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Learn to swim....The Tax Tsunami On The Horizon

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  • Learn to swim....The Tax Tsunami On The Horizon

    The Tax Tsunami On The Horizon
    Fiscal Policy: Many voters are looking forward to 2011, hoping a new Congress will put the country back on the right track. But unless something's done soon, the new year will also come with a raft of tax hikes including a return of the death tax that will be real killers.

    http://www.investors.com/NewsAndAnal...e-Horizon.aspx

    Tax cuts are only for rich you say ? I can't wait for explanations and spin-dancing when more people start to wake up to what they signed on for with Obama and a Dem controlled congress.
    http://news.yahoo.com/s/ap/20100723/...dget_deficit_2
    Deeper and deeper with no end in sight, but brightly lit piper leading us down the hole.
    You have to be trusted by the people that you lie to,
    So that when they turn their backs on you,
    You'll get the chance to put the knife in.Pink Floyd "Dogs"

  • #2
    Re: Learn to swim....The Tax Tsunami On The Horizon

    I have a solution. End all the wars, close ALL the foreign bases, bring the troops home, and cut all defense related spending by 75%. Then, eliminate the unfunded prescription drug benefit or increase the Medicare tax to pay for it - the reckless unfunded prescription drug benefit that Bush pushed through has been estimated to eventually add around $13 trillion to the debt. Also, you could abolish or cut bloated government agencies and departments - like the Department of Education - to save even more money.

    Problem solved, no tax increase necessary.

    By the way, Obama is no different than any other borrow and spend to oblivion corporatist president going all the way back to Reagan. They're ALL bad.
    |TG-X| mp40x



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    • #3
      Re: Learn to swim....The Tax Tsunami On The Horizon

      http://www.cic.gc.ca/english/citizenship/become-how.asp

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      • #4
        Re: Learn to swim....The Tax Tsunami On The Horizon

        LMAO
        Nice one !
        You have to be trusted by the people that you lie to,
        So that when they turn their backs on you,
        You'll get the chance to put the knife in.Pink Floyd "Dogs"

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        • #5
          Re: Learn to swim....The Tax Tsunami On The Horizon

          Hahaha. You guys in Canada better get ready for when the US government defaults on the debt and the Dollar collapses. Your border will then look a lot like the US/Mexico border - you'll be talking about how you can keep these poor illegal Americans from crossing into Canada. :)
          |TG-X| mp40x



          Register for the Forums! | Get on Teamspeak! | Play Squad! | Join Discord! | Support Tactical Gamer!

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          • #6
            Re: Learn to swim....The Tax Tsunami On The Horizon

            Once the USD devalues and there's no money to pay the public sector, a china(under guise of international) buyout and rule by proxy will look a lot nicer than a nation-wide strike that becomes riots and anarchy.

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            • #7
              Re: Learn to swim....The Tax Tsunami On The Horizon

              Yay. the "Death Tax". You know, the one that previously only kicked in if your estate was worth 3.5 million dollars?

              Honestly, 99% of the people arguing about the estate tax have no ****ing idea about what it is, or how it works, only that "it's bad" and that's been spoonfed to them by the right-wing punditry and rich ***holes. These people then claim that they're conservatives/libertarians and want to live in a meritocracy, while repealing the estate tax provides absolutely the opposite.

              I've heard so many people arguing "it's a double tax!" and "Why are they taxing me on my earnings after I'm dead!" it's not funny, and those arguments are completely false. It's a tax on the transfer of wealth from the estate to it's heirs/beneficiaries. There is a lower limit that has to be met before it even kicks in, and they're taxed starting with the dollar after that limit. There are many, numerous ways to file exemptions for the tax for small/medium businesses, farms, etc. The tax can be payed off over time, and by the estate itself.

              On the return of the Estate Tax, your estate needs to be worth at least 1 million dollars for it to even kick in. So lets say you have a business with assets, and home, worth 2.5 million dollars. Your first million is safe. Your estate will be taxed for 1.5 million (and often only if you designate only one beneficiery that gets the entire thing.) The tax comes directly out of the estate, the heirs more often then not don't have to pay a single penny. With some simple steps like, hiring an estate planner/tax guy, you can gain exemptions to most of your business assets, and pay only around 17% or less tax on the entire shebang. One of the easiest ways is setting up a trust fund for the beneficiaries, that is non-taxable.

