The Change Obama Promised is Coming! Part 3

This is the conclusion of this series.  Here is the third wave of tax changes that we are to expect next year.

Third Wave:The Alternative Minimum Tax (AMT) and Employer Tax Hikes:

When Americans prepare to file their tax returns in January of 2011, they'll be in for a nasty surprise - the AMT won't be held harmless, and many tax relief provisions will have expired.

The major items include:The AMT will ensnare over 28 million families, up from 4 million last year:

According to the left-leaning Tax Policy Center, Congress' failure to index the AMT will lead to an explosion of AMT taxpaying families - rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.

Small business expensing will be slashed and 50% expensing will disappear:
Small businesses can normally expense (rather than slowly-deduct, or "depreciate") equipment purchases up to $250,000.
This will be cut all the way down to $25,000. Larger businesses can currently expense half of their purchases of equipment.
In January of 2011, all of it will have to be "depreciated."
Taxes will be raised on all types of businesses:

There are literally scores of tax hikes on business that will take place. The biggest is the loss of the "research and experimentation tax credit," but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.


Tax Benefits for Education and Teaching Reduced:

The deduction for tuition and fees will not be available.

Tax credits for education will be limited.

Teachers will no longer be able to deduct classroom expenses.

Coverdell Education Savings Accounts will be cut.

Employer-provided educational assistance is curtailed.

The student loan interest deduction will be disallowed for hundreds of thousands of families.


Charitable Contributions from IRAs no longer allowed:

Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.
This contribution also counts toward an annual "required minimum distribution." This ability will no longer be there.

And worse yet? Now, your insurance will be INCOME on your W2's!

One of the surprises we'll find come next year, is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation . . . the dupes, er, dopes, who backed this administration will be astonished!

Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort.

If you're retired, so what... your gross will go up by the amount of insurance you get.

You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That's what you'll pay next year.

For many, it also puts you into a new higher bracket so it's even worse.

This is how the government is going to buy insurance for the15% that don't have insurance and it's only part of the tax increases.

Not believing this??? Here is a research of the summaries....

On page 25 of 29: TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001, as modified by sec. 10901) Sec.9002 "requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excludable from the employees gross income."- Joan Pryde is the senior tax editor for the Kiplinger letters.
- Go to Kiplingers and read about 13 tax changes that could affect you. Number 3 is what is above.

*Here is what I need from you, as my reader.  Email these articles to everyone you know.  Get out and vote this November! The only way we can hope to fight this is to vote!*

The Change Obama Promised is Coming! Part 2

Yesterday I posted for you the changes in our taxes that we face next year.  Today is the second wave of taxes that we are to face.

Second Wave:OBAMACAREThere are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:

The "Medicine Cabinet Tax":

Thanks to Obamacare, 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).


The "Special Needs Kids Tax":

This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.

There are thousands of families with special needs children in the United States , and many of them use FSAs to pay for special needs education.

Tuition rates at one leading school that teaches special needs children in Washington, D.C. National Child Research Center ) can easily exceed $14,000 per year. Under tax rules, FSA dollars cannot be used to pay for this type of special needs education.


The HSA (Health Savings Account) Withdrawal Tax Hike:

This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.

*Stay tuned tomorrow for the Second wave of tax hikes expected next year!*

The Change Obama Promised is Coming! Part 1

Great information - is a bit long, but necessary.

Finally, the CHANGE he promised us is coming JANUARY 1, 2011 in just three months, on January 1, 2011, 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, here's what happens... (read it to the end, so you see all three waves)...

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 only, there is no death tax. (It's a quirk!)
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, a business, a retirement account, could easily pass along a death tax bill to their loved ones. Think of the farmers who don't make much money, but their land, which they purchased years ago with after-tax dollars, is now worth a lot of money. Their children will have to sell the farm, which may be their livelihood, just to pay the estate tax if they don't have the cash sitting around to pay the tax.
Think about your own family's assets. Maybe your family owns real estate, or a business that doesn't make much money, but the building and equipment are worth $1 million. Upon their death, you can inherit the $1 million business tax free, but if they own a home, stock, cash worth $500K on top of the $1 million business, then you will owe the government $275,000 cash! That's 55% of the value of the assets over $1 million!
Do you have that kind of cash sitting around waiting to pay the estate tax?

