Obamacare’s Tax Hike Train Wreck – Handy summary of some of the new taxes we are going to have to deal with, from Americans for Tax Reform.
Archive for the ‘TaxHikes’ Category
Least surprising headline of the century…
Posted by taxguru on January 10, 2013
As new fiscal crises near, Democrats seek more tax increases
Right up there with “Sun to rise from the East” for news value.
They can’t help it. It’s in the DemonRat DNA to always raise taxes and spend more of other people’s money.
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Posted by taxguru on January 1, 2013
Washington Celebrates Solving Totally Unnecessary Crisis They Created – And our retarded rulers guaranteed plenty more excitement for 2013, by passing short-term patches that will give us more of these self-created fiscal cliffs. Modern day Keystone Kops are in charge in DC.
Putting America’s Tax Hike In Perspective – Very illustrative bar graph with the $62 Billion in new annual taxes compared to the $1.089 Trillion budget deficit. Still, spending cuts are not allowed to be discussed.
Fiscal Cliff Deal: $1 in Spending Cuts for Every $41 in Tax Increases – Spending by our rulers in DC is too sacred to ever consider cutting.
Details of tentative deal that would avert fiscal crisis – At least our imperial rulers in DC have finally agreed on the proper definition of the Evil Rich who need to be punished; $400,000 of income for Singles and $450,000 for Married Couples. Welcome back to Marriage Penalty Tax Planning. Two singles living together don’t get hit until at total of $800,000 in income vs only $450,000 if they were married.
Liberalism’s $400,000 Problem -Lefties upset over the higher income limit to define the Evil Rich to be persecuted.
Posted in NewTaxLaws, TaxHikes, TaxNews | Comments Off
Comparing Tax Plans
Posted by taxguru on December 22, 2012
CCH has released its 2013 Fiscal Cliff Estimator, where you can see what the Federal income taxes will be under three of the options being discussed. I can’t vouch for the precise accuracy of all the calculations. However, based on all of the footnotes, it does appear that they have put some time and effort into these calculators.
I’m not sure that I would use this for actual tax planing purposes, but it does help give a flavor for how much money is at stake as our rulers in DC enjoy their taxpayer funded vacations.
For example, I entered MFJ with $150,000 of Taxable Income, $10,000 of LTCG and $500 of Dividends and it gave the following results for total Federal income tax.
Current 2012 Tax Rates: $31,354.00
Full Extension of Bush-Era Tax Cuts (Republican Plan): $31,040.50
Presidential and Senate Democratic Proposal: $29,465.50
Expiration of the Bush-Era Tax Cuts (If Congress Does Not Act): $36,391.50
From Tax Update Webinar
Posted by taxguru on December 17, 2012
This year, I intentionally scheduled almost all of my annual 40 hours of CPE for as late in the year as possible, with the hope that some settlement of the open tax issues would be wrapped up by now. Unfortunately, as we know all too well, nothing has been done by our incompetent rulers in DC and we still have a ton of uncertainty as to what the rules will be for 2012, 2013 and onward.
Once again, I am using CPE Link for most of my live instruction CPE. I just finished the first four hour section of the 2012 Tax Update by Vern Hoven and he had to hedge a lot, with warnings that several tax provisions that have technically expired as of 12/31/11 may be extended retroactively for 2012 by the bozos in DC, hopefully before the end of the upcoming Tax Season.
As we went through the manual and slides, I found a few of them that I wanted to share here with my readers.
IRS Audit Exposure
This first one is from the IRS’s official report of their examination coverage. It illustrates that the higher your AGI is, not only will you be hit with higher taxes and lose several deductions and credits, but the bulls-eye on your back for IRS harassment will grow much larger. Steps to keep your AGI down, such as working with a C corp, make all the more sense.
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| From Tax Info |
New ObamaCare Taxes
We covered some of the numerous new taxes created by ObamaCare that we will soon be dealing with. One of them is a new Hospital Insurance (HI) tax on the wages and self employment income of the evil rich and is summarized nicely in this table.
