Are your taxes going up?

Personal income tax rates will rise on January 1, 2013. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which the majority of small business profits are taxed). The lowest rate will rise from 10 to 15 percent.

All the rates in between will also rise. The full list of marginal rate hikes is below:

-The 10% bracket rises to a new and 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 coming on January 1, 2013. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of taxable 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.


Higher tax rates on savers and investors on January 1, 2013. The capital gains tax will rise from 15 percent this year to 23.8 percent in 2013. The top dividends tax will rise from 15 percent this year to 43.4 percent in 2013. This is because of scheduled rate hikes plus Obamacare’s investment surtax.


Read more: http://atr.org/days-taxmageddon-a7203#ixzz27Q5Ymn6d

Guess everyone's is.

 

In January there won't be enough Democrats left in Washington to fill a minivan and the tax cuts will be retroactively enacted for all.

 

Has anybody found out if Romney's plan to eliminate cap gains and dividend taxes applies to short term cap gains as well? Put up a link if you can find it, I can't find anything.

 

The plan would also eliminate tax on long-term capital gains, dividends, and interest income for married couples filing jointly with income under $200,000 ($100,000 for single filers and $150,000 for heads of household) and repeal the federal estate tax, while continuing the gift tax with a maximum tax rate of 35 percent.

http://taxpolicycenter.org/taxtopics/romney-plan.cfm

 

How can it be? These were the Bush tax cuts. I listened to democrats say the Bush tax cuts were only for the rich. You mean the Bush tax cuts were tax cuts for everybody. I guess that makes Obama a lying piece of shit.

 

BINGO!