Income Taxes

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Replied by patse on topic Taxes

I've actually pushed off my income taxes this year. I'm a bit scared to do them for fear of what I will owe. I don't make a lot of money, yet the Government thinks that I should pay in more. Crazy, vicious cycle!
8 years 4 months ago #16
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Replied by Joeyman on topic Re: Income Taxes

Ouch!!! What happened to only taxing the top 5% of the wealthiest Americans???



Ouch indeed! >_
13 years 11 months ago #17
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Replied by Finance Globe on topic Re: Income Taxes

Ouch!!! What happened to only taxing the top 5% of the wealthiest Americans??? :shocked:

Obama's Own Words: "Here’s what I can tell the American people: 95 percent of you will get a tax cut. And if you make less than $250,000, less than a quarter-million dollars a year, then you will not see one dime’s worth of tax increase."

:white-flag:
13 years 11 months ago #18
  • Wanderer
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Fellow Readers :dollar:

As the Bush Tax Cuts expire... we all will be in for a surprise at the end of this year. The following is part of an article from "Smart Money" published on July 7, 2010 wriiten by "The Tax Guy by Bill Bischoff ( Author Archive )"
Higher tax rates for all
You may have been led to believe that only individuals in the top two brackets will face higher federal income taxes when the Bush cuts go bye-bye. Not true! Unless Congress takes action and President Obama goes along, rates will go up for everyone -- not just a sliver of the wealthiest Americans. The current six rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%. Just a few months ago, it seemed like a safe bet that Congress would make a fix to keep the existing 10%, 15%, 25% and 28% rate brackets to help out lower and middle-income folks. That bet is now looking iffy.
More...
Return of the marriage penalty
Right now, the standard deduction for married joint-filing couples is double the amount for singles. For this, we can thank the Bush tax cuts, which included several provisions to ease the so-called marriage penalty. The penalty can force a married couple to pay more in taxes than when they were single. Starting next year, the joint-filer standard deduction will fall back to about 167% of the amount for singles unless Congress takes action and the president approves. We don?t know if that will happen. If not, lots of lower and middle-income couples will face higher tax bills.
Now, the bottom two tax brackets for married joint-filing couples are exactly twice as wide as those for singles. That ratio helps keep the marriage penalty from biting lower- and middle-income couples. Starting next year, the joint-filer tax brackets will contract, causing higher tax bills, unless a change is made.
There is more on "high capital gains and dividend taxes for all", "return of the Phase-out Rule for Itemized Deductions" and "return of the Phase-out Rule for Personal Exemptions".
Time to pay attention to Congress. You will be affected by the expiration of the temporary rules put in place during the Former President Bush Administration. This all will happen at the end of 2010.
13 years 11 months ago #19