09-03-2010, 09:17 AM
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#1
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Franchise Player
Join Date: Oct 2001
Location: Ontario
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120 Days to Go Until the Largest Tax Hikes in US History
http://www.atr.org/days-thebr-larges...-history-a5370
Quote:
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:
(snipped)
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Tax increases just as the US Economy is recovering from the recession?
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09-03-2010, 10:00 AM
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#2
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Franchise Player
Join Date: Dec 2003
Location: Sunshine Coast
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Considering these were tax breaks for the rich, which the government can no longer afford, it's a good thing.
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The Following User Says Thank You to Vulcan For This Useful Post:
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09-03-2010, 10:05 AM
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#3
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Lives In Fear Of Labelling
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Americans need to stop bitching!
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The Following User Says Thank You to underGRADFlame For This Useful Post:
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09-03-2010, 10:05 AM
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#4
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First Line Centre
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the are very fair tax hikes to the wealthy 2% and there is a bill going out to provide loan and tax breaks for small business.
their coffers are empty they need cash bad as the tax cuts that was created in 01 was not paid for. In my mind cutting taxes and going into 2 wars didint help either.
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09-03-2010, 10:08 AM
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#5
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Lifetime Suspension
Join Date: Apr 2006
Location: Removed by Mod
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Is this because of Obama's Muslimness?
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The Following 4 Users Say Thank You to algernon For This Useful Post:
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09-03-2010, 10:10 AM
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#6
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Franchise Player
Join Date: Mar 2007
Location: Victoria, BC
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The sweet smell of socialism being implemented. Next up, free cars for everyone!
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The Following User Says Thank You to HotHotHeat For This Useful Post:
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09-03-2010, 10:10 AM
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#7
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Franchise Player
Join Date: Jun 2008
Location: Calgary
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Quote:
Originally Posted by Vulcan
Considering these were tax breaks for the rich, which the government can no longer afford, it's a good thing.
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Naive. All the tax rises in truth always affect only one group - the middle class. The poor don't pay taxes and the truly rich have means to do useful things with their money. It's the people who earn "large" salaries that pay for everything. Therefore, this will not be good for the economy because those are also the people that buy "stuff" that keeps the economy churning...
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09-03-2010, 10:11 AM
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#8
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Franchise Player
Join Date: Jun 2008
Location: Calgary
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Quote:
Originally Posted by HotHotHeat
The sweet smell of socialism being implemented. Next up, free cars for everyone!
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I've been waiting for my free Volga for 12 years now...
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09-03-2010, 10:13 AM
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#9
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Lives In Fear Of Labelling
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I often wonder where the US would be if FDR had passed this. LINK
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09-03-2010, 10:17 AM
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#10
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Franchise Player
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the Dems have to much at stake this coming November to not act now. The tax cuts will be extended, and small businesses will get a nice break as well.
They'll throw the GOP a bone and extend the top tier tax break for another year or two or something like that
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09-03-2010, 10:21 AM
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#11
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Franchise Player
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Quote:
Originally Posted by underGRADFlame
I often wonder where the US would be if FDR had passed this. LINK |
Probably not a good place.
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The Following User Says Thank You to peter12 For This Useful Post:
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09-03-2010, 10:27 AM
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#12
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Scoring Winger
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Eat the Rich!
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09-03-2010, 10:28 AM
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#13
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Franchise Player
Join Date: Dec 2003
Location: Sunshine Coast
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Quote:
Originally Posted by VladtheImpaler
Naive. All the tax rises in truth always affect only one group - the middle class. The poor don't pay taxes and the truly rich have means to do useful things with their money. It's the people who earn "large" salaries that pay for everything. Therefore, this will not be good for the economy because those are also the people that buy "stuff" that keeps the economy churning...
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Ha, the old trickle down theory, sounds good if you can outlaw greed otherwise it's a farce.
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09-03-2010, 10:29 AM
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#14
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Norm!
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The poor taste better and there are a lot more of them so they're a better food source.
__________________
My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
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09-03-2010, 10:30 AM
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#15
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Franchise Player
Join Date: Jun 2008
Location: Calgary
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Quote:
Originally Posted by Vulcan
Ha, the old trickle down theory, sounds good if you can outlaw greed otherwise it's a farce.
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What the fata are you talking about? 
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09-03-2010, 10:31 AM
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#16
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Franchise Player
Join Date: Jun 2008
Location: Calgary
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Quote:
Originally Posted by CaptainCrunch
The poor taste better and there are a lot more of them so they're a better food source.
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The poor are also much fatter...
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09-03-2010, 10:32 AM
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#17
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Franchise Player
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Quote:
Originally Posted by Vulcan
Ha, the old trickle down theory, sounds good if you can outlaw greed otherwise it's a farce.
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so let me guess.... you're an NDP who has no problem taxing the incentive out of entrepreneurs and small business...
__________________
"OOOOOOHHHHHHH those Russians" - Boney M
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09-03-2010, 10:33 AM
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#18
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Franchise Player
Join Date: Mar 2007
Location: Income Tax Central
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Quote:
Originally Posted by VladtheImpaler
I've been waiting for my free Volga for 12 years now...
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Wait, what? Free Volgas? Why was I not informed?? 
__________________
The Beatings Shall Continue Until Morale Improves!
This Post Has Been Distilled for the Eradication of Seemingly Incurable Sadness.
The World Ends when you're dead. Until then, you've got more punishment in store. - Flames Fans
If you thought this season would have a happy ending, you haven't been paying attention.
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09-03-2010, 10:38 AM
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#19
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Franchise Player
Join Date: Jun 2008
Location: Calgary
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Quote:
Originally Posted by Locke
Wait, what? Free Volgas? Why was I not informed?? |
I can't wait for this baby:
Will make all those years of running to work worth it...
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09-03-2010, 10:46 AM
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#20
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Franchise Player
Join Date: Dec 2003
Location: Sunshine Coast
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Quote:
Originally Posted by killer_carlson
so let me guess.... you're an NDP who has no problem taxing the incentive out of entrepreneurs and small business...
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So let me guess, you're a Palin supporter who has no problem concentrating even more of the wealth among the top few.
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