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More negative tax news for U.S. citizens/investors.
“The current 15% tax rate on dividends will expire on December 31 this year, unless US lawmakers intervene. If no action is taken, dividend tax rates for all income levels will increase, with the maximum tax rate spiking to 43.4% – a 189% increase.”
The full article can be seen at:
[ http://www.tax-news.com/news/US_Pensioners_To_Be_Hit_By_YearEnd_Dividend_Tax_Hike____56379.html ]
Sorry but I know this is important or many of you …
Scott
[quote=”Scott”] “The current 15% tax rate on dividends will expire on December 31 this year, unless US lawmakers intervene. If no action is taken, dividend tax rates for all income levels will increase, with the maximum tax rate spiking to 43.4% – a 189% increase.”
Sorry but I know this is important or many of you …Scott
[/quote]
Why single out retirees in Costa Rica as if we will be the only ones to see an increase in our taxes? These increases will affect all U.S. citizens.Having researched U.S. economic history for a number of years I can tell you that, collectively, we pay the lowest taxes since 1932. The U.S. economy is failing because those we elect to congress are economic illiterates.
I, for one, am happy to finally see the possibility of taxes increasing enough to pay for what the majority of Americans want.
[quote=”Scott”]More negative tax news for U.S. citizens/investors.
“The current 15% tax rate on dividends will expire on December 31 this year, unless US lawmakers intervene. If no action is taken, dividend tax rates for all income levels will increase, with the maximum tax rate spiking to 43.4% – a 189% increase.”
That is very, very scary. I don’t know who really thinks that dividends and capital gains rate increases will only affect the rich. Besides the retirees living on dividends, I am single, very middle class, and have quite a few dividend paying stocks/mutual funds that are reinvested (I don’t need the income at this age). I, as well as many others that have these investments, will simply sell them and have to look for something else. Who’s going to take that kind of risk in the stock market for little payoff by paying it back in taxes? Can’t buy CDs or money market accounts…now no dividend paying stocks. What’s left? I guess it’s a nonissue in a Roth IRA…until, of course, they decide to change the rules on that, too! Middle class and I’m probably paying close to 40% of my income in taxes, whether it be income tax, property tax or sales tax. They raise the rates on those particular investments and watch how many more will no longer be able to live on what they make.
[/quote]
I, for one, am happy to finally see the possibility of taxes increasing enough to pay for what the [b]majority of Americans want[/b][u][/u].[/quote]And what might that be?
[quote=”loraine”] That is very, very scary. I don’t know who really thinks that dividends and capital gains rate increases will only affect the rich. Besides the retirees living on dividends, I am single, very middle class, and have quite a few dividend paying stocks/mutual funds that are reinvested (I don’t need the income at this age). I, as well as many others that have these investments, will simply sell them and have to look for something else. Who’s going to take that kind of risk in the stock market for little payoff by paying it back in taxes? Can’t buy CDs or money market accounts…now no dividend paying stocks. What’s left? I guess it’s a nonissue in a Roth IRA…until, of course, they decide to change the rules on that, too! Middle class and I’m probably paying close to 40% of my income in taxes, whether it be income tax, property tax or sales tax. They raise the rates on those particular investments and watch how many more will no longer be able to live on what they make.[/quote]
Unless your income is above $250,000 you will not pay more than a few dollars. If you are making more than $250,000, my heart bleeds for your losses.
These scare tactics over a minimal increase for the 98% of us is shameful.[url=http://galesburgplanet.com/posts/16606]That means that two-thirds of personal dividends from corporate stock are not subject to personal income tax.[/url]
[url=http://galesburgplanet.com/posts/15652]Comparing Obama vs. GOP approaches to extending Bush Tax Cuts[/url]
[url=http://www.jsonline.com/news/opinion/obamas-tax-proposal-reasonable-aims-at-fairness-cg62rv9-162655816.html]Obama’s tax proposal reasonable, aims at fairness[/url]
[quote=”bogino”]
[/quote]
I, for one, am happy to finally see the possibility of taxes increasing enough to pay for what the [b]majority of Americans want[/b][u][/u].[/quote]And what might that be?[/quote]
Fairness in our tax system.
They want all of it and they won’t stop. The method is one of incremental incursions into our personal integrity, our wealth, our rights and our sense of our own personal value until one day (soon) there is no resistance that they can’t easily knock down with minimal state force. They are doing it everywhere.
And any of you who still think taxes of these sorts are beneficial to the majority of us, try and remember what they do with this wealth. They don’t build hospitals, roads and bridges. They don’t use it to care for the elderly and sick. They don’t use it to educate our young. In the US, most of it goes to the banks to pay interest on money created by the banks out of thin air, “lent” to the people. Most of the remainder goes to maintain an imperialistic arm of state force to ensure an obedient world population.
