Hi,
NOT!!! Not the happiest blog I've ever written since it's about the new taxes coming in 2011 but since they are part of economics, here's the bad news.
All the tax cuts enacted in 2001 and 2003 will end, ADDING THOSE TAX BURDENS. Personal income tax will go up from 35 to 39.6% for personal taxes and small business taxes.
The lowest bracket goes from (10% to 15%); (25% to 28%); (28% to 31%); (33% to 36%); and (35% to 39.6%).
There's a "cute" or "acute" tax hidden in the health bill for 2013--an ALMOST 4% FEDERAL SALES TAX ON YOUR HOME SALE!!!!!!!!!!! IN THE HEATH BILL FOR PETE'S SAKE (sorry, that's For OBAMA's sake)!!!!!!!!!!
We have to do something about lawmakers' additions to bills!!!! The additions are not POLITICALLY CORRECT!!!! THIS PORK BARREL METHOD HAS GONE ON TOO LONG!!!Many bills are stuffed with Congress members' PORK FAT for their states. It was stopped in the Florida legislature and can be stopped in the Federal Government. NO ADDITIONS TO BILLS OUTSIDE THE MAIN TOPIC!!! Taxation or finances ONLY in a financial bill NOT included in the "CARROTS FOR CLUBS" bill. No, I don't think there's a bill like "Carrots for Clubs" but what the "Hay", Congress has done worse.
Following are more 2011 personal income tax increases: The child tax credit will be cut in half from $1000. to $500. YOU CAN STOP HAVING MORE KIDS NOW!
The DEATH TAX RETURNS. 2011 SEES A 55% inheritance tax on estates over one million. In our inflated economy $1M is not hard to hit. 2 homes and a retirement account from the deceased could do it.
Twenty new or higher taxes go into effect on 2011: The MEDICINE CABINET TAX-no more HSA (Health Savings Accounts); FSA (Flexible Spending Accounts):HRA (Health Reimbursement Accounts) no more pre-tax dollars for non-prescription (over the counter meds) except insulin (which now is only by prescription as far as I know).
THE SPECIAL NEEDS KIDS TAX: FSA (Flexible Spending Accounts) are limited to $2500., down from no limits. This includes SPECIAL NEEDS CHILDREN. Thanks for the love and caring portions of your agenda "Democratic Congress"and Obama!!!!!!!!!!
The HSA withdrawal tax hike goes from 10% to 20%, losing the advantage over IRAs.
But IRAs no longer can deduct $100,000. given to their IRA or a charity. There will no longer be the benefit of an "annual minimum distribution". The Socialists want to take care of you--not for you to take care of yourself.
The AMT (Alternative Minimum Tax) which was used to ensnare the Richy-rich was not indexed by Congress so it now includes 28.5 million people instead of 4 million. HAVE YOU JOINED THE RANKS OF THE RICHY-RICH AS A MUDDILY-MIDDLE?????CONGRATS FROM THE SOCIALISTS OF AMERICA!!!!!!These AMT folks must calculate their taxes twice(?????) and pay at the higher level.
Tax benefits for education and teaching reduced. Teachers will not be able to deduct classroom expenses.(They can dip into their already poor pockets some more) Deduction for tuition and fees not allowed. Coverdell Education Savings Accounts will be cut. Employer provided education assistance not allowed. Student loan interest deduction not allowed for most families.
Small business will lose 50% of business "expensing" (A TAX WORD? NOT MINE) including a drop from $250,000. depreciation to $25,000. Larger businesses can "expense" half their purchases and all of it must be depreciated in that one year.
BUT THE "POLITICOS" ARE VERY IN FAVOR OF OUR SMALL BUSINESS INDUSTRY???????? so THEY WILL RAISE TAXES ON ALL TYPES OF BUSINESS in 2011 (OF COURSE that means PAY MORE AT THE CASH REGISTER AND AMERICA WILL BUY more GOODS OVERSEAS). Unfortunately all these clever hikes are too many to list. SEE YOUR TAX ACCOUNTANT now to avoid surprises.
AND FOLKS, THIS AIN'T ALL!!!!!!!!!!! Just like the Federal Sales tax law buried in the Health Care bill, our clever politicians have screwed, glued and tattooed us on taxes in so many ways, most of us cannot discover all of them as yet.
There are many measures in the Health Care bill that you need to study if you are planning to take care of your parents and keep them alive (WHICH MAY BE VERY TRICKY SINCE THE OLD ARE UNWELCOME BURDENS ACCORDING TO THE LEFT LEANING ELITE. Never mind the love, wisdom and kindness they may have shown you and everyone else. After all PLANNED OBSOLESCENCE HAS MORE THAN ONE MEANING. No wonder they want 55% of the DEATH TAX!!!!!!!!!!! ANTICIPATION?????????
Our education system which is considered inferior by Socialists has SOMEHOW managed to produce in its "supposedly" ineffective way a WHOLE RAFT (could we put them out to sea???????????) of very clever NUMBER PUNCHERS, who know how to RAISE YOUR TAXES in a way that you hopefully won't notice.
IF YOU WANT TO STAY AHEAD of the gang of HYPOCRITES we now have in Congress and the WHITE HOUSE, you'll have to be ALERT. It's not going to stop. Any group on their HIT LIST which includes just about any group that doesn't fit the Socialist theories of government will be the greatest beneficiaries??????? of their taxation methods.
Good luck. Keep the voter records safe for 2012 or we will be tough OUT of luck!!!!!REMEMBER POLITICS IN CHICAGO CAN BECOME NATION-WIDE!!!!!!!!!
Cheers, Connie
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