Yes it is the Republican's fault

[callmeslick]

Let's just gut Medicare like this administration has already done.

huh? Removing 50 Billion per year of fraud and/or waste is gutting it? What has been cut from benefits?

[ruggbutt]

Benefits have been cut. My best friend is a hospital administrator for Banner. He gave me the real scoop on how Obamacare will affect the regular guy and how it will affect seniors. Also how it will affect the hospitals.

[callmeslick]

Benefits have been cut. My best friend is a hospital administrator for Banner. He gave me the real scoop on how Obamacare will affect the regular guy and how it will affect seniors. Also how it will affect the hospitals.

yet, you won't share the details, or what are actually speculations at best? Why?

[ruggbutt]

It doesn't matter what I share. You mouth off about how you're right and everyone is wrong. I got it straight from the guy who has walked the walk and can talk the talk.

[Wullie]

Let's be sure and overlook all the new taxes that come with this OH SO WONDERFUL panacea for the American people.

You know, the taxes that WILL NOT be raised for ANYONE making under $250K a year.

In just a few weeks, on January 1, 2011, 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, here’s what happens... (read it to the end, so you see all three waves)...



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 highermarginal 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 only, there is no death tax. (It’s a quirk!) 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, a business, a retirement account, could easily pass along a death tax bill to their loved ones. Think of the farmers who don’t make much money, but their land, which they purchased years ago with after-tax dollars, is now worth a lot of money. Their children will have to sell the farm, which may be their livelihood, just to pay the estate tax if they don’t have the cash sitting around to pay the tax. Think about your own family’s assets. Maybe your family owns real estate, or a business that doesn’t make much money, but the building and equipment are worth $1 million. Upon their death, you can inherit the $1 million business tax free, but if they own a home, stock, cash worth $500K on top of the $1 million business, then you will owe the government $275,000 cash! That’s 55% of the value of the assets over $1 million! Do you have that kind of cash sitting around waiting to pay the estate tax?



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. Several will first go into effect on January 1, 2011. They include:



The "Medicine Cabinet Tax"

Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).


The "Special Needs Kids Tax"

This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.

There are thousands of families with special needs children in the United States , and many of them use FSAs to pay for special needs education.

Tuition rates at one leading school that teaches special needs children in Washington , D.C. ( National Child Research Center ) can easily exceed $14,000 per year.

Under tax rules, FSA dollars can not be used to pay for this type of special needs education.


The HSA (Health Savings Account) Withdrawal Tax Hike.

This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAsand other tax-advantaged accounts, which remain at 10 percent.




Third Wave:

The Alternative Minimum Tax (AMT) and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, they'll be in for a nasty surprise-the AMT won't be held harmless, and many tax relief provisions will have expired.

The major items include:


The AMT will ensnare over 28 million families, up from 4 million last year.

According to the left-leaning Tax Policy Center , Congress' failure to index the AMT will lead to an explosion of AMT taxpaying families-rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.


Small business expensing will be slashed and 50% expensing will disappear.

Small businesses can normally expense (rather than slowly-deduct, or "depreciate") equipment purchases up to $250,000.

This will be cut all the way down to $25,000. Larger businesses can currently expense half of their purchases of equipment.

In January of 2011, all of it will have to be "depreciated."


Taxes will be raised on all types of businesses.

There are literally scores of tax hikes on business that will take place. The biggest is the loss of the "research and experimentation tax credit," but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.


Tax Benefits for Education and Teaching Reduced.

The deduction for tuition and fees will not be available.

Tax credits for education will be limited.

Teachers will no longer be able to deduct classroom expenses.

Coverdell Education Savings Accounts will be cut.

Employer-provided educational assistance is curtailed.

The student loan interest deduction will be disallowed for hundreds of thousands of families.


Charitable Contributions from IRAs no longer allowed.

Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.

This contribution also counts toward an annual "required minimum distribution." This ability will no longer be there.



PDF Version Read more: <http://www.atr.org/six-months-untilbr-l ... ikes-a5171>; http://www.atr.org/six-months-untilbr-l ... z0sY8waPq1


And worse yet?


Now, your insurance will be INCOME on your W2's!

One of the surprises we'll find come next year, is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation . . . those who backed this administration will be astonished!

Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort.

If you're retired? So what... your gross will go up by the amount of insurance you get.

You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That's what you'll pay next year.

For many, it also puts you into a new higher bracket so it's even worse.



This is how the government is going to buy insurance for the15% that don't have insurance and it's only part of the tax increases.

Not believing this??? Here is a research of the summaries.....

On page 25 of 29: TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001,
as modified by sec. 10901) Sec.9002 "requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excludable from the employees gross income."



- Joan Pryde is the senior tax editor for the Kiplinger letters.
- Go to Kiplingers and read about 13 tax changes that could affect you. Number 3 is what is above.

slick, PLEASE sing us another song about the greatness of Barry..

[ruggbutt]

Slick will tell you that the top 10% pay 99% of the income tax. Bullshit.

[callmeslick]

It doesn't matter what I share. You mouth off about how you're right and everyone is wrong. I got it straight from the guy who has walked the walk and can talk the talk.

