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The democrats will raise taxes by doing nothing this year

ptif219

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Are you ready for higher taxes well here they come.

The Tax Tsunami On The Horizon - IBD - Investors.com

But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.

Resurrection of the death tax, however, isn't the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it's not just the rich who will pay.

The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.

But the damage doesn't stop there.
 

washunut

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Are you ready for higher taxes well here they come.

The Tax Tsunami On The Horizon - IBD - Investors.com

But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.

Resurrection of the death tax, however, isn't the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it's not just the rich who will pay.

The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.

But the damage doesn't stop there.
You wanted be talking about the Bush tax cuts. All I have heard on TV and Obama is that those taxes were for the rich!
 

MaggieD

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The White House and most of the Dems want to keep all the tax cuts that benefit people making $250K or less. That way, not enough people will care to hurt them at the polls.

It this article is correct, that only $1 million is exempt from the death tax and everything over is taxed at 55%, that's just confiscation of wealth and nothing more. We should be very afraid. It's frightening.
 

ptif219

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The White House and most of the Dems want to keep all the tax cuts that benefit people making $250K or less. That way, not enough people will care to hurt them at the polls.

It this article is correct, that only $1 million is exempt from the death tax and everything over is taxed at 55%, that's just confiscation of wealth and nothing more. We should be very afraid. It's frightening.
Nothing has been done about income tax rates that will rise. this affects anyone that pays income tax. If they want to only tax the rich they are running out of time. Could be they are lying again.
 

Barbbtx

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The White House and most of the Dems want to keep all the tax cuts that benefit people making $250K or less. That way, not enough people will care to hurt them at the polls.

It this article is correct, that only $1 million is exempt from the death tax and everything over is taxed at 55%, that's just confiscation of wealth and nothing more. We should be very afraid. It's frightening.
The really bad thing about death taxes is a lot of times it's a job killer. Many times people are leaving a business to their kids and they can't stay in business if they have to pay those taxes.
In my opinion, Obama's goal is to kill as many jobs as possible while he's still in office.
 

ptif219

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The really bad thing about death taxes is a lot of times it's a job killer. Many times people are leaving a business to their kids and they can't stay in business if they have to pay those taxes.
In my opinion, Obama's goal is to kill as many jobs as possible while he's still in office.

People don't understand a family farm can fall into this tax.
 

Barbbtx

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People don't understand a family farm can fall into this tax.

It's stealing in my opinion. That farm might have been in the family for generations. The farmer dies and the kids are forced to sell part of it or all of it off just to pay the government. Depending on the size they probably had hired hands. They also spent money on supplies and equipment which helps their community and they supplied us with food that didn't come from China. But this administration is determined to stick it to the farmers and small businesses.
 
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