Write a letter to every level of government explaining that you're taking yourself and your business to a location who doesn't want to steal from them, but wants the wealth you create. Then leave.
2011 American Tax Increases
- Thread starter Intense.Koala
- Start date
Did you actually read the article?
The very first sentence links to this document for fact check :
JCX-3-10
That's the official US government Joint Committee on Taxation website.
It's a fact that currently the tax cuts are expiring and the new rates will kick in, no matter how it's spun or what website it's presented on.
The point is this is the wrong direction to recover the economy.
Good read on why: Business-Power Neglect - Larry Kudlow - National Review Online
Highlights from the above article:
"In a watershed study, former Treasury economists Gary and Aldona Robbins argued a few years ago that tax cuts aimed at capital and business produced the biggest economic benefits. For example, for every tax-cut dollar on capital gains, $10.61 of new GDP is created. For every dollar of accelerated business-investment tax write-offs, $9 of new GDP is created. And for every dollar of corporate tax cuts, $2.76 of new GDP is created."
Compared to -
"According to the White House, every dollar of new government spending creates about $1.50 of new GDP — much weaker than the effects of business tax cuts. And the White House analysis looks like a stretch. The IMF has a model that says every additional dollar of government spending creates only $0.70 of new GDP. So you have to borrow a buck to get 70 cents back. Not a good trade."
The income tax is unlawful.
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And it's a fact that the 2011 budget contains a renewal of the expiring tax cuts for those under $200,000 or $250,000, along with additional cuts.
95% of Americans in 2011 will continue to have the same or lower rates than with Bush.
There's a couple things you're missing.
The 1st, is that the 2011 Budget you're saying fixes the tax increase for under 200k hasn't been passed yet. In fact, it's currently still being debated in congress. The only progress on it is yesterday the House "deemed" parts of the budget as passed so they could start some of the spending programs only - the tax cuts are not part of what was "deemed." House Democrats ‘Deem’ Faux $1.1 Trillion Budget ‘as Passed’ - HUMAN EVENTS
Additionally, in that February 2nd Bloomberg article you quoted for reference you are neglecting the parts of the article that support my point - that the taxes are increasing the most for the people and businesses that create wealth and jobs, at a time when that's what the economy needs the most.
From the Bloomberg budget article you linked:
"“The proposed budget’s $300 billion in tax relief over the next 10 years for individuals, families, and businesses is mostly targeted and limited, often to people who don’t have to pay any taxes,” said Senator Charles Grassley of Iowa, the ranking Republican on the tax-writing Senate Finance Committee. “The tax increases in the budget dwarf the tax relief.”"
"For individuals, the budget allows lower tax rates established under President George W. Bush for those in the top two brackets to revert to 36 percent and 39.6 percent, from 33 percent and 35 percent currently. Capital-gains and dividend tax rates would increase to 20 percent for people earning more than $250,000. According to Internal Revenue Service data, 4.5 million U.S. tax returns out of 143 million filed reported adjusted gross income in excess of $200,000 in 2007, the last year for which data was available."
Yes, it's fine and great that the 2011 Budget (which hasn't passed, and in fact is going to be partially implemented in a way that does not have the tax cuts) has provisions to save those under 200k that additional 3%. I'm not disagreeing - and it may very well eventually pass with the tax cuts in it.
But really, you picked out one my line from my post and ignored the rest of it - and in doing so, missed the entire point.
The real issue is the tax increases that stay in place - it's a choke hold on businesses and investors.Read the quotes in my previous post about the Kudlow article completely - about how much tax cuts grow GDP versus government spending. The tax cuts that do that the most are the ones left in place. And the one tax cut that might be included in a Budget that may or may not pass - the under 200K 3%, is really just an extension of the status quo. The whole point is to grow things, not stay the same - it would be even better to increase that percentage across the board.
I'm still around, been occupied with work.
Trademark has said everything that needs to be said on this topic.
Once you reach a certain level of income, mitigating the progressive penalties of taxes becomes as, if not more, important to the bottom line than scaling your book of business.
damn, i've gotten 5 letters from the irs in the last 2 weeks, saying they want more money from me. And this is the type of bullshit they are going to spend it on. fuck me
