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120 Days to Go Until the Largest Tax Hikes in History.

ReverendHellh0und

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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.


Read more: 120 Days to Go Until the<br> Largest Tax Hikes in History



YouTube - President Obama's Pledge Never to Raise Taxes on Anyone Making Less Than $250,000 a Year
 

Deuce

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You know the plan presently is to extend the tax cuts for those under 250k, right?
 

tacomancer

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Fair is fair Rev. If you are allowed to post speculation into a future event, than Deuce should have the same right.
 

tacomancer

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uhm I posted a link who sourced its info. :shrug:

Even with sourcing, its still speculation into what congress is going to do as no laws have been passed at this point.
 

ReverendHellh0und

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Even with sourcing, its still speculation into what congress is going to do as no laws have been passed at this point.



If congress does nothing then this will all happen....


If I stop at a red light, it is not speculation to know it's going to turn green. :doh
 

TurtleDude

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You know the plan presently is to extend the tax cuts for those under 250k, right?

in other words soak the rich because those making 250K to about 1.5 million are the vast majority of those who will suffer the tax hikes and they drive the economy
 

tacomancer

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If congress does nothing then this will all happen....


If I stop at a red light, it is not speculation to know it's going to turn green. :doh

:shrug: All we know at this point is that if nothing is done, than the law will expire. However, the speculation I was pointing out is the assumption that congress will do nothing, we don't know yet, so its too early to say that taxes will or will not go up for anyone.
 

ReverendHellh0und

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:shrug: All we know at this point is that if nothing is done, than the law will expire. However, the speculation I was pointing out is the assumption that congress will do nothing, we don't know yet, so its too early to say that taxes will or will not go up for anyone.



The hurricane may turn and hit us two so those folks in cape cod, shouldn't worry about it because it may turn... WHAT????


dood, its going to happen unless they do something else. Until something else is done, the law is the law... They may change the drinking age tommorrow, but as of now, speculating they will is not the same as speculating they wont.
 

tacomancer

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The hurricane may turn and hit us two so those folks in cape cod, shouldn't worry about it because it may turn... WHAT????

The hurricaine may turn, so don't declare its going to hit land before it does is all I am saying. Sure, be prepared for what might happen, but don't assume something is fact until it is.
 
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Geo Patric

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let us begin with the first bit if propaganda.

there is no such thing as a "death tax". there has been a tax on inherited wealth for quite a long time. the reason is simple - inherited wealth is wealth YOU did not generate by your own efforts. Inherited wealth is a holdover from the notion of hereditary value... the essential notion behind the hereditary nobilty that we fought a revolution to overthrow.

properly worded, it is an 'estate tax'. The first (we know of) was in Egypt circa 700 BC. Caesar adopted the notion. It has been relatively common ever since.

The origins of our current estate tax is based on a premise discussed in a thread elsewhere on this board. In the Feudal England, all property was the property of the king. that someone held rights to property, he owned the rights, only, NOT the property, which remained the king's. Those rights were not necessarily transferable, though tradition supported the practice of inheritance. This 'heredtary' model was built into the fabric of the political system. The king depended upon the nobility (the 'peerage') for his political power. Even so, the inheritors would pay a price for their inheritance in the form of an estate tax paid to the king for the privilege of assuming the property rights as well as the decedents role in society - his position in the House Of Lords, for instance, as well as his station within the 'peerage'.

The american revolution did away with the tradition of 'hereditary rights' in politics. though not with heredity itself. the property of the nation did not belong to any King, but to the people themselves. Estate taxes come into practice along with our political sovereignty in 1797, only shortly after we get started as a nation.

The tax was formalized during the first WW along with other income and 'gift' taxes. at that time, the intent was to avoid an 'oligarchical nobility'... a class with inordinate political power based on wealth. It was a damned good idea. It still is.

yes, it has a long tradition. if it is valid to tax 'unearned income' in the form of welfare payments, it is damn sure valid to tax it in the form of inheritance.

geo.
 

Harshaw

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let us begin with the first bit if propaganda.

there is no such thing as a "death tax". there has been a tax on inherited wealth for quite a long time. the reason is simple - inherited wealth is wealth YOU did not generate by your own efforts. Inherited wealth is a holdover from the notion of hereditary value... the essential notion behind the hereditary nobilty that we fought a revolution to overthrow.

properly worded, it is an 'estate tax'. The first (we know of) was in Egypt circa 700 BC. Caesar adopted the notion. It has been relatively common ever since.

The origins of our current estate tax is based on a premise discussed in a thread elsewhere on this board. In the Feudal England, all property was the property of the king. that someone held rights to property, he owned the rights, only, NOT the property, which remained the king's. Those rights were not necessarily transferable, though tradition supported the practice of inheritance. This 'heredtary' model was built into the fabric of the political system. The king depended upon the nobility (the 'peerage') for his political power. Even so, the inheritors would pay a price for their inheritance in the form of an estate tax paid to the king for the privilege of assuming the property rights as well as the decedents role in society - his position in the House Of Lords, for instance, as well as his station within the 'peerage'.

