoteric.
2011 Taxes
It is amazing how many people will be affected by the tax laws that take effect
on January 1, 2011
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:
These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from
35 to 39.6 percent (this is also the rate at which two-thirds
of small business profits are taxed). The lowest rate will rise from 10 to 15
percent. All the rates in between will also rise.
Itemized deductions and personal exemptions will again phase out, which has
the same mathematical effect as higher marginal tax rates. The
full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
>
Higher taxes on marriage and family. The "marriage
penalty" (narrower tax brackets for married couples) will return from the first
dollar of income. The child tax credit will be cut in half
from $1000 to $500 per child. The standard deduction will no longer be doubled
for married couples relative to the single level. The
dependent care and adoption tax credits will be cut.
The return of the Death Tax. This year, there is no death tax. For those
dying on or after January 1 2011, there is a 55 percent top death
tax rate on estates over $1 million. A person leaving behind two homes and a
retirement account could easily pass along a death tax bill to
their loved ones.
Higher tax rates on savers and investors. The capital gains tax will rise from
15 percent this year to 20 percent in 2011. The dividends tax
will rise from 15 percent this year to 39.6 percent in 2011. These rates will
rise another 3.8 percent in 2013.
Second Wave: Obamacare
Several will first go
into effect on January 1, 2011. They include:
The "Medicine Cabinet Tax" 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 will affect 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.
The HSA 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 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 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 willnot 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-untilbr-largest-tax-hikes-a5171##ixzz0sY8waPq1
Now your insurance is 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 .
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
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.
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."
Joan Pryde is the senior tax editor for the Kiplinger letters. Go to
Kiplingers and read about 13 tax changes that could affect you. Number 3 is
what is above.
People have the right to know the truth because an election is coming in
November.
Damn the puke icon where is the outhouse icon
Obama Goodwrench is getting his wish .... spread the wealth
#yiv1438694251 p {margin:0;}
Read this in a quiet moment to be apprised of what you might do in 2010 before these kick in. Many are talked about in the press these days, but a few are more esoteric.
2011 Taxes
It is amazing how many people will be affected by the tax laws that take effect
on January 1, 2011
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:
These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from
35 to 39.6 percent (this is also the rate at which two-thirds
of small business profits are taxed). The lowest rate will rise from 10 to 15
percent. All the rates in between will also rise.
Itemized deductions and personal exemptions will again phase out, which has
the same mathematical effect as higher marginal tax rates. The
full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
>
Higher taxes on marriage and family. The "marriage
penalty" (narrower tax brackets for married couples) will return from the first
dollar of income. The child tax credit will be cut in half
from $1000 to $500 per child. The standard deduction will no longer be doubled
for married couples relative to the single level. The
dependent care and adoption tax credits will be cut.
The return of the Death Tax. This year, there is no death tax. For those
dying on or after January 1 2011, there is a 55 percent top death
tax rate on estates over $1 million. A person leaving behind two homes and a
retirement account could easily pass along a death tax bill to
their loved ones.
Higher tax rates on savers and investors. The capital gains tax will rise from
15 percent this year to 20 percent in 2011. The dividends tax
will rise from 15 percent this year to 39.6 percent in 2011. These rates will
rise another 3.8 percent in 2013.
Second Wave: Obamacare
Several will first go
into effect on January 1, 2011. They include:
The "Medicine Cabinet Tax" 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 will affect 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.
The HSA 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 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 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 willnot 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-untilbr-largest-tax-hikes-a5171##ixzz0sY8waPq1
Now your insurance is 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 .
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
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.
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."
Joan Pryde is the senior tax editor for the Kiplinger letters. Go to
Kiplingers and read about 13 tax changes that could affect you. Number 3 is
what is above.
People have the right to know the truth because an election is coming in
November.
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