              So here's a question, Mr. Disregard. If your estate is valued at several million dollars, why have you not done any kind of planning whatsoever to lower your tax burden, why are you designating your entire estate to go to one person as a windfall lottery (which, if you must know, is taxed HIGHER than an estate tax, usually), etc, etc?

              <04:11:24> *** You are now talking in channel: "TFP - Task Force Proteus"
              <04:16:25> "|TG-XV| Tralic": this channel is so gay
              DICE needs to make a comical boxing glove attached to a spring punch the player in the face 40% of the time they get into a helicopter or jet.

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              • #8
                Re: Learn to swim....The Tax Tsunami On The Horizon

                OK, so the death tax is a bad idea, but raising taxes this much, right now, is going to be good for the economy ?
                But isn't what you are talking about in terms estate planning just the aforementioned "rich a-holes" using loopholes to exploit the system ?
                How does that make it a better or more logical tax ?

                And it doesn't represent more BS from the WH .. ? Remember ...your taxes are not going to go up ....blah blah blah ?
                And we keep spending.

                The article didn't come from fox news, it can from Investors Business Daily, and I assume in your view they are just some bunch of "right-wing punditry and rich ***holes" ?
                You have to be trusted by the people that you lie to,
                So that when they turn their backs on you,
                You'll get the chance to put the knife in.Pink Floyd "Dogs"

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                • #9
                  Re: Learn to swim....The Tax Tsunami On The Horizon

                  Do you call using H&R Block or Liberty Tax Service instead of doing your 10-40E a loophole? Do you refuse to hire a CPA and instead plan your finances out on the kitchen table? There are many programs in the tax structure specifically for exempting things like farms and small businesses from most of that tax burden.

                  Your article came from an opinion editorial in the online section of the newspaper. Conveniently, it is unsigned.

                  <04:11:24> *** You are now talking in channel: "TFP - Task Force Proteus"
                  <04:16:25> "|TG-XV| Tralic": this channel is so gay
                  DICE needs to make a comical boxing glove attached to a spring punch the player in the face 40% of the time they get into a helicopter or jet.

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                  • #10
                    Re: Learn to swim....The Tax Tsunami On The Horizon

                    So what ?
                    Are you saying the info there is wrong and the unknown author just made up all those tax figures ?
                    We don't have 9% reported unemployment ?
                    Which part of the article is wrong ?
                    I didn't see anything that promoted or detracted from the death tax, just that it, along with many other taxes, will be going up.
                    Or as Nancy would put it, "that's not a tax increase, it's eliminating a tax decrease that was there".
                    http://www.insidegov.org/?p=518
                    Dance and divert.
                    You have to be trusted by the people that you lie to,
                    So that when they turn their backs on you,
                    You'll get the chance to put the knife in.Pink Floyd "Dogs"

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                    • #11
                      Re: Learn to swim....The Tax Tsunami On The Horizon

                      Anybody know what the current figure is on the interest paid annually on our $13 trillion national debt? This was inevitable, but decades of overspending has merely hastened its arrival. At least we're lucky we still retain the world's reserve currency and can still inflate our currency and borrow with reckless abandon to sustain our governments liabilities.

                      Tax cuts are only for rich you say ? I can't wait for explanations and spin-dancing when more people start to wake up to what they signed on for with Obama and a Dem controlled congress.
                      Inflation hurts everyone, and both parties rely on it to fund their programs. This isn't about Republicans vs. Democrats. Whatever either party doesn't take from you in direct taxes, they'll merely take out of your pocket through the reduction of your purchasing power.
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                      • #12
                        Re: Learn to swim....The Tax Tsunami On The Horizon

                        Originally posted by CallousDisregard View Post
                        So what ?
                        Are you saying the info there is wrong and the unknown author just made up all those tax figures ?
                        It is misrepresented as something that affects most people by intentionally leaving out the details that make who it applies to clear when in fact it only affects a very small section of the population that is already swimming in money earned from the majority.
                        |TG-6th|Snooggums

                        Just because everyone does something does not mean that it is right to do.

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                        • #13
                          Re: Learn to swim....The Tax Tsunami On The Horizon

                          very small section of the population that is already swimming in money earned from the majority.
                          Class warfare ?

                          Spare me.
                          There was more to the article than just the death tax, but I guess that is some little detail you can pick apart and so skip the subject that everyone's taxes are going to go up dramatically in a short period of time, during a recession.
                          You have to be trusted by the people that you lie to,
                          So that when they turn their backs on you,
                          You'll get the chance to put the knife in.Pink Floyd "Dogs"

                          Comment


                          • #14
                            Re: Learn to swim....The Tax Tsunami On The Horizon

                            The rest of the article was crap too:

                            But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.
                            Of course it is conjecture, since the death estate tax doesn't have **** to do with hospital life-support systems for 99% of the population, the only conjecture is with this crappy writer.

