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Highlights of the Tax Package Before the Senate

S

spidey07

No Lifer
See how this affects you and every tax payer. Most all of it is good news. The Social Security break is especially good for the economy. I won't quote them all here but these are the others not talked about. Great to see some AMT help.

http://abcnews.go.com/Business/wireStory?id=12396619

Marriage penalty relief, increasing the standard deduction for married couples. Cost: $18 billion.

A tax credit of up to $2,500 for students' higher education expenses. Cost: $17.6 billion.

A deduction for tuition and related expenses for higher education, for 2010 and 2011. Cost: $1.2 billion.

Spares more than 20 million middle-income households from tax increases averaging $3,900 from the Alternative Minimum Tax in 2010 and 2011. Cost: $136.7 billion.
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Too bad weak ass Obama had to cave in to the Republicans demand to continue to give the Uber Rich tax breaks they don't need or deserve.
 
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her209 said:
Marriage penalty relief...

WTF is that?
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The bush tax cuts eliminated the marriage penalty. Married couples had a larger tax burden than if they were single, that was fixed with the bush tax cuts. If you look at most any of Obama's tax plans they have a STEEP marriage penalty.
 
—A tax break for active investors in foreign-based banking, securities and insurance firms, for 2010 and 2011. Cost: $9.2 billion.
 
spidey07 said:
Yeah, that one had me scratching my head regardless of party. More details needed.
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http://www.dailyfx.com/forex/fundam...ary/2010/10/22/Decoupling_Alive_and_Well.html

While the US economy sputtered to a 1.6% growth rate in the 2nd quarter (Q2), many Asian countries rapidly pulled away, powered by trade with each other and the rest of the world. In Q2, China's economy grew a startling 10.3%. Americans would be thrilled with growth half that rate. Asia's second rising star, India, expanded by a solid 8.8%. The Four Tigers also posted excellent numbers: Hong Kong grew at a 6.5% clip, South Korea at a faster 7.1%, and Taiwan at 12.53% -- while Singapore clocked an astonishing 18.8% growth rate!
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spidey07 said:
The bush tax cuts eliminated the marriage penalty. Married couples had a larger tax burden than if they were single, that was fixed with the bush tax cuts. If you look at most any of Obama's tax plans they have a STEEP marriage penalty.
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Being married is different from having a roommate in many ways. One of the ways is assets are combined legally. It is appropriate to have tax rates reflect that fact.
 
HendrixFan said:
Being married is different from having a roommate in many ways. One of the ways is assets are combined legally. It is appropriate to have tax rates reflect that fact.
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Because having your assets legally combined somehow makes the government deserve more of your money? 😕
 
bamacre said:
I think it's a little early to say that.
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I don't really have an opinion one way or another on this, but I do know that sometimes things are changing on a grand scale but the process is virtually invisible at that time.

This thread is about the tax package and I don't want to sidetrack it because there is plenty of fun to be had with this topic.
 
Red Dawn said:
Too bad weak ass Obama had to cave in to the Republicans demand to continue to give the Uber Rich tax breaks they don't need or deserve.
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Come one now! You know these millionaires are the job makers. If we don't continue giving the uber rich tax breaks they'll stop creating all those jobs they have the during the last 10 years!!!
 
boomerang said:
I don't really have an opinion one way or another on this, but I do know that sometimes things are changing on a grand scale but the process is virtually invisible at that time.

This thread is about the tax package and I don't want to sidetrack it because there is plenty of fun to be had with this topic.
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When filing taxes this year and next I'm going to be...Partying like it's 1999.

2000 zero zero
plus the ought 10
whoops! outta time!
 
I agree with Spidey that the AMT really needs reforming. Started in the 1970s or 80s, originally designed to catch those making high six figures while using so many tax dodges they pay little or no income tax, it has mushroomed into a beartrap that snags too many ordinary people.

But limiting estate tax to 1/4 of 1% of the population? That's absurd and the rest of us taxpayers (or our kids and grandkids) are going to have to bear the burden of this tax break for the aristocracy.
 
Thump553 said:
But limiting estate tax to 1/4 of 1% of the population? That's absurd and the rest of us taxpayers (or our kids and grandkids) are going to have to bear the burden of this tax break for the aristocracy.
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There are higher cost items that can and should be addressed before complaining about how much dick good old Uncle Sam can give you as you are lowered into the ground.
 
Cstefan said:
There are higher cost items that can and should be addressed before complaining about how much dick good old Uncle Sam can give you as you are lowered into the ground.
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As if the dead will notice.

I've always marveled at how righties defend the most ancient source of unearned wealth and income, the most ancient form and root of the word the supposedly detest, "entitlement".

I guess entitlement is good for the wealthy, bad for everybody else.

I hope the whole thing falls through, and that taxes do go up, even if it's just to witness Spidey's snivelling and raving. Uncle Sam needs the money a lot more than America's wealthiest citizens. My own taxes would go up, too, and I'll pay them without whimpering or simpering- There was a time not long ago when it was considered patriotic to pay big taxes on big money as acknowledgment that such wouldn't be possible without good government.

That was before the all encompassing greed of the far Right poisoned politics...
 
This thread is about the tax bill being voted on by the senate, not left/right or policy. Keep it that way please.

That being said - Jhnnn, make your donation to uncle sam, post proof or else shut the fuck up. Actions speak louder than words.

Better yet, post your will gifting all your assets to the federal government. Money where your mouth is fucker.
 
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Red Dawn said:
Too bad weak ass Obama had to cave in to the Republicans demand to continue to give the Uber Rich tax breaks they don't need or deserve.
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Nice to see you openly embracing "From each according to his ability, to each according to his need". Government's legitimate role is certainly to judge ability and need, and to punish or reward accordingly. Why, that's why men fought and died to create this country, to establish Government's natural right to control us, determine our legitimate needs and see that they are met, just like with any livestock. It's obscene that anyone should keep the fruit of his own labor beyond what Government has determined he needs or deserves.

Any of this remotely striking a chord?
 
IronWing said:
It's by far the best tax there is. Hell, it's even better than the booze tax or the cigarette tax. It needs to be restored to its 50% on large estates glory.
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Agreed 100%. Only fools think the estate tax is bad. That isn't surprising from Spidey though, he's proud his wife is a government worker who has a bloated salary and pension.
 
Jhhnn said:
I've always marveled at how righties defend the most ancient source of unearned wealth and income, the most ancient form and root of the word the supposedly detest, "entitlement".
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And I always marvel at how dimwitted people like you are. One person has the right to give his wealth to any other person. The point is it's not the government's right to take.

Do you have to go back to elementary school or something?
 
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