Friday, 02 July 2010
Beware the coming tax hike train wreck
You'd better start getting ready for January 1, 2011 now. Sock money away. Put off any large purchases. Because on that date the Bush tax cuts expire.
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 higher marginal 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, there is no death tax. 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 and a retirement account could easily pass along a death tax bill to their loved ones.
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.
What is Barack Obama and Nancy Pelosi and Harry Reid planning to do about any of this? Nothing. They apparently have bigger fish to fry — ecomony-crippling carbon taxes to push, illegal immigrants to legalize, a Supreme Court to remake, and porl barrel spending galore to authorize.
Who's got the time to pass a budget?
Without a fiscal 2011 budget we can't know what the Obamabots plan to do. We do know they're desperate for new revenue and those big juicy tax hikes coming down the pike look like just the thing a voracious out of control spendthrift bureaucracy would want to see enacted.
And from their perspective it's all good because they don't have to lift a finger to enact them. They just have to sit there and the tax hikes will enact themselves.
Come January 1st our economy will be hit with a body blow of staggering proportions. $3.7 Trillion dollars of wealth will get vacuumed up overnight to feed the taxman (CBO estimate).
The after-effects could very likely make the Great Depression seem like a walk in the park in comparison. But what did Rahm Emanuel say about not letting a good crisis go to waste? When the bottom falls out we'll have nowhere to turn but to Washington, DC. Every citizen will be beholden to them. Forever.
Brother, can you spare a dime?
Posted at 14:38 by Chris Wysocki
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Chris Wysocki
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