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RALEIGH — A far-reaching plan proposed by Republicans in the state Senate would slow government spending and affect the wallet of every North Carolinian as it slashes income tax rates and raises the cost of food, prescription drugs and more than 100 tax-exempt services. Senate leader Phil Berger outlined the forthcoming legislation Tuesday, calling it a $1 billion tax cut that is the largest in state history. “This is a huge change in [...] From Bloomberg: Failure by Congress to act on the alternative minimum tax by year’s end will lead to “significant” delays in tax filing and a strain on taxpayers, said Steven Miller, the Internal Revenue Service’s acting commissioner. The alternative minimum tax, or AMT, is part of the current fiscal negotiations in Congress. Leaving it untouched would immediately affect taxpayers, because its reach would be expanded for returns for tax year 2012. Without action [...]  Thanks to passage of Proposition 30 last month, high-income Californians would pay the nation’s highest marginal income tax rates – nearly 52 percent — if President Barack Obama and Congress fail to make a deal to avoid the so-called “fiscal cliff,” according to a new study. Without a fiscal cliff deal to the contrary, the Bush era tax cuts on high-income taxpayers would expire next year and rates would return to their previous [...] From Bloomberg: As the year draws to a close, there’s still time to reduce your 2012 tax bill and plan ahead for 2013. The following are a few potential tax-saving opportunities. While none of us can predict the outcome of the fiscal cliff drama unfolding in Washington — except to say that it will be torturous and prolonged and entirely satisfactory to no one — these strategies offer a way to [...] From FT: If President Obama is re-elected, he would regard that as a mandate to raise taxes on high income taxpayers. Some Democrats advocate that the President propose new legislation in January to cut taxes on everyone with income below $250,000, daring House Republicans to vote against a bill that lowers taxes on 97 percent of taxpayers while raising taxes on no one Read more Executive Summary … This report finds that these higher marginal tax rates result in a smaller economy, fewer jobs, less investment, and lower wages. Specifically, this report finds that the higher tax rates will have significant adverse economic effects in the long-run: lowering output, employment, investment, the capital stock, and real after-tax wages when the resulting revenue is used to finance additional government spending. Long-run macroeconomic impact of increasing tax rates on [...] 1,380 Britons got more than £30,000 last year 360 received more than £40,000 and a further 110 were given over £50,000 Shocked: Tory Priti Patel uncovered the figures and said it is an insult to taxpayers that people get these huge sums For 2009, of the tax returns with income of $200,000 or more, 35,061 had no U.S. income tax liability; and 19,551 had no worldwide income tax liability. For 2008 there were 31,539 with no U.S. income tax liability and 17,127 with no worldwide income tax liability.” Taxmageddon Is Huge Unprecedented Tax Hike For 2013: Starting January 1, 2013, Americans will face a $494 billion tax increase, the highest ever in one year. Obamacare’s tax increase over 10 years barely edges ahead of Taxmageddon at $502 billion. The average American household would see its taxes rise by $3,800 in 2013 alone. And this is just for one year. Taxpayers would see even higher tax hikes in succeeding years. As many Americans were scrambling to get this year’s taxes done, analysts were warning about a bigger tax day — what some call a tax Armageddon, or “Taxmageddon,” to characterize its potential effect on the U.S. economy. At the end of the year, some $500 billion in tax breaks expire all at once, hitting American households with an average tax increase of $3,800 — if Congress doesn’t act. The potential increases include [...] Whenever Barack Obama makes a key decision, it always seems to benefit special supporters. 80% of the money Obama threw away on “green energy” programs went to his big donors. It’s become painfully evident that crony capitalism has its fingerprints all over other Barack Obama decisions. Last year Barack Obama softened up Warren Buffett by awarding Buffett the Medal of Freedom, which Obama felt was appropriate for Buffett having accumulated more than $40 billion [...] The American Dream Barack Obama has revealed his tax plan and it is a doozy. It would raise taxes by 1.5 trillion dollars over the next decade. Most of these tax increases would hit the wealthy, and Obama keeps insisting that it is time for them “to pay their fair share”. Of course Obama knows that the Republicans will never go for this. You see, what is [...] WASHINGTON (AP) — President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers. A White House official said the proposal would be included in the president’s proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously [...]
by Stephen Dinan President Obama’s new tax-cuts and spending jobs stimulus bill is paid for by new tax increases on higher-income families — with the lion’s share coming from taxes Congress has already rejected. Budget director Jacob “Jack” Lew told reporters Mr. Obama’s plan would limit tax deductions for individuals making $200,000 a year or families making $250,000, which he said would raise about $400 billion [...] How many millionaires didn’t pay income tax during the recession? New tax data from the Internal Revenue service shows that in 2009, incomes fell, unemployment claims rose, and the U.S. economy shed nearly two million taxpayers. And of the 235,413 taxpayers who earned $1 million or more in 2009, 1,470 of them paid no taxes. According to the data, the average income for American taxpayers fell to $54,283 — a [...] MON MAR 07, 2011 AT 06:30 PM EST There’s one health reform repeal effort that has strong bipartisan backing: repealing the 1099 provision of the Affordable Care Act which requires all businesses to report all transactions with vendors of $600 or more. This is a key financing provision of the Act. Undercutting it, which Brian Beutler [...] President George W. Bush’s tax cuts expire on that date, meaning that the highest federal personal income tax rate will go 39.6% from 35%, the highest federal dividend tax rate pops up to 39.6% from 15%, the capital gains tax rate to 20% from 15%, and the estate tax rate to 55% from zero. Lots and lots of other changes will also occur as a result of the sunset provision [...] |
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