11 New Tax Hikes Coming In 2011

[MNeagle]

11 New Tax Hikes Coming In 2011


Unless the U.S. Congress acts, there is going to be a massive wave of tax increases in 2011. In fact, some are already calling 2011 the year of the tax increase. A whole host of tax cuts that Congress established between 2001 and 2003 are set to expire in January unless Congress chooses to renew them. But with Democrats firmly in control of both houses that appears to be extremely unlikely.

These tax increases are going to affect every single American (at least those who actually pay taxes).

But this will be just the first wave of tax increases. Another huge slate of tax increases passed in the health care reform law is scheduled to go into effect by 2019. So Americans that are already infuriated by our tax system are only going to become more frustrated in the years ahead. The reality is that the U.S. government will soon be digging much deeper into our wallets.




Click here to see the coming tax hikes > (http://www.businessinsider.com/2011-year-of-the-tax-increase-2010-7#ixzz0ubXMSw9D)

[gunDriller]

somehow the expiration of the Bush tax cuts doesn't bother me - other than the fact that it's insane to raise taxes on working people during a recession/depression.

it's the altogether new taxes in Obama-care that kick in in 2012 (1099 $600 reporting law) & 2016 (the $695 minimum for those of use who choose not to purchase health insurance) that i got a bigger problem with.

what does this pic at Biz Insider have to do with taxes ?

http://static.businessinsider.com/image/4c4986b67f8b9a3209bd0100-590-/the-35-percent-tax-bracket-is-going-to-increase-to-396-percent.jpg

[1970 silver art]

The expiration of the Bush tax cuts also do not bother me because I have been expecting this happen anyway. The Democrats are not going to renew the tax cuts and that is pretty much a foregone conclusion as far as I am concerned. I do not like higher tax cuts but there is nothing that can be done about it IMO. The Federal gov't is going to do what it wants anyway. It does not listen to the citizens anyway. Even when the 2011 tax increases bring in additional tax revenue, it will not matter because the Federal gov't will ALWAYS spend much more than it is taking in tax revenues.