Experation of tax breaks------

[p-towne]

Major Individual Income Tax Benefits Expiring 12/31/2011:

• Personal tax credits applied against income tax no longer apply


• Higher alternative minimum tax exemptions revert back to extraordinarily-low thresholds


• $250 school teacher expense deduction ends


• Mortgage insurance premium deduction expires


• State and local sales tax deductions expire


• Tuition and related fees deduction end


• IRA to charity tax-free transfers stop


• 2% Social Security tax reduction ends


Major Individual Income Tax Benefits Expiring 12/31/2012:

• Marriage penalty equalization ends


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


• Capital gains low tax rates expires


• Removal of itemized deduction phase out for higher income Americans


• Removal of personal exemption phase out for higher income Americans


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


• Child credit reduces from $1,000 per child to $500 per child


• Low 10% tax bracket for low income Americans is eliminated


• Lower income tax rates and smaller brackets expires


• Refundable adoption credit and reduced deduction


• American Opportunity college education credit expires


• Major reduction in earned income credits and refunds


• Income tax exemption for debt forgiven on home foreclosures and repossessions


• Deduction for student loan interest ends


• Education IRA limit drops from $2,000 to $500


Bob Jennings is a CPA, EA and CFP and author of "Understanding Social Security & Medicare


This should reduce the 47%'s What will Congress do>>>>>>????? I know LOL

[Clayton_Wetter]

Major Individual Income Tax Benefits Expiring 12/31/2011:

• Personal tax credits applied against income tax no longer apply


• Higher alternative minimum tax exemptions revert back to extraordinarily-low thresholds


• $250 school teacher expense deduction ends


• Mortgage insurance premium deduction expires


• State and local sales tax deductions expire


• Tuition and related fees deduction end


• IRA to charity tax-free transfers stop


• 2% Social Security tax reduction ends


Major Individual Income Tax Benefits Expiring 12/31/2012:

• Marriage penalty equalization ends


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


• Capital gains low tax rates expires


• Removal of itemized deduction phase out for higher income Americans


• Removal of personal exemption phase out for higher income Americans


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


• Child credit reduces from $1,000 per child to $500 per child


• Low 10% tax bracket for low income Americans is eliminated


• Lower income tax rates and smaller brackets expires


• Refundable adoption credit and reduced deduction


• American Opportunity college education credit expires


• Major reduction in earned income credits and refunds


• Income tax exemption for debt forgiven on home foreclosures and repossessions


• Deduction for student loan interest ends


• Education IRA limit drops from $2,000 to $500


Bob Jennings is a CPA, EA and CFP and author of "Understanding Social Security & Medicare


This should reduce the 47%'s What will Congress do>>>>>>????? I know LOL

All of this won't hit the fan until after the elections. State controlled media will ignore it too. Super timing once again by the Admin!!

And they want to raise taxes now also? Hmmm? Sounds like the 47% will be reduced, or will a new volume arrive to make it even bigger. Get it over 50% and mathmatically
the welfare state will be a true reality. Mission accomplished!

[wallcrusher]

......seen this yet?......warning! explicit..........http://www.youtube.com/watch?v=tRmZ9zH-mYM

[C4Vette]

“If you a make under $250,000, your taxes won’t go up. Your taxes won’t go up as much as one thin dime”.

~Barack Obama~

[p-towne]

“If you a make under $250,000, your taxes won’t go up. Your taxes won’t go up as much as one thin dime”.

~Barack Obama~

In your opinion should the congress let the breaks expire or renew them???

[wallcrusher]

.....Let them expire......we all have to share in the pain!.....right?
Maybe we can get more of the country involved with, who goes to Washington as well as local elections.......Here, in Ky, only 25% of the public voted and, most only looked to see DEM or REP........It's just stupid.
.......Maybe I should sell it all and, join some of my friends in Costa-Rica!

[C4Vette]

In your opinion should the congress let the breaks expire or renew them???

Flat tax for everybody across the board.

Zero out the corporate tax.

[p-towne]

Flat tax for everybody across the board.

Zero out the corporate tax.

Really don't answer the Question--Maybe Wallcrusher is right--Let them all expire and inflict some pain to get peoples attention???

[TS FAN]

Yep let them (tax cuts) expire and destroy the middle class even more. I am not always happy with the REP but I am consistently disgusted with the economic challenged Dems. We keep this current clown act in power and we will simply be Europe. That Europe program is really working well. Wait till this clown's health care plan goes into effect. If it doesn't get repealed it will add an additional 10 trillion to the deficit over the next 10 years. That is not counting all the other deficit. I am saying 10 trillion over and above what it would be if we did nothing.

[wallcrusher]

I will be STUNNED if it gets turned around!
You better get to know your neighbor and re-evaluate your friends.
Get your business tended to....if you know what I mean!

[p-towne]

Last year congress used these tax breaks as a bargaining chip to renew the Bush tax cuts---I would expect that they will use these breaks for bargaining again. Anyone who thinks congress cares about what is left of the middle class in is naive.

Interesting note. On this board there was a lot to say about the 47%. As information came out as to why there was a 47% there has been little comment on this thread......??? Some now realize getting rid of these breaks to make the 47% to pay income taxes may also increase the taxes of those who are not of the 47%???????

There has been some deflecting--but few opinions on wheather they should be allowed to expire......???

I say they should be extended even tho they help me very little--I sent my check in to the IRS this year.....

[kidrock]

Yep let them (tax cuts) expire and destroy the middle class even more. I am not always happy with the REP but I am consistently disgusted with the economic challenged Dems. We keep this current clown act in power and we will simply be Europe. That Europe program is really working well. Wait till this clown's health care plan goes into effect. If it doesn't get repealed it will add an additional 10 trillion to the deficit over the next 10 years. That is not counting all the other deficit. I am saying 10 trillion over and above what it would be if we did nothing.

I'm more disgusted with them all. They are all playing a part in not getting this country turned around. All the way from Washington to Congress. I thought we were better than that has a country.

[p-towne]

I'm more disgusted with them all. They are all playing a part in not getting this country turned around. All the way from Washington to Congress. I thought we were better than that has a country.

What about the tax breaks--Yes or no??

[Clayton_Wetter]

I'm more disgusted with them all. They are all playing a part in not getting this country turned around. All the way from Washington to Congress. I thought we were better than that has a country.

Reforms from the newly elected tea party members can not have any weight until next years elections when they could become a majority of the Rep party.

The senate majority leader Reid will not let anything pass in the senate and then they keep telling us that congress is the problem. One major lie.

[kidrock]

Reforms from the newly elected tea party members can not have any weight until next years elections when they could become a majority of the Rep party.

The senate majority leader Reid will not let anything pass in the senate and then they keep telling us that congress is the problem. One major lie.

Again to sit here and just blame one over the other is just not going to cut it anymore. They both are the problem. I have no problem saying the dems sure have done a fine job of messing things up but, for anyone to say the Republicans are not part of problem is just plain crazy. This congress is as dis functional as they come.