January will bring the biggest attacks on your family budget in your lifetime and they are coming through Obama’s taxes, the largest tax increase in American history. These taxes will crash down on your family and small businesses on New Year’s Day January 1, 2011. You will be forced to pay for the wealth redistribution programs shoved down on throats by Obama and his Marxist Congress.
There are no “maybes” at all in this list, none! EVERYTHING that follows will happen!
· Top personal income tax rates will go up from 35% to 39.6%
·The lowest rate will go up to 15% from 10% and all the steps in between will rise as well: the 25% bracket will rise to 28%, 28% to go to 31%; 33% goes to 35% and 35% to 39.6%.
·There WILL be a marriage penalty. There will be narrower tax brackets that will mean more taxes for married people.
·The STANDARD DEDUCTION for married couples will no longer be double the deduction for a single person.
·THE CHILD TAX CREDIT will be cut in half from $1000 to $500 per child.
·Dependent care and adoption tax credits are going to be cut.
The DEATH TAX which was ended by the Republicans is back. If you die on January 1, 2011 or after the top rate of taxation will be 55% on estates over a million dollars. If you don’t think that includes you, check the value of your home and other taxable properties. If you have a second home and a retirement annuity, a $1 million estate is NOT out of the question.
The CAPITAL GAINS TAX will rise from 15% to 20%. Sell your house and a few shares of stock and see how hard you get hit. The rate on dividends will rise from 15% to 39.6%! In 2013 that rate will rise another 3.8%!
AGAIN, REMEMBER ALL OF THIS WILL HAPPEN, THERE ARE NO “MAYBES”
Many of the taxes that WILL happen because of the passage of OBAMACARE, WILL hit us on January 1, 2011.
HEALTH CARE SAVINGS PLANS are out, over! Health reimbursements to purchase over the counter medicines are out.
IF YOU HAVE A “SPECIAL NEEDS CHILD” you are in for a big hit.
The Democrats cruelty toward special needs children is manifest in their imposed cap of $2,500 per child on Flexible Spending Accounts (FSAs). This dishonestly tiny limit will cost families of Downs’ Syndrome sufferers thousands of dollars a year just to keep the level of treatment their child is already receiving.
The tax penalty for Health Savings Account early withdrawals will increase from 10% to 20%.
FAMILIES WHO NEVER WERE HIT WITH THE ALTERNATIVE MINIMUM TAX (AMT) will be hit on January 1, 2011. TWENTY FOUR MILLION more families will have to pay the AMT. Because Congress refused to index the AMT these families will have to figure their taxes at a higher rate.
Small business expense deductions WILL be slashed. Depreciation of purchased equipment will drop by 90% from $250,000 to $25,000 IMMEDIATELY!
DEDUCTIONS FOR TUITION ARE OVER and TAX CREDITS for education are now limited. This will include employer provided educational programs.
THERE WILL BE NO MORE TAX ADVANTAGES FOR CHARITABLE CONTRIBUTIONS FROM IRAs. Currently retirees can contribute up to $100,000 a year directly to charities and receive a tax benefit. THAT’S OVER NOW!
These taxes were shoved down our throats by the Democrats. Not a single Republican voted for any of them. Remember that on November 2. It won’t stop all of these taxes but the only way to roll them back is to vote REPUBLICAN and get others to vote REPUBLICAN.
For more details on Obama’s tax attacks on your family go to: