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Saturday, August 14, 2010

Six Months to Go Until The Largest Tax Hikes in History!

- 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. 
The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of 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. The dependent care and adoption tax credits will be cut.

Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.

Second Wave: Obama Healthcare 
There are over twenty new or higher taxes in Obama Healthcare. Several will first go into effect on January 1, 2011.

They include: 

The “Medicine Cabinet Tax” 
Thanks to Obama Healthcare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

For more tax increases go to:

Additionally Here are some videos that you might find helpful.

His voice is a bit annoying but the information is worth listening too. :->

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