Hmmm. I work in a business that is dependent upon Medicare reimbursement and also assist two parents and the maternal grandmother of my nephew, all of which are Medicare beneficiaries. Not one thing has changed.
Nothing.

[ruggbutt]

According to you nothing has changed but a hospital administrator for one of the largest hospital "corporations" in the country is wrong. See what I mean about discussing anything with you. You're a fucking peon.

[Pudfark]

Hey Rugg....let's see how Slick handles Wullie's post......

[callmeslick]

Let's be sure and overlook all the new taxes that come with this OH SO WONDERFUL panacea for the American people.

Let's do that. Sounds like fun. Oh, and by the way, what is the source of your quote?

In just a few weeks, on January 1, 2011, 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, here’s what happens... (read it to the end, so you see all three waves)...



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.

so, thus far no new taxes enacted, or raised. In fact, the original bill called for this exact moment to happen.
It was calculated into the 'affordability' of the original Law. Bear in mind, the reason that was given for the original law is that we had a surplus. We don't have a surplus anymore.

Personal income tax rates will rise.

back to what they were under Clinton and Bush I. We seemed to survive, economically just fine. By the way, those with longer memories will note that the top rate in 1955 was 90%, and we had an economic boom(partly fueled, by the way, by massive government investment in infrastructure)

The return of the Death Tax.

This year only, there is no death tax. (It’s a quirk!) 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, a business, a retirement account, could easily pass along a death tax bill to their loved ones. Think of the farmers who don’t make much money, but their land, which they purchased years ago with after-tax dollars, is now worth a lot of money. Their children will have to sell the farm, which may be their livelihood, just to pay the estate tax if they don’t have the cash sitting around to pay the tax. Think about your own family’s assets. Maybe your family owns real estate, or a business that doesn’t make much money, but the building and equipment are worth $1 million. Upon their death, you can inherit the $1 million business tax free, but if they own a home, stock, cash worth $500K on top of the $1 million business, then you will owe the government $275,000 cash! That’s 55% of the value of the assets over $1 million! Do you have that kind of cash sitting around waiting to pay the estate tax?

well, first, this much. The exempted amount was raised to $2 million, and it can be considered to be 4 million, as one can inherit 2 million worth of cash and securities AND 2 million worth of real estate without penalty. As I understand it, these raised caps will still stand. My question to you, Wullie, and all others out there is this: Do you have the slightest chance of ever inheriting an amount that size? If so, you would know the workaround, cash-wise that is most commonly used, as well as three or four other ways to minimize the impact. Now, frankly, I don't really like the 55% figure, but it is better than the 90% figure supported by the late Andrew Carnegie. I am likely to be the sole heir of two estates that will get me into Federal Estate tax territory. I do find a figure of 20-25% to be more than fair, with the current exemption level built in. Honestly, a zero level, coupled with a 15% capital gains rate on the 1040 is the greatest gift that the nation could have ever given to those with old money and inherited wealth. Thanks, so much. I should only hope that the Tea Party loons re-enact the whole ball o wax.

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.

so, it seems eminently fair to you that I could collect a couple hundred grand a year on dividends and the like, without ever having to work, and only pay 15% of my income? Thank you, thank you, thank you!
How much is this going to cost you, when the increase kicks in. Seem fair? Oh, and before you answer that the investment level will drop, current levels are actually less than they were under the old levels. Much more short term paper-shuffling gets done, to reap the short term cap gains. Did I thank you enough already?



Second Wave:

There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011.

and all are offset by credits and savings elsewhere. Yes, there is some cost to healfh reform.

Third Wave:

The Alternative Minimum Tax (AMT) and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, they'll be in for a nasty surprise-the AMT won't be held harmless, and many tax relief provisions will have expired.

The major items include:


The AMT will ensnare over 28 million families, up from 4 million last year.

According to the left-leaning Tax Policy Center , Congress' failure to index the AMT will lead to an explosion of AMT taxpaying families-rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.

do you think Congress(both parties) are going to let this happen? They never have yet, and Obama sure never supported this whatsoever.

And worse yet?


Now, your insurance will be INCOME on your W2's!

One of the surprises we'll find come next year, is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation . . . those who backed this administration will be astonished!

Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort.

If you're retired? So what... your gross will go up by the amount of insurance you get.

You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That's what you'll pay next year.

For many, it also puts you into a new higher bracket so it's even worse.

that would be scary if it was true, but it is not.

Not believing this??? Here is a research of the summaries.....

On page 25 of 29: TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001,
as modified by sec. 10901) Sec.9002 "requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excludable from the employees gross income."

read the part in red and tell me why this changes anything. It says NOTHING to the effect that the amount becomes taxable, NOTHING.

slick, PLEASE sing us another song about the greatness of Barry..

well, since you gave me no examples of any real responsibility or origination of any tax increases of substance to his administration, I don't have to. Oh, and makiing shit up like you did at the beginning and end doesn't do wonders for your credibility. Like I said, the truth doesn't matter to you, Wullie. The fellow just will never be white enough for you. I get it.