New tax rules for 2011
-=DirtBag©
>
>
> To verify the followingnew tax information, scroll down to the end and
>
> check it out......... .this is not a political slam, just facts!
>
> In just six months, thelargest tax hikes in the history of America
> will take effect.
> They will hit families and small businesses in three great waves on
> January 1, 2011:
>
> First Wave:
> Expiration of 2001 and 2003 Tax Relief
> In 2001 and 2003, the GOP Congress enacted
> several tax cuts for investors, small business owners, and
> families. These will all expire on January 1, 2011:
> Personal income tax rates will rise. The
> top income tax rate will rise from 35 to 39.6
> percent (this is also the rate at which two-thirds 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 an 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%
>
> Higher taxes on marriage and family. The marriage penalty (narrower tax brackets for married couples) will return from the first dollar of income
> The child tax credit will be cut in half from $1000 to $500 per child.
> The standard deduction will no longer be doubled for married couples
> relative to the single level. The dependent care and adoption tax credits will be cut.
>
> The return of the Death Tax.
> This year, there is no death tax. For those dying on or after January 1
> 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
>
> Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise
> another 3.8 percent in 2013.
>
>
> Second Wave:
> Obamacare
> There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:
> The Medicine Cabinet Tax
> Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).
>
> The Special Needs Kids Tax
> This provision of Obamacare imposes a cap on flexible spending accounts
> (FSAs) of $2500 (Currently, there is no federal government limit). There
> is one group of FSA owners for whom this new cap will be particularly
> cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the UnitedStates, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington , D.C. (NationalChild Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can not be used to pay for this type of special
> needs education.
>
> The HSA Withdrawal Tax Hike.
> This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent,disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
>
> Third Wave:
> The Alternative Minimum Tax and Employer Tax Hikes
> When Americans prepare to file their tax returns in January of 2011,
> they'll be in for a nasty surprise—the AMT won't be
> held harmless, and many tax relief provisions will have expired.
>
> The major items include:
> The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their
> tax burdens twice, and pay taxes at the higher level. The AMT was
> created in 1969 to ensnare a handful of taxpayers.
>
> Small business expensing will be slashed and 50% expensing will disappear.
> Small businesses can normally expense (rather than slowly-deduct, or depreciate equipment purchases up to $250,000. 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.
> Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the research and experimentation tax credit, but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.
>
> Tax Benefits for Education and Teaching Reduced.
> The deduction for tuition and fees will not be available. Tax credits
> for education will be limited. Teachers will no longer be able to
> deduct classroom expenses.Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. The student loan interest deduction will be disallowed for hundreds of thousands of families.
>
> Charitable Contributions from IRAs no longer allowed.
> Under current law, a retired person with an IRA can contribute up to
> $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual required minimum distribution. This ability will no longer be there.
>
> PDF Version Read more:
>
> http:// www.atr.org/ six-months- untilbr-largest- tax-hikes- a5171#%23ixzz0sY 8waPq1
>
> Now your insurance is INCOME on your W2's......
> One of the surprises we'll find come next year, is what follows - - a little
> "surprise" that 99% of us had no idea was included in the
> "new and improved" healthcare legislation . . . the dupes, er,
> dopes, who backed this administration will be astonished!
> Starting in 2011, (next year folks), your W-2 tax form sent by
> your employer will be increased to show the value of whatever
> health insurance you are given by the company. It does not
> matter if that's a private concern or governmental body of
> some sort. If you're retired? So what; your gross will go up by the amount of insurance you get. You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished
> and see what $15,000 or $20,000 additional gross does to your
> tax debt. That's what you'll pay next year. For many, it also puts you into a new higher bracket so it's even worse.
>
> This is how the government is going to buy insurance for the15% that don't
> have insurance and it's only part of the tax increases.
> Not believing this??? Here is a research of the
> summaries... ..
> On page 25 of 29: TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-( sec. 9001, as modified by sec. 10901) Sec.9002 "requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excludable from the employees gross income."
> Joan Pryde is the senior tax editor for the Kiplinger letters.
