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Despite Looming Tax Increases For The Rich, Some High Earners Could See A Cut

August 24, 2010 by  

Despite looming tax increases for the rich, some high earners could see a cut The Obama administration’s intention not to renew tax cuts for the richest Americans — which are set to expire at the end of the year — has received much attention recently. However, the fact that some wealthy people may actually end up with a tax cut has been largely overlooked, according to CNN Money.

The news source reports that individuals earning more than $200,000 in adjusted gross income, or joint filers with an adjusted gross income of $250,000 or more, will move from 33 percent and 35 percent, respectively to 36 percent and 39.5 percent, which they paid before President George W. Bush implemented the tax cuts in 2001.

However, under the current plan, those with taxable income between $171,850 and $195,550 would go from the 33 percent to the 28 percent tax bracket, resulting in more than $1,000 in savings each ear.

Still, Robert Kerr, senior director of government relations at the National Association of Enrolled Agents, told the news provider that "the inadvertent tax break would only be noticeable to a very small subset of people, since no more than 5 percent of people have income at or above the [current] 28 percent bracket."

Regardless of this, most conservatives have criticized Obama for his intention to let the tax cuts for the rich lapse. They say this may stifle economic growth and have a negative impact on job creation in the midst of a slow economy.ADNFCR-1961-ID-19927538-ADNFCR

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  • s c

    Gee, I’m almost impressed. Maybe this will give some of Mr. Obama’s backers a reason to have doubts about his plans to soak the rich and redistribute their wealth to those who did nothing to earn it.
    Frankly, I’m more concerned about Mr. Obama’s plans to destroy America’s middle class and spend future generations into the poor house. In some circles, it might make sense to spend money America doesn’t have and pretend to care about the masses at the same time.
    Without a doubt, he’s ‘consistent.’ He’s consistently screwy, and his daily self-love will be his downfall – and ours.

    • Kinetic1

      s c
      “soak the rich and redistribute their wealth” huh. If we extend the Bush tax cuts, which were paid for by putting the country deeper and deeper into debt, it would cost tax payers another $36 Billion. Talk about spending our way into the poor house. Funny thing is, Republicans won’t answer when you ask how we can afford to give these breaks to those earning (and I use that term loosely) over $1 million a year. They just go on and on about how we have been using these rates for the last decade (when our deficit climbed like never before) and they pay for them selves (though they never have.) The only sign of an answer is a bill they are pushing that would cut social services where needed. Sure, forget all the poor saps who lost their jobs, let’s rob from the poor and give to the rich.

      Fact is, Obama wants to keep the tax cuts for the middle income and below, but it’s going to cost more than $200 billion just to keep the cuts for those earning less than $250,000. You know them, the people who spend most of their money, stimulating the economy and increasing business so that new jobs will be created. Simple fact is, you can give the wealthy all the tax breaks you want, but until their businesses start to sell product, they won’t create ay new jobs. And even when they do they may be off shore. So enough of this BS about the poor wealthy folks who are paying record low taxes. With the tax breaks and loop holes their accountants find, even with the “increase” they will likely be paying less then you and I.

      • jb6574

        Kinetic 1,

        Perhaps sir you should dispense with the political nonsense and read your history, ie how was our country funded prior to the ratification of the 16 amendment. It is the uninformed citizen such as you that contributes to our nations decline! The issue is not the wealthy you speak of but the political class, with a never ending appetite for the citizens private property. If you have children, you should be very concerned for their future. Wake up, your country needs you in this desperate time!

        • Al Sieber

          jb, you got that right.

        • BigBadJohn

          jb thanks for the suggestion:
          http://www.ustreas.gov/education/fact-sheets/taxes/ustax.shtml

          Prior to the 16 amendment excise taxes were raised to pay for various war efforts. Good idea, a president should NEVER be allowed to suck us into a never-ending war without some way to pay for. If you were hit with an additional 10% tax to pay for Bush’s war on terror, would you have supported his war effort for 9 years?

          • Denniso

            Good comment…the 2 failed wars grossly mismanaged by Cheny/Rumsfeldt
            and unfinished after yrs of death and destruction, will cost something like a trillion dollars each w/ longterm cost figured in. Bush didn’t pay for the wars and paid for them ‘off budget’ so his mounting deficits didn’t look as bad as they would have otherwise.

            And to Kinetic’s point, the cost to the public will be more like 700
            billion $$ over the next decade if the richest 2% continue to get the
            Bush tax cut that was not paid or balanced by spending cuts when Shrub
            pushed it through.

            Now after yrs of going along w/ fiscal irresponsibility under Shrub, the rightwing is howling about necessary gov’t spending designed to save the country from the greatest recession since ’29. Think people,
            don’t just let your hatred of Obama contol your ‘thought’ process.

