Halyards
Thursday, July 22, 2010
The Democrat's Coming Taxes Will Hurt Everyone
Read this from Investor's Business Daily and weep. Weep not just for yourself, but especially for your children and grandchildren. The Democrats have screwed them good because they're not old enough to vote and the Democrats be out of office by the time they are old enough to vote. By then the Demos will be living some where tax-free.
The death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.
The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.
The marriage penalty also makes a comeback, and the capital gains tax will jump 33% — to 20% from 15%. The tax on dividends will go all the way from 15% to 39.6% — a 164% increase.
Both the cap-gains and dividend taxes will go up further in 2013 as the health care reform adds a 3.8% Medicare levy for individuals making more than $200,000 a year and joint filers making more than $250,000. Other tax hikes include: halving the child tax credit to $500 from $1,000 and fixing the standard deduction for couples at the same level as it is for single filers.
Letting the Bush cuts expire will cost taxpayers $115 billion next year alone, according to the Congressional Budget Office, and $2.6 trillion through 2020.
The Medicine Cabinet Tax. Americans, says ATR, "will no longer be able to use health savings account, flexible spending account, or health reimbursement pretax dollars to purchase nonprescription, over-the-counter medicines (except insulin)."
The HSA Withdrawal Tax Hike. "This provision of ObamaCare," according to ATR, "increases the additional tax on nonmedical early withdrawals from an HSA from 10% to 20%, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10%."
Brand Name Drug Tax. Makers and importers of brand-name drugs will be liable for a tax of $2.5 billion in 2011. The tax goes to $3 billion a year from 2012 to 2016, then $3.5 billion in 2017 and $4.2 billion in 2018. Beginning in 2019 it falls to $2.8 billion and stays there. And who pays the new drug tax? Patients, in the form of higher prices.
Economic Substance Doctrine. ATR reports that "The IRS is now empowered to disallow perfectly legal tax deductions and maneuvers merely because it judges that the deduction or action lacks 'economic substance.'"
• The Tax Policy Center, no right-wing group, says that the failure to index the AMT will subject 28.5 million families to the tax when they file next year, up from 4 million this year.
• "Small businesses can normally expense (rather than slowly deduct, or 'depreciate') equipment purchases up to $250,000," says ATR. "This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be 'depreciated.'"
• According to ATR, there are "literally scores of tax hikes on business that will take place," plus the loss of some tax credits. The research and experimentation tax credit will be the biggest loss, "but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs."
• The deduction for tuition and fees will no longer be available and there will be limits placed on education tax credits. Teachers won't be able to deduct their classroom expenses and employer-provided educational aid will be restricted. Thousands of families will no longer be allowed to deduct student loan interest.
Can we repeal the last two elections?
The death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.
The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.
The marriage penalty also makes a comeback, and the capital gains tax will jump 33% — to 20% from 15%. The tax on dividends will go all the way from 15% to 39.6% — a 164% increase.
Both the cap-gains and dividend taxes will go up further in 2013 as the health care reform adds a 3.8% Medicare levy for individuals making more than $200,000 a year and joint filers making more than $250,000. Other tax hikes include: halving the child tax credit to $500 from $1,000 and fixing the standard deduction for couples at the same level as it is for single filers.
Letting the Bush cuts expire will cost taxpayers $115 billion next year alone, according to the Congressional Budget Office, and $2.6 trillion through 2020.
The Medicine Cabinet Tax. Americans, says ATR, "will no longer be able to use health savings account, flexible spending account, or health reimbursement pretax dollars to purchase nonprescription, over-the-counter medicines (except insulin)."
The HSA Withdrawal Tax Hike. "This provision of ObamaCare," according to ATR, "increases the additional tax on nonmedical early withdrawals from an HSA from 10% to 20%, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10%."
Brand Name Drug Tax. Makers and importers of brand-name drugs will be liable for a tax of $2.5 billion in 2011. The tax goes to $3 billion a year from 2012 to 2016, then $3.5 billion in 2017 and $4.2 billion in 2018. Beginning in 2019 it falls to $2.8 billion and stays there. And who pays the new drug tax? Patients, in the form of higher prices.
Economic Substance Doctrine. ATR reports that "The IRS is now empowered to disallow perfectly legal tax deductions and maneuvers merely because it judges that the deduction or action lacks 'economic substance.'"
• The Tax Policy Center, no right-wing group, says that the failure to index the AMT will subject 28.5 million families to the tax when they file next year, up from 4 million this year.
• "Small businesses can normally expense (rather than slowly deduct, or 'depreciate') equipment purchases up to $250,000," says ATR. "This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be 'depreciated.'"
