No Middle Class Tax Hikes?

[dellinger63]

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

[Riot]

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?

[Antitrust32]

Originally Posted by Riot

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.

[randallscott35]

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

[Riot]

Originally Posted by randallscott35

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

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.

[randallscott35]

Originally Posted by Riot

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.

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

[Cannon Shell]

Originally Posted by randallscott35

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

FTFY

[Riot]

Originally Posted by Antitrust32

But if the 25% Tax group is raised to 28% and the 10% bracket is eliminated, ...

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

[dellinger63]

Originally Posted by Riot

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?

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.

[Riot]

Originally Posted by dellinger63

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.

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?

[dellinger63]

Originally Posted by Riot

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?

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.

[Antitrust32]

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?

[Riot]

Originally Posted by dellinger63

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.

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.

[Antitrust32]

Originally Posted by Riot

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

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

[Riot]

Originally Posted by Antitrust32

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

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.

[Antitrust32]

Originally Posted by Riot

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.

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

[Riot]

You both use campaign talking points.

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

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

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