Kiss

[Guest]

My Tea Party Friend from Georgia tells me that if the Bush Tax cuts expire in Jan 2011, that even the lowest income tax bracket will go from 10% to 15%. Help me with this. I have done my research and I can find this to be 100% true and 100% false.

Can we keep it on just this one question. When posts get to busy, they start to look like a simple bill that has 500 amendments and become so confusing that you cant figure out what the bill was even about.

MY QUESTION: Will a man/women or couples currently paying 10% of their income to the IRS go up to 15% of their income while earning the same amount of gross income?

Prove to me that Obama is lying and I will reconsider my support.

[Guest]

Here is an article that explains the proposed increases.

http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171

Now, here is a link to download the expiring tax cuts. You have to scroll through the document to find the 2010 expiring tax cuts. This document is The Joint Committee on Taxation US Congress List Of Expiring Federal Tax Provisions 2009-2020.

http://www.jct.gov/publications.html?func=startdown&id=3646


Next is a link to download the Description Of Revenue Provisions Contained In The President’s Fiscal Year 2011 Budget Proposal from The Joint Committee on Taxation US Congress. This is a 521 page document. You can scroll through and find information easily.

http://www.jct.gov/publications.html?func=startdown&id=3704

[Guest]

Here is an article that explains the proposed increases.

http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171

Now, here is a link to download the expiring tax cuts. You have to scroll through the document to find the 2010 expiring tax cuts. This document is The Joint Committee on Taxation US Congress List Of Expiring Federal Tax Provisions 2009-2020.

http://www.jct.gov/publications.html?func=startdown&id=3646


Next is a link to download the Description Of Revenue Provisions Contained In The President’s Fiscal Year 2011 Budget Proposal from The Joint Committee on Taxation US Congress. This is a 521 page document. You can scroll through and find information easily.

http://www.jct.gov/publications.html?func=startdown&id=3704

Thanks BK, I tried, but these sites are just to complicated for me to understand. I guess the best thing for me to do is wait for the IRS charts for income tax to come out for the 2011 filing year. If the brackets go up, he lied. If they go down or stay the same, he told the truth.

[Guest]

He already lied. "95% of Americans won't see their taxes go up one dime."

[Guest]

POTUS lied. Even a moron knows a lie when he hears it.

He lied. You can take that to the bank, to replace your lost money.

Yoda

[Guest]

He already lied. "95% of Americans won't see their taxes go up one dime."

C'mon DK you know he told the 'truth'. we won't see our taxes go up One dime, it will be many, many dimes. but who's counting?

[Guest]

POTUS lied. Even a moron knows a lie when he hears it.

He lied. You can take that to the bank, to replace your lost money.

Yoda

His lips were moving weren't they?

[Guest]

Lou Card, although your question is very straightforward, the answer isn't as simple as the tax brackets of 10 and 15 percent. There's more to it than that.

For instance, what about the deductions and exemptions you are allowed to take to get you to your taxable income for that bracket. This matters regardless of whether or not you stay in the same tax bracket. Does that make sense? That is where many of the changes are coming for everyone, regardless of your gross income.

[Guest]

Lou Card, although your question is very straightforward, the answer isn't as simple as the tax brackets of 10 and 15 percent. There's more to it than that.

For instance, what about the deductions and exemptions you are allowed to take to get you to your taxable income for that bracket. This matters regardless of whether or not you stay in the same tax bracket. Does that make sense? That is where many of the changes are coming for everyone, regardless of your gross income.

I think so. So it is not simply moving todays 10 % to 15 %. But if you don't get to deduct for Child care, or whatever deductions you used to get to get you down to 10 % then you now will in essence be making more taxable income even though your gross is the same;thereby you will pay more to the IRS even thou your gross income has not changed. Is that close? If so, I then wonder, as a retiree on fixed income, will I see increase in taxes. Right off hand, other than interest for my mortgage, I don't think We have any deductions. Is married filing jointly a deduction.

[Guest]

That's exactly what I was trying to say. I wish someone better at numbers and economics could provide better info. I tried, but I'm not a numbers person.

[Guest]

That's exactly what I was trying to say. I wish someone better at numbers and economics could provide better info. I tried, but I'm not a numbers person.

Understand completely. I am real good with legal material or services contracts that have to be written in fact and are (to me) very easy to understand. Political talk, jargon, bills, statements etc. confuse the poop out of me. I guess they may be designed that way.

[Guest]

My Tea Party Friend from Georgia tells me that if the Bush Tax cuts expire in Jan 2011, that even the lowest income tax bracket will go from 10% to 15%. Help me with this. I have done my research and I can find this to be 100% true and 100% false.

Can we keep it on just this one question. When posts get to busy, they start to look like a simple bill that has 500 amendments and become so confusing that you cant figure out what the bill was even about.

MY QUESTION: Will a man/women or couples currently paying 10% of their income to the IRS go up to 15% of their income while earning the same amount of gross income?

Prove to me that Obama is lying and I will reconsider my support.


My understanding that if let to expire, it will be as simple as you say...ie., lowest bracket will go from 10% to 15%.

HOWEVER,

If his budget is approved by congress AS IS....it will not be that simple. It stays the same for the low income groups and increases with the higher income brackets.

Interestingly, there is one group in the higher bracket that actually will have an REDUCTION in their rate....singles earning 174,650 to 194,050 will have their rates CUT...and marrieds earning from 212,600 to 235,450 will have their rates reduced as well.

That is the simple answer, but as you alluded too, as the congress passes a budget they add/subtract and confuse so that is where the final answer comes from !

[Guest]

Don't expect this Congress to brng the budget to the floor this year. The Dems don't want it discussed in the open this election year. people might actually find out where their tax money is being spent

[Guest]

I have been told last week that employers will be required to report health care premiums paid for employees and report this to the IRS on on the employees W-2 form. This will be treated as income. This is a major tax increase for most working people. This starts in 2011.

[Guest]

I have been told last week that employers will be required to report health care premiums paid for employees and report this to the IRS on on the employees W-2 form. This will be treated as income. This is a major tax increase for most working people. This starts in 2011.

This has been proven as false.

[Guest]

I hope you are right, I try to keep up with current events and was not aware it was in the health care bill. I will get the link to the health care bill this person sent to me and will post it for all to read.

[Guest]

Lou's right:

http://www.snopes.com/politics/taxes/hr3590.asp

In all honesty, it takes a few seconds - not even a minute - to find out whether some wild claim is false - snopes.com is a VERY good resource for debunking rumors.