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Personal Income Tax Increases - 11/10/2011 3:59:36 AM   
OrionTheWolf


Posts: 7803
Joined: 10/11/2006
Status: offline 		Major Individual Income Tax Benefits Expiring 12/31/2011:

• Personal tax credits applied against income tax no longer apply


• Higher alternative minimum tax exemptions revert back to extraordinarily-low thresholds


• $250 school teacher expense deduction ends


• Mortgage insurance premium deduction expires


• State and local sales tax deductions expire


• Tuition and related fees deduction end


• IRA to charity tax-free transfers stop


• 2% Social Security tax reduction ends


Major Individual Income Tax Benefits Expiring 12/31/2012:

• Marriage penalty equalization ends


• Dividends taxed at capital gains rates removed, taxed at regular rates now


• Capital gains low tax rates expires


• Removal of itemized deduction phase out for higher income Americans


• Removal of personal exemption phase out for higher income Americans


• Child care deduction limit of $3,000 reverts to $2,400


• Child credit reduces from $1,000 per child to $500 per child


• Low 10% tax bracket for low income Americans is eliminated


• Lower income tax rates and smaller brackets expires


• Refundable adoption credit and reduced deduction


• American Opportunity college education credit expires


• Major reduction in earned income credits and refunds


• Income tax exemption for debt forgiven on home foreclosures and repossessions


• Deduction for student loan interest ends


• Education IRA limit drops from $2,000 to $500


http://finance.yahoo.com/taxes/article/113757/higher-taxes-next-year-foxbiz?mod=taxes-advice_strategy

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RE: Personal Income Tax Increases - 11/10/2011 5:07:39 AM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline 		Didn't Obama promise not to raise taxes on the middle class ? More hope and change.

(in reply to OrionTheWolf)
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RE: Personal Income Tax Increases - 11/10/2011 5:12:26 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		These tax cuts are all ridiculous. Toss out the Code book, flat tax it and be done.

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Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

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RE: Personal Income Tax Increases - 11/10/2011 5:23:57 AM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline 		I agree. Some type of flat tax is needed but I doubt it will ever happen. A tax form really could be on a postcard.

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RE: Personal Income Tax Increases - 11/10/2011 5:29:10 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		A semi-related question. Why does payroll and corporate tax equal (approximately) income tax?

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Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

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RE: Personal Income Tax Increases - 11/10/2011 6:20:04 AM   
OrionTheWolf


Posts: 7803
Joined: 10/11/2006
Status: offline 		Corporate tax?

"What are some of the tax breaks that corporations enjoy? One big one is accelerated depreciation that lets them write off equipment faster than it actually wears out. Deductions on executive stock options help. So do tax breaks for research and development and for making products in the United States instead of overseas. Offshore tax shelters play a role, too."

http://www.reuters.com/article/2011/11/03/usa-tax-corporate-idUSN1E7A213L20111103

Payroll plus corporate tax equal income tax? Not all payroll taxes are an income tax. Only FIT (Federal Income Tax) is a payroll tax at the Federal level.

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When speaking of slaves people always tend to ignore this definition "One who is abjectly subservient to a specified person or influence."

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RE: Personal Income Tax Increases - 11/10/2011 6:22:22 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		I said approximately. Looking at the debt clock...

http://www.usdebtclock.org/

It was a question that came to mind.

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Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

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RE: Personal Income Tax Increases - 11/10/2011 6:22:44 AM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline
quote:

ORIGINAL: servantforuse

I agree. Some type of flat tax is needed but I doubt it will ever happen. A tax form really could be on a postcard.

Yeah,.....even if it meant everyone would pay more in the end......Duhh.

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RE: Personal Income Tax Increases - 11/10/2011 6:24:00 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		I cant see how people would have to pay more in the end. If everyone ... and that includes businesses... paid in the same share... then everyone who is paying now would actually have to pay less.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Owner59)
Profile   Post #: 9
RE: Personal Income Tax Increases - 11/10/2011 6:27:37 AM   
Iamsemisweet


Posts: 3651
Joined: 4/9/2011
From: The Great Northwest, USA
Status: offline 		Congress controls the tax code.
quote:

ORIGINAL: servantforuse

Didn't Obama promise not to raise taxes on the middle class ? More hope and change.


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The Cat: Oh, you can't help that. We're all mad here. I'm mad. You're mad.
Alice: How do you know I'm mad?
The Cat: You must be. Or you wouldn't have come here.

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RE: Personal Income Tax Increases - 11/10/2011 6:33:10 AM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline 		It`s always a scam Tazzy,these flat tax things.How many schemes have we`ve seen over the years?Dozens.


There`s no free ride,new revenue streams,no tricks to how we pay our bills.


I have yet to see a plan that in the end,doesn`t make the middle class pay more while letting the 1%ers pay less.


If there`s such a plan I haven`t seen it yet. It needs to be vetted and explained by policy wonks or economists before I`m interested.

