Wednesday, January 27, 2010

Huge Tax Hikes Coming

Even if Congress does nothing, tax hikes will hit hard a year from now, says Pete du Pont, Chairman of the National Center for Policy Analysis and a former Governor of Delaware.

The estate tax, which fell to zero this year, will return, the top personal income tax rate will rise from 35 to 39.6 percent, the dividend tax rate will go from 15 to 39.6 percent and the capital gains tax rate will rise from 15 to 20 percent.

“If the House health care bill had passed, all three of these rates would have risen to 45 percent,” Du Pont writes in The Wall Street Journal.

Moreover, many of last year's tax deductions have disappeared due to the failure of Congress to extend them into this year, including deductions for state and local sales taxes, college tuition and fees, and the 50 percent small business write-off for capital purchases.

“Add in the biggest government deficits and spending increases in half a century, the protectionism of free trade downsizing through the ‘buy American’ requirements, China import restrictions, and the administration limitations of Colombia, South Korea, and Panama free trade agreements, and we have a very different, and not very prosperous, America ahead of us,” Du Pont observes.

Du Pont suspects that worries about government spending, markets and tax increases may well fuel a replay of the 1994 voter revolt.

“That led to a Democratic presidency and a Republican Congress, which together were better for the American people than the full-scale liberalism we see in the current administration,” Du Pont says.
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12 comments:

  1. Well, it makes perfect sense that taxes would rise. Less people working = less tax revenues. In order to keep the states running and to keep those government jobs and government pensions running, the money will be squeezed out of the middle class.

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  2. We need to raise taxes

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  3. raise taxes on the top 4% ONLY

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  4. There is a list of the top 10 billionaires in the United States: Bill Gates, Warren Buffett, Larry Ellison (Oracle), the Walton Family (Walmart), Michael Dell (Dell), and maybe one other. We've heard repeatedly that small business is the driver for employment.

    You need to be asking what these billionaires are doing to create small businesses, in the US, for hiring US citizens. If they're not, they should be taxed at confiscatory rates. There is no sentence in the US Constitution that says "protect billionaires at all costs. The IT jobs sent offshore were sent by Gates, Ellison, Dell, and more IT CEOs. Wake up. The tax rates under Eisenhower were much, much higher than 39.5%.

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  5. Stop whining. It's your duty to pay taxes if you want to continue to have the right to bare arms. As long as it doesn't go above 90% we are all right.

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  6. The Federal Income Tax is a fraud and scam by the owners of the Federal Reserve. The only fair tax would be a flat sales tax for all, across the board with the revenue going straight to the US Treasury, not the Fed owners.

    If there were a Federal Reserve (real) audit it would be exposed for the scam it is, our debt would canceled, end of story, and we start living again without the parasitic Rothschilds, Warburgs, Morgans, and Rockefellers.

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  7. No amount of economic growth or increased tax revenues will solve this mess. Unsustainable systems such as ours (based on infinite growth)are unstable by their very nature and doomed to collapse. The more money (taxes) you pay the more futile it becomes. Keep your wealth, create your own economy, and turn off the T.V. or smash it in your driveway, it feels good.

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  8. The only people this tax hike will hurt are the people that live paycheck to paycheck. Thanks assholes for more BS on my back.

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  9. If our Empire is going to roam the Earth starting bogus wars and running occupations that shit costs a lot of coin. Answer = you pay for it.

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  10. Madame Speaker: The President of the United States.

    And on and on and on

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  11. There was just no way I could join the family to watch the head puppet in charge give his speech. Smoke and mirrors, lies, stage acting, nonsense.

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