Wednesday, September 29, 2010

What happens when you sign without reading first?

In just five 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 highermarginal 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.



Second Wave:

Obamacare


There 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 can not 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.




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.



PDF Version Read more: ; http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waPq1


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.



Why am I sending you this? The same reason I hope you forward this to every single person in your address book.

People have the right to know the truth because an election is coming in November!

Now is the time for Primerica so you can plan ahead of this mess.
________________________________________

Wednesday, September 15, 2010

ARE YOU EVER GOING TO SELL YOUR HOUSE????

Most of you know I don't usually write my feelings about politics because I believe that they are all full of crap. I was flying a flag to create the new REPUBLICRAT party when the damn Tea Party movement came along and ran with it...lol, and that's ok.

I am however always taken back when stupid things happen. I have this friend who uses this line "People Don't Plan To Fail, They Fail To Plan" and certainly one can arrive at that conclusion when it comes to our government. I don't care whether you are Republican, Democrat, Republicrat, Tea Party or whatever man. I know you would never, ever sign a 2,700 page document without reading it, would you? Why in the world would we allow our government to do that in our behalf?

Remember Nancy saying, "you have to Pass the Bill to see what is in it". She wasn't kidding.

These people are truely EVIL. Remember vote early on 11/02 and, if your a former liberal, vote often as our election laws have been modified to specifically allow you too. Remember to get all friends & family out too!

Elect people who will repeal this mess!

Another Obama Nightmare

Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?

That's $3,800 on a $100,000 home etc.

When did this happen? It's in the healthcare bill. Just thought you should know.


SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill)

REAL ESTATE SALES TAX

So, this is "change you can believe in"?

Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don't kick in until 2013 (presumably after obama's reelection). You can thank Nancy, Harry and Barack and your local Democrat Congressman for this one. If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Is this Hope & Change great or what? Does this stuff makes your November and 2012 votes more important? What the h--l does that have to do wwith health care anyway???

Oh, you weren't aware this was in the obamacare bill? Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either (result of clandestine midnight voting for huge bills they've never read). AND, there are a few other surprises lurking.

Why am I writing this? The same reason I hope you forward this to every
single person in your address book. People have the right to know the truth because an election is coming in November!

Even though I have this tough NY/LA concert promoter attitude, beyond all that liberal music industry finance crap I feed you here on this blog, I have children and grandchildren who will be left behind to field this BS....get in their way, I'm gonna' have to step up man...and I will, just like you would for your kids and grandchildren...you know you would and that is so ok. It's what we are supposed to do.

THE TIME FOR REAL CHANGE IS NOW...Get out there, protect your children and grandchildren...get out there and VOTE !!!! Put in your daytimer man !!!! It's that important.

Be sure to visit our websites at www.starpointerecorda.com and www.themusicassociates.com

Thursday, September 9, 2010

Healthcare and Real Estate Taxes

Under the new health care bill - did you know that all real estate
transactions will be subject to a 3.8% Sales Tax? The bulk of these new
taxes don't kick in until 2013 (presumably after obama's re-election).
You can thank Nancy, Harry and Barack and your local Democrat Congressman
for this one. If you sell your $400,000 home, there will be a $15,200
tax. This bill is set to screw the retiring generation who often downsize
their homes. Is this Hope & Change great or what? Does this stuff make
your November 2010 and 2012 votes more important?
Oh, you weren't aware this was in the obamacare bill? Guess what, you
aren't alone. There are more than a few members of Congress that aren't
aware of it either (result of clandestine midnight voting for huge bills
they've never read). AND, there are a few other surprises lurking.

Why am I sending you this? The same reason I hope you forward this to
every single person in your address book.
People have the right to know the truth because an election is coming in
November!

We need to take down our "Do not disturb" signs. Snap out of our stupor and come out of our coma and awake from our apathy! DO SOMETHING! If nothing more, be sure to vote in November and get all your conservative friends to do the same! The Left Wingers will be out in droves to keep their status quo!

One percent transaction tax is proposed
President Obama's finance team is recommending a transaction tax. His plan is to sneak it in after the November election to keep it under the radar. This is a 1% tax on all transactions at any financial institution i. e. Banks, Credit Unions, etc... Any deposit you make, or move around within your account, i. e. transfer to, will have a 1% tax charged. If your pay check or your social Security or whatever is direct deposit, 1% tax charged. If you hand carry a check in to deposit, 1% tax charged, If you take cash in to deposit, 1% tax charged. This is from the man who promised that if you make under $250,000 per year, you will not see one penny of new tax. Keep your eyes and ears open, you will be amazed at what you learn.

Some will say aw it's just 1% are you kidding me it's a 1% tax increase across the board... remember once the tax is there they can raise it at will.