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New tax takes effect 1st of year

Discussion in 'Politics, Elections & Legislation' started by 1oldtimer, Nov 7, 2012.

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  1. 1oldtimer

    1oldtimer TS Member

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    Just announced on TV this morning. Obama slipped a new tax on us starting the 1st of the year. Nobody seemed to know the details at this time. The evening news is supposed to have details. One thing is certain your paycheck will shrink.

    Clyde Doll,an Ohioan who voted for the AMERICAN
     
  2. 1oldtimer

    1oldtimer TS Member

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  3. rbmtrap

    rbmtrap Member

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    One candidate was born in Mexico, the other in Hawaii - so which one was it you voted for?
     
  4. Johnny

    Johnny Well-Known Member

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    Clyde, keep us informed on this new mystery tax that King Obama has decreed.
     
  5. PRODIGY

    PRODIGY TS Member

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    Vehicle carbon tax. Going to start emissions testing all vehicles.
     
  6. AveragEd

    AveragEd Well-Known Member

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    My son sells a very expensive piece of dental equipment that makes crowns tinted to match existing teeth right in the dentist's office in minutes so the patient leaves with his tooth/teeth restored in one visit and the dentist pays no outside lab fees. Medical professionals currently can write off up to $135,000 in equipment purchases the first year and pay no state sales tax on that equipment. Obama wants to lower that write-off amount to $25,000 and require the payment of state sales tax plus a 2% federal sales tax on equipment.

    How does any of that help the middle class?

    Ed
     
  7. Setterman

    Setterman Well-Known Member

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    musketman, it's obvious you've never started a business larger than a newpaper stand.

    It's easy, anyone can do it. Give it a try.
     
  8. Bob Hawkes

    Bob Hawkes Well-Known Member

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    Musketman, there are more middle class business owners than you realize I think.

    Ed, I am a recipient of the service of that machine which doesn't come cheaply but certainly makes for a better process. Maybe the Musketshooter doesn't realize the costs are passed on to the consumer as in any business or they won't survive.
     
  9. dhip

    dhip Active Member

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    OK, because of this thread I watched the evening news.No mention of a new tax.However,a tax cut runs out at the end of the year.It is one Obama has asked Congress to renew.You guessed it,Congress refuses to renew this tax cut,which then allows the previous taxes to again be taken.Hmmmmmm,seems the real problem is congress on this one,not the president.The only thing the president asked,if I'm correct, as far as the tax cut,is they that make over $200,000.000 pay at least the same individual income tax that a poor retired fella like me pays.That would mean all those congressman would have to pay their fair share.Now we really know why they won't renew it.


    Doug H.
     
  10. grntitan

    grntitan Well-Known Member

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    So because you watched the news 1 night and didn't see the story it doesn't exist? Wow, very noble attempt at the truth I must say.

    Pour another glass of the Kool-aide.
     
  11. Rick Barker

    Rick Barker Well-Known Member

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    Matter of words.

    No new taxes, but increase above current tax rates. (Commonly referred to as Bush tax cuts, now renamed Obama tax cuts.

    Return to correct SS tax from payroll after 1st. That was not a cut, but it was the tax cut Obama kept talking about.

    Tax increases not just at the Federal level. Local and State tax proposals across the country were passed Tuesday (mostly for teachers uni.....I mean kids education.

    Surprised to see part of California tax programs will be some new additional taxes on corporations outside the state. Can anyone clarify?
     
  12. pretzel

    pretzel TS Member

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    you can bet that if its a tax increase then obama will blame someone else. if its someone else's tax cut , he will extend it and take credit for it. He is just that kind of guy. Nothing bad is ever his fault.
     
  13. Catpower

    Catpower Molon Labe TS Supporters

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    Everybody wants to close the loopholes to help get more taxes so the givermnet can spend more money but they would be shooting themselves in the foot for the most part in 06 we had a banner year and needed some tax deductions as we had already paid in close to $110,000, so I bought a hi def CNC plasma cutter two new tractors, a couple new trucks, and other stuff, the next year was even better so I bought a CNC laser table and other sheet metal equipment

    By using the loopholes we employed more people the next year and employed a bunch of people building the equipment we had bought

    The loopholes were created for a reason and not just to make the rich righer
     
  14. Rick Barker

    Rick Barker Well-Known Member

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    "Loopholes" (exemptions and deductions) could be eliminated, if the resulting tax rates were lowered and I mean lowered big time. Since most people pay and average 15% on taxable income, after deductions, why not lower the tax rate to 15% flat tax for everybody, including businesses?


    Of course there would be major layoffs and job losses for IRS and tax preparers.

    The most damning aspect of our tax code is it's history of be used as a social engineering tool by government. Enticing people to do something they would not do.
     
  15. 870

    870 Well-Known Member

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    Depends on what you think "slipped a new tax on us" means? I don't think there is anything recent that you are talking about, although there are many tax changes kicking in on 1/1/2013, but they aren't something that just popped up recently.

    Take Avg Ed's post about the 179 deduction, currently at $139,000 (not $135,000)per year, down from $500,000 last year, and scheduled to drop to $25,000 next year. All of that is true, but Obama had nothing to do with it. Actually, it would be at $25,000 right now if the higher levels weren't put in place in 2010. There was a temporary huge increase in the limit several years ago to, in theory, spur the economy, and that spike had expiration dates. All that is happening is that a couple layers of temporary increases in the limit, each having expiration dates are coming due.

    I'd be surprised if it actually reverts to $25,000 though. Some action will be taken to extend the increased limits in some way. Certainly won't be $500,000 again, but I'd guess more than $25,000. Just my feeling on the matter.
     
  16. chuckie68

    chuckie68 Active Member

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    Hey rbmtrap,

    Get the facts straight------

    George Romney was born in Mexico

    Willard "Mitt" Romney was born at Henry Ford Hospital in Detroit.

    In case you're interested that hospital is at the corner of West Grand Boulevard and Cass Avenue, in the New Center area of good old Detroit.

    Chuck
     
  17. Johnny

    Johnny Well-Known Member

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    Clyde, what details did you find out about the new secret tax that the King "slipped" in on us?
     
  18. dhip

    dhip Active Member

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    grntitan

    I know from past posts sometimes you pull your sarcastic trigger early. The post said the NEW tax would be on the evening news.All I did was mention,I watched the evening news,and the only tax mentioned was that of the tax cuts that would expire.You must be a very lonesome,angry individual,I've never intentionaly crossed you,or belittled any observation or opinion you may have had.I might add,you seem to be a natural Flamer,tsk,tsk.
    I'm one who once in a while mentions something that I've followed up on,and here you go a flaming.

    Have a great day,,

    Doug H.
     
  19. ntgr8

    ntgr8 Member

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    dhip - a few to many zeros
     
  20. dhip

    dhip Active Member

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    ntgr8


    ??????????????????????????????????????????????????????????????????????????????

    Is that better

    Doug H.
     
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