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.

 

*Stay tuned tomorrow for the Second wave of tax hikes expected next year!*

Something Light for the Evening

˜Twas the night before elections, And all through the town
Tempers were flaring, Emotions all up and down!
I, in my bathrobe, With a cat in my lap
Had cut off the TV, Tired of political crap.

When all of a sudden, There arose such a noise
I peered out of my window, Saw Obama and his boys.
They had come for my wallet, They wanted my pay
To give to the others, Who had not worked a day!
He snatched up my money, And quick as a wink
Jumped back on his bandwagon, As I gagged from the stink.
He then rallied his henchmen, Who were pulling his cart
I could tell they were out, To tear my country apart!
'On Fannie, on Freddie, On Biden and Ayers!
On Acorn, On Pelosi', He screamed at the pairs!
They took off for his cause, And as he flew out of sight
I heard him laugh at the nation, Who wouldn't stand up and fight!
So I leave you to think, On this one final note--
IF YOU DON'T WANT SOCIALISM, GET OUT AND VOTE!!!!

Obama: Mexicans Were Here Long Before America was even an Idea

http://www.realclearpolitics.com/video/2010/09/21/obama_mexicans_were_here_long_before_america_was_even_an_idea.html

Long before America was even an idea, this land of plenty was home to many peoples. The British and French, the Dutch and Spanish, to Mexicans, to countless Indian tribes. We all shared the same land."

Mexico declared its independence on September 16, 1810. It was recognized on September 27, 1821.

The United States of America declared its independence in 1776.

http://www.realclearpolitics.com/video/2010/09/21/obama_mexicans_were_here_long_before_america_was_even_an_idea.html

Examiner Editorial: Obamacare is Even Worse Than Critics Thought

I excerpted this because it seemed appropriate to all of you, as we all are going to be affected by this soon enough.
Examiner Editorial
September 22, 2010








Much more has been revealed about Obamacare since President Obama, Harry Reid and Nancy Pelosi pushed the bill on Americans six months ago. (J. Scott Applewhite/AP file)


Six months ago, President Obama, Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi rammed Obamacare down the throats of an unwilling American public. Half a year removed from the unprecedented legislative chicanery and backroom dealing that characterized the bill's passage, we know much more about the bill than we did then. A few of the revelations:

» Obamacare won't decrease health care costs for the government. According to Medicare's actuary, it will increase costs. The same is likely to happen for privately funded health care.

» As written, Obamacare covers elective abortions, contrary to Obama's promise that it wouldn't. This means that tax dollars will be used to pay for a procedure millions of Americans across the political spectrum view as immoral. Supposedly, the Department of Health and Human Services will bar abortion coverage with new regulations but these will likely be tied up for years in litigation, and in the end may not survive the court challenge.

» Obamacare won't allow employees or most small businesses to keep the coverage they have and like. By Obama's estimates, as many as 69 percent of employees, 80 percent of small businesses, and 64 percent of large businesses will be forced to change coverage, probably to more expensive plans.

» Obamacare will increase insurance premiums -- in some places, it already has. Insurers, suddenly forced to cover clients' children until age 26, have little choice but to raise premiums, and they attribute to Obamacare's mandates a 1 to 9 percent increase. Obama's only method of preventing massive rate increases so far has been to threaten insurers.

» Obamacare will force seasonal employers -- especially the ski and amusement park industries -- to pay huge fines, cut hours, or lay off employees.

» Obamacare forces states to guarantee not only payment but also treatment for indigent Medicaid patients. With many doctors now refusing to take Medicaid (because they lose money doing so), cash-strapped states could be sued and ordered to increase reimbursement rates beyond their means.