_____________________________

"As for our common defense, we reject as false the choice between our safety and our ideals"

President Obama

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RE: Personal Income Tax Increases - 11/10/2011 6:35:14 AM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline
quote:

ORIGINAL: Iamsemisweet

Congress controls the tax code.
quote:

ORIGINAL: servantforuse

Didn't Obama promise not to raise taxes on the middle class ? More hope and change.


And congress is proposing increasing taxes on the middle and working class.....but that flies right over the heads of the cult members......

_____________________________

"As for our common defense, we reject as false the choice between our safety and our ideals"

President Obama

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RE: Personal Income Tax Increases - 11/10/2011 6:41:20 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline
quote:

ORIGINAL: Owner59

It`s always a scam Tazzy,these flat tax things.How many schemes have we`ve seen over the years?Dozens.


There`s no free ride,new revenue streams,no tricks to how we pay our bills.


I have yet to see a plan that in the end,doesn`t make the middle class pay more while letting the 1%ers pay less.


If there`s such a plan I haven`t seen it yet. It needs to be vetted and explained by policy wonks or economists before I`m interested.



There is such a plan. 10% on income above poverty level. Period. Flat tax... all done...

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Owner59)
Profile   Post #: 13
RE: Personal Income Tax Increases - 11/10/2011 6:52:20 AM   
Marc2b


Posts: 6660
Joined: 8/7/2006
Status: offline 		The only fair and sane tax system would be a ten percent rate on all income regardles of source (pay check, stock profits, the five bucks you found blowing across the parking lot, etc), no deductions. Easy to understand, easy to caculate what you owe and nobody is penalized or rewarded for being richer or poorer or for behavior (EG smoking or not smoking), etc. Which are just a few of the reasons why the vested interests will never let it happen.

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RE: Personal Income Tax Increases - 11/10/2011 6:53:13 AM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline
quote:

ORIGINAL: tazzygirl


quote:

ORIGINAL: Owner59

It`s always a scam Tazzy,these flat tax things.How many schemes have we`ve seen over the years?Dozens.


There`s no free ride,new revenue streams,no tricks to how we pay our bills.


I have yet to see a plan that in the end,doesn`t make the middle class pay more while letting the 1%ers pay less.


If there`s such a plan I haven`t seen it yet. It needs to be vetted and explained by policy wonks or economists before I`m interested.



There is such a plan. 10% on income above poverty level. Period. Flat tax... all done...

Linkage please

I need to see it.

_____________________________

"As for our common defense, we reject as false the choice between our safety and our ideals"

President Obama

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Profile   Post #: 15
RE: Personal Income Tax Increases - 11/10/2011 6:55:34 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		rofl

whats to see?

10%.

all Income

Poverty level

No exceptions

No deductions



_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Owner59)
Profile   Post #: 16
RE: Personal Income Tax Increases - 11/10/2011 7:05:46 AM   
Owner59


Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline 		Tazzy,I trust your judgement but I need a little more analysis than your post.

What sounds good on 1st look may not add up to be so on the last.

_____________________________

"As for our common defense, we reject as false the choice between our safety and our ideals"

President Obama

(in reply to tazzygirl)
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RE: Personal Income Tax Increases - 11/10/2011 7:11:59 AM   
mnottertail


Posts: 60698
Joined: 11/3/2004
Status: offline
quote:

ORIGINAL: servantforuse

Didn't Obama promise not to raise taxes on the middle class ? More hope and change.



Uh, yeah. But this would come about constitutionally from the republican house.

So, as long as there are 'republicans' there is no hope, and that's not going to change.

< Message edited by mnottertail -- 11/10/2011 7:12:46 AM >

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RE: Personal Income Tax Increases - 11/10/2011 7:15:15 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		The answer is yes: there is indeed an alternative, and experience is proving that it is an eminently realistic one. The experiment started in a small way in 1994, when Estonia became the first country in Europe to introduce a “flat tax” on personal and corporate income. Income is taxed at a single uniform rate of 26%: no schedule of rates, no deductions. The economy has flourished. Others followed: first, Latvia and Lithuania, Estonia's Baltic neighbours; later Russia (with a rate of 13% on personal income), then Slovakia (19% on personal and corporate income). One of Poland's centre-right opposition parties is campaigning for a similar code (with a rate of 15%). So far eight countries have followed Estonia's example (see article). An old idea that for decades elicited the response, “Fine in theory, just not practical in the real world,” seems to be working as well in practice as it does on the blackboard.

http://www.economist.com/node/3861190

You can speak to Treasure about Estonia, she likes their system.

The problem comes when they try a modified flat tax... that never works and only serves to benefit the rich.

< Message edited by tazzygirl -- 11/10/2011 7:16:41 AM >

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Owner59)
Profile   Post #: 19
RE: Personal Income Tax Increases - 11/10/2011 7:22:21 AM   
thompsonx


Posts: 23322
Joined: 10/1/2006
Status: offline
quote:

ORIGINAL: tazzygirl



There is such a plan. 10% on income above poverty level. Period. Flat tax... all done...


If it is true that 1% own95% of the pie why should the 99% pay anythng for the fucking crumbs?

(in reply to tazzygirl)
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