The american revolution did away with the tradition of 'hereditary rights' in politics. though not with heredity itself. the property of the nation did not belong to any King, but to the people themselves. Estate taxes come into practice along with our political sovereignty in 1797, only shortly after we get started as a nation.

The tax was formalized during the first WW along with other income and 'gift' taxes. at that time, the intent was to avoid an 'oligarchical nobility'... a class with inordinate political power based on wealth. It was a damned good idea. It still is.

yes, it has a long tradition. if it is valid to tax 'unearned income' in the form of welfare payments, it is damn sure valid to tax it in the form of inheritance.

geo.

Ummm . . . who cares?

Why do you even bother posting when you never want to argue what someone's actually talking about; instead, all you want to do is give condescending history lessons about things no one's discussing.
 

Geo Patric

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and secondly...

two of the three things for which Gee! Dubya will be remembered, his tax cuts and his two wars, let to the third - our crippled economy.

so, the answer is End the wars, end the tax cuts. it really IS that simple. But. lets take a conservative look first.

even those economists that helped create the cuts no longer support them. The reason being quite simple - the Reaganomic theory holds that we cut taxes when the nation's wealth is healthy and the saved taxes can be invested. do NOT cut taxes when the economy is weak... the monies not spent on taxes will go towards maintaning wealth, NOT generating it.

Glenn Hubbard, Bush's financial advisor who actually crafted the policy did so in the welter of the Clinton surpluses. But... now says "deficits are just future taxes. You're just talking about taxes today vs. taxes tomorrow."

Greenspan, who favored the cuts when they are made now says ""I'm very much in favor of tax cuts, but not with borrowed money." and that is what we are living on... borrowed money.

Obama wants to preserve the cuts for 98% of the tax base. Personally, i think he should roll back a lot more, or at least plan on doing so within the next several years.

our financial health as a nation is not much different from a family's or an individual's - cut spending (end the wars) increase income ... raise taxes. and we do not even have to raise taxes, just end the undeserved tax break that makes the wealthy wealthier and the rest of us poorer.

geo.
 

imagep

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let us begin with the first bit if propaganda.

there is no such thing as a "death tax". there has been a tax on inherited wealth for quite a long time. the reason is simple - inherited wealth is wealth YOU did not generate by your own efforts. Inherited wealth is a holdover from the notion of hereditary value... the essential notion behind the hereditary nobilty that we fought a revolution to overthrow.

properly worded, it is an 'estate tax'. The first (we know of) was in Egypt circa 700 BC. Caesar adopted the notion. It has been relatively common ever since.

The origins of our current estate tax is based on a premise discussed in a thread elsewhere on this board. In the Feudal England, all property was the property of the king. that someone held rights to property, he owned the rights, only, NOT the property, which remained the king's. Those rights were not necessarily transferable, though tradition supported the practice of inheritance. This 'heredtary' model was built into the fabric of the political system. The king depended upon the nobility (the 'peerage') for his political power. Even so, the inheritors would pay a price for their inheritance in the form of an estate tax paid to the king for the privilege of assuming the property rights as well as the decedents role in society - his position in the House Of Lords, for instance, as well as his station within the 'peerage'.

The american revolution did away with the tradition of 'hereditary rights' in politics. though not with heredity itself. the property of the nation did not belong to any King, but to the people themselves. Estate taxes come into practice along with our political sovereignty in 1797, only shortly after we get started as a nation.

The tax was formalized during the first WW along with other income and 'gift' taxes. at that time, the intent was to avoid an 'oligarchical nobility'... a class with inordinate political power based on wealth. It was a damned good idea. It still is.

yes, it has a long tradition. if it is valid to tax 'unearned income' in the form of welfare payments, it is damn sure valid to tax it in the form of inheritance.

geo.

I think I once read that the concept was actually first invented by the ancient Greeks. Anyhow, I agree that people are only entitled (tax free) to what they earn. The idea of inheritance is just another form of the entitlement mentality.
 

hazlnut

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A little TAX HISTORY LESSON for REV...

From 1916 - 1918 the highest income bracket went from 15% to 77%

World War I and the 1920's

The entry of the United States into World War I greatly increased the need for revenue and Congress responded by passing the 1916 Revenue Act. The 1916 Act raised the lowest tax rate from 1 percent to 2 percent and raised the top rate to 15 percent on taxpayers with incomes in excess of $1.5 million. The 1916 Act also imposed taxes on estates and excess business profits.

Driven by the war and largely funded by the new income tax, by 1917 the Federal budget was almost equal to the total budget for all the years between 1791 and 1916. Needing still more tax revenue, the War Revenue Act of 1917 lowered exemptions and greatly increased tax rates. In 1916, a taxpayer needed $1.5 million in taxable income to face a 15 percent rate. By 1917 a taxpayer with only $40,000 faced a 16 percent rate and the individual with $1.5 million faced a tax rate of 67 percent.

Another revenue act was passed in 1918, which hiked tax rates once again, this time raising the bottom rate to 6 percent and the top rate to 77 percent. These changes increased revenue from $761 million in 1916 to $3.6 billion in 1918, which represented about 25 percent of Gross Domestic Product (GDP). Even in 1918, however, only 5 percent of the population paid income taxes and yet the income tax funded one-third of the cost of the war.

