120 Days to Go Until Largest Tax Hikes in History...

[doodle-mcvee]

120 Days to Go Until Largest Tax Hikes in History...
 

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See also:  Get 'Em While They're Hot: Medicine Cabinet Tax Hits in 120 Days
In just 120 days, the largest tax hikes in the history of America will take effect.  They will hit families and small businesses in three great waves on January 1, 2011:
First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families.  These will all expire on January 1, 2011:
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 tax credit 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 top capital gains tax will rise from 15 percent this year to 20 percent in 2011.  The top dividends tax rate will rise from 15 percent this year to 39.6 percent in 2011.  These rates will rise another 3.8 percent in 2013.
 
Read more: http://www.atr.org/days-thebr-largest-tax-hikes-history-a5370##ixzz0yWNv57jn][COLOR=#003399 href=http]http://www.atr.org/days-thebr-largest-tax-hikes-history-a5370##ixzz0yWNv57jn[/COLOR][/URL][/COLOR][/HIGHLIGHT]

[duke_john]

What is in it for libs to do this?  What benefit is it for them to tax Americans, already reeling from a sick economy, to do this?

[doodle-mcvee]

you know,
 
it really isn't share the wealth,
 
it's share the misery.
 
if they were really wanting to share the wealth,
they would want to share the work that creates the wealth.
 

[duke_john]

This tax increase reminds me of an old Soviet joke.

A Frenchman, an Italian and a Soviet found a bottle on a beach, and rubbed it at the same time. 

A genie emerged, and said he would grant each a wish.

The Frenchmen said he loves wine, and would love the finest wines in the world. 

(((POOF))), the Frenchman was given all the finest wines in the world.

The Italian said he loves fine food, would love the best foods around.

(((POOF))), the Italian was given the finest food in the world.

The Soviet said that his neighbor has two cows, and he has none.  He wishes his neighbor's cows to die. 

(((POOF))), the Soviet's neighbor's cows died.

This is the liberal concept of fairness and distribution of wealth.