If you pay income tax, you are part of this evil. It doesn’t matter whether you do so at the point of a gun or out of a misguided sense of social responsibility or out of ignorance. As individuals, each of us must decide for ourselves where, when, how and even IF we will stand up against this tyranny.
[quote=”waggoner41″][quote=”bogino”]
[/quote]
I, for one, am happy to finally see the possibility of taxes increasing enough to pay for what the [b]majority of Americans want[/b][u][/u].[/quote]And what might that be?[/quote]
Fairness in our tax system.[/quote]
I know this is not a political forum, but I couldn’t resist replying. Fairness? 50% of Americans pay NO federal tax. How is that fair? Why not a flat tax so EVERYONE gets to pay their ‘fair’ share? If these gains get taxed as ordinary income, that’ll go from 15% up to 25% and higher. That’s more than a few dollars. And what are the stats on increasing the taxes on every millionaire–doesn’t it come out to an extra $85 billion in tax revenue or something like that–enough for 8 days of what we spend.
If you personally were in a deficit position, would you charge up your credit cards to continue to live as you desire or would you cut back on your spending to make ends meet?
I live in NYS and we are taxed to death (and in one of the highest property taxed counties in the US). When one of two pay no federal tax, there is something wrong there.
The only people who think this tax structure is fair are those who are paying nothing…50%.
paying taxes is the same as throwing money out the window weather it be in costa rica or especially the United States of America.
here is another example of one of thousands of where your hard earned tax monies are spent
http://dailycaller.com/2012/07/19/usda-partnering-with-mexico-to-boost-food-stamp-participation/
my parents who are both retired have been hard working all thier lives and proud. they live close to the edge since prices are going up on everything.
I told them just go and apply for food stamps.. they might as well because at least they paid into the system all their lives they might as well leverage that since the government is outreaching to people to come and join. it has nothing to do with pride just do it
you see the problem is 2 fold
1.) politicians are [b]INCOMPETENT[/b], simple and this goes to the president down to it’s subordinates.
it’s easy to spend your money. it’s not theirs
they provide no real value 98% of the solutions that they come up with is creative ways to tax people.
2.) the majority of People are walking around more aware of the season finale of Doctor House or why is jennifer lopez leaving american idol than what is actually going on in the real world.
BUT this is going on all over the world.. there are really no places to run.
so whats the answer??
become a [b]“permanent tourist.”[/b] There’s no such thing as a real tax haven anymore — even Swiss bank accounts, if you can get one, are not what they used to be. You ask what the point is of leaving when all governments look at their subjects as milk cows?
Well, a tourist is an honored guest who spends money in the local economy; he’s welcome and largely left alone. No one place is perfect but if you can distribute your life across various jurisdictions,
none of them consider you to be their cow.thank goodness I am a [b]NON-PARTICIPANT[/b]T and I pay no taxes aside from the taxes I pay when I purchase goods and services.
It is [b]absolutely NOT true[/b], loraine, that 50% of Americans pay no federal tax. What 50% of Americans do not pay is [b]federal INCOME tax[/b]. They still pay all the payroll taxes that everyone else who earns up to about $103,000 per year pay. Those who earn over that $103k threshold pay no additional payroll taxes. So the burden of payroll taxes, which are the flat taxes you so admire, fall most heavily on the poorest and exempt the richest.
Too, bear ion mind that rich and poor alike all pay the flat sales and use taxes that states and municipalities impose and the flat-rate state income taxes.
Any flat tax will, by its very nature, impact most heavily upon the poorest. Think about this . . . Any person, rich or poor, can only benefit from about 2,500 calories per day regardless of the source, whether that’s rice and beans or beluga caviar.
If you tax someone making (say) $20,000 per year at a flat rate of 22% (what Steve Forbes flat tax would actually require), they’re left with $15,600 to spend on food and other necessities. If you tax a person making (say) $200,000 per year at that same rate, they have $156,000 left to meet their caloric and other needs.
Do you see how a flat tax benefits the rich at the disadvantage of the poor? Whose needs are better met under the flat tax scenario, the rich or the poor? Which would you rather be?
I am hearing victims arguing over what is the most fair way for their persecutors to rob them. The only thing that should be under consideration is whether or not you will submit to this criminal shake down.
