No Middle Class Tax Hikes?
 

If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.

Investors will pay more on their earnings next year as well, with the tax on dividends jumping to 39.6 percent from 15 percent and the capital-gains tax increasing to 20 percent from 15 percent. The estate tax is eliminated this year, but it will return in 2011 -- though there has been talk about reinstating the death tax sooner.

Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:


* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;


* The $250 teacher tax credit for classroom supplies;


* The tax deduction for up to $4,000 of college tuition and expenses;


* Individuals who don't itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;


* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free.

The last one made me lol.
http://ca.news.yahoo.com/s/reuters/1..._backdoortaxes

We'll see if not renewing tax cuts set to expire at the end of 2010 survives the budget process.

How are you enjoying your current tax cut, the one you and 95% of other Americans got from Obama for 2009?

Havent really noticed it honestly. I have less money this year than last year, but that really has nothing to do with Obama... it has to do with living alone instead of living with a roommate!

But if the 25% Tax group is raised to 28% and the 10% bracket is eliminated, than not only is Obama proven to be a huge liar on his most important campaign promise (not raising taxes on lower and middle class - just because he didnt do it the first year doesnt mean he can do it later on and not be a liar).. but it assures that he is 1 and done.

You have to pay for bailouts...now or later.

Like getting butt raped with the promise it will feel better soon while feeling pennies hit my back. LOL

But I guess the majority feel the same way.

The bailouts to the banks have all nearly been reimbursed already, with interest paid to us. We made money on that one.

But we still have to figure out how to pay for 1.3 trillion in previously existing stuff, too: recent tax cuts given but not paid for, big increase in Medicare prescription benefits given but not paid for, Iraq, Afghanistan wars not paid for, etc.

It's like the stupid uncle took America's credit card and ran up 1.3 trillion in credit card debt, then left it in our laps.

Meanwhile tax collections are down (less income for us), but we are in a recession recovery start that requires spending to sustain.

I doubt that. I think the majority are more likely thankful their taxes are less rather than more this year.

But, as tax cuts feel like "butt rape" to you, you are obviously then against any further tax cuts?

But if they are not, then they won't.

Incorrect. Massively incorrect in fact. That is what they want you to think....http://www.nytimes.com/2010/01/27/business/27views.html

that's funny. When you give a person a nickel on one tax credit and take a quarter back in another tax it's an insult not a tax cut.

Especially when you use America's credit card that of course comes with all the goodies like interest. But in this guy's upside down world one has to spend to avoid bankruptcy not save. Let that be an example to all those families deciding whether to save or get the kids those new Nikes. :zz:

Riot do you believe every single word out of every single politicians mouth? Or just Obama's? And if you answer just Obama.. why do you think he is different than other politcians?

Well, no, it's not "massively incorrect" - most of the other banks have paid it back, with interest. They did it so they could give huge bonuses this year. Remember this ongoing thing?

You quote one article about one bank, AIG, who has already paid back $56 billion. Yeah, they owe us more.

This is from last August - more have paid back since:

http://www.nytimes.com/2009/08/31/bu...1taxpayer.html

No, Lori, unlike you, I get my information from a few different sources, and then make up my own mind.

LOL!!!

If you make up your own mind how come everything you say is taken straight from the horses mouth? (horse = Obama)

I'm the opposite. I dont trust one politician out there.. from Obama to Palin to Pelosi to Boehner. They are all dirtbags who range from representing the "people" to representing the Bible. The only thing they really represent is themselves.

And yes I make up my own mind. Fox news pisses me off as much as MSNBC does. I'm also willing to change my opinions over time when presented with different views or information that I agree with... unlike most people on here.

Yeah, but the guy has given you more than a nickle, and has not taken anything yet.

Your imagination must be a very scary place to live.

Actually no, it's not. I'm surprised, with your obviously close attention politics, that you don't recognize that.

I didn't say I trusted politicians, so I don't know what you are saying you are "opposite from" regarding me.

:D ;) :p

And I now present to you ladies and gentlemen... The first Lady, Mrs. Michelle "Riot" Obama!!!!

:D

I apologize if I pegged ya wrong... your past voting record (posting history) led me to mistakenly think you trusted Obama and the Dems.

Well, Lori, in your world there will be millions of Mrs. Michelle Obamas, because a whole lot of people are aware that there was indeed a 2009 tax refund, and a freeze on tax rates.