        • s c

          JB6574, K and his role models in Congress can’t read. To them, reading is a nuisance. It’s something that mortals do.
          K won’t dare admit it, but when he was ‘educated,’ his “teachers” didn’t tell him that one of their favorite recent icons [JFK] lowered taxes and improved America’s economy. It worked then, and it will work now.
          It’s a typical example of how progressives have no use for history or reading or common sense OR knowing the difference between social justice and shinola. As the old saying goes, ‘You can lead a progressive to reason, but you can’t make that self-made, whining, braying jackass THINK.’

          • BigBadJohn

            LOL another side of the coin. Clinton raised taxes, brought the deficit down and had the longest stretch of prosperity in history…

          • Denniso

            Under Clinton we had the first surpluses in decades…the Repubs screamed about deficits for years,doing nothing about them, before Clinton balanced the budget. Shrub comes in and doubles the national debt in his 8 yrs. Now,again, the Repubs are whining because Shrub and Obama both spent money to save our precarious economy…hypocrites, all of them.

        • http://none Alex

          Right, Teabagger, and we should just run our lamps on whale oil, just like the good ol’ days!! Moron.

          • fergie

            Alex – can we do without the name calling; it’s just not appropriate for this news site. There are others out there you can jump into that would welcome your style.

      • Paul

        jb6574 said it perfectly. Kinetic1, stealing is a basic evil that has been acknowledged across cultures, religions, and centuries. When government forcibly takes anything from one group of people and gives it to another, that is stealing. Why do some people think it OK for government to do this when a private citizen cannot?

        As far as your ‘social services’, they should not exist at all. For thousands of years, people provided for themselves because they had no choice to be lazy. Now, instead, we steal from the workers and given it to this fat, lazy fungus of a welfare class. Then we wonder why nobody wants to work. If you cannot earn the income to provide the things you want and need, then you do not deserve them and should expect to go without them. Yes, that includes food, healthcare and the rest.

        That is called Liberty, my friend. Free to do your own thing without interference from Big Brother.

        • Lubo

          Ditto! Well said!

        • Marilyn

          Well stated, Paul. We are now paying for all the Illegals crossing the Southern border, lest we forget. Jail time, Prison time, child birth, free school meals, medical care….goes on and on. We have spent more of our tax dollars on Illegals than we have on the Iraq War. Check it out. That aside, Welfare has robbed the American tax payers. American Welfare people who do try to find a job find out that they can live better on Welfare than working, let’s say, in restaurants. Those who do work say they can only work a few hours to keep their Welfare benefits. The “system” has them by the you know what.

          • BigBadJohn

            federal welfare is limited to a maximum of five years. Some STATES offer more liberal benefits but not the fed.

            Agree illegal immigrants cost all of us a fortune. Most collect cash under the table so no taxes, use the emergency rooms of hospitals because congress said that they can not be turned away, use roads, schools, etc. This does not even take into account the pressure on jobs for people who would pay taxes.

          • Warrior

            I find it interesting that an American crosses into the border of North Korea and gets jailed. Jimmy Carter is going to make a special trip to intercede and see if he can negotiate a release. Now, why are there no Latin American presidents (or any other country for that matter) coming to America to obtain the release of any jailed illegals in this country? Hmmmm!

        • HHH

          Paul, you will awake from your dream world soon, and then the reality of providing social services thru government will become clear. Lest you forget, the social safety net is there to keep you and the rest of the country from plunging into poverty. The propensity to spend at the marginal rate is something you probably learned in your economics class….. maybe a review would be helpful.

          • alpha-lemming

            That used to be what family, friends, community, and church were for, but that’s not the point.

            When did the safety net become a hammock??

          • Warrior

            HHH = HeHeHe? Get serious.

        • http://none Alex

          Taxes are not theft. It costs money to live in a society, dummies.

          • Christin

            Alex,
            God has only asked for 10%.
            The Gov has required alot more… 35% (plus or minus).

            Kind of seems unfair when
            the “Almighty Holy Lord” requests LESS, but you are still FREE to live and to enter heaven if you believe in His Son, Jesus…
            BUT the “Incompetent Corrupt Gov (IRS)” which requests three times more with fines or jail time if you pay late or don’t pay (unless you are of the Ruling Elite Class) and ruin your credit.

            I say CUT THE DANG SPENDING morons.

            We wouldn’t be complaining so much if spending was down and taxes were low for NECESSARY American business of the people, for the people, by the people!

      • taxman

        Kinetic1
        You are so funny, haha! The rich did not get rich by sharing their money with the lower classes but by buying into the corrupt government. They find the loop holes or just move off shore. If you check states like NY, RI, MA and other high tax states you will see that the rich are moving to Florida, Texas and other low tax states. They, like our (wishful thinking) government representatives have their allegiance to money. They will do whatever it takes to get more and keep what they have. Most are lawyers and others that are rich like Kerry, Gore have the rich lawyers to help them keep it. You see the tax the rich idea will only do two things, push more into the poor class and tax the remaining middle class until there is just two classes. The poor and the government. Wake up from your dream. Obama is the rich! He is on his 6th vacation this year and millions are out of work, go figure!

