Good article in the WSJ about the HUGE tax increases heading at us like a freight train. That “light at the end of the tunnel” that the Terrorist in Chief keeps talking about is the headlight on that freight train that will soon run over us.
I like this part:
On or about Jan. 1, 2011, federal, state and local tax rates are scheduled to rise quite sharply. President George W. Bush's tax cuts expire on that date, meaning that the highest federal personal income tax rate will go 39.6% from 35%, the highest federal dividend tax rate pops up to 39.6% from 15%, the capital gains tax rate to 20% from 15%, and the estate tax rate to 55% from zero. Lots and lots of other changes will also occur as a result of the sunset provision in the Bush tax cuts.
Tax rates have been and will be raised on income earned from off-shore investments. Payroll taxes are already scheduled to rise in 2013 and the Alternative Minimum Tax (AMT) will be digging deeper and deeper into middle-income taxpayers. And there’s always the celebrated tax increase on Cadillac health care plans. State and local tax rates are also going up in 2011 as they did in 2010. Tax rate increases next year are everywhere.
No doubt big tax increases and new taxes are coming.When the former administration was spending like crazy and then a smooth criminal promises “change”,but actually is the worst spenda-holic in history=thats the price.
People are getting a in your face demonstration of betrayal,and corruption.Hopefully the have their notebooks out so we can avoid being this gullible ever again.I feel bad for the black americans who deserved so much better than this fraud of a “black” president.Their were sooooo many others that would’ve been really great,great for our country,great for history,they just got a clueless radical that’s used to getting their way.Sad,really.
You did notice I put the black part in quotation,meaning he was disguised as that.It was a posed plan by the left to send the least qualified,least experienced person in history to the white house.Real black americans who know real history feel totally ripped off.ANd they were,we all were.
Community organizor,whats that called outside the warzone area,perhaps a cub scout leader??LOL!!
Yes, and I saw him say AGAIN that the entitlements are out of control. Unfortunately, he is a day late and a dollar short! The USA is FAR beyond the point of no return and will certainly collapse (2012 is my guess, but it certainly could happen a lot sooner). Gerald Celente says the collapse will happen this year. Arthur Laffer says 2011. Marc Faber advised his extremely rich clientele to buy property in a remote location and stock it with supplies.
I don’t “follow” anyone, but I do like to listen to a variety of different people (I even listen to see what Osama says and find him to be quite accurate - after all, he’s certainly followed through on his “change”.) Anyway, Arthur Laffer, while certainly not right 100% of the time, is a very intelligent economist and has a very good understanding of supply side economics. As you know, he is the originator of the Laffer Curves, which basically say that as taxes increase beyond a certain point, revenue to the government actually decrease (and vice versa - something Osama clearly doesn’t understand but is about to learn).
In this case, he is saying that companies are shifting their income from 2011 to 2010, so that they won’t have to pay higher taxes on it next year. That makes perfect sense to me and is certainly worth considering.