The cuts lowered tax rates across the board on income, dividends and capital gains; eventually eliminated the estate tax; further lowered burdens on married couples, parents and the working poor; and increased tax credits for education and retirement savings. Obama’s proposal would extend most of these reductions, allowing only those for individuals making more thanRead more about Bush Tax Cuts[…]
Maybe those in the $250K+ class might just vote with their feet: Our president thinks that living in America is so wonderful for those making more than $ 250,000 that they will never leave, despite being directly attacked and held responsible for the political class’s inability to constrain its desire to buy votes with ourRead more about America : Love it or (if you're rich enough !) Leave it ?[…]
1. You cannot legislate the poor into prosperity, by legislating the wealth out of… prosperity. 2. What one person receives without working for, another person must work for without receiving. 3.The government cannot give to anybody anything that the government does not first take from somebody else. 4. When half of the people get theRead more about You cannot multiply wealth by dividing it[…]
The deadlock on taxes is unlikely to ease soon. It appears likely that any action on bigger-ticket tax items will be delayed until after the Nov. elections. That includes decisions on continuing the Bush tax cuts and extending provisions that lapsed after 2009 and the very important alternativeminimum tax. Politics is the reason for this.Read more about Stalled Tax Legislation[…]
But while most of the country is pinching pennies – the Obamas don’t seem to be heeding their own advice. While many of us are struggling, the First Lady is spending the next few days in a five-star hotel on the chic Costa del Sol in southern Spain with 40 of her “closest friends.” HerRead more about Obama, Penny Pinching and Spending our Tax Dollars and Expiring Bush Tax Cuts[…]
Myth: A dividend tax hike will be insignificant. Fact: The maximum tax rate on dividend income will surge by 164%—from 15% to 39.6%—Under Obama’s plan unless Congress acts to stop a dividend tax hike.
•Obama and Congressional Democrats have said that they want to raise US Income tax in the top two income tax rates in January 2011. Under their plan, the 33 percent rate will rise to 36 percent, and the 35 percent rate will rise to 39.6 percent automatically in January. These rates affect families and smallRead more about Small Business and Higher Taxes -Obama[…]
I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle. — Winston Churchill
With Congress stuck in tax gridlock, even simple tax legislation is bogged down…Taxpayers trying to figure out their tax planning for this year and beyond is perplexing. Are tax rates definitely rising in 2011? No. President Obama’s plan to end the Bush tax cuts for higher income filers is not a slam dunk to pass.Recently,Read more about Congress stuck in tax gridlock[…]
Two more Senate Democrats called for extending tax cuts for all earners—including those with the highest incomes—in what appears to be a breakdown of the party’s consensus on the how to handle the expiration of Bush-era tax cuts.