      • Nina

        Is it not true that only 40% of US citizens pay any taxes? And…that the majority of those are the wealthy! If everyone paid their fair share, we would all be able to survive. I still don’t understand how you can possibly think that this administration (or any for that matter) isn’t wasting ALL our money with ridiculous pork instead of spending money on US, the citizens who have given them the checkbook. Would you spend millions to build a street for turtles to cross the street or would you provide assistance to the poor, put some money back into the social security system that is being fleeced by those who didn’t pay in. Bleeding hearts are stealing from Americans who worked to build this country. I am not cold-hearted but when your bank account is low and expenses high that is Accounting 101…curb your spending. I tightened my belt…it’s time for the government to tighten theirs.

        • BigBadJohn

          here is a good link with the facts about who does not pay tax.
          http://www.taxfoundation.org/research/show/1410.html

          I thought it was interesting that the Yankee states, typically democratic, have the fewest non-payers.
          Also look at the chart to see just when the number of non-payers jumped.

          • alpha-lemming

            Been nice to get something a little more current, but point made. Good example of the 3 levels of untruth….. lies, damned lies, and statistics. The thing I took out of it was…. there are more non-payers in NY than the top 5 “dead-beat” states combined.

          • Bob

            That’s BS. I’m single and my income starts being taxed at 5 dollars. If you doubt me look at you tax schedule from the IRS. I have it here in front of me. Go peddle your BS somewhere else.

      • Lubo

        LOL!!!!!!!!!!!!! Where did you get your masters degree in economics??? Same place Obama did? It is a Chicken or the egg question and you must first have people of wealth before that wealth can be expanded to the masses. To take that wealth away from those who know how to expand it, would be self-defeating.

        The fact is, you can take all the wealth away today and then give an equal share to every citizen in this country, and within ONE YEAR, those who had it to begin with, would have it again. Those who did not have it because they did not EARN it, would have nothing at the end of that first year. Sound familiar?

        Why??? Because the people who have MONEY are the people who understand how to make MONEY by creating products that are consummed thus CREATING JOBS for those that are not smart enough to create and market a product and professionally MANAGE a business! It’s that simple!

        Bottom line, those who have EARNED it are the chickens which lay eggs and some of those eggs may hatch and become very productive chickens. In fact, some of those hatchlings may become better producers that the chickens that laid them. Name me a system on this planet that has increased the standard of living for the masses more than capitalism has? Name me one?

        Bottom line, it is not YOUR money, if YOU do not EARN it! To reject that statement would be denial on your part. How about going out and finding you a POOR person that will provide you with a job? You think that will work? Or maybe just have the government punish the RICH and give to the poor? How about that? You think that will work? Or maybe let’s just all work for the goverment and let KING OBAMA redistribute the “Wealth” as he see’s fit? Maybe that will work better than AMERICA’s FREE MARKET system because I’m sure you trust this ONE MAN well enough to have that kind of POWER and YOU WILL GET YOUR FAIR SHARE!

        • Lubo

          t Kinetic1……If my statements were not self-evident.

      • alpha-lemming

        The static model is a lie. Why did revenue to the Fed increase AFTER Kennedy and Reagans’ tax cuts? According to your model they should’ve shrunk. Don’t look now, but they didn’t shrink.

        • Paul C

          Probably because when the rate goes down the need to shelter income from taxes isn’t so great. Tax shelters cost money, if the tax is less expensive it makes more sense to pay the tax

      • Wes Evans

        Historically lower marginal tax rates result in more government revenue. Government revenue increased after the “Bush Tax Cuts.” It was increased spending not the marginal tax rate that was responsible for the increase in the deficit. Get your facts straight.

      • http://vvpinker@yahoo.com Evelyn

        OHHHH please, you know that Pablum, sucking, American hating, liberal, atheist is a tax and spend IDIOT. You need to go back and study history. Poor people don’t create jobs. Government prints money, businesses and the rich create money and jobs. Get the government off businesses backs, lower their taxes, fees, and all the other government regulations on business and watch America grow and take off again, you coveting parasite. We need smaller government. Put the control back to the states. READ THIS:

        How did Jefferson know?

        John F. Kennedy held a dinner in the white House for a group of the

        brightest minds in the nation at that time. He made this statement:

        “This is perhaps the assembly of the most intelligence ever to

        gather at one time in the White House with the exception of

        when Thomas Jefferson dined alone.”

        Especially read the last quote from 1802.

        When we get piled
        upon one another in large cities, as in Europe,
        we shall become as corrupt as Europe .
        Thomas Jefferson

        The democracy will cease to exist
        when you take away from those
        who are willing to work and give to those who would not.
        Thomas Jefferson

        It is incumbent on every
        generation to pay its own debts as it goes.
        A principle which if acted on would save
        one-half the wars of the world.
        Thomas Jefferson

        I predict future happiness for
        Americans if they can prevent the government
        from wasting the labors of the people under the
        pretense of taking care of them.
        Thomas Jefferson

        My reading of history convinces me
        that most bad government results from too much
        government.
        Thomas Jefferson

        No free man shall ever be debarred
        the use of arms.
        Thomas Jefferson

        The strongest reason for the
        people to retain the right to keep and bear arms
        is, as a last resort, to protect themselves
        against tyranny in government.
        Thomas Jefferson

        The tree of liberty must be
        refreshed from time to time with the blood of
        patriots and tyrants.
        Thomas Jefferson

        To compel a man to subsidize with
        his taxes the propagation of ideas which he
        disbelieves and abhors is sinful and tyrannical.
        Thomas Jefferson

        Thomas Jefferson said in 1802:
        ‘I believe that
        banking institutions are more dangerous to
        our liberties than standing armies.
        If the American people ever allow
        private banks to control the issue of their
        currency, first by inflation, then by
        deflation, the banks and corporations that will
        grow up around the banks will deprive the people
        of all property – until their children
        wake-up homeless on the continent their fathers
        conquered.’

        I WISH WE COULD GET THIS OUT TO EVERYONE!!!

        I’ll do my part!

        • Denniso

          Every time a ‘poor’ person buys something,he is creating jobs…use your head.

    • who cares

      why not soak the rish for once. for last 20 yrs they gotton a free ride starting with reagan. chickenhawk bush screweded the middle class by given the rich, and corp the biggest tax break. tax brks were for job growth if that was case why in last ten yrs lost jobs??? it was and is the republicans that is destrying the middle class. democrats are trying to stop but the obstructionists republicans continue to give corp,and rich free ride. you pay for them. tokyo rose, glenn beck, sean hannity how many jobs they create? talk about a free ride, and tax break.

  • L W

    AMEN!!!!!!!!!!!!!!! Paul

    • Bob

      Alot of wealthy people are retiring to other countries where the cost of living is low and they keep all of their wealth.

      • http://none Alex

        Just goes to show you–the rich do not give a hoot about the “America” they so love—they love money more, no matter where it is!

        • Lubo

          Alex….and I guess you know so much better as to how spend THEIR money?

  • L. Hill

    Will some one tell me how it is not discriminatory to tax the wealthy at a higher percentage than other income earners? Check out the Fair tax solution which has no taxes for those below $25,000 then only taxes on spending above that. This does away w/ income and SS taxes.

    • Lubo

      L. Hill….Nobody can tell you that our tax system is not “progressive discrimination” because that is exactly what it is.

      Now, if we had a straight consumption tax then our problems would be solved in less than five years. Would the “Rich” pay more in taxes? Well sure, in pure dollars spent as it relates to taxes paid however the percentage would be the same for ALL. That means ALL AMERICANS would participate in paying taxes to support a VERY LIMITED FEDERAL government. In other words, you spend a million bucks then you pay $100,000 in consumption taxes. You spend $10,000 bucks then you pay a $1,000 in consumption tax. SOUNDS American to me when ALL participate in paying for our form of Government.

    • 45caliber

      I say an economic report a few months ago that I thought interesting. It stated that if you took EVERY PENNY that anyone makes above $50,000 a year it would run the government for about a month. The tax burden is on those making less than $50,000 because that’s where most of the money is.

      • Lubo

        Yep! Basic mathematics!

      • BigBadJohn

        not sure I understand what you are trying to say.

        wealthiest 1% have close to 43% of the financial wealth in the USA.
        The next 19% control another 50% of the wealth.
        The bottom 80% control only about 7% of the total wealth in the USA.

        Someone making 50k/year is somewhere in that bottom 80%.

        Are you trying to say that those bottom 80% do pay the most tax, or should pay the most tax?

        http://sociology.ucsc.edu/whorulesamerica/power/wealth.html

        • 45caliber

          I’m saying that those on the bottom 80% pay the most taxes because they can’t get enough from the rich.

          What I’m talking about is income, not wealth. Someone like Ted Kennedy was rich because of his family – not necessarily because of his income. He had wealth he could spend above what he actually made each year. A big business like the one I work for is worth several hundred billion – but the stockholders get pennies a dollar profit on what they have invested for stock.

          The figures you are quoting is about wealth ownership, not income.

        • Lubo

          Yep! That is what he is saying….The median income in this country is $40,000 per year….so do the math. A good example would be take a penny a day and double for 30 days and see what you get. A number raised by the POWERS of many, works wonders. The total number of “Rich Folks” in this country just won’t pay the bills.

    • http://none Alex

      How will we pay to send more young people overseas to die for us? Your wars of Capital cost money.

      • Allan

        Last I checked, entitlements are the biggest cost to the taxpayer, but you’re fine with that, right?

