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Tax Day rhetoric aside, Americans' bills are lower

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Tax Day rhetoric aside, Americans' bills are lower

Old 04-15-10, 10:33 PM
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Tax Day rhetoric aside, Americans' bills are lower

Yes, yes. You paid lower taxes this year. But...but...but NEXT year Obama is going to get you real good. And he's coming for your guns.

Tax Day rhetoric aside, Americans' bills are lower
By STEPHEN OHLEMACHER (AP) 1 day ago

WASHINGTON You wouldn't know it by the Tax Day rhetoric, but Americans are paying lower taxes this year, even with increases passed by many states to balance their budgets. Don't expect it to last.

Congress cut individuals' federal taxes for this year by about $173 billion shortly after President Barack Obama took office, dwarfing the $28.6 billion in increases by states.

In the next few years, however, many can expect to pay more. Some future increases were enacted as part of Obama's health care overhaul. And former President George W. Bush's tax cuts expire in January. Obama and the Democrats want to renew only some of them, thus raising taxes for individuals making more than $200,000 and couples making more than $250,000.

As this year's April 15 federal deadline passes, the debate about future tax increases has Republicans in Congress and conservatives across the country portraying Democrats as tax-and-spend liberals even before any new levies are approved. The discussion also is helping frame the congressional elections this fall.

"The fact is in the past year we have had more tax cuts than almost anytime in our nation's history," said Rep. Steve Cohen, D-Tenn. "It's something that people don't realize because of the false rhetoric that is spread throughout this Congress."

Grover Norquist, president of Americans for Tax Reform, said conservatives didn't see any need to wait before protesting.

"I thought that we were going to have to wait until the tax increases started to see popular unhappiness," Norquist said at a Capitol Hill forum Wednesday. "Last year, people started reacting, the tea parties started organizing, in reaction to spending too much. They didn't wait for the tax increases to come."

The massive economic recovery package enacted last year included about $300 billion in tax cuts over 10 years. About $232 billion was in cuts for individuals, nearly all in the first two years.

The most generous was Obama's Making Work Pay credit, which gives individuals up to $400 and couples up to $800 for 2009 and 2010. The $1,000 child tax credit was expanded to more families, and the working poor can qualify for as much as $5,657 from the Earned Income Tax Credit.

There were also credits for qualified families who buy new homes or make energy improvements to existing ones, as well as tax breaks to help pay college tuition or buy new cars.

"From investing in small business to buying a home or making it energy efficient, to sending your children to college to buying a car, these tax cuts are helping families and businesses across the country," said Rep. Russ Carnahan, D-Mo.

At the same time, many states raised taxes last year because they are required by state constitutions to balance their budgets, even during a recession. In all, states increased personal income taxes by $11.4 billion, according to the National Conference of State Legislatures. They increased sales taxes by $7.2 billion and business taxes by $2 billion.

States also increased a number of other taxes, including levies on alcohol, motor vehicles and tobacco, for an additional $8 billion.

The biggest tax increase in the health care overhaul is limited to individuals making more than $200,000 and couples making more than $250,000, though other increases would hit lower income taxpayers.

For the first time, the Medicare payroll tax would be applied to investment income, beginning in 2013. A new 3.8 percent tax would be imposed on interest, dividends, capital gains and other investment income for individuals making more than $200,000 a year and couples making more than $250,000.

The bill also would increase the Medicare payroll tax by 0.9 percentage point to 2.35 percent on wages above $200,000 for individuals and $250,000 for married couples filing jointly.

"We know the tax man cometh, and over the next few years, boy, will he be coming with a vengeance," said Sen. Orrin Hatch, R-Utah.
Old 04-15-10, 11:01 PM
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Re: Tax Day rhetoric aside, Americans' bills are lower

It's a good thing my state increased taxes to offset all those federal cuts. I was getting worried!
Old 04-15-10, 11:29 PM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Admittedly, taxes matter more when people have jobs.
Old 04-15-10, 11:31 PM
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Re: Tax Day rhetoric aside, Americans' bills are lower