» Obamacare imposes a huge nonmedical tax compliance burden on small business. It will require them to mail IRS 1099 tax forms to every vendor from whom they make purchases of more than $600 in a year, with duplicate forms going to the Internal Revenue Service. Like so much else in the 2,500-page bill, our senators and representatives were apparently unaware of this when they passed the measure.

» Obamacare allows the IRS to confiscate part or all of your tax refund if you do not purchase a qualified insurance plan. The bill funds 16,000 new IRS agents to make sure Americans stay in line.



Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/Obamacare-is-even-worse-than-critics-thought-960772-103571664.html#ixzz11GY8zdvx

The Aftermath of Peace and Love

On 10/2/10 a progressive march on D.C. took place.  It was called One Nation Working Together.  All I can say is for a bunch of people who proclaim to love our planet and all that hippy crap, wow.  You guys sure did an amazing job of taking care of our planet.  I think the only thing that was worse, was the inauguration! 

It amazes me to see the conservatives who met on 8/28 pick up after themselves, being demonized for everything possible.  While, we can see the demonizers trash D.C. just like they are politically.  Way to go.  Progressives – you sicken me.

The Church of no More Worship.

http://mensnewsdaily.com/2010/09/22/...nd-counseling/

Does the state have the right to prevent people from training for particular careers because the state disagrees with their religious beliefs? U.S. District Judge George Steeh has made just such a ruling. Eastern Michigan University expelled Julea Ward from its master’s program in school counseling because Ms. Ward refused to undergo a reeducation program to silence her beliefs and to keep her convictions in check when counseling.The flashpoint was Ms. Ward’s refusal to counsel homosexuals about relationships because such behaviors are not consistent with her religious beliefs. The dismissal of Ms. Ward’s lawsuit could have a chilling effect on religious freedom. The threat goes far beyond the issue of homosexuality. If the government can determine that some beliefs make a person unfit for a profession, then anyone who has an unpopular belief can be denied the opportunity to practice his or her own profession. After all, if the government can determine that personal beliefs can make a person ineligible to train for a particular profession, what is there to stop the government from forcing people out of their existing profession? This ruling is a threat to everyone’s freedom, no matter what one believes about homosexuality.

Continued at link above.

Alright folks, It seems that our freedoms are coming under attack more and more.  This girl is only trying to become a counselor in order to attempt to help others.  In this case, she is being absolutely discriminated against due to her personal and religious views.

No judge is able to revoke our freedoms such as in this case.  We have the utmost responsibility to uphold our freedoms religious or otherwise. 

Here is the funny part to this whole situation…

Given any profession, if you as a service provider is unable to assist your client or customer you would be able to refer them to someone who could.  Right?  So if a person holds a personal view that is against homosexuality, and a gay couple comes to her for counseling, she should be able to refer them to someone that could help them.  Right?

Think of it like this, just because she doesn’t believe that they should be together is reason enough that she would be unable to offer helpful, unbiased advice.  That in and of itself is not discriminatory.  If she were to say “I hate f*gs,” or some such awful thing, then yes, that would.

She is protected by her first amendment to have her religious beliefs.  Further than that, she is granted by God to believe in Him and hold His values in her heart.

We cannot ask a Catholic pro-life pediatrician to perform an abortion, and then when he refuses force him to do so.  There are ethics protections for providers for that reason.  He would be able to refer that patient to someone more willing than he to perform that procedure.

If this is the case with so very many doctors and care providers, why is this young lady being discriminated against?  How are one couples’ feelings held in any higher regard than the religious views of another? 

In all fairness and impartiality, that a judge should take, he is overstepping his bounds by making this unconstitutional judgment against her. 

Remember Justice Breyer?  He said that the first amendment should come under review and that cases set precedence.  This is the precedence that we are to expect. 

Imagine a day where you are no longer allowed to go to church because it differs from the views that governing officials have.  Does it sound like the kings from a couple hundred years ago? 

Remember the more that we grab power from the people, the sooner that they will take it back.  This will lead to further restrictions on people of faith and eventually our faith will no longer be allowed.

Contact U.S. District Judge George Steeh and let him know that this ruling is not ok.

