No tax increases next year?

[mav]

Well, it looks like a deal is going to be struck in which the Bush-era tax cuts will be kept in place. While the deal isn't perfect (far from it to be truthful), I am glad that they will not increase taxes next year.

The thing that really irks me is all the leftists now have the red-ass with Obama because he is compromising. They are now talking about primarying him. I can't stand Obama, but geeze louise how much do these people want? Do they want to take my entire paycheck and have me obsequiously go to them and say, "Please sir, may I have some more."?

[Smith]

I think he slit his own throat on this one. The leftist are made cause he broke campaign promises and compromised on one of their key issues and the Republicans will be able to destroy him during the next election since tax cuts will be a very much alive issue.

[Guest TargetShooter84]

unemployment have been extended another 13 months on top of that 99 week period....

more money outta our paychecks....

[Raoul]

Nah, no tax increase. Just an increase in "user fees".

[Guest 6.8 AR]

Nah, no tax increase. Just an increase in "user fees".

The correct answer!

[mav]

Nah, no tax increase. Just an increase in "user fees".

True, but we could have had both. With the jerks in congress, senate, and the white house right now, I will take what I can get. Things can always improve after Pelosi Galore is removed from the throne.

Edited December 7, 2010 by mav
typo

[mdmoseley]

Just wait til January 1 when u start reporting your insurance benefits that

your company pays. That's another 8-12k of income you will be reporting and eventually probably paying tax on to pay for ObamaCare. They say you won't right now but I could see it being slipped in down the road.

Edited December 7, 2010 by mdmoseley

[Guest 85rx-7gsl-se]

Any word on the estate tax?

[Raoul]

Any word on the estate tax?

Like I'll have one to pass on.

[Guest 6.8 AR]

Well, it looks like a deal is going to be struck in which the Bush-era tax cuts will be kept in place. While the deal isn't perfect (far from it to be truthful), I am glad that they will not increase taxes next year.

The thing that really irks me is all the leftists now have the red-ass with Obama because he is compromising. They are now talking about primarying him. I can't stand Obama, but geeze louise how much do these people want? Do they want to take my entire paycheck and have me obsequiously go to them and say, "Please sir, may I have some more."?

That's rhetorical, isn't it? The answer to your last question is "yes".

To help understand why the leftists are red-assed about Obama you should read some of Ayn Rand's

early stuff about a family growing up during the October revolution. She characterizes the kind of person

you wonder about. The hard core leftist wants to be part of a totalitarian communist society. The kind

where they think they will have an important role over others.

"We the Living" (1936) Parts of that book will make you sick, but it will enlighten you.

[mav]

That's rhetorical, isn't it? \

Yes it was rhetorical. I know what they want.

I understand where everyone is coming from. Yes, Obamacare sucks, and increasing the length of unemployment insurance further isn't very wise. There's not much we can do about either one of those right now. So, as I said earlier, it isn't perfect and I will take what I can get.

[Guest 6.8 AR]

Actually the Republicans could have done a much better job on this. They have evidently "compromised"

with some of the messiah's other wishes. There are already unhappy campers on the right side.

[Oh Shoot]

Any word on the estate tax?

For next two years 35% on anything over 5 mil, 0 up to 5 mil.

- OS

[Guest db99wj]

Just wait til January 1 when u start reporting your insurance benefits that

your company pays. That's another 8-12k of income you will be reporting and eventually probably paying tax on to pay for ObamaCare. They say you won't right now but I could see it being slipped in down the road.

I was in a meeting with one of the top executives of one of the larger super-regional banks, he runs an area that for the most part approves credit worthiness of large corporate to high end larger business owners. He stated that many of the company's he works with aren't hiring right now, even if the desperately need people because of the uncertainty of how much the insurance is going to cost them in 2011.

[Guest 85rx-7gsl-se]

For next two years 35% on anything over 5 mil, 0 up to 5 mil.

- OS

Really? Is that just a proposal or has it been passed?

[greenego]

From what i have heard, this only takes care of tax cuts that were going to expire at the end of 2010. What about the ones that expired at the end of 2009? AMT,(a lot of people will be affected by this) sales tax deduction, property tax deduction without itemizing and several others.

[Oh Shoot]

Really? Is that just a proposal or has it been passed?

I guess it's officially passed, is part of the deal just made.

As part of the Bush sliding scale estate tax break, here was actually NO estate tax for 2010, so in a way, this is actually a tax INcrease.

Oh yeah, forgot, it's actually $10million deferment for a couple.

"And it would revive the inheritance tax after a year-long lapse, imposing a 35 percent rate on estates worth more than $5 million for individuals and $10 million for couples."

