That's going to leave a mark... largest tax hike in history???

[bkg]

In just six months, 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, 2011:

First Wave: Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families.  These will all expire on January 1, 2011:

Personal income tax rates will rise.  The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed).  The lowest rate will rise from 10 to 15 percent.  All the rates in between will also rise.  Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.  The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%

http://www.atr.org/sixmonths.html?content=5171

[MrsSmith]

That's not possible...everyone knows the Bush Tax Cuts all went to the RICH!  Now you're saying the poorest of the poor will have their taxes increase by 50% of what they're paying now...thanks to Pres. Obama??  

[NHSparky]

And tomorrow, chocolate rations will be increased from 10 grams to 8 grams.

Also, we are not at war with Eastasia.  We have never been at war with Eastasia. 

You want to see real CHANGE, people?  Just wait until people look at their first check in January of 2011, and they better HOPE it isn't a severance check.

[Carl]

It will be spun by the media as not a tax hike as no vote was taken for the specific purpose to raise them...rather just let it happen.

I also think there is a probable chance that as fall approaches dems will try to extend the Bush tax cuts to all except the top one or two brackets.

Then they can have it both ways,accuse Republicans of not caring and raising taxes on the poor while also saying they are socking it to the rich.

Effing bastards.

[Chris_]

And tomorrow, chocolate rations will be increased from 10 grams to 8 grams.

Also, we are not at war with Eastasia.  We have never been at war with Eastasia. 

You want to see real CHANGE, people?  Just wait until people look at their first check in January of 2011, and they better HOPE it isn't a severance check.

Yeah, we're not looking forward to that.

My husband & I have to sit down and decide if it will be "cheaper" to live on one income and I stay at home.  Or will it still make sense for both of us to work.  We have to see how much is stolen from us starting in 2011.

If I continue to work, we have to continue to pay for daycare.  Which is almost a $750 dollar hit each month.  If I become a SAHM, we would have to sell my car.  It would make no sense to keep, as I would no longer be working and we couldn't afford it on one income.

I feel like what I am saying is not making sense. 

It's a lose-lose either way.

[NHSparky]

Yeah, we're not looking forward to that.

My husband & I have to sit down and decide if it will be "cheaper" to live on one income and I stay at home.  Or will it still make sense for both of us to work.  We have to see how much is stolen from us starting in 2011.

If I continue to work, we have to continue to pay for daycare.  Which is almost a $750 dollar hit each month.  If I become a SAHM, we would have to sell my car.  It would make no sense to keep, as I would no longer be working and we couldn't afford it on one income.

I feel like what I am saying is not making sense. 

It's a lose-lose either way.

It's actually going to be even WORSE than just tax increases.  Look at what your medical insurance is going to do starting in January.  Our open enrollment is in October/November, and we're already being told to expect 30-40 percent increases for SINGLE, and 50-75 percent increases for insurance which covers spouses and families.

Combine that with the new restrictions on DCRA and HCRA's, and it's gonna get downright UGLY.  I'll be very surprised if I'm making 90 percent of current net pay even with my 2011 payraise.

[formerlurker]

It's actually going to be even WORSE than just tax increases.  Look at what your medical insurance is going to do starting in January.  Our open enrollment is in October/November, and we're already being told to expect 30-40 percent increases for SINGLE, and 50-75 percent increases for insurance which covers spouses and families.

Combine that with the new restrictions on DCRA and HCRA's, and it's gonna get downright UGLY.  I'll be very surprised if I'm making 90 percent of current net pay even with my 2011 payraise.

Those insurance hikes are going to bankrupt municipalities.  State legislatures are going to have to write some pretty political suicide type of legislation allowing municipalities to waive union contract language on health benefits.  The days of 75%+ employer paid share of cadillac coverage will soon be over.

[Chris_]

It's actually going to be even WORSE than just tax increases.  Look at what your medical insurance is going to do starting in January.  Our open enrollment is in October/November, and we're already being told to expect 30-40 percent increases for SINGLE, and 50-75 percent increases for insurance which covers spouses and families.

Combine that with the new restrictions on DCRA and HCRA's, and it's gonna get downright UGLY.  I'll be very surprised if I'm making 90 percent of current net pay even with my 2011 payraise.

Our health insurance went up about 23% almost immediately after Obamacare was signed.  We know it will increase much more once it takes effect.

[DumbAss Tanker]

All timed to avoid impact before the November elections.  I hope the GOP has the balls and vision to yell if form the rooftops this time, at least we don't have a single Presidential candidate who wants to fight with both hands behind his back (With kicking and headbutts not allowed) to hold everyone back.

[rich_t]

I suspect that a lot of companies that might otherwise be hiring are holding off until after this tax increase (and healthcare boondoggle) kick in to see how it will effect their bottom line before they hire any new employees.

Which does not bode well for those currently unemployed.

[thundley4]

I suspect that a lot of companies that might otherwise be hiring are holding off until after this tax increase (and healthcare boondoggle) kick in to see how it will effect their bottom line before they hire any new employees.

Which does not bode well for those currently unemployed.

I've been saying that companies are not hiring, because they don't know how bad the Dems are going to screw the economy.  They are just worried about run of the mill taxes and the health care boondoggle. Cap and Tax is another big worry for companies.  This so-called president and this congress are the most anti-business/bad for the economy that I have ever seen, and they aren't done yet.