TAX TSUNAMI COMETH

Are you prepared for a Tax Tsunami?  It will be here at the stroke of midnight in the New Year 2011 unless the Proglib government of Barrack Hussein Obama takes action to stop it.  And this will be just the start.  As the years go by your tax situation will just get “worser and worser and worser” as my young Grand Daughter would say.

Many Americans are looking forward to the New Year 2011 because with it they hope comes a newly reoriented and revitalized House of Representatives who they believe will rescind, reverse, and revise the onrushing waves of significantly increased taxes.  While this may well be true, it is the lame-duck December 2010 House of Nancy Pelosi and the Harry Reid Senate that must take action.  The question is…will they?

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It is not by accident that Congress has
made it into the record with the lowest
approval rating…ever.

We are talking about the Bush Tax Cuts expiring in 2011 first because this will impact ALL Americans adversely and immediately.  For example, the lowest bracket for personal income tax  moves up 50% (from 10% to 15%).  The next lowest bracket goes up too (from 25% to 28%).  Somewhat higher brackets are not spared either.  The old 28% bracket gets adjusted up (from 28% to 31%).  Higher up, the 33% bracket goes to 36% and the 35% bracket becomes 39.6%.  What is that President Obama said so eloquently and sincerely?

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Would a man of such overwhelming stature lie to you??

Wait.  There is more, much more.  If you are going to die you best make it this year.  At midnight New Year 2011 the old Death Tax returns.  This year, thanks to Bush, the Death Tax is zero.  Next year, it will hit you at 55% on estates of $1 million…a nice piece of change for Lord Obama.  The marriage penalty tax will also be making a comeback.  What happens to Capital Gains, you ask?  Oh, that ONLY jumps 33%, from 15% to 20%.  Letting the Bush tax cuts expire will cost us tax payers the low-low sum of $115 BILLION next year alone, so says the Congressional Budget Office and ONLY $2.6 TRILLION through 2020.

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Who you going to vote for in November??

Think we are finished with this Proglib-induced Tsunami?  Not by a long shot.  Grab your wallet because here comes OBAMACARE!!!!!  An outfit called “Americans for Tax Reform” calls this the “Second Wave.”  Lets look at the Medicine Cabinet Tax first.  ATR says “Americans will no longer be able to use health savings accounts, flexible spending accounts, or health reimbursement pre-tax dollars to purchase non-prescription, over the counter medicines.  A HSA withdrawal tax hike will require an additional tax on immediate early withdrawals from an HSA from 10% to 20%.  Getting a queasy feeling in your stomach yet?

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Like brand-name drugs?  As Tony Soprano would say, “Forget about it.”  Makers and importers of brand-name drugs will be liable for a tax of $2.5 BILLION next year.  This will go up to $3 BILLION a year from 2012 to 2016, then $3.5 BILLION in 2017 and $4.2 BILLION  beginning in in 2018.  Surely you know who will actually be paying this additional Obamacare Tax.  Why, you of course.  Then there is the “Economic Substance Doctrine” that states the IRS can disallow perfecly legal tax deductions merely because it judges that the deduction lacked “economic substance” (whatever in the world THAT means).

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Looks like a vote of “No Confidence” to me.

So far, we have only addressed increased taxes on us “little people.”  How about increased taxes on business?  We all know the Obama administration is woefully short on real-world business acumen.  ATR says, “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 expense half of their purchases of equipment now.  Starting in January 2011, all of it will have to be depreciated.”  The ATR goes on to say, “Literally scores of tax hikes on business will take place, plus the loss of significant tax credits.  The research and experimentation tax credit will be the biggest loss, but there are many many others.  Combining high marginal tax rates with the loss of this tax relief will cost scores of jobs.”

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I am very tired of trying to explain significantly increased taxes to cretins.  Guess that is not so unusal as cretins happen to be running things in America “temporarily.”  (Emphasis on the word “temporarily.”)  Right now the cretins in Washington are wringing their hands trying to determine why so many people remain out of work and (now) are going to realize even more weeks of unemployment.  Sir…people are out of work because the private sector, that means businesses, Sir, are not about to hire at this point.  They know what you are about, Sir, and they DO NOT trust you.  And neither do I.