It is sadly revealing that you think comparing someone to Michelle Obama is an insult.

My past voting record, per what I have always posted here, has been 100% Republican until I voted for Obama. I do trust Obama, I gladly voted for him, and surely will again. I do not equate Obama with the Democratic party, and I have said here - multiple times - I am not a fan of Pelosi, et. al.

The last thing I was doing was insulting you by calling you Michelle Obama. What I had quoted from you was definatly something she would say.. thats the point... she sticks up for her husband (rightfully so) and you stick up for her husband. You both use campaign talking points.

If you want to take that as an insult I cant help you.

And also, since only 57% of Americans actually PAY federal income taxes.. how did 95% of Americans get a tax break?

http://www.cbsnews.com/stories/2009/...n4945874.shtml

I dont associate Pelosi with the Democratic party. She's like some weird socialist alien trapped in a botox'd body. She's beyond the craziness that I'll associate the Democratic party with..

? How is talking about a tax refund we actually received a "campaign talking point" ?

I guess I'll have to clarify that 95% of tax-paying Americans - mostly the middle class - got the tax cut.

and you don't agree w/Carter but have read all his books and decided he like Obama get it?!!!!!!! Now I understand you just have a case of 'jungle fever' Healthcare is NOT on its way so take care of yourself!

FTFY

No, I haven't read all Carter's books. I said I read one.

Pelosi is the embodiment of the democratic party, a CA liberal elitist.

And, sadly, Sarah Palin is the embodiment of the Republican party.

Hardly. She was a Gov in a fairly insignifigant state that no longer holds any position in the party. Pelosi is a long term, mean spirited, morally bankrupt, deeply embedded psuedo intellectual. Palin is more of a media story than anything. Pelosi is a reminder of a lot of what is wrong with this country.

LOL She was on the Republican ticket! She is the most recognizable Republican in the entire country. Like it or not- she, limbaugh and hannity are what people think of when they think of republicans these days.

Strange. I find Sarah Palin - the deliberate lies, the hate-mongering, the religious zealotism, that some people would put her one old heartbeat away from being President of the United States - to be a terrifying reminder of what is wrong with this country.

Something Chuck can dismiss as rabid liberal yammering ... ;)

You want to hear something even funnier? In a recent gallup poll, 65% of republicans said that they would vote for her for president. 58% of the same poll thought that she was actually QUALIFIED to be president. Reports have it that Nascar was amongst those polled.

that's true. but i think perhaps chuck's point is that while sarah palin holds no office right now (and hopefully never holds one again) pelosi is very much in a position to affect policies.

Okay. I didn't read it that way but if that is the point (and I think you are being your usually generous self;) ) I still don't think she embodies the democratic party. The worst of what the democratic party can be? I will buy that. But while we have a democrat in the white house, he is the face of the party and embodies what the party should be about.

Palin truly embodies what the republican party has become. A sad caricature of old ways and thoughts that has little grasp on the realities of a changing world and continues to hitch its star to the bible belt.

Republicans need to re brand. This isnt an insult but merely a statement of fact. When one of your leading candidates is currently working for FOX news and looking clueless doing it, you need to rebrand.

Republicans REALLY need to rebrand and they should start by not pandering to the religious right. That is their downfall. Of course Bush didnt help ;) but he pandered to the religious right and spent like a democrat AND got us in an unnecessary war.. man yeah he really screwed things up for the Red People.

Well, if you like polls...

http://politicalwire.com/archives/20...socialist.html

"A new Daily Kos/Research 2000 poll of Republicans finds that 63% believe that President Obama is a socialist, compared to 21% who say he is not and 16% that are not sure.

The survey also found that 53% believe that Sarah Palin is more qualified to be president than Obama, with 14% who believe Obama is more qualified and 33% who said they were not sure."

The Daily Kos is not exactly known for being a right-leaning organization either... :rolleyes:

But the poll was only asking REPUBLICANS what they thought. And if only 53% of your party thinks that one of your leading candidates is more qualified to be president than a guy that is a republican's nightmare, YOU GOT PROBLEMS.

Yeah, but the magnitude is different. The Republicans have a few paper cuts but the Democrats are hemorrhaging.

Palin – Jeb 2012 :D