120 days to go until the largest tax hikes in US history..

[SaKem]

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Good Ole SucKem


Come take your rightful shoe shine seat with these champion SHOE SHINERS, TOM!

"Ol Brownie's doing a helluva job"






"What's the matter Boss WE SICK???"

Is this coming from the same guy who tried to pass as half white on the internet and talked shit about Africa?

 

[LegalMoney]

Brothas having a discussion about tax without me? Hold up lemme re-read this thread..*cracks knuckles*

 

[Big Tex]

Income Taxes

-- Some taxpayers in the 10 percent bracket would go to the 15 percent bracket;
-- The 25 percent bracket would go to 28 percent;
-- The 28 percent bracket would become 31 percent;
-- The 33 percent bracket would go to 36 percent; and
-- People in the highest bracket -- 35 percent -- would see their rate go up to 39.6 percent.



You proved my point with your article. What an idiot.

Capital Gains and Dividends

The 2003 tax cuts reduced levies on capital gains and dividends to 15 percent or 5 percent based on a person's income. More cuts zeroed out dividend taxes entirely for some earners. Capital gains rates will return to 20 percent in 2011 without action, while the tax on dividends will go back to marginal rates.

Dipshit, that's if ALL of the tax cuts expire, not the just the ones for the top 2%. And no one is talking about letting the rest of them expire.

 

[Big Tex]

Income Taxes

-- Some taxpayers in the 10 percent bracket would go to the 15 percent bracket;
-- The 25 percent bracket would go to 28 percent;
-- The 28 percent bracket would become 31 percent;
-- The 33 percent bracket would go to 36 percent; and
-- People in the highest bracket -- 35 percent -- would see their rate go up to 39.6 percent.



You proved my point with your article. What an idiot.

Capital Gains and Dividends

The 2003 tax cuts reduced levies on capital gains and dividends to 15 percent or 5 percent based on a person's income. More cuts zeroed out dividend taxes entirely for some earners. Capital gains rates will return to 20 percent in 2011 without action, while the tax on dividends will go back to marginal rates.

Let me just end your stupidity real quick..


http://www.nytimes.com/2010/08/23/opinion/23krugman.html?_r=1

So what’s the choice now? The Obama administration wants to preserve those parts of the original tax cuts that mainly benefit the middle class — which is an expensive proposition in its own right — but to let those provisions benefiting only people with very high incomes expire on schedule. Republicans, with support from some conservative Democrats, want to keep the whole thing.

What’s at stake here? According to the nonpartisan Tax Policy Center, making all of the Bush tax cuts permanent, as opposed to following the Obama proposal, would cost the federal government $680 billion in revenue over the next 10 years. For the sake of comparison, it took months of hard negotiations to get Congressional approval for a mere $26 billion in desperately needed aid to state and local governments.

And where would this $680 billion go? Nearly all of it would go to the richest 1 percent of Americans, people with incomes of more than $500,000 a year. But that’s the least of it: the policy center’s estimates say that the majority of the tax cuts would go to the richest one-tenth of 1 percent. Take a group of 1,000 randomly selected Americans, and pick the one with the highest income; he’s going to get the majority of that group’s tax break. And the average tax break for those lucky few — the poorest members of the group have annual incomes of more than $2 million, and the average member makes more than $7 million a year — would be $3 million over the course of the next decade.

 

[drbaby6]

we already had 8 years of republican quackery ,i hope people dont fall for this stuf again,tax breaks should given if you are hiring, not just because you are rich.

 

[LegalMoney]

Op, the original article you posted is inaccurate and is written with obvious bias. For instance this:

Economic Substance Doctrine. The IRS is now empowered to disallow perfectly-legal tax deductions and maneuvers merely because it judges that the deduction or action lacks “economic substance.” This is obviously an arbitrary empowerment of IRS agents.

The Substance over Form Doctrine, which is fundamentally the father of the Economic Substance Doctrine, is not a new concept and has been a linchpin in financial accounting/tax jurisprudence. The author suggests that "ObamaCare" has given the IRS a brand new weapon to arbitrarily "screw" tax payers over "perfectly-legal" financial strategies.

The Doctrines basically state that a business entity's financial statements reflect the financial reality of the entity rather than the legal form of the transactions and events which underlie them.

For example, it may be "perfectly legal" to sell HNIC a server for $100, write it up as a sale on my books, and then the next day turn around and "loan" HNIC $99.99 dollars at a below market interest rate and mark it as a loan. The Doctrines would conclude that these two transactions lack economic substance and are "Sham Transactions" because the two taken together have the affect of giving HNIC a server and reporting it as a sale. You know who did a lot of these "perfectly-legal" transactions? Enron... They had a massive debt load but structured transactions to hide the debt from investors. Hard working people lost tons of money believing phony books.