                            Letting the Bush cuts expire will cost taxpayers $115 billion next year alone, according to the Congressional Budget Office, and $2.6 trillion through 2020.
                            Just to be clear, letting tax BREAKS expire because there is a DEFICIT is bad for the people because they have to pay more? Tell me it isn't so! Have you seen the multiple articles about how tax breaks hurt the economy when it is down and politicians only do it because it gets votes, not because it helps?

                            But even more tax headaches lie ahead. This "second wave" of hikes, as Americans for Tax Reform puts it, are designed to pay for ObamaCare and include:
                            Hey look, a winning game of ignorant conservative buzz words! Obamacare! Calling the expiration of tax breaks on their scheduled ending date a hike! Noting a made up group who shills party lines that has a name that sounds like vaguely patriotic citizens who represent the common man!

                            Brand Name Drug Tax. Makers and importers of brand-name drugs will be liable for a tax of $2.5 billion in 2011. The tax goes to $3 billion a year from 2012 to 2016, then $3.5 billion in 2017 and $4.2 billion in 2018. Beginning in 2019 it falls to $2.8 billion and stays there. And who pays the new drug tax? Patients, in the form of higher prices.
                            Yes, they will pay taxes they should have been paying all along. Instead the drug companies just got more profit because they didn't have to pay taxes. This crybaby BS about companies getting taxed for their stuff and then passing it on to the people, well we are paying for it already in the form of OTHER taxes. Of course the health care reform was aimed to reign in the outrageous prices but the same hacks that write articles like this make a company who makes record profits is in some kind of tight squeeze. MOST people's taxes won't be going up, that's what makes this article a load of ****.

                            It's a stupid article and I'm not continuing. It's not class warfare to point out that the rich are already rich, their way of increasing wealth allows for multiple tax shelters that benefits them much more than 99% of Americans and there is no need to keep a stupid and counterproductive tax break that was promoted for the people and only benefited the top 1%.
                            Last edited by snooggums; 07-24-2010, 03:38 AM.
                            |TG-6th|Snooggums

                            Just because everyone does something does not mean that it is right to do.

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                            • #15
                              Re: Learn to swim....The Tax Tsunami On The Horizon

                              Pretty much. Americans for Tax Reform? That's an old group 501 (c) lobby group founded by Grover Norquist. Over the past 3 years they've spent over 2.4 million dollars.. They lobby exclusively to republican interests.

                              ATR works with state taxpayer coalitions in all 50 states to ask candidates for state legislature and constitutional office to sign the State Taxpayer Protection Pledge, which reads: “I _____ pledge to the taxpayers of the __________ district, of the state of __________, and to all the people of this state, that I will oppose and vote against any and all efforts to increase taxes.”

                              Read more: http://www.atr.org/index.php?content...#ixzz0uazszpNt
                              More interesting is how they've been gumming up the legislature, sponsoring/proposing house bills against resolutions passed by the EPA, healthcare, etc. Lets take a look at some of the bills they've been lobbying for..

                              H.R.391 111 To amend the Clean Air Act to provide that greenhouse gases are not subject to the Act, and for other purposes. 1
                              H.R.3961 111 Medicare Physician Payment Reform Act of 2009 1
                              H.R.3221 111 Defund ACORN Act 1
                              H.R.1261 111 Youth Prevention and Tobacco Harm Reduction Act 2
                              H.R.226 111 Broadcaster Freedom Act of 2009 2
                              H.R.1885 111 Private Property Rights Protection Act of 2009 1
                              H.J.RES.3 111 Relating to the disapproval of obligations under the Emergency Economic Stabilization Act of 2008. 1
                              H.R.1409 111 Employee Free Choice Act of 2009 3
                              H.R.3200 111 America's Affordable Health Choices Act of 2009 1
                              Last edited by Bisclaveret; 07-24-2010, 07:12 AM.

                              <04:11:24> *** You are now talking in channel: "TFP - Task Force Proteus"
                              <04:16:25> "|TG-XV| Tralic": this channel is so gay
                              DICE needs to make a comical boxing glove attached to a spring punch the player in the face 40% of the time they get into a helicopter or jet.

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