It will be interesting to see how long the stimulus helps with taxes compared to how long the states keep their taxes increased, and compared to how the federal taxes increase. My guess is that we can applaud this grand 1 year deal where we pay less and we made less. Oh thank you Lord Obama. You are wise and generous.
Old 04-16-10, 12:13 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Yeah, I'm not so sure many people are actually complaining about an imaginary tax increase this year. Most of the complaints I've heard are with regard to the deficit and long-term tax implications, particularly when it comes to the stimuli, bailouts, and health care. Obama doesn't appear to get that.
Old 04-16-10, 12:19 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

I paid more in taxes and my bills were higher.
Old 04-16-10, 03:26 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Give it a few years.
Old 04-16-10, 03:27 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Also, how does one read the third paragraph of this article without reaching the conclusion that this guy's an Obama schill?
Old 04-16-10, 07:18 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

I paid less this year! But I made less this year
Old 04-16-10, 07:38 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Originally Posted by Thor Simpson View Post
Yeah, I'm not so sure many people are actually complaining about an imaginary tax increase this year. Most of the complaints I've heard are with regard to the deficit and long-term tax implications, particularly when it comes to the stimuli, bailouts, and health care. Obama doesn't appear to get that.
Thank you.
Old 04-16-10, 07:43 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

I think he may get it but he knows that people's attention span is pretty short so if he can point out the current lower taxes, it is politically good for him.
Old 04-16-10, 07:50 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

I read an interesting fact yesterday. In 1913, the first tax form and instructions totaled 4 pages. Today's is 176 pages. The tax code has 3.7M words. Great for lawyers and accountants.
Old 04-16-10, 07:53 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

I remember when some of the flat tax proponents were saying it would only take a post card to file your taxes. Well, that post card suddenly grew into a couple of pages.
Old 04-16-10, 07:58 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Originally Posted by Red Dog View Post
I read an interesting fact yesterday. In 1913, the first tax form and instructions totaled 4 pages. Today's is 176 pages. The tax code has 3.7M words. Great for lawyers and accountants.
As an accountant, most of the time I still don't get the tax code. Luckily I'm not a tax accountant.
Old 04-16-10, 08:13 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Old 04-16-10, 08:14 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Originally Posted by Thor Simpson View Post
Yeah, I'm not so sure many people are actually complaining about an imaginary tax increase this year. Most of the complaints I've heard are with regard to the deficit and long-term tax implications, particularly when it comes to the stimuli, bailouts, and health care. Obama doesn't appear to get that.
As evidenced by the nationwide tea parties yesterday on tax day.

B...b..but wait until next year.

And c'mon. Are we still talking about the stimulus? The same stimulus any legislature in their right mind would have enacted?
Old 04-16-10, 08:20 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Originally Posted by CRM114 View Post
As evidenced by the nationwide tea parties yesterday on tax day.

B...b..but wait until next year.

And c'mon. Are we still talking about the stimulus? The same stimulus any legislature in their right mind would have enacted?
Do you believe taxes will not go up?
Old 04-16-10, 08:21 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Originally Posted by spainlinx0 View Post
As an accountant, most of the time I still don't get the tax code. Luckily I'm not a tax accountant.
Anyone know what percentage of IRS employees do their own taxes?
Anyone know what percentage of Congressmen/Senators do their own taxes?
Old 04-16-10, 08:21 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Originally Posted by Red Dog View Post
I read an interesting fact yesterday. In 1913, the first tax form and instructions totaled 4 pages. Today's is 176 pages. The tax code has 3.7M words. Great for lawyers and accountants.
This is the problem with our tax code. We try to "accomplish" too much with it.
Old 04-16-10, 08:22 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Federal taxes? Sure, they'll definitely go up - for those making over a quarter of a million a year.
Old 04-16-10, 08:23 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

That article says taxes will go up, what's with the stuttering?
Old 04-16-10, 08:27 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Originally Posted by CRM114 View Post
Federal taxes? Sure, they'll definitely go up - for those making over a quarter of a million a year.
And for many making under that although Obama won't call that a 'tax' increase.
Old 04-16-10, 08:29 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Originally Posted by CRM114 View Post
any legislature in their right mind
Such a thing doesn't exist.
Old 04-16-10, 08:44 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Originally Posted by Red Dog View Post
And for many making under that although Obama won't call that a 'tax' increase.
Old 04-16-10, 08:45 AM
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Re: Tax Day rhetoric aside, Americans' bills are lower

Originally Posted by Red Dog View Post
And for many making under that although Obama won't call that a 'tax' increase.
For example??

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