Less then 120 Days to Go Until the Largest Tax Hikes in History
120 Days to Go Until the Largest Tax Hikes in History
From Ryan Ellis on Friday, September 3, 2010 11:10 AM
http://www.atr.org/index.php
In just 120 days, the largest 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 tax credit 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 top capital gains tax will rise from 15 percent this year to 20 percent in 2011. The top dividends tax rate will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.
yes there is alot more tax increases
Read more: http://www.atr.org/index.php#ixzz0yftAtGvp
7 comments:
the death of the middle class
Yep, change but no hope.
Why did we vote this guy into office, remind me please?
Not 'we'.YOU voted for a rock star, no-experience community organizer. He was the 'anti-Bush' candidate since he had no substance. After 2 years, WE are proven correct.
this guy sucks the big one.what the fuck did we do to this great u s a.
4:03, I did not vote for him and saw him for what he was back then...just another Chicago politician...have you seen the billboards with George Bush saying: "miss me yet?" I will take George Bush any day over Barack Obama. Right now our biggest threat to our national security is our dependence upon foreign oil. Barack Obama has a moratorium on drilling...what is this guy thinking?? It scares me to death. The Republicans must take back the Congress in November and the White House in the next election.
Well, this ought to spur the economy. When will the Democrats ever learn?
If John McCain had selected a better VP candidate (instead of Sarah Palin) people probably wouldn't be griping about the Obama administration, but would instead be commenting about how the McCain administration was doing.
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