RESERVED
BREAKING NEWS
Source: The Hill -- Editor’s note: So when $5 per gallon gasoline is not enough, so let’s soak the American people by taxing them even more for each mile that they drive. What is next? Tax every household a tax when each time they flush their toilets. Another case of Obama Tax Gone Wild
Obama’s New Tax Scheme for America: Tax Drivers By The Mile
Stopping Obama Tax Hikes - Liberty Central: This is the group started by Clarence Thomas' wife Ginni Thomas. One of the goals of this group is to stop tax hikes under the Obama Administration. This group is working hard to get taxes lowered not increased during the lame duck session this winter. Go to this site to help them with their efforts: http://www.libertycentral.org/stop-obama-taxes/?source=housefile ![]()
Chinese Professor - Why Do Great Nations Fail?
Source: Citizens Against Government Waste -- Editor's note: CAGW nails this message perfectly, and the road of no return our great country is heading down. ![]()
Effective January 1, 2011 2400 ET: Largest Tax Hike In U.S. History
Source: RESISTNET Editor's note: Folks it is time that you start contacting your U.S. Congressman/woman and U.S. Senators about these upcoming tax hikes. No one will be spared from any of these increases, regardless of your income.
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