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Six Months to Go Until The Largest Tax Hikes in History
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From Ryan Ellis on Thursday, July 1, 2010 4:15 PM
In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:
First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an 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. 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.
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
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.
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Proud to be Medina County Republican Women
Posted by: | CommentsAs Republican elected female office holders in Medina County, we are embarrassed by the inappropriate inferences made by a recent edition of the Republican Review. We are proof that all women have productive and diverse roles to play in society. We are proud to be Republican women in Medina County.
County Commissioner Sharon Ray
County Recorder Colleen Swedyk
Medina Municipal Clerk of Court Nancy Abbott
Medina County Republican Lincoln Day Dinner VIP Reception
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Medina County Republican Party Invitation to VIP event before Lincoln Day Dinner.
Celtic Woman – Awaken O, America
Posted by: | CommentsBeautiful voice – Beautiful America
ICYMI – Boehner Op-Ed in USA Today: GOP has a better plan
Posted by: | CommentsWednesday's vote against the congressional Democrats' trillion dollar spending bill was a bipartisan rejection of a partisan plan. All House Republicans were joined by 11 Democrats against the legislation - and for good reason: It did not meet President Obama's standard. The president said from the outset that our goal is a bipartisan plan that creates jobs first and foremost. The bill Democratic leaders put on the table failed miserably. It was a $1.2 trillion monstrosity (including interest on the $819 billion in borrowed money) that created too few jobs, piled too much debt on our children and grandchildren in an act of generational theft, and included too much unfocused spending - from $650 million for digital TV coupons to $335 million for education on sexually transmitted diseases.
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