*Update*
Since trying to "influence a federal judge is "not okay," if you were to file a "friend of the court" document with more information about why his ruling was unjust, this is the more "acceptable" route.

U.S. District Judge George Steeh

United States District Court
for the Eastern District of Michigan
Theodore Levin U.S. Courthouse
231 W. Lafayette Blvd., Room 238
Detroit, MI 48226  

Chambers Telephone Number                  (313) 234-5175

Case Manager –

Marcia Beauchemin                                        (313) 234-5175

Court Reporter –

Ronald DiBartolomeo                                     (313) 962-1234

CourtroomRoom                                              236

What Did Obama Do?

http://www.noquarterusa.net/blog/2010/09/29/what-did-obama-do/
This is a reposting:

If George W. Bush had proposed to double the debt within 10 years, would you have approved?

If George W. Bush had criticized a state law that he admitted he never even read, would you think that he is just an ignorant hot head?

If George W. Bush joined the country of Mexico and sued a state in the United States to force that state to continue to allow illegal immigration, would you question his patriotism and wonder who’s side he was on?

If George W. Bush had put 87,000 workers out of work by arbitrarily placing a moratorium on offshore oil drilling on companies that have one of the best safety records of any industry because one company had an accident would you have agreed?

If George W. Bush had used a forged document as the basis of the moratorium that would render 87,000 American workers unemployed would you support him? 

If George W. Bush had been the first President to need a TelePrompTer installed to be able to get through a press conference, would you have laughed and said this is more proof of how inept he is on his own and is really controlled by smarter men behind the scenes?

If George W. Bush had spent hundreds of thousands of dollars to take Laura Bush to a play in NYC, would you have approved?

If George W. Bush had reduced your retirement plan’s holdings of GM stock by 90% and given the unions a majority stake in GM, would you have approved?

If George W. Bush had made a joke at the expense of the Special Olympics, would you have approved?

If George W. Bush had given Gordon Brown a set of inexpensive and incorrectly formatted DVDs, when Gordon Brown had given him a thoughtful and historically significant gift, would you have approved?

If George W. Bush had given the Queen of England an iPod containing videos of his speeches, would you have thought this embarrassingly narcissistic and tacky?

If George W. Bush had visited Austria and made reference to the nonexistent “Austrian language,” would you have brushed it off as a minor slip?

If George W. Bush had filled his cabinet and circle of advisers with people who cannot seem to keep current in their income taxes, would you have approved?

If George W. Bush had stated that there were 57 states in the United States, would you have said that he is clueless.

If George W. Bush would have flown all the way to Denmark to make a five minute speech about how the Olympics would benefit him walking out his front door in Texas, would you have thought he was a self important, conceited, egotistical jerk.

If George W. Bush had been so Spanish illiterate as to refer to “Cinco de Cuatro” in front of the Mexican ambassador when it was the 5th of May (Cinco de Mayo), and continued to flub it when he tried again, would you have winced in embarrassment?

If George W. Bush had misspelled the word “advice” would you have hammered him for it for years like Dan Quayle and potatoes as proof of what a dunce he is?

If George W. Bush had burned 9,000 gallons of jet fuel to go plant a single tree on Earth Day, would you have concluded he’s a hypocrite?

If George W. Bush’s administration had okayed Air Force One flying low over millions of people followed by a jet fighter in downtown Manhattan causing widespread panic, would you have wondered whether they actually get what happened on 9-11?

If George W. Bush had failed to send relief aid to flood victims throughout the Midwest with more people killed or made homeless than in New Orleans (due to Katrina), would you want it made into a major ongoing political issue with claims of racism and incompetence?

If George W. Bush had created the position of 32 Czars who report directly to him, bypassing the House and Senate on much of what is happening in America, would you have approved.

If George W. Bush had ordered the firing of the CEO of a major corporation, even though he had no constitutional authority to do so, would you have approved?
If this these incidents did not occur under George W. Bush’s watch, I wonder who was at the helm when they did…?

Come Thanksgiving, George W. will be giving thanks for Barack. Next to Barack and his “accomplishments” Bush is looking like a genius.