  • 45caliber

    No one should honestly expect the rich to pay more than they are now. For one thing, the rich run the government. After all, how much does Oblama make a year? The last income tax figure I saw for him showed over $4 million income. Do you honestly think that he is willing to turn 90% of that over to someone else? How about Kennedy? Shummer? Pelousy? McCain? Gore?

    If you do believe they are going to give up their money for you, then you deserve whatever you get.

    None of them are going to give up a penny for someone else. Instead they make sure there are plenty of tax loop holes designed solely for them.

    It is the poor and middle class that are taxed for everything. They can’t afford to get a place in big government to see they are exempt. And they can’t truly afford the price of accountants and loop holes since they don’t get enough income to justify it.

    • Raggs

      Thats true… a tax increase will affect the middle and low income class through the upper class passing on the cost of taxes.

    • Lubo

      45 Caliber…So why not throw out the current tax code and implement a flat rate consumption tax so ALL americans can participate in funding our form of Government? In doing so, our debt and deficit problems will be solved quickly.

      Even the ILLEGAL FREE LOADERS from Mexico would pay taxes because every time they bought something it would be taxed automatically.

      The result would be a complete elimination of the IRS as we currently know it, as well as, dozens of progressive “Spread the wealth around”
      unconstitutional entitlement programs.

      How would that 10% tax be destributed among all forms of government?

      1.) 5% to the local government who collected the tax
      2.) 3% to the respective state
      3.) 2% to the federal government

      This would in effect restore the balance of power as our founders intended it. Follow the money and that is where the POWER is. If you have the Lions share at the LOCAL level then “Politicians” must FACE their constituants at the local town hall meeting. They screw up, then we kick them out, immediateley.

      Welfare receipients would get there “FREE STUFF” from the local county government in which they reside, not the federal “Nanny State”. The ole folks called this the “County Home” and there was a BIG STIGMA placed on anyone who went there. Most folks then FEARED going to the county home so therefore they WORKED HARD to keep from doing just that. Others who were in need were helped by their neighborhors directly or through the local church.

      That is the way our system was intended to work as a republic with a limited federal government.

      • 45caliber

        Your consumption tax is mentioned at 10% (the number you quoted) all the way up to at least 25%. 17% seems to be the average mentioned.

        It would not do away with the IRS as you mentioned because it would still be needed to collect and portion out the consumption tax (or any other tax for that matter.)

        There is also the flat tax of EVERYONE paying 10-15% of their income – regardless of the amount of income or where it comes from. But the liberals hate that as it means those on welfare would also have to pay and the rich they keep talking about might not pay as much.

        I’m not necessarily against any of it. But ONLY if it reduces government and government spending which I can’t see happening.

        • Lubo

          45 Caliber….. Why would it not significantly reduce the size and scope of the IRS? By implementing a consumption tax at the LOCAL LEVELS of government, then it would be the Local Government’s responsibility to see that the State got their 3% and then the State’s responsibility to see that Washington got their 2%.

          In fact, under this system, there would be no such thing as a tax return for individuals. You would not pay taxes on income but would pay when you SPENT that income. 10% across the board for ALL PEOPLES regardless if you are a citizen or illegal alien or a visitor.

          Sounds pretty fair to me!

  • jopa

    45 cal.Obama’s$4 million dollar income was from sales of his books mainly and will not be that high this year unles he writes some more best sellers.The above article clearly explains that by letting Buahes tax cuts expire as the bill was written only those making over $250,000 a year will see the tax rate as it was before.Those making under $250,000 a year will continue to have their tax break.Taxman; This may be Obama’s 6th vacation, Bush only took one but it lasted six years.

    • Lubo

      jopa…Yea right! Bush, Bush, Bush, Bush, Bush…….do you have anything else of any substance you would like to add? I’m not a big fan of Bush but he worked his butt of while he was president trying to defend out country so people like you are FREE to criticize him.

      Wake up!

    • 45caliber

      jopa:
      I’m not saying that Oblama didn’t get his money legally. I’m just saying that he is NOT going to give you any of it.

  • jopa

    Lubo; Sad but you are totally delusional.Bush has done more damage to this country than any one could imagine, and all the numbers are not all in.Not a dime paid towards the Iraq war while in office and now they say it,s part of Obama’s expenses.The economy in ruin under Bush, and his big bank bailout on the wat out.Worked his butt off.The boy does’nt know what work is.

    • Lubo

      Jopa….and I guess you do?

  • jopa

    Should have been way out not wat out sorry.

  • Earl, QUEENS, NY

    Wow!! How interesting!! Some people will actually save money when the Bush tax cuts expire?? Up until now, I thought that the only ones who wouldn’t be hurt on 1/1/2011 would be Tim Geithner, Daschle and other phony rich Democraps – that is – those who cheat on their own taxes…..and get away with it!!!!!

