While putting tax records together for
2013, I thought I would pass on the thirteen tax hikes of that year –
a year when unemployment still remained above acceptable percentage
rates – and worse than the Obama administration reported …
Payroll Tax: from 4.2% to 6.2%
Payroll Tax [earnings more than
$250,000]: Rose 0.9% on top of the previous rate increase, the top
marginal rate rose from 35% to 39.6%.
Personal Exemptions Change:
Couples earning more than $300,000 were phased out for exemptions.
The same went for itemized deductions.
Capital Gains & Dividends Tax:
increased from 15%to 20%.
Business Investment Tax:
increased, no solid figures.
Obamacare Surtax: Despite the
Supreme Court ruling that it was an unconstitutional tax, it began in
2013 at the rate of 3.8% for those who earn more than $250,000.
Expect that to raise again in 2014, unless enough congressional
members get kicked out and Obamacare is repealed – by
legislation or Supreme Court decision, the latter not likely.
Medical Device Tax: medical
device manufacturers now pay 2.3% excise tax on their products, which
is one reason why medical care has become more unaffordable.
Medical Expense Deductions: reduced.
Corporate Deduction for Medicare
Part D subsidy expenses – eliminated.
Corporate Health Benefit Deductions:
limited further.
JFK and other presidents knew that
keeping taxes as low as possible is good for everyone – the economy
wins. If congressional term limits is enacted and the congressional
“retirement” program is eradicated, this will help in the push to
limit the federal government. By replacing the income tax and
removing the fangs of the IRS vampire department, this will be a
major boost to the economy, for citizens, as well as the government.
Along with the 2014 elections, people
are wondering if this is the year amnesty
will take place – by Congress and not by executive order.
Small businesses will be having a rough
time this year as the full extent of Obamacare is realized and
enacted; compounded by increased taxation and new taxes. Paperwork
and processing alone is costly – both for the public sector and the
IRS.
I guess Rep. Pelosi was right
when she [stupidly] said that the bill should be passed and then readit. I doubt many in Congress really know just exactly is in the
overly long bill.
SEE: Heritage
Foundation with same subject.
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