Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
NEW YORK (CNNMoney.com) -- Worried about your taxes going up next year? They might for some high earners. But some not-quite-rich taxpayers could end up with a surprise tax cut.
If the Bush tax cuts expire for the nation's top earners, people making a pinch less than the wealthiest Americans, who don't quite qualify for the new top two tax brackets, could find themselves in an even lower bracket next year.
If Obama or the Dems have anything at all to do with this the right will scream bloody murder. Worst thing for the republican party would be for Obama to actually reduce taxes. The repubs would find a way to spin it so it sounded worse than a case of salmonella.
The truth of the matter is that for those the Obama administration designates as "rich" : if they live in a state with a state income tax they will be paying more than 60% of their income in taxes.
Punishing success in America on its race to the 3rd world.
Savers and producers in this country should not be penalized. Consumption taxes are the way to go. Let those who consume more, pay more.
This article conveniently fails to point out the tax hike that will go into effect (scheduled for 2013) to pay for Obamacare.
If Obama or the Dems have anything at all to do with this the right will scream bloody murder. Worst thing for the republican party would be for Obama to actually reduce taxes. The repubs would find a way to spin it so it sounded worse than a case of salmonella.
They will oppose whatever happens. If we keep Bush cuts, they will critisize it, and if we let them expire, they will attack that too. They do not seem to realize that our taxes are already lower than at Reagan era. As a matter of fact Reagan gave US the largest tax increase in US history after he gave us the cuts first. He realized that the cuts were creating too much debt.
If everyone moves up one bracket then AMT will hit a bigger amount of people.
Cuts or no cuts..if you get sucked into the AMT then you pay higher taxes.
And of course we now know that premiums will continue to increase, since the government failed to implement any cost-control mechanisms (other than making health care harder to get), and instead mandated expanded coverage: "The non-partisan Congressional Budget Office says health insurance premiums will continue their steady upward climb and that they will accelerate faster in the individual market as a result of the new health reform law. It’s estimated that families purchasing insurance in this market would see a premium increase of an additional $2,100 in the year 2016." Trying to ‘Fix’ the costs of ObamaCare | The Daily Caller - Breaking News, Opinion, Research, and Entertainment
Just the one new requirement that mental problems be treated like any other illness (also with no limits allowed) will increase premiums radically: "Plans issued for effective dates of 9/23/2010 and later will have to comply with mental health parity. In simple terms, this means any psych benefits will be treated as any other illness under the major medical plan....Mental health parity riders currently increase the premium by 25% or more." InsureBlog: More Obamacare Premium Increases
If you know or are related to anyone with mental problems, you are aware that this is a black hole for money, with no lasting cures but a lifetime of "treating" symptoms.
This is a good tool for viewing Bush taxcuts, expired Bush taxcuts, Obama proposal.
Of course, it's from The Tax Foundation, a non-profit, non-partisan group.
Looks like I fare best under the Obama proposal.
___________
NHartphotog, anything other than opinion pieces?
If Obama or the Dems have anything at all to do with this the right will scream bloody murder. Worst thing for the republican party would be for Obama to actually reduce taxes. The repubs would find a way to spin it so it sounded worse than a case of salmonella.
Give me a break. This still leaves a lot of people who are not rich in some pretty ugly tax brackets.
They will oppose whatever happens. If we keep Bush cuts, they will critisize it, and if we let them expire, they will attack that too. They do not seem to realize that our taxes are already lower than at Reagan era. As a matter of fact Reagan gave US the largest tax increase in US history after he gave us the cuts first. He realized that the cuts were creating too much debt.
Really??? Did you know republicans have voted yes on 95% of Obama's and democrats proposals. Stop with your tired old talking points.
Give me a break. This still leaves a lot of people who are not rich in some pretty ugly tax brackets.
Out of curiosity what do you consider not rich?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
