Tax hike

[bytor2112]

Here's the tax increase details from ABC news:

Increased taxes on people making more than $250,000.

$338 billion - Bush tax cuts expire

$179 billlion - eliminate itemized deduction

$118 billion - capital gains tax hike

Total: $636 billion/10 years

Increased taxes on Businesses.

$17 billion - Reinstate Superfund taxes

$24 billion - tax carried-interest as income

$5 billion - codify "economic substance doctrine"

$61 billion - repeal LIFO

$210 billion - international enforcement, reform deferral, other tax reform

$4 billion - information reporting for rental payments

$5.3 billion - excise tax on Gulf of Mexico oil and gas

$3.4 billion - repeal expensing of tangible drilling costs

$62 million - repeal deduction for tertiary injectants

$49 million - repeal passive loss exception for working interests in oil and natural gas properties

$13 billion - repeal manufacturing tax deduction for oil and natural gas companies

$1 billion - increase to 7 years geological and geophysical amortization period for independent producers

$882 million - eliminate advanced earned income tax credit

Total: $353 billion/10 years

[FunkyTown]

For everyone earning 250K/year and higher and are affected by this, please raise your hand.

[Wingnut]

*sits on hands*

[bytor2112]

Everyone should raise there hand. Tax increases like this will have a very negative impact on the US economy. Small business owners make up a large percentage of the $250k and above crowd. I own two businesses and I can tell you how it works. I will raise prices on goods and services,terminate non-essential help, like: cleaning service, lawn maintenance, pool service. As a family, we may eat out less, buy new cars less often, take fewer or less expensive vacations...the list goes on. We will still have an enjoyable lifestyle, but what of the non-essential people that we will likely let go? What of the other industries that will earn less money as a result. It will ripple through the economy.

I am not an economist, but we are proceeding in the same direction as Japan in the 90's. Also cap and trade is going to mean higher utilities.......

[Lbybug]

not eating out is a BAD thing? how often do you buy new cars? cause i've had mine for 10 years....can i join your family? it sounds like you're living in the lap of luxury here.

[bytor2112]

not eating out is a BAD thing? how often do you buy new cars? cause i've had mine for 10 years....can i join your family? it sounds like you're living in the lap of luxury here.

Sounds like I work hard to me (and so does my wife). Not eating out is a bad thing....if you own a restaurant, if you are a waiter or a cook or Chef. My comments are to illustrate how everything in the economy is connected. I buy a new car.....when I need a new car, but I may wait longer than usual. I am not rich, greatly blessed for sure. I haven't always been so fortunate and I am also not 27 years old.........

[a-train]

I would not care if my taxes were tripled so long as government spending came under restraint. Our problems have nothing to do with taxation and everything to do with spending. The Republicans since Reagan have thought that they have discovered some magic trick whereby they can increase spending while decreasing taxes. The explosion of this myth should be fully realized by most who are paying attention.

What we desperately need in this country is for the Congress to perform their Constitutional duty and control spending.

-a-train

[bytor2112]

I would not care if my taxes were tripled so long as government spending came under restraint. Our problems have nothing to do with taxation and everything to do with spending. The Republicans since Reagan have thought that they have discovered some magic trick whereby they can increase spending while decreasing taxes. The explosion of this myth should be fully realized by most who are paying attention.

What we desperately need in this country is for the Congress to perform their Constitutional duty and control spending.

-a-train

That's really the point isn't it? Control spending and taxes could be kept low and everyone will benefit. But as long as politicians see opportunity to funnel some pork back to their districts and see the means as our hard earned income....the cycle will continue to perpetuate itself.

Question is...how do we change it? American's who voted for Obama, voted for change. What change is the question? Thus far, Obama is Bush on steroids when it comes to spending and growing the government.

Edited March 2, 2009 by bytor2112

[Just_A_Guy]

not eating out is a BAD thing? how often do you buy new cars? cause i've had mine for 10 years....can i join your family? it sounds like you're living in the lap of luxury here.

With all due respect, Lbybug, based on your profiles Bytor is sixteen years older than you. Hopefully when you're at Bytor's advanced age you'll be able to afford all/most of the same niceties.

As for me: I don't earn anywhere near $250K/year. If you divided that figure by ten, you'd be getting into my ballpark (but still on the high end).

But ten or fifteen years from now, I hope to be grossing somewhere in that neighborhood (my take-home pay will be far less, as I'll have office overhead to maintain and student loans to pay off. But still--ain't America great? :) ) Frankly, with some hard work and planning and discipline and careful investment decisions (and a bit of luck in avoiding medical catastrophes, divorce, or the like), you don't even need a particularly high income to eventually get into that range. You just need patience while the tool of compound interest does it work. (I highly recommend Chilton's The Wealthy Barber for more on this.)

Edited March 2, 2009 by Just_A_Guy

[Palerider]

Just wait unitl the Obama Healthcare Plan kicks in.....then everyones taxes will go up.....somebody has to pay for it...:)

[blusun7]

Taxes will go up?So many things are be set up to happen? What sad is we dont know how bad it is going to get. we think we do but the prophets tell us it will be bad!!!

I ll quote from youtube comment that made sense

Please Dont tax

"What they are not pointing out is that Obama has stated many times that he will raise taxes on businesses. Taxes on business are immediately passed to the consumers of their products. Much like a sales tax. A sales tax has a much bigger impact on the middle class who spend most of their income. Unlike the Rich who can afford to save. Thus the middle class will be taxed higher with Obama."

So technically obama isnt raising our taxes. But he is raising taxes where it will hurt the most. Our Pockets.

Wolf in sheeps clothing.... just as jesus warned us about.

[blusun7]

here is the vid. Didnt care for it much but the comment was on here