Saturday, January 31, 2015
Employers Who Have Cut Hours Due To Obamacare
Friday, January 30, 2015
The Science Is Settled
Liberal Hate
Monday, January 26, 2015
Fruit Loop In Chief
Friday, January 23, 2015
Hillary Marx
For God's Sake America, Wake Up Already....
We were warned by the Muslim/
So here we are, six years later, dealing with extreme Liberalism which in my mind is nothing more than a sophisticated LACK of common sense and integrity. Progressiveism,
The current government lies to the American people on a daily basis, using their propaganda arm known as the main stream media. From dreamed up ,fake un-employment rates to a disaster known as the American economy, to our southern border being sealed, to allowing Ebola infected people to enter the US, to arming Muslim extremists to supposedly fight against other Muslim extremists when we all know that the ultimate goal in their minds is to kill America and Israel, to turning America into a third world country. But that is okay in their minds as long as they can hold onto absolute power.
Our children are being indoctrinated and de-moralized at an alarming rate, our Founding is not being properly taught in schools any more, Christianity has become a dirty word in the social circles and the schools. Everything that once made America great has either been destroyed or banned.
For those of us who felt that knot in the pit of our stomach back in 2008, it is our time to stand and fight in the name of Jesus Christ and all that is good. We have been called to be the chosen generation to protect America from the evil that is consuming us from with in. Will you stand and fight for our beloved country? Or just bury your head back into the sand and wait for your government hand out? God given Freedom comes from your heart, not your government.
As always fellow Patriots, stay safe and be aware of your surroundings.
Tuesday, January 20, 2015
Obama Proposes New Taxes Yet Again In His SOTU Speech
This is Obama's seventh State Of The Union Address. As in the previous six SOTU speeches, he will propose tax increases.
Here are the major tax increases in the President's upcoming budget:
Via Americans for Tax Reform http://www.atr.org/obama-calls-320-billion-new-taxes
1. Capital Gains Rate Hike: raises capital gains and dividends tax rate from 23.8% today (20% plus 3.8% Obamacare surtax) to 28% (including the Obamacare surtax).
The capital gains tax has not been that high since President Clinton signed a rate cut in 1997.
It would represent a massive hike in the rate since Obama took office. When he was sworn in, the rate was 15%. He proposes to nearly double it to 28% in the twilight of his administration.
2. Stealth increase in the death tax rate from 40% to nearly 60%.
Under current law, when you inherit an asset your basis in the asset is the higher of the fair market value at the time of death or the decedent's original basis. Almost always, the fair market value is higher.
Under the Obama proposal, when you inherit an asset your basis will simply be the decedent's original basis.
Example: Dad buys a house for $10,000. He dies and leaves it to you. The fair market value on the date of death is $100,000. You sell it for $120,000. Under current law, you have a capital gain of $20,000 (sales price of $120,000 less step up in basis of $100,000). Under the Obama plan, you have a capital gain of $110,000 (sales price of $120,000 less original basis of $10,000).
There are exemptions for most households, but this misses the larger point: the whole reason we have step up in basis is because we have a death tax. If you are going to hold an estate liable for tax, you can't then hold the estate liable for tax again when the inheritor sells it. This adds yet another redundant layer of tax on savings and investment. It's a huge tax hike on family farms and small businesses.
It's like a second death tax (the first one has a top tax rate of 40% and a standard deduction of $5.3 million/$10.6 million for surviving spouses). Conceivably, an accumulated capital gain could face a 40% death tax levy and then a 28% capital gains tax on what is left. Do the math, and that's an integrated federal tax of just under 60% on inherited capital gains.
3. "Bank Tax"
A new 7 basis point (0.07%) tax on the liabilities (not assets) of the 100 or so U.S. firms with assets over $50 billion. This will obviously be passed along to these firms' customers and employees, since businesses don't pay taxes--people do.
4. Tax Increase on Families Saving for College
Under current law, 529 plans work like Roth IRAs: you put money in, and the money grows tax-free for college. Distributions are tax-free provided they are to pay for college.
Under the Obama plan, earnings growth in a 529 plan would no longer be tax-free. Instead, earnings would face taxation upon withdrawal, even if the withdrawal is to pay for college. This was the law prior to 2001.
5. Tax Increases in Retirement Plans and a New Employer Mandate
There would be a new cap in the amount one could accumulate in the aggregate in all IRA and 401(k) type accounts of $3.4 million. After that, you can't save any more new dollars. The idea is that this is enough to secure a $210,000 annual distribution in retirement, which the government apparently deems "enough" for a retiree.
In addition, all employers with more than 10 workers and who do not have a 401(k) type plan would be mandated to set up payroll deduction Traditional IRAs for their employees. Also, part-time workers would have to be covered under retirement plans if they have been working someplace long enough. These two things are a new kind of employer mandate from Obama.
Read more: http://www.atr.org/obama-calls-320-billion-new-taxes#ixzz3PPYb8SuB
Follow us: @taxreformer on Twitter