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oldscout

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Reply with quote  #1 
Here's what I come up with if tax cuts of 2001 & 03 expire 1/1/11.
Personal income tax rates;
10% bracket to 15
25% "    "     "   28
28% "    "      " 31
33% "    "     "   36
 35% "     "   " 39.5

The "marriage penalty with narrower brackets will return & the child tax credit will be cut in half. Standard deduction will be reduced for married couples filing & dependent care & adoption tax credits will be eliminated as it stands.

Return of the death tax to $1m.

Higher tax rates on savers & investors- capital gains tax 15 to 20% & div tax 15 to 39.6% for 2011-12 & another 3.8% on both in 2013.

And of course there are over 20 new taxes coming with the new HC bill & many start in 2011, from reductions in HSA/FSA savings that help many young families like my kids.

Many businesses to get taxed more, ex,loss of  " research/experimentation credit"
Charitable contributions from IRAs no longer allowed up to 100k per year, I guess they would rather tax us & the Gov will give it to charities

This info is what I have gathered,if I'm incorrect on some, I will stand corrected.

Lastly, if they don't index the AMT tax......Katie barr the door.

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Terry Schneider
" Fear not tomorrow, God is already there ".
JoiseyGuy

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Reply with quote  #2 
old scout - Gee, is that all? I hope that makes a dent in the federal debt plus interest. We can expect some hard taxing. Now, I hope some tight purse strings follow.
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"Freethinkers are those who are willing to use their minds without prejudice and without fearing to understand things that clash with their own customs, privileges, or beliefs. This state of mind is not common, but it is essential for right thinking. Where it is absent discussion is apt to become worse than useless." Leo Tolstoy

"Do not try to teach pigs to sing. It will frustrate you and infuriate the pigs who will unite in anger against you, and you will never achieve singing your song". Dr. Petersen
Dewey

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Reply with quote  #3 

Quote:
Originally Posted by oldscout
Here's what I come up with if tax cuts of 2001 & 03 expire 1/1/11.
Personal income tax rates;
10% bracket to 15
25% "    "     "   28
28% "    "      " 31
33% "    "     "   36
 35% "     "   " 39.5


Oh no...that will take us back to those miserable years in the mid to late nineties.
oldscout

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Posts: 3,492
Reply with quote  #4 
Quote:
Originally Posted by Dewey

Quote:
Originally Posted by oldscout
Here's what I come up with if tax cuts of 2001 & 03 expire 1/1/11.
Personal income tax rates;
10% bracket to 15
25% "    "     "   28
28% "    "      " 31
33% "    "     "   36
 35% "     "   " 39.5


Oh no...that will take us back to those miserable years in the mid to late nineties.

Dewey- I guess you must be in the same bracket as some of your Hollywood friends & got more money than you know what to do with or just really don't get it.

I noticed you only listed these brackets & said nothing about the other tax increases & new taxes. The HSA/FSA cutbacks & elimination will hurt both my kids & oldest grandson who use these to help offset their high HC costs, ah what the heck that don't make any difference as long as we have insurance for all those who need it....maybe they can all go out & get an additional job.

By the way,doesn't going back to the higher rates of the 90s count as a tax increase? Taking away a credit or a program like HSA count as a tax increase? Guess in Obama's world the answer would be No.

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Terry Schneider
" Fear not tomorrow, God is already there ".
oldscout

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Reply with quote  #5 
Quote:
Originally Posted by JoiseyGuy
old scout - Gee, is that all? I hope that makes a dent in the federal debt plus interest. We can expect some hard taxing. Now, I hope some tight purse strings follow.
Not sure,but I thought I heard that in one day,June 30 that our debt was more than the entire last year President Bush was in office? Did you read anything on that?I'm not clear on it.

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Terry Schneider
" Fear not tomorrow, God is already there ".
GrizzlyFan

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Reply with quote  #6 
Dewey, if memory serves me correctly, we had a Republican majority in the House and Senate that forced Clinton to balance the budget in the 90's.
Also, Clinton wasn't a hard line Socialist like Obama. Clinton would stick his finger in the wind (among other places) to see which was the most popular decision. Almost everything Clinton did, was based on polling. Fortunately for us, he actually made some conservative decisions (Wellfare Reform comes to mind)

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If Obamacare is such a good thing, why did he have to lie about it to get it passed?
JoiseyGuy

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Reply with quote  #7 
Hey, we have a helluva debt to pay as a result of our credit card federal economy for the past ten years at least. That's a fact (one of our VPs said that debt was good - of course it is for the borrower who doesn't have to pay it back), and we will be taxed (needed federal income) to make a dent in what we (we the people) owe to foreign nations. Fact. We and our offspring have inherited the financial debacle that our "leaders" have left for us. They will retire with a terrific life style. We inherit the dregs. In "The Great Gatsby", the narrator says, "Tom and Daisy were CARELESS people. They ruined other people's lives, and then they retreated back into their vast wealth or whatever keeps them going".

To play the blame game for political party reasons (Penelope maxed the credit card and so did Katherine) at this late date does nothing except stir up animosity. We (we the people) have a serious financial problem which we all acknowledge (in my house we would call it "overspending beyond ones resources"or "living beyond ones means").

Those who have gone before have left us with a huge debt mess. Now, how can we begin to make a dent in their mess which we inherit? The debt and interest on it EXIST (we cannot escape that with blame). What can we (we the people) do as a nation to begin to "pay off the credit cards" used by our careless past leaders?

