Obama's muddled economic plan

Expect capital gains taxes to stay relatively the same yet be a huge campaign propaganda tool for the next 2-4 elections until most Americans are so dumb and broke that the majority want to eat the children of the rich.

It's going to happen. Wait for it.

[Danzig]

Originally Posted by Coach Pants

Expect capital gains taxes to stay relatively the same yet be a huge campaign propaganda tool for the next 2-4 elections until most Americans are so dumb and broke that the majority want to eat the children of the rich.

It's going to happen. Wait for it.

changes already in the works with temp adjustments about to fall off the books:

Often overlooked in these discussions, however, is the fact that the days of the 15% tax rate are numbered. As of this posting, it has only 342 left.

On January 1, 2013, capital gains taxes are scheduled to go up sharply.

First, the 2001 and 2003 tax cuts are scheduled to expire. If that happens, the regular top rate on capital gains will rise to 20%. In addition, an obscure provision of the tax code, the limitation on itemized deductions, will return in full force. That provision, known as Pease, increases effective tax rates on high-income taxpayers by reducing the value of their itemized deductions. On net, it will add another 1.2 percentage points to the effective capital gains tax rate for high-income taxpayers.

And that’s not all. The health reform legislation enacted in 2010 imposed a new tax on the net investment income of high-income taxpayers, including capital gains. That adds another 3.8 percentage points to the tax rate.

Put it all together, and the top tax rate on capital gains is scheduled to increase from 15% today to 25% on January 1.

Originally Posted by Danzig

changes already in the works with temp adjustments about to fall off the books:

Often overlooked in these discussions, however, is the fact that the days of the 15% tax rate are numbered. As of this posting, it has only 342 left.

On January 1, 2013, capital gains taxes are scheduled to go up sharply.

First, the 2001 and 2003 tax cuts are scheduled to expire. If that happens, the regular top rate on capital gains will rise to 20%. In addition, an obscure provision of the tax code, the limitation on itemized deductions, will return in full force. That provision, known as Pease, increases effective tax rates on high-income taxpayers by reducing the value of their itemized deductions. On net, it will add another 1.2 percentage points to the effective capital gains tax rate for high-income taxpayers.

And that’s not all. The health reform legislation enacted in 2010 imposed a new tax on the net investment income of high-income taxpayers, including capital gains. That adds another 3.8 percentage points to the tax rate.

Put it all together, and the top tax rate on capital gains is scheduled to increase from 15% today to 25% on January 1.

The news just keeps getting better. Adding taxes, free trade agreements, surveillance, censorship...it's just a matter of time before the military is training local police in cities.

http://deathby1000papercuts.com/2012...exercise-list/

Well nevermind.

The vibe is just so good. I left out tons of other great news.

On that note...

http://www.youtube.com/watch?v=8qrriKcwvlY&ob=av2e

[Danzig]

tax brackets remain in place thru this year, but if no adjustments are made, all brackets revert to what they were in 2000. which means a big increase. oh, and look what 2013 isn't-an election year.

then there's the alternative minimum tax:


More AMT victims, higher taxes
On today's tax returns, when an AMT payment is required, affected taxpayers could end up paying thousands more in taxes. Absent any law change, by 2015, some estimates predict that nearly 50 million filers could end up paying this parallel levy.

Why the increase? Because the tax is not indexed for inflation. Without that annual adjustment, your yearly raises of a few percentage points have been moving you closer or even into the income realm that the tax law deemed almost 40 years ago as prime AMT bait.

You could owe AMT if your taxable income in 2010 was more than:
•$72,450 for a married couple filing a joint return and surviving spouses.
•$47,450 for singles and heads of household.
•$36,225 for a married person filing separately.
Congress regularly bumps up the earnings amounts to keep more middle-income filers from paying more under the system. While that law change helps out millions of taxpayers who might otherwise pay the AMT, the uncertainty of when and how much relief will be provided is a constant area of frustration for taxpayers who have encountered or might face the alternative minimum tax.

Really need a libtard to post what the tax rates were in the 1900's. They should definitely be high like they were during FDR's time. I'm all for paying for infrastructure in Iraq and Afghanistan. Count me in for bailing out all of the international banks too. It's my fault. I'm a white male in America.

[Danzig]

from what we were told the other day, it was a very high % on top earners. i'll have to look it up, but i believe it was in the 60's or maybe higher.


here's an article i found:

http://martha-r-gore.suite101.com/us...century-a83122


guess i beat the 'libtards' to it. lol



'The 1916 Revenue Act was in force when America entered World War I. The need for money increased so the lowest tax rate was raised from 1 percent to 2 percent and the top rate to 15 percent in excess of $1.5 million. It also imposed taxes on estates and excess business profits. The War Revenue Act of 1917 lowered exemptions and further increased tax rates. Taxpayers with $40,000 faced a 16 percent rate and for individuals with income of $1.5 million, the tax rate was raised to 67 percent.

In 1918, tax rates were raised again with a bottom rate of 6 percent and a top rate of 77 percent. Although only 5 percent of the population paid income taxes at that time, the income was able to fund one-third of the cost of World War I.'

Yeah but it was for infrastructure...this time it will go to international bankers and other assorted goons.

[lord007]

Originally Posted by Danzig

tax brackets remain in place thru this year, but if no adjustments are made, all brackets revert to what they were in 2000. which means a big increase. oh, and look what 2013 isn't-an election year.

then there's the alternative minimum tax:


More AMT victims, higher taxes
On today's tax returns, when an AMT payment is required, affected taxpayers could end up paying thousands more in taxes. Absent any law change, by 2015, some estimates predict that nearly 50 million filers could end up paying this parallel levy.

Why the increase? Because the tax is not indexed for inflation. Without that annual adjustment, your yearly raises of a few percentage points have been moving you closer or even into the income realm that the tax law deemed almost 40 years ago as prime AMT bait.

You could owe AMT if your taxable income in 2010 was more than:
•$72,450 for a married couple filing a joint return and surviving spouses.
•$47,450 for singles and heads of household.
•$36,225 for a married person filing separately.
Congress regularly bumps up the earnings amounts to keep more middle-income filers from paying more under the system. While that law change helps out millions of taxpayers who might otherwise pay the AMT, the uncertainty of when and how much relief will be provided is a constant area of frustration for taxpayers who have encountered or might face the alternative minimum tax.

http://news.investors.com/Article/59...back-taxes.htm...speaking of taxes

[Danzig]

Originally Posted by lord007

http://news.investors.com/Article/59...back-taxes.htm...speaking of taxes

wow.

but really, is that a correct report?? i could have sworn obama said he'd have the most ethical...

oh, what's the use? i said he was lying then, and apparently he was. four more years!! four more years!

[Danzig]

http://www.nytimes.com/2012/01/26/us...l-hurdles.html


now dems are serious?


maybe super serial?

[Riot]

Originally Posted by Danzig

wow.

but really, is that a correct report?? i could have sworn obama said he'd have the most ethical...

oh, what's the use? i said he was lying then, and apparently he was. four more years!! four more years!

It's also Obama's fault that elected officials and lifetime government workers in Chicago owe back taxes

The tax offenders include employees of the U.S. Senate who help write the laws imposed on everyone else. They owe $2.1 million. Workers in the House of Representatives owe $8.5 million, Department of Education employees owe $4.3 million and over at Homeland Security, 4,697 workers owe about $37 million. Active duty military members owe more than $100 million.

Yes, Obama is clearly responsible for this. It's all his fault. And he clearly supports people owing back taxes.

Good god, the ridiculousness of Obama Derangement is palpable.