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| From Tax Info |
Posted in NewTaxLaws, ObamaCare, TaxHikes | Comments Off
The Left can’t deny reality forever…
Posted by taxguru on December 8, 2012
Despite Tax Increase, California State Revenues in Freefall – It’s actually because of the tax rate increase. This is only a surprise to the morons in charge in Sacramento. Anyone with any common sense and knowledge of recent history knows that lower tax rates encourage more taxable activities and thus more tax revenues. Higher tax rates have the exact opposite effect, plus they force people to leave the state altogether. This gives Governor MoonBeam 13% of nothing instead of 9% of billions.
New York Times Admits Reaganomics Worked – The truth does occasionally slip out from the DemonRat media.
Posted by taxguru on December 6, 2012
Howard Dean: “The Truth Is Everybody Needs To Pay More Taxes, Not Just The Rich” – Because the very idea of even the tiniest reduction in government spending is impossible to fathom for libs.
IRS finalizes new tax for medical devices in healthcare law
High-income Californians may pay nation’s highest tax rate – Almost 52%. Let the exodus begin.
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Lesson for redistributionists…
Posted by taxguru on December 5, 2012
We all need to plan for the upcoming tax increases…
Posted by taxguru on November 24, 2012
Financial Steps to Take Now to Prep for Looming Tax Increases – As with most tax increases, the key to avoiding the new surtaxes is to keep your AGI down. One excellent way to do this is to shift income to a C corp.
Tax increases could factor in MLB negotiations - Trying to front-load income into the years before the tax increases kick in.
South Carolina tax chief resigns after report reveals 4 million taxpayers hacked – This only happened to e-filers’ accounts.
And the GOP wimp-out continues
Top Republican Senator ditches Norquist anti-tax pledge
Graham: I would violate Norquist’s pledge – No surprise from this RINO.
Levin rips Kristol over tax hikes: ‘Stop talking like the lib you used to be’
Sandy-Ravaged New Jersey Families Face $6,933 Tax Hike in Fiscal Cliff Stalemate –
How Would the Fiscal Cliff Affect Typical Families in Each State? – We’re the ninth highest increase here in Arkansas.
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Posted by taxguru on November 16, 2012
Ranchers, farmers brace for ‘death tax’ impact – The IRS grave robbers can’t wait until they can plunder more and more privately held wealth.
Half Your Paycheck To The Government In 2013 – And even more in high tax states. It’s the “fair” thing to do, according to our rulers, who know what’s best for us mere mortals.
Fiscal Cliff Could Force Hard Decisions – If the Mayan calendar scenario doesn’t pan out, we will have a different type of Armageddon to deal with.
Some Republican governors soften on taxes – This is why the GOP is known as having linguini spined leaders.
Man used bogus $100 bills with Lincoln’s image instead of Franklin’s – More examples of the public education system. Who was more of a moron; the idiot who made the phony hundreds or the store clerks who accepted them?
Florida restaurateur to impose surcharge for ObamaCare – Excellent idea. Too many taxes are hidden from the view of the public. Of course, the people who were stupid enough to vote for 0Bamao won’t be able to understand this issue.
Eco-Taxes? Study Financed by U.S. Treasury Will Link Tax Code to Carbon Emissions
Obama May Levy Carbon Tax to Cut U.S. Deficit, HSBC Says – Part of his Marxist agenda to destroy the US economy.
Minority Leader McConnell: Obama’s Tax Proposal ‘A Joke’ – But nobody’s laughing at this because for Marxists like 0Bamao, there is no such thing as too high a tax rate.
The Alternative Minimum Tax Is The Most Heinous Aspect Of The Fiscal Cliff
Fiscal-Cliff Fallout: How the AMT Would Hit Taxpayers. Without Congressional action, tens of millions would see dramatic tax increase – This already insane tax will most likely get worse.
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