__________________
"Freethinkers are those who are willing to use their minds without prejudice and without fearing to understand things that clash with their own customs, privileges, or beliefs. This state of mind is not common, but it is essential for right thinking. Where it is absent discussion is apt to become worse than useless." Leo Tolstoy

"Do not try to teach pigs to sing. It will frustrate you and infuriate the pigs who will unite in anger against you, and you will never achieve singing your song". Dr. Petersen
Dewey

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Reply with quote  #8 

Quote:
Originally Posted by GrizzlyFan

Clinton would stick his finger in the wind (among other places) to see which was the most popular decision. 


At least this was the accusation of Conservatives at the time.  Today, ironically, Conservatives pound President Obama for passing a healthcare bill that, supposedly, a majority of Americans don't want.  That's an inconsistent argument based on facts I don't support.  As for Clinton's Deficit Reduction act of 1993, I think it served us well.
PatGillickProtege

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Reply with quote  #9 
Quote:
Originally Posted by Dewey

Quote:
Originally Posted by GrizzlyFan

Clinton would stick his finger in the wind (among other places) to see which was the most popular decision. 



At least this was the accusation of Conservatives at the time.  Today, ironically, Conservatives pound President Obama for passing a healthcare bill that, supposedly, a majority of Americans don't want.  That's an inconsistent argument based on facts I don't support.  As for Clinton's Deficit Reduction act of 1993, I think it served us well.

Maybe you should listen to when Dick Morris in on TV. He was Clinton's closest advisor. He did all the polling for Bill. Everything was polled. And Clinton became more right-centric when a Republican Congress took over. He became more conservative.


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oldscout

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Reply with quote  #10 

The problem is that obama & the Democrats feel they are justified to be big spenders because the Republicans before them were big spenders.
This is like a kid saying when caught with his hand in the cookie jar, says " you did it first".
Really what happens is the Presidents submit a budget, congress modifies it & passes legislation to raise money  & of course spend it.
usually , Congress spends more then they should & blame the president of the other party for it. I remember a Democrat Congress saying Reagan's budget was dead meat.
Republicans did the same when they controlled the presidency & the Congress & were big spenders.
President Clinton vetoed the Republicans 7-year BALANCED BUDGET PLAN IN '95 & FINALLY WENT WITH IT IN '98 & we ran a surplus for the next 2 years.

I guess what I am trying to say is, never let both the legislative& executive branches of Gov be the same party.
Another point is that power corrupts & if you think Gov is your big buddy, looking to care for you....wake up.

If you think giving one party[either one] the power will all of a sudden make Gov more competent, responsible or efficient,it just will not happen.

There are good liberals & good Conservatives & if you don't believe that, you better get out more. Our job is to find them & put them in office,A job easier said then done.


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Terry Schneider
" Fear not tomorrow, God is already there ".
oldscout

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Reply with quote  #11 

Quote:
Originally Posted by firebrand
Always follow the money .....

With state, property and federal taxes increasing financial advisors are at a premium ..... states like NJ & NY with high state taxes will encourage residents to move ..... Lebron James saved 6 million a year (30 million over 5 years) and 12 million or more a year (60 million over 5 years in NY) by going to Miami...... Rush Limbaugh (regardless if you like him or not) left NY because of state and local taxes. .... With financial regulation that is going to pass firms like Goldman Sachs and other financial entities will move off shore...... Companies are slow to hire because government restrictions in health care.   Always follow the money!!!!! 
FB-excellent points. I was sitting with 2 of my older grandsons & they asked me where James would go....I told them, if he has a good financial planner it will be Miami, if he gos anyplace else between the 4 options,he better hire a new planner.

If obama & the Democrats don't do something to encourage & lift the confidence of small business our country is in for a rough time & they will go down.....what is so crazy is they could do it in a heartbeat.


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Terry Schneider
" Fear not tomorrow, God is already there ".
GrizzlyFan

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Posts: 2,055
Reply with quote  #12 
Dewey, instead of taking a sentence out of the middle of what I said to try and discredit my point, you need to read my entire quote. If you had done so, you would realize that I was making the point that Clinton actually listened to the will of the people and thus he often got it right.
So no, I am not being a hypocrite when I blast Obama for forcing the health care bill through against the will of over 60% of the American people.

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If Obamacare is such a good thing, why did he have to lie about it to get it passed?
Dewey

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Posts: 24,422
Reply with quote  #13 
Quote:
Originally Posted by GrizzlyFan
Dewey, if memory serves me correctly, we had a Republican majority in the House and Senate that forced Clinton to balance the budget in the 90's.
Also, Clinton wasn't a hard line Socialist like Obama. Clinton would stick his finger in the wind (among other places) to see which was the most popular decision. Almost everything Clinton did, was based on polling. Fortunately for us, he actually made some conservative decisions (Wellfare Reform comes to mind)


Grizzly followed with  ...you need to read my entire quote. If you had done so, you would realize that I was making the point that Clinton actually listened to the will of the people and thus he often got it right.



My bad.  I didn't realize you were being so complimentary.
Dewey

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Reply with quote  #14 

oldscout - Funny, when I pondered the James move, the net amount of his take home pay never crossed my mind.

oldscout

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Posts: 3,492
Reply with quote  #15 
Quote:
Originally Posted by Dewey

oldscout - Funny, when I pondered the James move, the net amount of his take home pay never crossed my mind.

As I told my grandsons, I can't see why all the players on the pros don't sign with teams from Fl.,Texas,Tn.,the money they make,most of them would save more in state income tax than I make in a lifetime.

Come to think of it, there are a lot of just plain old folks going to those 3 states, must be something about that " less tax " thing- maybe a lesson to be learned.
Heading out for some calls in KS./Ia. & going to catch a couple of regional finals in Iowa for HS softball. Hope to see the GO-Hawks of Waverly SHELLROCK[ 34-2 #5 in 3a ] play if they win on Mon. against Clear Lake........I love that Iowa HS softball in the Summer.

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Terry Schneider
" Fear not tomorrow, God is already there ".
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