  • concerned

    Business owners run companies in good times and bad, they have budgets, they have good hard working honest employees, they are held accountable. They should run the white house- however, what we have instead is “community organizers” with ties to criminals, people in office not paying taxes themselves. Look how that’s working for us! Taxing the rich never worked in the past and wont work now- how far are you willing to take this thing, wait till unemployment is 30% for 10 years? Maybe you should have elected business people with a track record, not lifelong politicians with criminal ties and no accountable history as proof of success.

    • Lubo

      concerned….Sad but true!

    • 45caliber

      concerned:

      When Nixon took office, he appointed a CEO to manage the Post Office System since it was losing money.

      The man quit after a year. I heard a speech he gave about it a couple of years later. He stated that in business there are an average of 3 hourly workers for every manager. But in the Post Office he found the average was 5 managers for every worker. That means most of the managers actually had nothing to do.

      He decided to reduce that number by attration. He didn’t replace any manager who retired or quit. The managers got concerned about their jobs. But instead of going to the President themselves, they went to the Welfare Dept.

      They told the welfare managers that if he managed to get rid of the excess managers in the Post Office, those in welfare were next. They in turn went to the President numerous times insisting that he be replaced. He finally got tired of it and quit.

      Does that explain anything about business in government and why they don’t want it?

      Remember, Congress no longer makes the real laws. The bureaucrats do and they aren’t elected. Congress passes laws saying something such as, “healthcare shall be provided free to all citizens.” The bureaucrats then made the ‘regulations’ that you must obey and live by.

      • Lubo

        Pretty strong argument there my friend.

  • jopa

    Earl the Queen of NY;Now you get it, the Bush tax bill will actually save anyone making under $250,000 money and just reinstate the tax back to the previous level for those making moree.concerned;We tried a businessman at the helm, GW and look at the mess today.He ran it like he did his oil company, in the ground.

    • Bob

      Calling Bush a businessman is an insult to honest businessmen.

      • Allan

        Hope you’ll continue with the Bush bashing. Why? Bush’s popularity is rising while Obama’s is falling. You are helping. Thank you.

  • jopa

    LUBO:You said Bush worked his butt off to defend us but actually he was just sitting on it ignoring the warnings and we were attacked.A defender he will never be.911 was on his watch and the reet is bad history.

    • Lubo

      jopa……LOL!!!! You better go back and check your history to see how many times CLINTON had the option to take this guy out before you start blaming the 9/11 attack on Bush.

      • Denniso

        Hey dummie…Clinton launched cruise missiles trying to kill bin Ladden and you guys and your idiot leaders like Limbaugh pilloried him for ‘trying to distract the country from the Lewinsky affair’.

        You people have no brains…all your ‘thinking’ goes toward trying to destroy Dems…pathetic.

    • 45caliber

      jopa:
      If you also check you will find that all warnings were considered by the permanent people far below Bush and dismissed. He himself never heard of them. And they were mixed in with thousands of other warnings of stuff that really didn’t come true. The people who saw it simply were too overwhelmed with all the false stuff to pick out the true stuff and tie it together.

      But hindsight is always better than foresight.

      • Lubo

        45 Caliber….Once again, true statement. Actually I contribute the 9/11 attact to proggressive “PC” touchy feely foolishness. We got caught with our pants down and were VERY lucky that it was not more seriuos than it was. I don’t mean to water down the loss of 3,000 innocent lives but it could have been MILLIONS.

        This was a wake-up call and we better start paying better attention to what these Islamists are all about. Islam is a Fake and a Fraud that is nothing more than a “Political Ideology” similar to marxism, communism, etc.

        • Denniso

          Wrong,fools…Richard clark told Condoleeza Rice about the threats from Al Qaeda…she had a file given to her that said ‘bin Ladden determined to attack w/in the U.S. You people are so blinded by your partisanship it’s a astounding.

          So touchy,feely liberals are resposible for 9/11? The attack came after Shrub had been in office for over 7 months. You idiots are trying to rewrite history because you can’t stand to accept that Shrub was an incompetent fool and 9/11 happened under him…just as the great economic collapse did.

  • JC

    On the subject of YOUR tax money…
    here’s a stunt by the latest “benevolent” dictatotship:

    FOLLOW THE MONEY!!

    Obama for offshore drilling in Brazil

    This is a perfect example why many refrain from watching the news on ABC, NBC, CBS, or MSNBC.

    Today on a segment of the “Glen Beck Show” on FOX (Fox Cable News) was the following: “Today, even though President Obama is against off shore drilling for our country, he signed an executive order to loan 2 Billion of our taxpayers dollars to a Brazilian Oil Exploration Company (which is the
    8th largest company in the entire world) to drill for oil off the coast of Brazil ! The oil that comes from this operation is for the sole purpose and use of China and NOT THE USA ! Now here’s the real clincher…the Chinese government is under contract to purchase all the oil that this oil field will produce, which is hundreds of millions of barrels of oil”..

