cSc61 Loc: Austin

Well, the top tax rate went from 35% to 39.6% back in 2013 not 2016. That's pretty easy to Google actually ... but ok ... believe what you will.

eagleye13 Loc: Fl

Thanks cS, I stand corrected, many details are off.
Taxes are going up though.

BBZ Loc: Long Island, NY

Although the tax increases listed in this item did come to pass, they took effect at the beginning of 2013 (not 2014 or 2015 or 2016), were completely unrelated to the Affordable Care Act, applied only to very high-income earners, and have been overstated in this list. These tax hikes were enacted through the passage of the American Taxpayer Relief Act of 2012, a compromise bill pushed through Congress as a partial resolution to the then-looming "fiscal cliff" crisis. Under the provisions of that bill:

• The top marginal federal income tax rate increased from 35% to 39.6%

• The top marginal tax rate on long-term capital gains increased from 15% to 20% (not 28%).

• The top marginal tax rate on dividends increased from 15% to 20% (not 39.6%).

• Estate taxes increased from 35% of an estate's value in excess of $5,120,000 (in 2012) to 40% of the value above $5,340,000 (in 2014).

It's important to note that the increase in marginal tax rates for federal income tax, capital gains, and dividends affected only those persons with taxable incomes over a $400,000 (single)/$450,000 (married) threshold. It's also important to note that the previous estate tax rate of 0% was a special rule that applied only to the estates of persons who died in 2010 (the estate tax has since been increased to 35% for those who died in 2011 and 40% for those who died in 2012 and thereafter), and even today an




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estate tax filing is required only for estates with gross assets in excess of $5 million (indexed for inflation).

The tax rate for dividends has also not increased from 15% to 39.6%: it appears someone has confused qualified dividends with nonqualified dividends. Qualified dividend earnings are tax-free for those in the 10% and 15% brackets, taxed at a 15% rate for those in the 25% up to 35% tax brackets, and taxed at a 20% rate for higher income taxpayers whose income surpasses the 35% tax bracket. Nonqualified dividends only are taxed as ordinary income. (Theoretically, a taxpayer with nonqualified dividend earnings who reached the top marginal federal income tax rate would be paying 39.6% tax on those earnings, but that's a condition that only applies to persons earning over several hundred thousand dollars per year.)

The list's reference to an "income payroll tax" increase from 37.4% to 52.2% is something of a mystery, as this is not a standard term for any type of government income- or payroll-related tax. The only adjustment to payroll-related taxes resulting from the American Taxpayer Relief Act of 2012 was that a two-year old cut to payroll taxes which had previously reduced the rate from 6.2% to 4.2% for 2011 and 2012 was not extended.

Additionally, this item's coda claiming that "not one Republican voted to do these taxes" is completely false. The American Taxpayer Relief Act of 2012 passed Congress by a margin of 89-8 in the Senate with 40 Republican votes in favor, and a margin of 257-167 in the House with 85 Republican votes in favor. (The original claim undoubtedly refers to the House or Representatives' voting in 2010 to pass the health-care reform bill without a single Republican vote in favor, but that association is moot because, as noted, the tax increases listed above had nothing to do with that bill.)

Sicilianthing

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It's called getting throttled with Encroachments...

But the Masses are on the couch Scratching their Balls !

Theo Loc: Within 1000 miles of Tampa, Florida

???

cesspool jones Loc: atlanta

These taxes are socialism in the making. Get rid of that umbilical cord that runs from your ass to yer mouth

Sicilianthing

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Trump will Destroy it all .... Fuck Obamacare !

EL Loc: Massachusetts

Taxes ALWAYS go up. No budgeting by the Federal Government. Just spend, spend, spend. Why try to save anywhere? Just give it away to other countries, take BIG vacations,....do what they want. It's easy to just raise taxes on us. Pretty soon they'll be trying to take more than we make.

Sicilianthing

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Just send this to everyone in your strings so they start waking up.
These are continuing encroachments...

If one does the research and goes back 50 years through now... You can see the ramping up every year more and more...

Someone once posted it here... .it was awesome but I can't find it...

Blade_Runner Loc: DARK SIDE OF THE MOON

Obamacare has not been repealed, 3jerk, the Repubs haven'e done a damned thing to stop it. And, because you haven't a freaking clue what O-care is, here's a hint: IT IS PROGRESSIVISM at work. It began in 2010 and will PROGRESSIVELY be phased in all the way to 2018.


A 3.8% surtax on "investment income" when your adjusted gross income is more than $200,000 ($250,000 for joint-filers). What is "investment income?" Dividends, interest, rent, capital gains, annuities, house sales, partnerships, etc. Taxes on dividends will rise from 15% to 18.8%--if Congress extends the Bush tax cuts. If Congress does not extend the Bush tax cuts, taxes on dividends will rise from 15% to a shocking 43.8%. (WSJ)

A 0.9% surtax on Medicare taxes for those making $200,000 or more ($250,000 joint). You already pay Medicare tax of 1.45%, and your employer pays another 1.45% for you (unless you're self-employed, in which case you pay the whole 2.9% yourself). Next year, your Medicare bill will be 2.35%. (WSJ)

Flexible Spending Account contributions will be capped at $2,500. Currently, there is no tax-related limit on how much you can set aside pre-tax to pay for medical expenses. Next year, there will be. If you have been socking away, say, $10,000 in your FSA to pay medical bills, you'll have to cut that to $2,500. (ATR.org)

The itemized-deduction hurdle for medical expenses is going up to 10% of adjusted gross income. Right now, any medical expenses over 7.5% of AGI are deductible. Next year, that hurdle will be 10%. (ATR.org)

The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles. (ATR.org)

A tax of 10% on indoor tanning services. This has been in place for two years, since the summer of 2010. (ATR.org)

A 40% tax on "Cadillac Health Care Plans" starting in 2018.Those whose employers pay for all or most of comprehensive healthcare plans (costing $10,200 for an individual or $27,500 for families) will have to pay a 40% tax on the amount their employer pays. The 2018 start date is said to have been a gift to unions, which often have comprehensive plans. (ATR.org)

A"Medicine Cabinet Tax" that eliminates the ability to pay for over-the-counter medicines from a pre-tax Flexible Spending Account. This started in January 2011. (ATR.org)

A "penalty" tax for those who don't buy health insurance. This will phase in from 2014-2016. It will range from $695 per person to about $4,700 per person, depending on your income. (More details here.)

A tax on medical devices costing more than $100. Starting in 2013, medical device manufacturers will have to pay a 2.3% excise tax on medical equipment. This is expected to raise the cost of medical procedures.

Sicilianthing

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I Can't Phucking Stand this JollyJackOffJerk... He just doesn't get it ... !