• According to ATR, there are "literally scores of tax hikes on business that will take place," plus the loss of some tax credits. The research and experimentation tax credit will be the biggest loss, "but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs."
• The deduction for tuition and fees will no longer be available and there will be limits placed on education tax credits. Teachers won't be able to deduct their classroom expenses and employer-provided educational aid will be restricted. Thousands of families will no longer be allowed to deduct student loan interest.
Can we repeal the last two elections?
McCain Picked Palin, How About We All Call Her A Right Wing Know Nothing Hick? Sound Fair?
Being a professional reporter is really hard, especially when on one has told you what to write. Jeez, it's not like they're just bloggers who actually write what they think on their own. Only a rookie with no skin in the game would do something stupid like that.
When McCain picked Palin, liberal journalists coordinated the best line of attack
Chris Hayes of the Nation wrote in with words of encouragement, and to ask for more talking points. “Keep the ideas coming! Have to go on TV to talk about this in a few min and need all the help I can get,” Hayes wrote.
Suzanne Nossel, chief of operations for Human Rights Watch, added a novel take: “I think it is and can be spun as a profoundly sexist pick. Women should feel umbrage at the idea that their votes can be attracted just by putting a woman, any woman, on the ticket no matter her qualifications or views.”
Mother Jones’s Stein loved the idea. “That’s excellent! If enough people – people on this list? – write that the pick is sexist, you’ll have the networks debating it for days. And that negates the SINGLE thing Palin brings to the ticket,” he wrote.
Another writer from Mother Jones, Nick Baumann, had this idea: “Say it with me: ‘Classic GOP Tokenism’.”
...
Journolist’s founder Ezra Klein, now a blogger at the Washington Post, reached an entirely different conclusion: “I see no reason to attack Palin. I think you accurately describe Palin and attack McCain.” Klein linked to an article he had written for the American Prospect that calmly described Palin’s thin resume.
Time’s Joe Klein then linked to his own piece, parts of which he acknowledged came from strategy sessions on Journolist. “Here’s my attempt to incorporate the accumulated wisdom of this august list-serve community,” he wrote. And indeed Klein’s article contained arguments developed by his fellow Journolisters. Klein praised Palin personally, calling her “fresh” and “delightful,” but questioned her “militant” ideology. He noted Palin had endorsed parts of Obama’s energy proposal.
That was all on the day of the announcement.
Journolist was made up of a bunch of desperate whining wanna-be sumptin important nobodies. The journalists that wrote about and were supposed to accurately report on the election of the most powerful person in the world thought the electorate a bunch of "f*cking NASCAR retards" that they could conspire to lie to so as to fix the election.
Now, who are the retards?
When McCain picked Palin, liberal journalists coordinated the best line of attack
Chris Hayes of the Nation wrote in with words of encouragement, and to ask for more talking points. “Keep the ideas coming! Have to go on TV to talk about this in a few min and need all the help I can get,” Hayes wrote.
Suzanne Nossel, chief of operations for Human Rights Watch, added a novel take: “I think it is and can be spun as a profoundly sexist pick. Women should feel umbrage at the idea that their votes can be attracted just by putting a woman, any woman, on the ticket no matter her qualifications or views.”
Mother Jones’s Stein loved the idea. “That’s excellent! If enough people – people on this list? – write that the pick is sexist, you’ll have the networks debating it for days. And that negates the SINGLE thing Palin brings to the ticket,” he wrote.
Another writer from Mother Jones, Nick Baumann, had this idea: “Say it with me: ‘Classic GOP Tokenism’.”
...
Journolist’s founder Ezra Klein, now a blogger at the Washington Post, reached an entirely different conclusion: “I see no reason to attack Palin. I think you accurately describe Palin and attack McCain.” Klein linked to an article he had written for the American Prospect that calmly described Palin’s thin resume.
Time’s Joe Klein then linked to his own piece, parts of which he acknowledged came from strategy sessions on Journolist. “Here’s my attempt to incorporate the accumulated wisdom of this august list-serve community,” he wrote. And indeed Klein’s article contained arguments developed by his fellow Journolisters. Klein praised Palin personally, calling her “fresh” and “delightful,” but questioned her “militant” ideology. He noted Palin had endorsed parts of Obama’s energy proposal.
That was all on the day of the announcement.
Journolist was made up of a bunch of desperate whining wanna-be sumptin important nobodies. The journalists that wrote about and were supposed to accurately report on the election of the most powerful person in the world thought the electorate a bunch of "f*cking NASCAR retards" that they could conspire to lie to so as to fix the election.
Now, who are the retards?
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