2014 it Happened

[willy]

Remember

Here is what happened on January 1st, 2014:

.

Top Income Tax bracket went from 35% to 39.6%

Top Income Payroll Tax went from 37.4% to 52.2%

Capital Gains Tax went from 15% to 28%

Dividend Tax went from 15% to 39.6%

Estate Tax went from 0% to 55%

Remember these 'facts' if you have any money. By the way, all of these taxes were passed with only Democrat votes. Not one Republican voted to enact these taxes.



Remember this come election time. And, make sure your friends and neighbors have this info, too!



These taxes were all passed under the Affordable Care Act, otherwise known as Obamacare.

[THEFERMANATOR]

Thanks Willy, way to make me look forward to tax time(I dread it enough each year because of capitol gains taxes). Now I know I will get reamed even harder on the few investments I have.

[RidgeRunner]

I will refrain, I will refrain, I will refrain! Altogether now.. I will refr

[bradford]

Got a nice letter from Blue cross about my health insurance going up again.

They included a spreadsheet detailing costs before and after the new healthcare went into effect. Let me just say I'm one of those paying out the *** for all those that won't.

I never go to the doctor, never get sick thankfully, have a $10,000 deductible just to keep it somewhat "Affordable".

This whole chirade and those supporting it and responsible for it can blow me.

[spareparts]

I'll be the first to tell you that insurance is cheaper than my daughters hospital bills, so I'm not complaining about the cost, but I will tell you thanks to Obama care, insurance on me and my two daughters went up $250 per month to almost $1000 per month, if my wife was on our policy, it would go up an additional $700 per month. Thats with a $2500 deductible on my kids and a $5000 deductible on me.This is the largest single expense my family endures each month. The way I look at it, if you voted for Obama, you owe me, i take cash, check and paypal

[THEFERMANATOR]

Originally Posted by spareparts

I'll be the first to tell you that insurance is cheaper than my daughters hospital bills, so I'm not complaining about the cost, but I will tell you thanks to Obama care, insurance on me and my two daughters went up $250 per month to almost $1000 per month, if my wife was on our policy, it would go up an additional $700 per month. Thats with a $2500 deductible on my kids and a $5000 deductible on me.This is the largest single expense my family endures each month. The way I look at it, if you voted for Obama, you owe me, i take cash, check and paypal

Same here. Insurance is cheaper than hospital bills if you have to use it, but insurance is what is most peoples single biggest expense. Me and my son cost right at $500 a month for a basic policy. I wish the ocare plan addressed the actual issues, but yet again it completely missed it. And now I feel like yet again, were being punished for trying to look out for ourselves and planning for the what if.

[RWilson2526]

Sorry Willy, I'm calling BS on your facts again.

http://www.atr.org/full-list-obamacare-tax-hikes-a6996

[spoggy]

Originally Posted by willy

Remember
Here is what happened on January 1st, 2014:.

Top Income Tax bracket went from 35% to 39.6%

Top Income Payroll Tax went from 37.4% to 52.2%

Capital Gains Tax went from 15% to 28%

Dividend Tax went from 15% to 39.6%

Estate Tax went from 0% to 55%

Remember these 'facts' if you have any money. By the way, all of these taxes were passed with only Democrat votes. Not one Republican voted to enact these taxes.

Remember this come election time. And, make sure your friends and neighbors have this info, too!

These taxes were all passed under the Affordable Care Act, otherwise known as Obamacare.

I know, I know. I said I wasn't going to do this, I just cant help myself.

