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BREAKING NEWS
BACKDOOR TAXES TO HIT MIDDLE CLASS While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases. The targeted tax provisions were enacted under the Bush administration's Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010. If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated. Investors will pay more on their earnings next year as well, with the tax on dividends jumping to 39.6 percent from 15 percent and the capital-gains tax increasing to 20 percent from 15 percent. The estate tax is eliminated this year, but it will return in 2011 -- though there has been talk about reinstating the death tax sooner. Editor's Pick: Best of Conservative Magnetic Bumper Stickers
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SOURCE: By Terri Cullen – Mon Feb 1, 4:09 pm ET, Reuters
New York (Reuters.com) -- The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavilty on s0-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.
Millions of middle-class households already may be facing higher taxes in 2010 because Congress has failed to extend tax breaks that expired on January 1, most notably a "patch" that limited the impact of the alternative minimum tax. The AMT, initially designed to prevent the very rich from avoiding income taxes, was never indexed for inflation. Now the tax is affecting millions of middle-income households, but lawmakers have been reluctant to repeal it because it has become a key source of revenue.
Without annual legislation to renew the patch this year, the AMT could affect an estimated 25 million taxpayers with incomes as low as $33,750 (or $45,000 for joint filers). Even if the patch is extended to last year's levels, the tax will hit American families that can hardly be considered wealthy -- the AMT exemption for 2009 was $46,700 for singles and $70,950 for married couples filing jointly.
Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:
* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;
* The $250 teacher tax credit for classroom supplies;
* The tax deduction for up to $4,000 of college tuition and expenses;
* Individuals who don't itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;
* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free.
JOE BIDEN UPDATE: HE MEETS ON TRANSPARENCY TODAY, BUT THE MEETING IS CLOSED HILLARY PLEDGES U.S. TO Pony UP $100 BILLION TO CLIMATE FUND
Editor's Note: This Administration is above the American People and sees no need to keep their campaign promises. Obama and Biden played the American People just to get your vote. So how is that Hope and Change working for you now? Source: Latimes Blog
CHICAGO POLICE MAY SCRAP ENTRANCE EXAM | 'OPEN UP THE PROCESS' | UNION CHIEF: IT"S 'TOO STUPID TO BE TRUE'
Editor's Note: Well imagine that, the home town of Obama and Rahm gone wild. Source: Chicago Sun Times
AMERICAN RECOVERY & REINVESTMENT ACT OF 2009 (aka $787 BILLION STIMULUS SPENDING BILL)
DEMOCRATIC DISTRICTS AWARDED 2 TIMES THAT OF REPUBLICIAN DISTRICTS
Editor's note: What do you expect, DEMs to provide the Republican districts with an equal share? Absolutely not, they must pay off the DEM Senators and Representatives for their vote for the Stimulus Bill.
SECOND STIMULUS? US HOUSE PASSES $154 BILLION JOBS BILL
Editor Note: The first $780 billion stimulus bill didn't work, but now let’s create a second stimulus bill and call it the "Jobs Bill"? What exactly was the first bill's purpose for then? Was it paying back to all of your left wing political cronies and Unions that fleeced your election campaigns? Nancy, I don’t know what you've and your House DEM leadership have been smoking out in California and DC but it’s definitely must be hallucenigenics.
"The White House and the Senate Democrats are working on a new jobs bill. The White House said this new jobs bill could create twice as many non-existent fake jobs as the last one." –Jay Leno
Editors Comment: Thats Billion with a B of your tax dollars! She has join Obama's Pledge, spend like a drunken sailor.
WHY IS GOVERNOR SCHWARZENEGGER PUSHING FOR THE SAME SORTS OF POLICIES IN COPENHAGEN THAT HAVE HELPED DRIVE HIS STATE INTO RECORD DEFICITSAND UNEMPLOYMENT?
Editors Comment: I could not agree more with the Hockey Mom. Governor Schwarzenegger and his far left wing run State Legislature has successfully run most of the businesses in California out of business or out of state due to their regulations, high taxes, high insurance premiums, and yes, out of contral State spending like a drunken sailor. The State of California is in financial shambles, and should be the shining star example of how not to run a State Government. Thank goodness, for term limits, say goodnight Governator!
WHAT RECOVERY? BUDGET DEFICITS GET WORSE FOR STATES
Editors Comment: Makes one wonder what in the world the Obama Administration and the DEMs are really doing when they try to "spend their way into economic recovery" They just dont get it do they?
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