[quote=”sprite”] If you pay income tax, you are part of this evil. It doesn’t matter whether you do so at the point of a gun or out of a misguided sense of social responsibility or out of ignorance. As individuals, each of us must decide for ourselves where, when, how and even IF we will stand up against this tyranny. [/quote]
The vast majority of us don’t hold your anarchist views.
I think we all know that there is a certain amount of waste in the federal budget but what are you going to do? You can move to a desert island where you don’t have to put up with any taxes. If you need a road you build it.
No matter who you have in control of government finances, at some point they are going to find a way to see things that they think need to be done that you don’t agree with. Some of it will eventually find its way into their pockets.
The fact is that we, collectively, pay the lowest tax rates since 1932. Check it out: [url=http://taxfoundation.org/article/us-federal-individual-income-tax-rates-history-1913-2011-nominal-and-inflation-adjusted-brackets]U.S. Federal Individual Income Tax Rates History, 1913-2011[/url]
[quote=”loraine”]
Fairness? 50% of Americans pay NO federal tax. How is that fair? Why not a flat tax so EVERYONE gets to pay their ‘fair’ share? If these gains get taxed as ordinary income, that’ll go from 15% up to 25% and higher. That’s more than a few dollars. And what are the stats on increasing the taxes on every millionaire–doesn’t it come out to an extra $85 billion in tax revenue or something like that–enough for 8 days of what we spend. [/quote]
The taxes Americans really pay, in two graphs
http://www.washingtonpost.com/blogs/ezra-klein/post/the-taxes-americans-really-pay-in-two-graphs/2012/04/16/gIQA6o4yLT_blog.html
Why do half of all Americans pay no federal income taxes?
http://www.washingtonpost.com/blogs/ezra-klein/post/why-do-half-of-all-americans-pay-no-federal-income-taxes/2011/07/11/gIQA8olBuI_blog.html
If you take into account the total tax burden, most everyone is paying, and they’re paying surprisingly similar effective rates. And it’s easy enough to understand why someone struggling to make it on $30,000 a year would chafe at paying 25 percent to the tax man in a way that someone cruising along at $500,000 wouldn’t
[quote=”loraine”]If you personally were in a deficit position, would you charge up your credit cards to continue to live as you desire or would you cut back on your spending to make ends meet? [/quote]
That is precisely why the middle class carries so much debt. Everyone wants to keep up with the Joneses and own the newest of whatever is on the market rather than planning a budget and sticking to it.[quote=”loraine”]I live in NYS and we are taxed to death (and in one of the highest property taxed counties in the US). When one of two pay no federal tax, there is something wrong there. [/quote]
You are confusing local county taxes which finance only local issues. If you don’t like the tax structure there you can move to Alabama or Mississippi where the taxes are substantially lower and the infrastructure is substandard.
[quote=”loraine”]The only people who think this tax structure is fair are those who are paying nothing…50%.[/quote]
Read the citations that I provided to find out how wrong you are.[quote=”waggoner41″][loraine wrote] If you personally were in a deficit position, would you charge up your credit cards to continue to live as you desire or would you cut back on your spending to make ends meet? [/quote]
And waggoner41 replied, “That is precisely why the middle class carries so much debt. Everyone wants to keep up with the Joneses and own the newest of whatever is on the market rather than planning a budget and sticking to it.”But it’s more than that, waggoner. While loraine’s position is understandable, if painfully superficial, it simply doesn’t work in the real world. If you actually put loraine’s theory into practice in your personal life, you would, for example, not eat on days when you had no cash. And you would quit your job rather than repair the car you depend upon to get to it if you were likewise out of cash. Of course, either being too weak to do your job or not showing up at all have their own (obvious) implications.
It is a fact which should be beyond the need of stating that [b]one cannot live for tomorrow if one does not live today[/b]. Some things cannot be postponed. Try not eating or not fixing the car for a while and see what happens.
Deficit spending is sometimes unavoidable whether it’s governmental or private.
The further question, for which I’m confident sprite and loraine have a glib answer, is just what of that awful government spending you’d like to see eliminated. Next time you fly to Costa Rica, ask yourself whether you’d rather do so without the publicly funded airport, the government supervision of aircraft maintenance, or air traffic control. Myself, I don’t care if you opt out of all three, but only on days when [u]you[/u] fly. Me? I’ll pay my taxes to maintain the roads so I’m not driving across people’s lawns to get to the airport.
One could, of course, argue that we should eliminate all governmental support for human beings. So make the argument, loraine and sprite. Let’s hear your arguments in favor of eliminating Social Security, Medicare and Medicaid, family support for active duty service members, SSI for the disabled. I’m confident you can make a convincing argument but what you cannot do is make such an argument without at the same time exposing your total lack of conscience.
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