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If you file taxes you should read this; 2011 tax changes

thcri

Gone But Not Forgotten
Does this belong here or not??? I can not find anything on Snopes or anyplace else.







The amazing thing about this, and the real crime, are the great lengths that the Obama/Pelosi administration have gone to see that this is kept out of the press. Perhaps 80% of the population of the US has no clue that this is coming.


Subject: 2011 Taxes

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 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 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 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:
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 PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001, 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.

Why am I sending you this? The same reason I hope you forward this to every single person in your address book.

People have the right to know the truth because an election is coming in November.
 

tsaw

New member
GOLD Site Supporter
Being that Obama is a teenager with a credit card.. someone has to pay.
 

JEV

Mr. Congeniality
GOLD Site Supporter
All to be used against the dems in November. Such easy fodder if the conservatives use it properly, but I'm not sure they are smart enough to do so. For certain the dems already have many of their lies crafted for why they should be allowed to continue sodomizing America and her occupants, but the repubs too often just play nice and teh moron in the booth believes what the liars tell them. We'll see what happens in November. IF, by some slim chance the repubs gain a foothold in Congress enough to upset the apple cart, Yo Mama Obama may just turn into a lame duck, because his ass will be grass in 2012...IMO.
 

joec

New member
GOLD Site Supporter
BS and show me facts nothing more simple facts of were the tax code has been changed.
 

JEV

Mr. Congeniality
GOLD Site Supporter
BS and show me facts nothing more simple facts of were the tax code has been changed.
I'm not so sure, Joe. I've been hearing bits & pieces of this for awhile now. Verification would be nice, but I would not be surprised if it's true.
 

thcri

Gone But Not Forgotten
Originally I did searches for the Email itself. Now that I am sitting in a trailer house with a severe storm going through I thought I would search for just one of the topics in the email and that was will you be taxed on your health insurance amount?

The answer as I read it lies here.

Q: Does the new health care law require workers to pay income tax on the value of employer-provided health insurance?
A: No. The value will appear on employees’ W-2 forms for information purposes, but will not be considered taxable income.
 

Dargo

Like a bad penny...
GOLD Site Supporter

But you can find hundreds of articles saying that Obama is allowing all tax reductions enacted under Bush expire. That would, in fact, result in an increase in taxes for all tax payers. Also, buried in the tax code, Obama phases out exemptions earlier for those who pay taxes. I could have a hundred children yet I cannot deduct a penny for them. Nearly all deductions are phased out at certain income levels. I'm not aiming this at you mak2, I just used your quote, but if someone doesn't understand how deductions are phased out at certain income levels, it tells me a lot about their understanding of (or lack there of) our tax code and how much they've paid in.

Sorry joec, but if you don't see that all will be nailed with tax increases under Obama, you'd have to be living in a cave. Nearly half of the people now pay zero federal income tax. You think with all of his give away programs and "spread the wealth" programs he won't have to increase taxes dramatically?! C'mon man, be realistic. Please don't tell me that you are one of those who say "we own the printing presses, just print more money".
 

Danang Sailor

nullius in verba
GOLD Site Supporter
BS and show me facts nothing more simple facts of were the tax code has been changed.

FACT: Unless action is taken (ie, new legislation passed) the Bush-era tax cuts will automatically expire 12/31/2010.

Most of the remainder of the article is conjecture, or is actually tied to the expiration of the tax cuts noted above. The Bush-era cuts included many things most people don't realize.


 

Av8r3400

Gone Flyin'
Originally I did searches for the Email itself. Now that I am sitting in a trailer house with a severe storm going through I thought I would search for just one of the topics in the email and that was will you be taxed on your health insurance amount?

The answer as I read it lies here.

Q:Does the new health care law require workers to pay income tax on the value of employer-provided health insurance?
A: No. The value will appear on employees’ W-2 forms for information purposes, but will not be considered taxable income.



Per the letter I just received from my business' tax accountant, this
will be considered taxable income.

Additionally, per my wife who is a corporate accountant and oversees the payroll at her firm, she concurs.
 
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