The Congress just doesn't have the political will to pass a new tax bill, especially after the brutal healthcare battle.
As for deficits: the Chinese can keep funding those.
But wait, there is one new tax hike: the expiration of the Bush tax cuts. That's coming in the 2011 budget year.
At its core, the move is merely the highest tax bracket returning to 39.6% from its 35% low and raising the 33% bracket to 36%, according to the Obama administration's budget.
The estate tax of 45% would also become permanent, with an exemption of $3.5 million.
While these increases appear just to target wealthy Americans, they also hit small businesses.
Says Andrew Moylan of the anti-tax National Taxpayers Union: "According to IRS data, there are nearly 26 million small employers (about 20 million sole proprietor ships and 5.9 million businesses with less than 99 employees) that file under the individual income tax code and pay taxes on the owner’s 1040 form."
"2/3 of small business profit would be subjected to much higher taxation should the pre-2001 rates become law," Moylan added.
More here.
Sorry to burst your bubble, but most of America thinks we need to tax the rich.
ReplyDeleteThe estate tax (which the Repubs love to call the death tax) only applies to multi-millionaires, so you and I aren't included.
You did not explain which incomes would actually see an increase; what constitutes the highest tax bracket? Of the 20 million sole proprietors (and I've been one), we're talking about hairdressers, second-hand dealers and all sorts of self-employed people who don't have a bunch of employees and I bet most of your readers don't qualify for this higher tax.
sharon, its your bubble that will be burst. If these employers that make million of dollars decide to close their doors and lay off because of these high taxes, then the economy goes deeper into a DEPRESSION. Your little company will not be able to sell anything becuase everyone will be unemployed. The circle is a bitch
ReplyDelete10:57 Think again...and again....and again...then shut up.
ReplyDeleteThe VAT tax is one that's on the table; also check income tax chart for 2011 (google it) and you'll see higher brackets than from the last few years. The lower bracket of 10% is replaced with 15%, etc. The econ. will deteriorate, as there will be less disposable income.
ReplyDeletePrior to 2011, convert everything to GLD and SLV.
ReplyDeleteThen retire so you don't generate any income at all. FAD - food, ammo and gold (silver too).
Then watch it burn................
12:16,LOL you must suffer from dementia, Ag and Au are going to be worthless if things get bad, so then what?
ReplyDeletewill you head to the grocer or bakery and tell the man," I have some Franklin halves, aren't they purdy? I would like to buy some bread and milk" ROFLMAO....he will look at you like you just landed from Mars.
Sure, pm's might benefit the Rockfellers or Rothschilds but for the common man they will be as worthless as tits on a boar
12:20 you are the one suffering from dementia. 12:16 is dead on.
ReplyDeleteSave up those dollars buddy!
12:20 - You are stupid. So what are we to used? That worthless ass printed paper. Get your head out of your ass and get some gold and silver. When the the time come, it will rise exponentially.
ReplyDeleteTalk about being in a state of denial. We complain about the debt and we complain about taxes. The 2001 tax cuts accelerated the debt. From 1998 to 2001 the budget was in the black. http://www.whitehouse.gov/omb/budget/Historicals/
ReplyDeleteRates have been falling since the 80's. It's no mistake that the debt has been increasing.http://www.ntu.org/tax-basics/history-of-federal-individual-1.html
I hate to be the realistic old uncle, but folks ya can't have it both ways.
702, Don't you think Bushs war had something to do with this nations debt?
ReplyDeleteAnon 11:48 - yeah, absolutely, but I hate to even think about it because it makes me feel like puking, literally.
ReplyDeleteAll the folks complaining about health care now where have they been for the past eight years as we're spending $3,000,000,000 a week on imperialistic adventures.
Military spending is the worst kind of government spending imaginable. There is hardly any payback at all, if at all.