> Go to Kiplingers and read about 13 tax changes that
> could affect you. Number 3 is what is above.
>
> Why am I sending you this? The same reason I hope you forward this to every single person in your address book.
> People have the right to know the truth because an election is
> coming in November.
>
> Taxation without Representation
DraggonFodder
>
> > Now your insurance is INCOME on your W2's......
> > One of the surprises we'll find come next year, is what follows - - a little
> > "surprise" that 99% of us had no idea was included in the
> > "new and improved" healthcare legislation . . . the dupes, er,
> > dopes, who backed this administration will be astonished!
> > Starting in 2011, (next year folks), your W-2 tax form sent by
> > your employer will be increased to show the value of whatever
> > health insurance you are given by the company. It does not
> > matter if that's a private concern or governmental body of
> > some sort. If you're retired? So what; your gross will go up by the amount of insurance you get. You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished
> > and see what $15,000 or $20,000 additional gross does to your
> > tax debt. That's what you'll pay next year. For many, it also puts you into a new higher bracket so it's even worse.
>
> > This is how the government is going to buy insurance for the15% that don't
> > have insurance and it's only part of the tax increases.
> > Not believing this??? Here is a research of the
> > summaries... ..
> > On page 25 of 29: TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-( sec. 9001, as modified by sec. 10901) Sec.9002 "requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excludable from the employees gross income."
> > Joan Pryde is the senior tax editor for the Kiplinger letters.
> > Go to Kiplingers and read about 13 tax changes that
> > could affect you. Number 3 is what is above.
>
> > Why am I sending you this? The same reason I hope you forward this to every single person in your address book.
> > People have the right to know the truth because an election is
> > coming in November.
>
> > Taxation without Representation
Guess you lefties are getting what you wanted. Looks like folks on
Social Security will see and increase in their tax bill. What a
system.
DraggonFodder
My granddaughter gets a little less each year. So sad.
BuffetHater
France.
Get used to it.
Habitual overspending/consumption while giving nothing but war and
pollution
to the world is the US claim to fame. You still pay the lowest rates
on earth for gas
and oil, lowest taxes on income. Booze and guns are cheap so load up
and
get drunk.
I have loads of relatives in the US proud and boastful of the right to
arm, the low
tax rates and how cheap stuff is compared to the land of the brave and
home of
the free....CANADA. They need to look at the cost and quality of
education,
healthcare and quality of community rather than just how much junk can
be
consumed after production in china.
Tax churches. Stop televangelists from evading taxes. Stop corporate
welfare
and influence peddling.
VegasNightOwl
"-=DirtBag©" <Di...@sonc.net> wrote in message
news:4c5f267d$0$22132$742e...@news.sonic.net...
God help us all.
VegasNightOwl
-=DirtBag©
Better for your heir if you have died this year than last year if you
were leaving a large estate.. Now if you die next year it is even
worse on your estate. This estate tax is fucked up.
BuffetHater
> were leaving a large estate.. Now if you die next year it is even
> worse on your estate. This estate tax is fucked up.
Sheesh. It only has minor affects on estates in excess of 2.4M at
time of death
and somehow this is a teabagger with the dirty tshirts cause de jour?
THIS HAS NO IMPACT ON THE NON FILTHY RICH!!!!! EVEN FOR THEM A
SMALL AMOUNT OF SUCCESSOR PLANNING GETS AROUND THE 'DEATH
TAX' AS IT ALWAYS DOES.
I just can't understand how the republican teabagger propaganda
machine manages
to convince poor, uneducated, food stampers on subprime that a death
tax on millionaires and higher will affect their right to bring guns
and ammo to faith
healing meetings?
-=DirtBag©
A older woman (100yrs +/-) I know died last year with $15M estate. 1/3
of it $5M+ is going to estate taxes. That sucks as her estate only had
set aside $4m and now they have to sell off some commerical RE assets at
deep discount to pay off the rest.