 

[LegalMoney]

bump with interesting article:

http://www.nytimes.com/2010/09/08/us/politics/08obama.html?_r=1&hp

But by proposing to extend the rates for the 98 percent of households with income below $250,000 for couples and $200,000 for individuals — and insisting that federal income tax rates in 2011 go back to their pre-2001 levels for income above those cutoffs — he intends to cast the issue as a choice between supporting the middle class or giving breaks to the wealthy.

He would offset the cost by closing other tax breaks for multinational corporations, oil and gas companies and others.

One example of a tax "loophole" are the 80/20 rules that resourced dividends and interest paid from domestic corporations that derived 80% or more of their gross income from the active conduct of a foreign business from US source income to foreign source income, meaning that the amounts paid are exempt from withholding tax. Doesn't seem as nefarious as Politicians make tax loopholes out to be right?

The two major pieces of the package — expanding and making permanent a popular credit for businesses’ research and experimentation expenses, and allowing them to write off the full value of new equipment purchases through 2011 — have longstanding Republican and corporate support.

Nice. Since those within the 2% are subject to 2001 tax rates, might as well extend popular incentives that would spur the economy.

 

[sharkbait28]

we already had 8 years of republican quackery ,i hope people dont fall for this stuf again,tax breaks should given if you are hiring, not just because you are rich.

Never.... ever underestimate the stupidity of the general American populace.

bump with interesting article:

http://www.nytimes.com/2010/09/08/us/politics/08obama.html?_r=1&hp



One example of a tax "loophole" are the 80/20 rules that resourced dividends and interest paid from domestic corporations that derived 80% or more of their gross income from the active conduct of a foreign business from US source income to foreign source income, meaning that the amounts paid are exempt from withholding tax. Doesn't seem as nefarious as Politicians make tax loopholes out to be right?


Nice. Since those within the 2% are subject to 2001 tax rates, might as well extend popular incentives that would spur the economy.

I appreciate this bruh... thx for sharing. Also liked the breakdown on the Substance over Form Doctrine. Great posts.

Wonder where all the dudes complaining about these "tax hikes" scurried off too?

 

[VegasGuy]

Fuck this article. The issue is Bush borrowed money to pay for his tax cut for the wealthy. Bush did it to create jobs.

Where the fuck are the jobs created by this tax cut for the wealthy? WHERE?

-VG

 

[Upgrade Dave]

Wtf are you talking about? This is all real. Did you pay attention once the entire time this bill was getting passed? Btw welcome to Europe.

Yeah, with their better health systems and longer lives and better infant mortality rates and shit. Who wants that?

I hate people that manipulate the truth for effect. Calling an expiring tax cut a tax hike is disingenuous.

Wow anything to defend bullshit as long as the guy doing it is black. Why can't we act this way on an interpersonal level amongst each other?

You are the only person mentioning the ethnicity of the President.

Dumbasses talk about Clinton tax rates when the unemployment rate was 5.6%...... Lower under Bush at 4.3% (both are averages)... So, at 9.7% right now, the highest rate since the depression, we raise taxes. Makes sense.

What if we just recind the tax cuts for the higher brackets and leave them in place for the middle/working classes? That's what the President is offering.

Just support the Fair Tax and all this bullshit goes away for everyone!

The Fair Tax is regressive. It's pushing by the very wealthy for a reason.

If the tax cuts were so great for business and the wealthy ... where are the jobs?

Sounds more like we got 120 days for the businesses and the weathly to prove those tax cuts amounted to something by hiring a whole lot of people.

Oh that's right, they can't because the economy must fail so Obama can fail!

You see it.

"YOU LIE!" Joe Wilson style!


The REPUBLICANS PUT THIS SUNSET DATE in for the TAX CUTS TO EXPIRE, now its Obama who wants to raise taxes??? The only people who benefit from these taxes staying are the richest 2% of ALL AMERICANS since those are the ONLY ONES WHOSE TAX CUTS WILL EXPIRE!!!!! So BE CLEAR, over 95% of ALL AMERICANS WILL KEEP THEIR TAX CUTS!!!

I hate you deceivers! YOU JUST HAD close to 10 years of cut taxes, and still DID NOT put any of that saved money into small business development and JOB CREATION.
If you did we wouldn't have the unemployment crisis you see now! These cock-face Republicans if they get their way, still want to cut everything else JUST TO GIVE MORE TAX CUTS FOR THE RICH. This is a redistribution of wealth, but NOT from rich to poor, but from POOR and MIDDLE CLASS to the RICH!

If you can't win based on the merits of your arguments, you lie,and deceive without any shame.

Nothing I could add to this^^^.