    We have absolutely no gain from this transaction whatsoever!

    Wait, it gets more interesting.

    Guess who is the largest individual stockholder of this Brazilian Oil Company and who would benefit most from this? It is American BILLIONAIRE, George Soros, who was one of President Obama’s most generous financial supporter during his campaign.

    If you are able to connect the dots and follow the money, you are probably as upset as I am. Not a word of this transaction was broadcast on any of the other news networks!

    Forward this factual e-mail to others who care about this country and where it is going. Also, let all of your Government representatives know how you feel about this.

    Below is the Wall street Journal article to confirm this. http://online.wsj.com/article/SB10001424052970203863204574346610120524166.html

    • Christin

      I heard about this, too. I would say this is NOT in the best interest of the American people. We (Taxpayers) pay for BO’s BRIBE or PAYOFF to GS because of campaign contributions… either way isn’t it wrong?
      Now, we will all lose… as all our Gulf Oil rigs will be sold as BO put a moratorium on off shore oil drilling in the Gulf… guess where they will all go??? Yes, to BRAZIL! So g. soros can get millions or billions in the scam. Man… men with no conscienous have dark hearts.

      And now I hear that China (?is it) is setting up oil rigs off Cuba’s shores. Wonder how they will handle an accidental or sabotaged oil rig spill?

      • Denniso

        Another stupid lie…

  • Lubo

    JC…. Of course, why do you think it took so long to plug the well and why do you think Obama stopped the drilling in the Gulf? Yea, Soros is a major investor in this scam but you won’t hear the first peep out of the progressive-liberals on this blog nor will you hear anything from the socialist controlled media outlets like NBC, ABC, CBS, etc.

    • 45caliber

      Lubo:
      I work in the chemical business. We use oil to make a number of plastics. So we are directly tied to oil production.

      I’ve seen oil rigs being built and met men who worked on them. I’m very familiar with all the safety equipment that must be installed to protect both the workers and the equipment both on the rigs and in the plants. I even specify a lot of it.

      There should have been numerous safety equipment stops on that oil rig. ALL FAILED! The ONLY way all could fail was sabotage – they were turned off or otherwise rendered useless.

      There are flame arrestors on all vents to prevent any flame from blowing back down a pipe. They really are quite simple and are hard to mess up – unless you do it deliberately. They failed or were never installed. I have a hard time believing they weren’t installed. They aren’t even very expensive.

      I cannot see how you would possibly be able to get an explosion at the top of the rig IF THE FLARE WAS WORKING. It wasn’t or there wouldn’t have been an explosion. The gas that caused the explosion would have simply burned off in the flare harmlessly. But it was allowed to collect as a gas cloud before some spark set it off.

      Further, the legs that support the rig are all full of air when built. They float the rig into place and then flood the legs to stabilize the rig against waves. But to keep it supported, there is still air in the legs or it would sink. To prevent a simply hole from sinking the rig or turning it over, these legs have compartments. Each compartment is sealed from the other compartments.

      But there were two explosions at the same time. One at the top which wrecked everything there and one at the bottom of the pipe, five miles down. When BP got to the rig, they found that all tools and parts were missing. They had to bring more in which took time. Then the rig sank – but it could only sink if at least two legs had holes in all compartments. Even then it might have remained at the surface.

      So, tell me, what actually happened out there?

      Further, China is now drilling for oil (and may have tapped it by now) on the very edge of the American boundry. Oblama has ordered NO oil company drill on our side of that boundry so effectively, China will have access to all of it without any competition. Interesting, isn’t it?

      • Lubo

        45caliber…..I told everyone in my family, friends and business associates, that this whole thing STINKS to high heaven. Remember, this is the administration that said, “Never let a good crisis go to waste.”

        I think this scam was two fold:

        #1.) Cap and Trade

        #2.) Payoff to Soros.

        I’m not certain of this but I think you will find a connection between BP and the Obama Administration. Maybe in the form of a BP paid Lobbyist and a senior advisor to the President? I think maybe they are KIN FOLKS? I also find it VERY interesting that BP supports cap and trade.

        It will probably take some time but I think in the END the light will be shed on this single most LARGEST SCAM that has ever been placed on the American people.

      • Denniso

        You guys are so clueless it’s amazing. The spill was a disaster for
        everyone,including Obama…no one set this up because no one stands to gain financially in doing it. There is no political gain either and oil drilling is not going to end because of it. You should be thanking Obama for the moratorium on deep water drilling until the regulations and safety issues are reviewed.

        Grow up you juveniles and use your head for something more than stupid conspiracy theories…God above,are you that dense that you can’t do anything else w/ your brains???

