The Conservative Cave
Current Events => Politics => Topic started by: formerlurker on December 02, 2012, 07:16:24 AM
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Here are some changes that could affect you in 2013 if Congress does not renew various tax cuts of recent years:
• The Social Security tax will rise to its traditional rate of 6.2 percent of covered income from the current 4.2 percent level.
• The 10 percent income tax rate will be eliminated so that filers in that bracket this year will pay 15 percent in 2013; those with income in the 25 percent bracket will pay 28 percent on that money; the 28 percent bracket will rise to 31 percent; the 33 percent bracket will go to 36 percent, with the highest rate, now 35 percent, going up to 39.6 percent. The IRS has not yet disclosed the income levels that will correspond to these tax brackets.
• The maximum federal rate on most long-term capital gains will increase to 20 percent in 2013, up from 15 percent this year. The biggest change will involve qualified dividends. If the tax cuts are not extended, these dividends will be considered ordinary income and taxed as high as 39.6 percent.
• More taxpayers will have to pay the Alternative Minimum Tax. Dating to 1969, this tax was meant to apply to higher earners who used shelters and other means to avoid taxes. Special income exemption measures in recent years have saved millions of people from this tax. If lawmakers don't act, the exemption amounts will drop dramatically, subjecting more people to the tax.
• The deductions for married couples will fall. Why? Because the Bush-era tax cuts raised the deduction to address the so-called marriage penalty that had many couples filing jointly paying more than if they filed as single.
• Some measures that limit tax savings through itemized deductions and personal exemptions will return for higher-income people.
• College tuition breaks will be less generous. The American Opportunity Tax Credit, set to expire at the end of this year, allowed families to take a credit of up to $2,500 in related expenses. If the AOTC expires, the Hope Education credit will take its place and limit the credit to $1,800. The Hope credit also only applies for two years of college while the ATOC has provided four years of credit.
http://www.aarp.org/money/taxes/info-11-2012/new-taxes-in-2013.2.html
Hold up -- I thought the increase in taxes would only affect millionaires and billionaires?? I am neither but it sure looks like this list affects me.
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Don't kid yourself--it's as has been said for a long time now--as soon as Obumbles realizes (actually already knows) that "soaking the rich" isn't going to bring anywhere near the revenues they think they're going to get, they're going to have to get them from (guess who?) you and me.
Embrace the suck you voted for, America.
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Don't kid yourself--it's as has been said for a long time now--as soon as Obumbles realizes (actually already knows) that "soaking the rich" isn't going to bring anywhere near the revenues they think they're going to get, they're going to have to get them from (guess who?) you and me.
Embrace the suck you voted for, America.
His 'Soak the rich' is part of his Socialist/Populist demagoguery and ideological creed, and has nothing whatsoever to do with economics, which is one reason why 'Fair share' remains completely undefined - it's a first principle, not a number.
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Hi,
Here is what a recent Bloomberg article said, it is even more. Not only the taxes mentioned below, but an entire new batch courtesy of Obamacare. I added the emphasis.
regards,
5412
In a recent Bloomberg article Evan Soltas writes: Going over the fiscal cliff would result in ……… an immediate reversion to the income, estate, gift, generation-skipping transfer, capital-gains and dividend tax rates last seen under Clinton. This would mean a huge increase in tax revenue, $325 billion over the next two fiscal years, according to a Congressional Research Service report.
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His 'Soak the rich' is part of his Socialist/Populist demagoguery and ideological creed, and has nothing whatsoever to do with economics, which is one reason why 'Fair share' remains completely undefined - it's a first principle, not a number.
Notice that Dems NEVER classify "rich". Never have. But usually it means someone who isn't completely dependent upon government.
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Notice that Dems NEVER classify "rich". Never have. But usually it means someone everyonewho isn't completely dependent upon government.
FIFY
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The IRS has not yet disclosed the income levels that will correspond to these tax brackets.
Well why the hell not? I cannot stand this feeling of powerlessness over my own destiny and well-being. It's keeping me up nights, and Goddammit, it's aging me.
They also decline to disclose the details of Rental income.
God damn all Obama voters to hell. OK that was harsh, but still.
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Well why the hell not? I cannot stand this feeling of powerlessness over my own destiny and well-being. It's keeping me up nights, and Goddammit, it's aging me.
They also decline to disclose the details of Rental income.
God damn all Obama voters to hell. OK that was harsh, but still.
Hell, that's not harsh at all. The words I'd use well, :censored:
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http://jeffduncan.house.gov/full-list-obamacare-tax-hikes
Full List of Obamacare Tax Hikes: Listed by Size of Tax Hike
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Well why the hell not? I cannot stand this feeling of powerlessness over my own destiny and well-being. It's keeping me up nights, and Goddammit, it's aging me.
They also decline to disclose the details of Rental income.
God damn all Obama voters to hell. OK that was harsh, but still.
Well, it's coming to them and rest assured, they will suffer the most.
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Well, it's coming to them and rest assured, they will suffer the most.
We'll suffer along with em. And we'll pay for the privelege of the suffering...