payroll tax (ssa): up 2%
income tax: $400K+ bracket up 4.6% to 39.6%
long-term cap gains: $400K+ bracket up 5% to 20%
AMT: repaired to avoid expansion
estate tax: $5M+ bracket up 5%
the payroll tax hits everyone. the AMT change benefits those with complex tax situations (or crafty accountants) who were on the cusp of falling under AMT for the first time. the rest are conservative increases on what is otherwise luxury income.
soon Bush's military misadventures will be ended and paid for, and will no longer be a sink for the nation's productivity
Whats really going to help the ecomomy is all the pork Harry Reid put in the bill. It was actually a spending bill disguised as a tax relief bill. The extra tax revenue will be spent by the Government instead of theTax payers who earned. So there will be less Chartable giving, personal investments and retail purchases. In return the money will be given to wind farm , Nascar track owners and other needy causes.
YBFITW !!! "prefer the strategy that prevents crime and disease to the one that makes the wealthy into an aristocracy and the rest into cannibalistic serfs" (yourbest fiend) Would you not perfer a system that had upword mobility that allowed and encouraged people to rise and improve there economic position ? The handout does nothing more than making someone a serf of Government.
I thought you posted you were a CPA (10 years). "the payroll tax hits everyone"
FICA taxes are only applied to earned income for employees meeting the the Common-Law Test and independent contractors in four specific occupations. There are an additional nine employment types excluded from FICA or SECA taxes.
CPA, CPP, EA, CHFC, CTA with 30 plus years.
mmichaelr !!The FICA increase has no effect on people who dont declare earned income. I have a client with a S Corp who paid himself with Dividends so he escaped FICA and paid only a 15% tax rate. He decided to retire and applies for Social Security. No Cigar!! SSA declined his application,he had not paid enough into the system. He now says he will have to start another business to keep up his life style. Also most people who have time to post on message board dont have earned income anyway and will not be affected.
The cost of the war totals a few hundred billion. A lot of money but no where near half of the trillion dollar annual deficits under Obama. Get a clue before you open your mouth. Pussywillows like you probably would have apologized to Bin Laden for getting him mad enough to highjack planes and kill 3,000 Americans. If Clinton would have done his job and taken out Osama when he had the chance, their wouldn't have been a 9/11. It's the ignorant masses like yourself that have gotten this country into the mess it is in.
If Clinton had taken out bin Lauden in a crowd hypocritical SOBs like you would never have stopped pizzing and moaning, you're still on him about the aspirin factory in the Sudan and the Chinese consulate in Serbia, both honest, tragic mistakes, aint that right. You do know who was President when the crisis hit don't you? Hint, it was in '08, seriously I've read posts which say it was Obama. Obama did what had to be done to stop a replay of the Great Depression. As for anybody apologizing to bin Lauden BAHAHAHAHAHAHA, you get a clue and use it to get a life.