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Thread: Why your tax bill might surge next year

  1. #1
    Regular Member DangerClose's Avatar
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    Why your tax bill might surge next year

    http://finance.yahoo.com/taxes/artic...pphu-container

    In a recent tax planning meeting with one of our clients, we shocked them with what their income tax future looked like for 2013 if -- on the off-chance -- Congress continues to do nothing to provide a long-term permanent set of tax laws.

    Dividends taxed at capital gains rates removed, taxed at regular rates now

    Capital gains low tax rates expires

    Child care deduction limit of $3,000 reverts to $2,400

    Low 10% tax bracket for low income Americans is eliminated

    Lower income tax rates and smaller brackets expires
    The list is a lot longer, but I didn't want to post the entire article. One of the most interesting ones to me is the lowest tax bracket would expire. That is at 10%. It was created by the Bush tax cuts. If that expires, the people in the lowest bracket will go up to 15%. That's a 50% tax increase.

    Anyone who thinks the Bush tax cuts only helped the rich, here's what happens when they expire.

    The comment section there is fun reading. I laughed at this one:

    They sent my Tax Return back! AGAIN!!! In response to the question:
    "List all dependents?" I replied ,....
    "12 million illegal immigrants;
    "3 million crack heads;
    "42 million unemployable people on food stamps,
    "2 million people in over 243 prisons;
    "Half of Mexico ;
    and "535 fools in the U.S. House and Senate."
    Apparently, this was NOT an acceptable answer.

  2. #2
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    Quote Originally Posted by DangerClose View Post
    http://finance.yahoo.com/taxes/artic...pphu-container



    The list is a lot longer, but I didn't want to post the entire article. One of the most interesting ones to me is the lowest tax bracket would expire. That is at 10%. It was created by the Bush tax cuts. If that expires, the people in the lowest bracket will go up to 15%. That's a 50% tax increase.

    Anyone who thinks the Bush tax cuts only helped the rich, here's what happens when they expire.

    The comment section there is fun reading. I laughed at this one:

    They sent my Tax Return back! AGAIN!!! In response to the question:
    "List all dependents?" I replied ,....
    "12 million illegal immigrants;
    "3 million crack heads;
    "42 million unemployable people on food stamps,
    "2 million people in over 243 prisons;
    "Half of Mexico ;
    and "535 fools in the U.S. House and Senate."
    Apparently, this was NOT an acceptable answer.

    Did they ask you to provide the SS numbers for each of your claimed dependents and prove that you provided over 1/2 of their support?
    RIGHTS don't exist without RESPONSIBILITY!
    If one is not willing to stand for his rights, he doesn't have any Rights.
    I will strive to stand for the rights of ANY person, even those folks with whom I disagree!
    As said by SVG--- "I am not anti-COP, I am PRO-Citizen" and I'll add, PRO-Constitution.
    If the above makes me a RADICAL or EXTREME--- So be it!

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    2nd amendment says.... "...The right of the people to keep and bear arms SHALL NOT BE INFRINGED!"

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