  • JC

    In just six months, on January 1, 2011, 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, here’s what happens… (read it to the end, so you see all three waves)…

    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 only, there is no death tax. (It’s a quirk!) 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, a business, a retirement account, could easily pass along a death tax bill to their loved ones. Think of the farmers who don’t make much money, but their land, which they purchased years ago with after-tax dollars, is now worth a lot of money. Their children will have to sell the farm, which may be their livelihood, just to pay the estate tax if they don’t have the cash sitting around to pay the tax. Think about your own family’s assets. Maybe your family owns real estate, or a business that doesn’t make much money, but the building and equipment are worth $1 million. Upon their death, you can inherit the $1 million business tax free, but if they own a home, stock, cash worth $500K on top of the $1 million business, then you will owe the government $275,000 cash! That’s 55% of the value of the assets over $1 million! Do you have that kind of cash sitting around waiting to pay the estate tax?

    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 (Health Savings Account) 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 (AMT) 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 be held 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 disappear.

    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 currently expense half of their purchases of equipment.

    In January of 2011, all of it will have to be “depreciated.”

    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: ” href=”http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171%3E” target=_blank>http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171>;; http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171##ixzz0sY8waPq1

    And worse yet?

    Now, your insurance will be 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 the15% that don’t have insurance and it’s only part of the tax increases.

    Not believing this??? Here is a research of the summaries…..

    - 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.

    • SuaveBola

      Since there is NO law requiring people in this country to pay a direct income tax (we the people do not earn income but earn wages by trading our services for money—wages are personal property and not gains from a corporation) when our wages are earned domestically, maybe now’s a good time to get back to apportionment per state, seeing that the feds have already taken a census.

      Might makes right. They (the IRS) have more guns and judges paid off than us normal folk. That’s why people are duped into paying taxes. They fear the consequences. Lying and cheating and stealing are their protocol. Call the IRS and ask where the law is stated that we are required to pay an income tax. They’ll hem-haw and skirt around the issue. Confusion is their game and they’re very good at it. When people wake up and take action is when their little game is over. The federal reserve act was the beginning of the end.

      • Denniso

        J C is wrong, again…talk about alarmist.

  • f a

    I’m sure no one will see this comment, as it is a day late. But I was just wondering: What is the salary of a Congressman or Senator?

  • http://gmail i41

    Depends on how long and how many terms, they have been in office. Reps start at $150,000, and Senators at 176,000, plus all the bennys, and senority. Also if they return they pick up where they left at their last salary.

  • http://www.TomBlairEA.com Thomas Avery Blair EA

    There is one additonal concern that the vast majority of taxpayers are not yet aware of. There is likely to be a serious shortage of tax preparers in the coming 2010-2011 tax season— REASON: Beginning im mid September 2010 there will begin a process of registering each and every paid tax preparer in the USA by the IRS by or before 12/31/10.
    .
    Those tax preparers who are unregistered with the IRS itself by that deadline date will effectively become “illegal” tax preparers and that spells bad news for taxpayers that trust the wrong folks to accomplish their annual tax return taskes = “underground” tax preparers that will not sign your tax returns, cannot e-file your return for you, cannot represent you at IRS audit and who may flag their own clients for audit with a single mis-step in the process. And when the taxpayer gets that audit, the tax preparer will be “discovered” and subject to the consequences of being outside the regulations of IRS Circular 230 but subject to the substantial penalties for being so.
    .
    Even licensed tax practioners like state-licensed tax attorneys and Certified Public Accountants (CPAs) as well as federally-licensed Enroled Agents must register for their PTIN before they can E-file taxpayer tax returns using the individual EFIN credentials.
    .
    IRS also severely limited, perhaps even killed, the Refund Anticipation Loan (RAL) products for tax season 2010-2011…they will not longer notify the RAL lender whether or not the taxpayer requesting these loans (often offered at APR rates of 58% to triple-digit rates (800% APR in one case that I read about) is qualified to receive a tax refund and/or tax credits. For example, if the taxpayer has an unpaid student loan, unpaid child support, tax oblgigations from prior years, etc., the lender on the RAL will not be able to have knowledge anymore of these facts directly from the IRS itself.
    .
    One final fact: There is currently a small “window of opportunity” to become a registered tax preparer and that window is only open from mid-September 2010 to December 31st 2010…or, to become an Enrolled Agent by testing on tax year 2009 criteria by or before 12/31/10 is especially important. Delay now by these folks just may mean both registered tax preparers and Enrolled Agent candidates will have to be tested or re-tested on 2010 tax criteria and just also may face the first sheet of music on Obama-care in their tests or exams!
    .
    Watch for all the facts and news on all this just shortly after the November elections at your own risk!
    .
    At least food for thought, is it not?
    .
    Respectfully sumitted,

    Thomas Svery Blair, EA

  • http://www.thinkgrowrich.net think and grow rich

    Now, let’s move onto consumers that make $500,000 a year. No, not billionaires. Maybe, not even millionaires but. But, could you reside on $500,000 a year? Of course you could.

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