The economy boomed during the 1920s and increasing revenues from the income tax followed. This allowed Congress to cut taxes five times, ultimately returning the bottom tax rate to 1 percent and the top rate down to 25 percent and reducing the Federal tax burden as a share of GDP to 13 percent. As tax rates and tax collections declined, the economy was strengthened further.

Of course in the 1920's they lowered that top rate back down to 25% which flooded an unregulated stock market with tons and tons of cash... Ah, the free markets!!

And the U.S.A. economy grew and grew... and never faltered again... thanks to those low taxes and that Free-ass market!!:roll::roll::roll:

oops...
 

Donc

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A little TAX HISTORY LESSON for REV...

From 1916 - 1918 the highest income bracket went from 15% to 77%



Of course in the 1920's they lowered that top rate back down to 25% which flooded an unregulated stock market with tons and tons of cash... Ah, the free markets!!

And the U.S.A. economy grew and grew... and never faltered again... thanks to those low taxes and that Free-ass market!!:roll::roll::roll:

oops...

What a novel concept. Raise taxes when you go to war instead of cutting them. :2wave:
 

hazlnut

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What a novel concept. Raise taxes when you go to war instead of cutting them. :2wave:

Exactly. Apparently W. and Cheney studied the same 'history' as the Rev.

I like how we keep flooding an unregulated market with money by lowering taxes on the rich: 1920-1929 / 2001-2008 - and we keep getting the same result.

Isn't that the definition of insanity?
 

The Uncola

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Exactly. Apparently W. and Cheney studied the same 'history' as the Rev.

I like how we keep flooding an unregulated market with money by lowering taxes on the rich: 1920-1929 / 2001-2008 - and we keep getting the same result.

Isn't that the definition of insanity?

Regressives have learned nothing. I begin to actually beleive they are incapable of a rational thought process.
 

Redress

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The hurricane may turn and hit us two so those folks in cape cod, shouldn't worry about it because it may turn... WHAT????


dood, its going to happen unless they do something else. Until something else is done, the law is the law... They may change the drinking age tommorrow, but as of now, speculating they will is not the same as speculating they wont.

You are still making a speculation that requires people to do the opposite of what they say they will do. The plan is to extend the tax cuts for all making under 200k(250k for married). That is the plan of the democrats in congress, with the only opposition among those democrats being those who want to extend all the tax cuts.

So, unless you assume that the entire democratic congress and Obama are lying, the basic concept of this thread is pure hysteria. Yes, it is possible the tax cuts could expire, but it's possible the earth could spontaneously blow up before then and make it a nonissue as well. The far and away most likely scenario is a continuation of the tax cuts for most if not all Americans.

The claim that is the premise is misleading, and the title is dishonest at best. This is the kind of politics that we as Americans should be rallying against, rhetoric and dishonesty instead of discourse and debate.
 

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I think I once read that the concept was actually first invented by the ancient Greeks. Anyhow, I agree that people are only entitled (tax free) to what they earn. The idea of inheritance is just another form of the entitlement mentality.

Death Taxes, Inheritance Tax.... either way it's the most morally corrupt taxation in America. If I die tomorrow, my children should be allowed to take what I have earned. The Gov't all ready taxed that income, wealth, property.
 

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You are still making a speculation that requires people to do the opposite of what they say they will do. The plan is to extend the tax cuts for all making under 200k(250k for married). That is the plan of the democrats in congress, with the only opposition among those democrats being those who want to extend all the tax cuts.

So, unless you assume that the entire democratic congress and Obama are lying, the basic concept of this thread is pure hysteria. Yes, it is possible the tax cuts could expire, but it's possible the earth could spontaneously blow up before then and make it a nonissue as well. The far and away most likely scenario is a continuation of the tax cuts for most if not all Americans.

The claim that is the premise is misleading, and the title is dishonest at best. This is the kind of politics that we as Americans should be rallying against, rhetoric and dishonesty instead of discourse and debate.

Figured you'd come in with overblown rhetoric and nonsensical defense of the Left. But hey, that's what you do.

The "plan" is to extend the tax cuts for those under 200k eh?

When's the vote? Seriously, we're in overdrive campaign time, not a lot get's done here. Oh wait, is this plan "Re-Elect us and we promise we'll do it"? Kinda like "We'll have to pass Obamacare to know what's in it?"
 

hazlnut

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Death Taxes, Inheritance Tax.... either way it's the most morally corrupt taxation in America. If I die tomorrow, my children should be allowed to take what I have earned. The Gov't all ready taxed that income, wealth, property.

Some wealthy people vehemently disagree with you.

Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community.

I would as soon leave my son a curse as the almighty dollar.

That the parent who leaves his son enormous wealth generally deadens the talents and energies of the son, and tempts him to lead a less useful and less worthy life than he otherwise would, seems to me capable of proof which cannot be gainsaid.

-AC

And wealthy people know how to leave the bulk of their estate to their heirs tax-free. Just takes some planning. Trust me, we know.

Final thoughts on 50% death tax:

tears080607_468x555.jpg
 
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