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13 Responses to “TAX TSUNAMI COMETH”

  1. Grumpyelder says:

    Gabe.. What a lot of people aer missing is it more than the couple percent change in the rate for each bracket. The income levels that determine your bracket also change dramatically. Families with a taxable income between 46,700 and 56,800 are going to get killed, they go from a 15% rate to 27%. $6,000 a year for a working couple with a 50 Grand Taxable income.

    Tax Year 2002[3] ………………..Tax Year 2003[4]
    Income…………..Tax rate……………Income…………tax rate
    $12,000 -- $46,700…. 15%………………$14,000 -- $56,800… 15%
    $46,700 -- $112,850….27% ……………..$56,800 -- $114,650.. 25%

  2. SonOfLiberty4eva says:

    I’m spending the next year DEAD for Tax Reasons.

    I’ve told my significant other that should I meet my demise to go pay cash for a 25 cubic foot freezer from Appliance Direct and pack me in there. That way the IRS can’t take the other half of the money that they couldn’t get while I was alive.

    Besides, if I’m in the freezer they can still collect my Social Security bene’s (as long as they keep paying the electric bill and I don’t defrost).

    It’s a simple plan.

  3. Garthvader says:

    S-O-L we can count all of your future votes absentee…….the Chicago Way!!

  4. Gabriel says:

    Grumpy…These Obamabots will howl when this hits them. Of course, most of the Obamabots do not pay any taxes to begin with so guess it isn’t THAT important. Atlas will indeed someday shrug.

    http://www.newsrealblog.com/2010/07/20/sarah-palin-rightly-rejects-ground-zero-mosque-bloomberg-and-aide-reject-her-and-sanity/2/

  5. Gabriel says:

    SonOf…Why didn’t I think of that? Great originality. Want to be a Guest Columnist/Author on “Forever”? Let me know via email and I will make it happen.

  6. Gabriel says:

    Garth…”Chicago Way” indeed. Just today Obama has signed continued unemployment benefits. We are now at two years (!) and counting. Whoever robs from Peter to pay Paul can always count on Paul’s vote.

    http://www.aolnews.com/house-money/article/the-other-congressional-spending-how-the-house-spent-1-billion-on-itself/19522761

  7. USMC-1969 says:

    And the fact that 80% of the expected increase in tax revenue garnered will be born by families earning < 250K. An egregious campaign LIE by the emporer don't you think?

    That being said, enjoy:

  8. USMC-1969 says:

    More good news besides that already mentioned in the Quinnipiac Polls that “UNNAMED” now polls higher than barry. See, I told you we could run Kinky Friedman or Yogi Berra and still expect to win in 2012.

    http://hotlineoncall.nationaljournal.com/archives/2010/07/dems_arent_disc.php

  9. SonOfLiberty4eva says:

    Look who’s lyin now:

    Look who is quietly standing next to him. HAHAHAHA, she might run against him in 2012. Life is too funny!

  10. Gabriel says:

    USMC…Great links. Thanks. I read somewhere that a conservative should just introduce himself/herself as a racist from the gitgo. Proglibs will call you that no matter what you say or write. What do you think?

  11. Garthvader says:

    This administration is determined to ram their agendas through despite the fact that their agenda items have little to no relevance in addressing the real problems this country is now facing. Obama’s heavy reliance on the teleprompter is only one of many tale tale signs that he was and remains unprepared and unqualified to run the family general store, much less the world’s greatest superpower. He can’t seem to arrive at step one in becoming a strategic thinker, identifying problems. To repeat the political mantra of the past, it’s the economy stupid! That was said to a previous president not too awfully long ago. a Great leaders inspire with much more than words alone but in their deeds. This man is no leader, but a human wrecking ball he is. Only a fool wants to see a President fail. There is much more at stake here than differences in political philosophies. The future of this country is what is at stake. It can take four fold the years to recover from the damage that incompetence will cause during one term of a bad president. He either needs to get a grip on the job before him or we need to insist that he be impeached.

  12. Gabriel says:

    Garth…Easier said than done on impeachment. I really do not see Obama getting much of a handle on anything. He has the “Midas Touch” in reverse.

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