Obama, GOP reach deal to extend tax breaks

- OS

edit: Update: NO, congress has NOT actually voted on this yet. Dems making a stink, maybe not a mere formality now?

Edited December 7, 2010 by OhShoot

[Guest HvyMtl]

Actually, yes, there WILL BE A TAX INCREASE... Remember that little thing called the "Stimulus Package?" It had a $111 Billion Tax break... Which dies at the end of the year. (Yeah, the Dems DID pass a tax break. Shocking, isn't it?)

The average person will have around a $8 per week tax increase. In addition, the $400 for individual / $800 for couple tax credit, also from the stimulus package, will not reoccur.

So, effectively, taxes will go up $816 for the average income individual, and $1216 for the average income couple... (8x52+400 or 800)

Edited December 8, 2010 by HvyMtl

[macville]

Actually, yes, there WILL BE A TAX INCREASE... Remember that little thing called the "Stimulus Package?" It had a $111 Billion Tax break... Which dies at the end of the year. (Yeah, the Dems DID pass a tax break. Shocking, isn't it?)

The average person will have around a $8 per week tax increase. In addition, the $400 for individual / $800 for couple tax credit, also from the stimulus package, will not reoccur.

So, effectively, taxes will go up $816 for the average income individual, and $1216 for the average income couple... (8x52+400 or 800)

If we are talking about the same thing, it wasn't a tax break at all. For most Americans, all it did was take the money that they normally would get BACK from the gov at the end of the year (taken through withholding) and go ahead and give it to them. If you made enough money, then you actually had to pay that money back. Not a tax break at all. Just a scam by the dems.

[bigwakes]

So the dems want to tax the "rich" working people and give money to people to not work for three years. If I could live on $300 a week I would quit my job tomorrow and not have to get another one for three years. That's insane.

[Oh Shoot]

So the dems want to tax the "rich" working people and give money to people to not work for three years. If I could live on $300 a week I would quit my job tomorrow and not have to get another one for three years. That's insane.

Dems just don't get it. Hell, lots of Republicans don't get it.

It's not "tax the rich". Nobody should pay a higher rate of tax than anyone else. That IS "redistribution", socialism, Marxism, whatever.

That's why the Fair Tax would be, well, fair. And by all accounts, the gummit would be rollin in dough (not necessarily good thing, that, though).

One of the fundamental problems with America now is that it rewards failure and punishes success.

- OS

[Guest 85rx-7gsl-se]

I guess it's officially passed, is part of the deal just made.

As part of the Bush sliding scale estate tax break, here was actually NO estate tax for 2010, so in a way, this is actually a tax INcrease.

Oh yeah, forgot, it's actually $10million deferment for a couple.

"And it would revive the inheritance tax after a year-long lapse, imposing a 35 percent rate on estates worth more than $5 million for individuals and $10 million for couples."

Obama, GOP reach deal to extend tax breaks

- OS

edit: Update: NO, congress has NOT actually voted on this yet. Dems making a stink, maybe not a mere formality now?

Yeah I know we didnt have an estate tax this year. Made taking estate and gift tax very interesting this semester seeing as we had no estate tax and we were unsure what we will have next year. My teacher's response today to the proposed $5M exemption and 35% tax above that was that it sounded like the "Republican Party's Wish List".

BTW thanks for the info

[Oh Shoot]

... My teacher's response today to the proposed $5M exemption and 35% tax above that was that it sounded like the "Republican Party's Wish List"...

Ask him to explain the justification of taxing what a man leaves when he dies, all of which has been taxed several times in one form or another while he was alive.

- OS

[Guest 85rx-7gsl-se]

Because some people like the idea of redistributing wealth I guess lol. Today was my Final though so not sure when I will see him again. However I do have an interest in practicing in the area of estate planning so I can help people pay less estate tax.

[Dolomite_supafly]

It has been tried in the past and I am sure it will be tried again but the one thing that really scares me is taxing imputed income. If you own a home you have to declare the amount it would cost to rent the same house as income because money saved is money earned. It would apply to everything you own that has value, cars, household items, anything they can put a value on. Your gross income would be adjusted to reflect the money you have saved by owning something.

In Germany they have had a similar way of doing things for decades. They get taxed on everything they own. Once a year the streets are lined with items to be thrown out so the families are not taxed on items they do not want or need. They even get taxed for attending church.

This is the same kind of Euro trash thinking that is trying to be forced down our throats here. Eventually the tax burden is going to be too great for the working populous to sustain all the "give it to me because it's mine" programs.

Dolomite