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Re: $5 Trillion Tax Hike Coming

By: ribit in RANT II | Recommend this post (0)
Sat, 07 Apr 12 7:40 PM | 75 view(s)
Boardmark this board | Rant II 		Msg. 20197 of 20747
(This msg. is a reply to 20188 by lkorrow)
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lkorrow
...when taxes increase, the risk reward for cheating become more worthwhile and that is one of the reasons that tax increases only increase gubmint revenue in some cases. It's like a game. The problem with the folks who are pro tax increases is that they believe that the game is over when they pass a tax increase. The truth is that as soon as they pass one, people start looking for ways around it.




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Liberals are like a "Slinky". Totally useless, but somehow ya can't help but smile when you see one tumble down a flight of stairs!


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The above is a reply to the following message:
$5 Trillion Tax Hike Coming
By: lkorrow in RANT II
Sat, 07 Apr 12 8:38 AM 		Msg. 20188 of 20747

$5 Trillion Tax Hike Coming

Written by Bob Adelmann
Friday, 06 April 2012 12:31

http://www.thenewamerican.com/usnews/congress/11442-5-trillion-tax-hike-coming

Back in February when the Congress voted to extend the payroll tax “holiday” to the end of the year, the Washington Post was the first to notice the tsunami of tax increases coming next year. But then Lori Montgomery began to add up all the other taxes that will increase on January 1, 2013, and called it “Taxmageddon.”

Here is a partial list of taxes that will increase unless Congress intervenes:

The 2001 and 2003 Bush “tax cuts” expire
Taxes on investment income
Estate and gift taxes
Income taxes
Marriage penalty returns
Child credit drops
Taxes on first $8700 of wages increase by 50 percent
Payroll taxes go from 4.2 percent back to 6.2 percent

But that is only a start. The Heritage Foundation did an in-depth analysis of all the tax increases scheduled for next year and found that Lori forgot some:

The Alternative Minimum Tax (AMT) will increase in size and reach
Five new Obamacare taxes will start
Some 50 “tax extenders” will go away
Small business owners can no longer write off business equipment purchases immediately

Adding them all together, the total is $500 billion. And that’s just in 2013. Over the next decade, the tax increases will exceed $5 trillion.

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