Tax Hikes

Well, it looks like “another” way to suck out all the White people’s money to pay for browns/blacks, their sex and babies:
Tax Hikes
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%
Higher taxes on marriage and family.
The “marriage penalty” (narrower tax brackets for married
couples) will return from the first dollar of income. The child tax
credit will be cut in half from $1000 to $500 per child. The
standard deduction will no longer be doubled for married couples
relative to the single level. The dependent care and adoption tax credits
will be cut.
The return of the Death Tax.
This year, there is no death tax. For those dying on or after January 1
2011, there is a 55 percent top death tax rate on estates over $1 million.
A person leaving behind two homes and a retirement account could easily
pass along a death tax bill to their loved ones
Higher tax rates on savers and investors.
The capital gains tax will rise from 15 percent this year to 20 percent in
2011. The dividends tax will rise from 15 percent this year to 39.6
percent in 2011. These rates will rise another 3.8 percent in 2013.
Second Wave:  Obamacare
There are over twenty new or higher taxes in Obamacare. Several
will first go into effect on January 1, 2011. They include:
The “Medicine Cabinet Tax”
Thanks to Obamacare, Americans will no longer be able to use health
savings account (HSA), flexible spending account (FSA), or health
reimbursement (HRA) pre-tax dollars to purchase non-prescription,
over-the-counter medicines (except insulin).
The “Special Needs Kids Tax
This provision of Obamacare imposes a cap on flexible spending accounts
(FSAs) of $2500 (Currently, there is no federal government limit). There
is one group of FSA owners for whom this new cap will be particularly
cruel and onerous: parents of special needs children.
There are
thousands of families with special needs children in the United States
and many of them use FSAs to pay for special needs education.
Tuition rates at one leading school that teaches special needs children
in Washington , D.C. (National Child Research Center) can easily
exceed $14,000 per year. Under tax rules, FSA dollars can not be used
to pay for this type of special needs education.
The HSA Withdrawal Tax Hike.
This provision of Obamacare increases the additional tax on non-medical
early withdrawals from an HSA from 10 to 20 percent, disadvantaging
them relative to IRAs and other tax-advantaged accounts, which
remain at 10 percent.
Third Wave:
The Alternative Minimum Tax and Employer Tax Hikes
When Americans prepare to file their tax returns in January of 2011,
they’ll be in for a nasty surprise-the AMT won’t beheld harmless, and
many tax relief provisions will have expired. The major items include:
The AMT will ensnare over 28 million families, up from 4 million
last year. According to the left-leaning Tax Policy Center, Congress’ failure
to index the AMT will lead to an explosion of AMT taxpaying families-rising
from 4 million last year to 28.5 million. These families will have to calculate
their tax burdens twice, and pay taxes at the higher level. The AMT was
created in 1969 to ensnare a handful of taxpayers.
Small business expensing will be slashed and 50% expensing will
Small businesses can normally expense (rather than slowly-deduct, or
“depreciate”) equipment purchases up to $250,000. This will be cut all
the way down to $25,000. Larger businesses can expense half of their
purchases of equipment. In January of 2011, all of it will have to be
Taxes will be raised on all types of businesses.
There are literally scores of tax hikes on business that will take
place. The biggest is the loss of the “research and experimentation tax credit,”
but there are many, many others. Combining high marginal tax rates with
the loss of this tax relief will cost jobs.
Tax Benefits for Education and Teaching Reduced.
The deduction for tuition and fees will not be available. Tax credits
for education will be limited. Teachers will no longer be able to
deduct classroom expenses. Coverdell Education Savings Accounts
will be cut. Employer-provided educational assistance is
curtailed. The student loan interest deduction will be disallowed
for hundreds of thousands of families.
Charitable Contributions from IRAs no longer allowed.
Under current law, a retired person with an IRA can contribute up to
$100,000 per year directly to a charity from their IRA. This
contribution also counts toward an annual “required minimum
distribution.” This ability will no longer be there.
PDF Version Read more:…23ixzz0sY8waPq1
Now your insurance is INCOME on your W2’s……
One of the surprises we’ll find come next year, is what follows – –
a little “surprise” that 99% of us had no idea was included in the
“new and improved” healthcare legislation . . . the dupes, er, dopes,
who backed this administration will be astonished!
Starting in 2011, (next year folks), your W-2 tax form sent by
your employer will be increased to show the value of whatever
health insurance you are given by the company. It does not
matter if that’s a private concern or governmental body of
some sort. If you’re retired? So what; your gross
will go up by the amount of insurance you get.
You will be required to pay taxes on a large sum of money that
you have never seen. Take your tax form you just finished
and see what $15,000 or $20,000 additional gross does to your
tax debt. That’s what you’ll pay next year. For many, it also puts
you into a new higher bracket so it’s even worse.
This is how the government is going to buy insurance for the 15% that
don’t have insurance and it’s only part of the tax increases
Not believing this??? Here is a research of the summaries…..
On page 25 of 29: TITLE IX REVENUE
as modified by sec. 10901) Sec.9002 “requires employers
to include in the W-2 form of each employee the aggregate cost of
applicable employer sponsored group health coverage that is
excludable from the employees gross income.”
Joan Pryde is the senior tax editor for the Kiplinger letters.
Go to Kiplingers and read about 13 tax changes that
could affect you. Number 3 is what is above

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