#1. Agree with. "The highest marginal tax rate for individuals of 39.6 percent applies in 2014 to taxable income over $457,600 for married couples filing jointly ($406,750 for single taxpayers). This is an increase of $7,600 ($6,750) over 2013 levels. See the end of this article for all of the individual and estate/trust income tax rate tables for 2014." http://www3.cbiz.com/page.asp?pid=11059

#2. Not substantiated due to language. "The email***8217;s claim about ***8220;income payroll tax***8221; is a head-scratcher, since no tax expert we know of uses such a term. Our best guess is that the anonymous author meant to refer to the combined effect of the federal income tax and the Social Security and Medicare payroll taxes, and did not understand how these taxes work. No combination of payroll and federal income taxes would produce a top marginal rate of 52.2 percent, so far as we can figure." http://www.factcheck.org/2014/04/false-tax-claims/

#3. Not substantiated. The following Forbes article states that the top rate for capital gains is 20%. There is also an additional 3.8% tax that can be applied in certain instances, but this would make the top rate 23.8%, not 28%. http://www.forbes.com/sites/davidmar...e-complicated/

#4. Not true, even combined with State dividend taxes, the amounts vary widely by state. Federal rate is 23.8% (see Capital Gains). "Currently, the United States has one of the highest tax burdens on personal dividend income in the OECD. The top federal rate on personal dividend income is 23.8 percent (20 percent top marginal tax rate plus a 3.8 percent net investment tax to fund the Affordable Care Act). In addition, taxpayer face personal dividend taxation at the state level that ranges from zero in states with no personal income tax to 13.3 percent in California." http://taxfoundation.org/blog/how-hi...tes-your-state

#5. False. "It was reinstated, however, in 2011. That tax year, estates in excess of $5 million were taxed at 35 percent. For deaths in 2012, the estate tax exemption increased to $5.12 million thanks to inflation. And thanks to the American Taxpayer Relief Act of 2012, or ATRA, which was passed Jan. 1, 2013, the estate tax was made a permanent part of the tax code and the exemption amount automatically indexed for inflation.For the 2013 tax year, the estate tax exclusion amount is $5.25 million. It increases to $5.34 million for 2014.
ATRA also increased the tax rate on estates in excess of the exemption amount from 35 percent to 40 percent." http://www.bankrate.com/finance/taxe...x-amounts.aspx


The claim that all these rates being raised by the ACA is also untrue. Certainly some have, but not at the levels suggested. There are also Credits that have been enacted. http://www.irs.gov/uac/Affordable-Ca...Tax-Provisions
Secondary references are available.

[ssiredfish]

Originally Posted by spareparts

I'll be the first to tell you that insurance is cheaper than my daughters hospital bills, so I'm not complaining about the cost, but I will tell you thanks to Obama care, insurance on me and my two daughters went up $250 per month to almost $1000 per month, if my wife was on our policy, it would go up an additional $700 per month. Thats with a $2500 deductible on my kids and a $5000 deductible on me.This is the largest single expense my family endures each month. The way I look at it, if you voted for Obama, you owe me, i take cash, check and paypal

Here, here!!!

I am at a whoopin $1500/mth without my newborn son on our policy. That rate is locked until next year when Ive been told it may or may not go up another 20%. I could very well be paying close to 2k by the end of 2015.......Thats sooo F'n retarded I can't even explain it and YES it will be MORE THAN MY MORTAGE AT THAT POINT!!!!!!!! Worse part is we have no Diabetes, Disease or any other prominant illness in my family and we are all under 35.

[Destroyer]

Welcome back Spoggy.... Much better post. Backed up with references to your claim, etc. Bravo

As to the subject matter at hand... well, I'm not a tax expert, and at 99,000+ pages long for the tax code, I truly doubt that anyone is. It's designed to be confusing deliberately. Anyway, I'm not going to comment on Willy's stats or Spoggy's rebuttal... I WILL however simply say that as it stands right now the taxes are just too damned high. Don't forget that you're only talking about "some" of the federal and state taxes... when you add in sales taxes, property taxes, gas taxes and all the hidden taxes in everything from your phone to the drink in the local Bistro you're already paying far more than you used to... and they are constantly going up as each crooked politician needs more money to pay out as bribes to the people that are keeping him or her in office. I am really starting to think that the people of France, during their revolution, had the correct idea for their crooked politicians.