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    100 Days Until Taxmageddon

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    Grits

    Posts : 226
    Join date : 2010-02-21
    Age : 62
    Location : Alabama

    100 Days Until Taxmageddon

    Post  Grits on Sun 23 Sep 2012, 12:53 am

    100 Days Until Taxmageddon

    First Wave: Expiration of 2001 and 2003 Tax Relief

    In 2001 and 2003, the GOP Congress enacted several tax cuts for small business owners, families, and investors (later re-upped by President Obama and Democrat Congress in 2010). The following tax hikes will occur on January 1, 2013:

    Personal income tax rates will rise on January 1, 2013. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which the majority of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:

    -The 10% bracket rises to a new and expanded 15%

    -The 25% bracket rises to 28%

    -The 28% bracket rises to 31%

    -The 33% bracket rises to 36%

    -The 35% bracket rises to 39.6%

    These are just two of MANY that are coming...see whole list at the link:


    http://www.atr.org/days-taxmageddon-a7203

    Also please remember that the lowest tax rate going from 10% to 15% is NOT a 5% increase but rather a 50% increase affraid in the taxes you will be paying...

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    beejean

    Posts : 542
    Join date : 2010-02-20
    Location : Boston area

    Re: 100 Days Until Taxmageddon

    Post  beejean on Sun 23 Sep 2012, 1:38 pm

    "Taxmageddon" is an interesting appellation, and maybe an unfortunate one.

    I think of the tax rate mandate, though, which came out of Obama's supercommittee failure, as "Undermining the Empire". Many historians agree that the unsustainable rates of taxation of the merchant and working class of Rome led to their inability to support their orderly operations and produce the work that was needed to sustain their power. Things started falling apart due to the leeches having weakened the host.

    In our case, today, we have government(squared) in terms of the sheer numbers of people employed by the government that are collecting money based on our tax payouts.
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    Grits

    Posts : 226
    Join date : 2010-02-21
    Age : 62
    Location : Alabama

    Re: 100 Days Until Taxmageddon

    Post  Grits on Sun 23 Sep 2012, 3:18 pm

    That is quite a right way to say it:

    the leeches having weakened the host.

    Reminds me of this great woman's quote:

    “The problem with socialism is that you eventually run out of other people's money. ”
    ― Margaret Thatcher

    When there is more money going out (entitlements) than there is coming in (revenue from taxes) then that system will fail. Simple math...but so many don't get it! geek

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