-=DirtBag©
My point was Had she died a month later. in 2010 there would have been
NO tax.. and the difference is like 5m bannanas. Next year the tax
comes back and i think it is even higher.. Just sucks for the heirs.
BuffetHater
> My point was Had she died a month later. in 2010 there would have been
> NO tax.. and the difference is like 5m bannanas. Next year the tax
> comes back and i think it is even higher.. Just sucks for the heirs.
After the heirs worked so hard to amass the fortune.
In canada you'd pay 23%. England 40%, EU 35%.
American teabaggers need to accept the country is broke, they broke it
and
now they howl when asked to pay.
Tax churches as biz, legalize dope and put booze and gun taxes up
190000%
and put in a canada type gun tax of $100 per weapon. Christians love
to be flogged
and persecuted, jesus told them to pay up....so hack it to them!
-=DirtBag©
> After the heirs worked so hard to amass the fortune.
>
Good point.. Maybe if they pledged to spend it. SO you have to spend 55%
on new stuff. Your stimulate the ecpnomy and get something too.
I know how to spend money and enjoy doing so. So they can hire my
consulting services..
BuffetHater
When england entered into similar economic times a death tax of 80%
was
brought down (in the 70's/80's) which is why so many fine homes are
castles
are owned and cared for via National Trust Act.
Next fiasco in UK/Canada/USA will be property taxes. Bankrupt towns
and
munis will be doubling and tripping the rates on residential.
-=DirtBag©
Property tax under prop 13 in California is 1% of sales price.
http://en.wikipedia.org/wiki/California_Proposition_13_(1978)
So they will kill us with local fees.. My water has doubled. Sewer too.
We need to have a lottery for some of these vacant houses. Pay $1000 and
get an chance or a free house. Or tear them down to remove excess
inventory. These loan modification are bullshit IMO. Why reward people
that got themselves into trouble being greedy and refinancing their home
2-3 times in 5 years. Pulling out cash and now crying poor house. Boot
them and have a lottery. This will remove the excess inventory.
Rewarding scamming mentality is BS and only encourages a society that
thinks it can get something for free.
Bill Reid
>
>
> These loan modification are bullshit IMO. Why reward people
> that got themselves into trouble being greedy and refinancing their home
> 2-3 times in 5 years.
>
> thinks it can get something for free.
Yeah, it's full of people like YOU...remember how you bragged
in 2008 you were going to "get to grabbin'" "cheap" real estate,
boasted you bought two houses, then a few months later mumbled
the houses were "underwater" so you just gave them back
to the bank, essentially stealing thousands from the banks...
Your incessant insanely hypocritical harping about people
"getting something for nothing" wore thin the FIRST time you
pecked it out, and is a testament to just how much of a
worthless creep you are after 50+ posts whining about
immigrants, welfare recepients, taxes, people who don't
pay enough taxes (according to you, though we have no
assurance you don't have literally have hundreds of
$thousands of taxes you failed to pay), and on and on,
ad nauseum.
Just so you know, if I were dictator of this country,
I woulda solved the real estate problem partly with some
very "draconian" changes to the tax code, and suffice it
to say that in your case, YOU WOULD HAVE PAYED EVERY
SINGLE NICKEL YOU OWED THE BANKS UP TO THE POINT OF
THE BANKRUPTCY LIMITS VIA A "SPECIAL TAX" FOR
REAL ESTATE DEADBEATS LIKE YOU.
---
William Ernest Reid
Post count: $thousands less than the average "ScumBag(TM)"
has ripped off from the honest working people of this
country
Alan Bowler
>
>> My point was Had she died a month later. in 2010 there would have been
>> NO tax.. and the difference is like 5m bannanas. Next year the tax
>> comes back and i think it is even higher.. Just sucks for the heirs.
>
> After the heirs worked so hard to amass the fortune.
>
> In canada you'd pay 23%. England 40%, EU 35%.
Where do you get the 23%? Canada doesn't have an estate tax.
However there is income tax to be on capital gains in the estate,
but it would be near impossible for an entire estate to have
a zero cost base and result in taxes of 23% of the estate value.