2013 tax bomb...if obama re-elected...

[billc]

Here is an article I found as I was looking for an article by Stephen Moore, on the upcoming Tax Bomb that is due if obama is re-elected. If you like taxes, vote obama, and read this article about what you are about to receive...

http://lucyannlance.com/?p=12135

In January 2013 is the same month that President Obama wants the Bush-era tax breaks for Americans earning over $200,000 ($250,000 for married couples) to expire. That would raise the top tax rate to about 42% including deduction phase-outs, from 35% today. This rate increase would hit 4.5 million small business owners who are organized as Subchapter S corporations and have the income taxed as personal income. Small businesses are supposedly those we are trying to stimulate to create new jobs. In addition, capital gains and dividend taxes would rise to 20% from 15% today. The hit to the economy for the expiration of these Bush tax cuts is estimated at $750 billion.

Also starting in 2013 are two additional tax hikes. The first is an additional .9 % increase on top of the 2.9% Medicare tax for those earning more than $200,000. The second is another 2.9% tax surcharge on investment income including interest income. This will further increase the taxes on capital gains and dividends to 23.8%. How many retirees depend on interest and capital gains for their retirement income?

If you like high taxes, unemployment and government controlled healthcare, obama is definitely your guy...

 

[elder999]

Here is an article I found as I was looking for an article by Stephen Moore, on the upcoming Tax Bomb that is due if obama is re-elected. If you like taxes, vote obama, and read this article about what you are about to receive...

http://lucyannlance.com/?p=12135

I'm not voting Obama; I don't like taxes......

....but it looks like Rita-that's the wife-and I will have to pay around 45% on our salaries, when he's reelected.

Capital gains increase will hurt a little, but not that big a deal.......

 

[billc]

Here is Stephen Moore's article on the upcoming tax bomb...

http://online.wsj.com/article/SB10001424053111904353504576567460396287134.html

What this means is that millions of small-business owners had better enjoy the next 16 months, because come January 2013 they are going to get hit with a giant tax bill. Let's call the expensive roll:
• First comes the new tax hikes that Mr. Obama proposed on Monday. Capping itemized deductions and exemptions for the rich would take $405 billion from the private economy for 10 years starting in 2013. Taxing carried interest would raise $18 billion, and repealing tax incentives for oil and gas production would get $41 billion.
• These increases would coincide with the expiration of the tax credits, 100% expensing provisions and payroll tax breaks in Mr. Obama's new jobs program. This would mean a tax hit of $240 billion on small business and workers. That's the downside of temporary tax breaks and other job-creation gimmicks: The incentives quickly vanish, and perhaps so do the jobs.
So even if the White House is right that its latest stimulus plan will create "millions of jobs" through 2012, by this logic a $240 billion tax hike on small businesses in 2013 would cost the economy jobs. This tax wallop would arrive when even the White House says the unemployment rate will still be 7.4%.
• January 2013 is also the same month that Mr. Obama wants the
Bush-era tax rates to expire on Americans earning more than $200,000. That would raise the highest individual income tax rate to about 42%, including deduction phaseouts, from 35% today. Congress's Joint Committee on Taxation found in 2009 that $437 billion of business income would be taxed at higher tax rates under the Obama plan. And since some 4.5 million small-business owners file their annual tax returns as subchapter S firms under the individual tax code, this tax increase would often apply to the same people who Mr. Obama is targeting with his new tax credits.
The capital gains and dividend taxes would also rise to an expected 20% rate from 15% today. The 10-year hit to the private economy for all of these expiring Bush rates: about $750 billion.
• Also starting in 2013 are two of ObamaCare's biggest tax increases: an additional 0.9-percentage point levy on top of the 2.9% Medicare tax for those earning more than $200,000, and a new 2.9% surcharge on investment income, including interest income. This will further increase the top tax rate on capital gains and dividends to 23.8%, for a roughly 60% increase in investment taxes in one year.

 

[David43515]

Elder, 45% sounds painful to a guy like me. But from what I`ve seen here on MT you can usually find a reason to smile. Hang in there.

 

[Xue Sheng]

Elder, 45% sounds painful to a guy like me. But from what I`ve seen here on MT you can usually find a reason to smile. Hang in there.

Well if the Aztec thing is right he will not be paying anything... there... now he can smile

 

[Bill Mattocks]

Looks like grim times ahead, since Obama will be reelected.

I won't be voting for him; I think I'll vote for Gary Johnson.

This debacle will be due to the GOP not running any non-crooks or nutjobs. Given a choice between Gingrich, Romney, Santorum and Paul, I take none of the above. Three crooks and 1.5 nutbags. Great work, guys.

Next time, run a human being, not a penis in a human suit.