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.
Yeah, and none of those taxes are involved in Obamacare, either. Mom and I will just get to pay them unless we get a divorce. I wonder how many people have forgotten that marriage tax since they didn't have to pay it for some time.
I never forgot the marriage penalty because while in effect it hurt us financially every year. Its a stacking of income that can put you in a higher tax bracket therefor you pay more taxes. If you are struggling and both husband and wife have to work to provide for your family you will have to lower your take home pay to pay for the marriage penalty tax. For those who foolishly use the feds as a savings account so you can get a check at tax time, your check will be much smaller or you can even owe money depending on how you set it up.
This administration has you fooled into thinking that he considers people who make $250k and above rich when in fact comparative to those who get welfare the middle class is rich.
He said no tax increase on the middle class but this is a lie you will pay more taxes. If he meant what he said he would not let all these tax breaks expire. Actions speak louder than words.
Go ahead, sell that home as you near retirement. Not everyone is underwater you know.
Now that gain, plus your salary makes you "rich" and 3.8% of that richness goes off to DC.
People who played their cards right for decades and are ready to cash out for retirement will be redistributing some of their accumulated wealth.
Oh and it will happen because the boomers are entering retirement age. Not everyone flipped and bought homes in 2007 at inflated prices and are now underwater.
You've got 1.5 years to prepare for this.
Only the portion of a gain (on principal residence) that is over $500,000 gets added to your AGI and you only pay 3.8% on the portion of that gain (over $500,000) that brings your AGI over $250,000.
Thus, if you make a profit of $600,000 on your property and that would add $100,000 to your AGI bringing it to $300,000 then the 3.8% would apply to $50,000 (plus all the other usual taxes).
It's amazing that penalties for not abiding by a law are now taxes. LOL...Whatever you want to call them, the Obamacare works quite well as Romneycare in Mass. It's a lot better then the cluster that was healthcare prior to two years ago. But anyway, republicans get terrorfied at the word tax warranted or not....So tax, tax, tax
That's oh, so easy to say for those living on entitlement checks. It's always easy to identify them.
Speaking as a retired person who partially relies on interest and dividend income, the most damaging provision in this new law is the change in the way these will be taxed going forward ... and not just the 3.8% but the overall change in the way they are treated. This will hit a lot of ordinary Americans who have saved hard and who were counting on their savings to fund retirement.
Originally Posted by freemkt
You mean people with Medical Itemized Deductions and "Cadillac" Health Insurance Plans will now pay closer to their fair share of taxes???
Quote:
Originally Posted by roysoldboy
Can you tell me what that fair share is? I have asked many times for lefties to tell me what it is and never heard one word from them. I haven't heard that fair share claim in some time but sure wish I knew how much that is.
How can they know when they pay no taxes or very little taxes. They are in for a big SURPRISE
Can you tell me what that fair share is? I have asked many times for lefties to tell me what it is and never heard one word from them. I haven't heard that fair share claim in some time but sure wish I knew how much that is.
What is a fair share? When someone has to cut back from a $300 million sailboat down to a $295 million sailboat.
Speaking as a retired person who partially relies on interest and dividend income, the most damaging provision in this new law is the change in the way these will be taxed going forward ... and not just the 3.8% but the overall change in the way they are treated. This will hit a lot of ordinary Americans who have saved hard and who were counting on their savings to fund retirement.
If you think about it, boomers are the largest segment and have always been. Trends have changed over the years as boomers aged.
It only seems reasonable that the government is going after boomers via this because the boomers are moving into retirement.
Although with rates today, interest and dividend income are not what they used to be (the MEAT of retirement portfolios).
I think the group 55-65 will be the hardest hit. Old enough to be making good money with nice benefits and investment assets, yet too young for medicare/SS. This age group is ripe for the picking.
What wing of the Democrat party do these two dummies belong to.
I just asked my son today how much his employer tells him they pay every month for his health insurance plan they provide and he said $800. They consider that part of his monthly pay to go along with the about $200 he pays from his check.
All of which they could have dropped with no penalty whatsoever before the passage of the PPACA.
Quote:
Now you tell me how they lose money by paying a $2000 fine for taking the policy away from their employees. They pay nearly $10,000 per employee now and they will save all that and pay a $2000 fine.
Up until now, they could have dropped your son's coverage at zero cost. Try to understand that simple fact.
Now, they can drop it at a cost of $2000 per employee. This is known as a disincentive.
Yet you're telling me that all of a sudden, they will simply jump at the chance of doing the latter. It's beyond stupid.
Only the portion of a gain (on principal residence) that is over $500,000 gets added to your AGI and you only pay 3.8% on the portion of that gain (over $500,000) that brings your AGI over $250,000.
Thus, if you make a profit of $600,000 on your property and that would add $100,000 to your AGI bringing it to $300,000 then the 3.8% would apply to $50,000 (plus all the other usual taxes).
That $500K is for married, it's $250K if you are single.
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.
