100 DAYS UNTIL LARGEST TAX HIKES IN HISTORY

[formerlurker]

100 Days Until Taxmageddon

Sunday will mark the start of the 100-day countdown to “Taxmageddon” – the date the largest tax hikes in the history of America will take effect.  They will hit families and small businesses in three great waves on January 1, 2013:

First Wave: Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, the GOP Congress enacted several tax cuts for small business owners, families, and investors (later re-upped by President Obama and Democrat Congress in 2010). 

Read the entire article at: http://atr.org/days-taxmageddon-a7203#ixzz278UG9IcH

[Kyle Ricky]

And none of the brain dead liberals see it.

[Zeus]

One of the many reasons business's aren't expanding or doing any significant hiring or individuals doing any/little purchasing of Big ticket items except out of necessity if the monetary means are available.

[Wineslob]

And none of the brain dead liberals see it.

Of course they see it. It's going to benefit them........................they think.

[Kyle Ricky]

Of course they see it. It's going to benefit them........................they think.

Ahh, so it is another one of those what is in it for me type things.

[DumbAss Tanker]

It will totally F over businesses, especially small ones, but for me personally it isn't going to have any immediate effect that can't be fixed by a Republican-majority Congress later in the year.  It WILL make a great case for the 'Mess that Obama left' if Romney wins and the GOP has the guts to use it that way in the 2014 Congressional elections.

[Lacarnut]

If the new Capital Gains rates take place in 2013, you might see a massive sell off of assets such as real estate, stocks, metals, etc. to avoid the high increases in the tax rate. That could sink the already weak economy.

[NHSparky]

This is Obama's "**** You" to America when he gets the boot in six weeks.

You and I have to deal with $4/gal heating oil and gas, near double-digit inflation, $4K in tax increases in 2013 alone, while he has someone else pay for his $30 million digs on Oahu.

[TheBirthCertificate]

Don't worry the tax hikes will pay for everyone be on food stamps. So then we can all quit our jobs!

That'll make aMerica better!

[obumazombie]

Don't worry the tax hikes will pay for everyone be on food stamps. So then we can all quit our jobs!

That'll make aMerica better!

Nancy "Bela" Pelosi still stands by the claim that unemployment payments, and presumably all kinds of welfare are the most stimulative, and prosperity driving actions the country can take.

[TheBirthCertificate]

Nancy "Bela" Pelosi still stands by the claim that unemployment payments, and presumably all kinds of welfare are the most stimulative, and prosperity driving actions the country can take.

That's just crazy, where would she get an idea like that from? What lobby is she for, the crack dealers?

[Kyle Ricky]

That's just crazy, where would she get an idea like that from? What lobby is she for, the crack dealers?

All the botox she got on top of all the crack she smokes killed her brain cells. Well, what brain cells she had anyhow.

[Zeus]

If the new Capital Gains rates take place in 2013, you might see a massive sell off of assets such as real estate, stocks, metals, etc. to avoid the high increases in the tax rate. That could sink the already weak economy.

The Big boys usually just sell off an appreciated asset to acquire Cash for another investment opportunity thereby postponing any capital gains tax. The little guys that get scared out of the market so they sell off while the getting is good that gets hit. Also the estate of a small business that is forced to sell off appreciated assets to pay estate taxes get a double whammy.

[Lacarnut]

The Big boys usually just sell off an appreciated asset to acquire Cash for another investment opportunity thereby postponing any capital gains tax. The little guys that get scared out of the market so they sell off while the getting is good that gets hit. Also the estate of a small business that is forced to sell off appreciated assets to pay estate taxes get a double whammy.

To avoid paying capital gains tax on an appreciated asset, you can do a 1031 provided it is for another investment. It has to be done thru a broker and the seller can not have control of the cash at any time thru the transfer.

Not sure what the exclusion amount on Fed Inheritance is but I know it is going down. This will also catch a bunch of people. Same thing with AMT tax. Most people do not understand what is coming down the pike as far as the huge tax increases in 2013. 

 

[BlueStateSaint]

It will totally F over businesses, especially small ones, but for me personally it isn't going to have any immediate effect that can't be fixed by a Republican-majority Congress later in the year.  It WILL make a great case for the 'Mess that Obama left' if Romney wins and the GOP has the guts to use it that way in the 2014 Congressional elections.

Couldn't the new Republican Congress pass a permanent extension on, say, January 3rd, then President Romney sign it on the afternoon of January 20th?  Make it retroactive to the first of the year . . .

[NHSparky]

Couldn't the new Republican Congress pass a permanent extension on, say, January 3rd, then President Romney sign it on the afternoon of January 20th?  Make it retroactive to the first of the year . . .

In a lot of ways, the damage will already have been done.  Only if Romney vows to sign said legislation as President-elect could there be any hope of averting a major market/economic meltdown, and maybe not even then.

[DumbAss Tanker]

Couldn't the new Republican Congress pass a permanent extension on, say, January 3rd, then President Romney sign it on the afternoon of January 20th?  Make it retroactive to the first of the year . . .

Yes, but what Sparky said is true too...it will already have affected a huge swath of the business sector, high to low, because businesses have to crank in costs like tax rates as they really exist here and now in their planning cycles, not what they hope they will be coming down the pike "If."  The plans they'll be executing from here on out are based on a massive increase in tax rates as of January 1st, because that's what's going to happen under current law.  Depending on how adaptable an individual business's management is, it may not be exactly like trying to stop a long-haul container train, but they won't be touching any of the controls to implement any changes to those planning assumptions until Congress actually convenes and really does pass something different.  The wiser ones will have contingency plans on the shelf, of course, but those will stay on the shelf until the law really changes.

[Lacarnut]

Why vote on anything. Romney should rule by executive orders. That's what Obummer has been doing.