--I'm the taxman

DOGS THAT BARK

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Lets see so far- Tobacco-liquor-soda

--working on gas-utilties-internet

not bad in 100 days--as this admin said--never let a good crisis go to waste :)



y JANET ADAMY
Senate leaders are considering new federal taxes on soda and other sugary drinks to help pay for an overhaul of the nation's health-care system.
The taxes would pay for only a fraction of the cost to expand health-insurance coverage to all Americans and would face strong opposition from the beverage industry. They also could spark a backlash from consumers who would have to pay several cents more for a soft drink.
On Tuesday, the Senate Finance Committee is set to hear proposals from about a dozen experts about how to pay for the comprehensive health-care overhaul that President Barack Obama wants to enact this year. Early estimates put the cost of the plan at around $1.2 trillion. The administration has so far only earmarked funds for about half of that amount.
The Center for Science in the Public Interest, a Washington-based watchdog group that pressures food companies to make healthier products, plans to propose a federal excise tax on soda, certain fruit drinks, energy drinks, sports drinks and ready-to-drink teas. It would not include most diet beverages. Excise taxes are levied on goods and manufacturers typically pass them on to consumers.
Senior staff members for some Democratic senators at the center of the effort to craft health-care legislation are weighing the idea behind closed doors, Senate aides said.
The Congressional Budget Office, which is providing lawmakers with cost estimates for each potential change in the health overhaul, included the option in a broad report on health-system financing in December. The office estimated that adding a tax of three cents per 12-ounce serving to these types of sweetened drinks would generate $24 billion over the next four years. So far, lawmakers have not indicated how big a tax they are considering.
Proponents of the tax cite research showing that consuming sugar-sweetened drinks can lead to obesity, diabetes and other ailments. They say the tax would lower consumption, reduce health problems and save medical costs. At least a dozen states already have some type of taxes on sugary beverages, said Michael Jacobson, executive director of the Center for Science in the Public Interest.
"Soda is clearly one of the most harmful products in the food supply, and it's something government should discourage the consumption of," Mr. Jacobson said.
The main beverage lobby that represents Coca-Cola Co., PepsiCo Inc., Kraft Foods Inc. and other companies said such a tax would unfairly hit lower-income Americans and wouldn't deter consumption.
"Taxes are not going to teach our children how to have a healthy lifestyle," said Susan Neely, president of the American Beverage Association. Instead, the association says it's backing programs that limit sugary beverage consumption in schools.
Some recent state proposals along the same lines have met stiff opposition. New York Gov. David Paterson recently agreed to drop a proposal for an 18% tax on sugary drinks after facing an outcry from the beverage industry and New Yorkers.
The beverage-tax proposal would apply to drinks that many Americans don't consider unhealthy -- such as PepsiCo's Gatorade and Kraft's Capri Sun -- based on their calorie content.
Health advocates are floating other so-called sin tax proposals and food regulations as part of the government's health-care overhaul. Mr. Jacobson also plans to propose Tuesday that the government sharply raise taxes on alcohol, move to largely eliminate artificial trans fat from food and move to reduce the sodium content in packaged and restaurant food.
The beverage tax is just one of hundreds of ideas that lawmakers are weighing to finance the health-care plans. They're expected to narrow the list in coming weeks.
The White House, meanwhile, is pulling together private health groups to identify cost savings that will help fund the health overhaul. Mr. Obama on Monday held a White House meeting with groups that represent doctors, hospitals, insurers, pharmaceutical companies and medical-device makers. They pledged to help restrain cost increases in the health-care system in an effort to save $2 trillion over the next decade.
"When it comes to health-care spending, we are on an unsustainable course that threatens the financial stability of families, businesses and government itself," Mr. Obama told reporters.
Write to Janet Adamy at janet.adamy@wsj.com
 

DOGS THAT BARK

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Two of my favs Bobby

Obama on people with incomes under $250,000

"you will not see any of your taxes increase one single dime."

or Biden--

"No one making less than $250,000 under Barack Obama's plan will see not one single penny of their tax raised," Joe Biden said, "whether its their capital gains tax, their income tax, investment tax, ANY tax."

Did you take a sip? :)
 

BobbyBlueChip

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Are you (or your source) ignoring the payroll tax rebates or the projected tax rate cut?

. . . .and then say that someone else was sipping the kool-aid. . . .:mj07:
 

DOGS THAT BARK

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I miss the "projected tax rate cut"--could you give us a little info on that
--which tax bracket was cut and how much?
Got 2 accountanting firms in my office bldg--and none are aware of any either:shrug:
 

DOGS THAT BARK

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Don't have time to read 20 some pages--can't you simply put up what tax rates were and what they will be under Gumby--should be pretty simple or does that weed out the proposed-mays and coulds. Somehow Turbo Tax and other accounting firms apparently sees it differently--
http://turbotax.intuit.com/tax-tools/tax-tips/irs-tax-return/5519.html#2011

<H2>Starting in 2011

Higher Tax Rates
Beginning in 2011, tax rates in effect prior to 2001 spring back into effect. The top income tax rate returns to 39.6 percent, and the special low 10 percent bracket is eliminated. Whether this will actually happen will be at the heart of a spirited battle in Congress.
Estate Tax Revived
For individuals dying after 2010, the federal estate tax returns with a $1,000,000 exemption and a 50 percent maximum rate. This assumes that Congress allows the estate tax to disappear in 2010, which is unlikely.
Increase in Capital Gains and Dividend Tax Rates
The tax rate reductions for long-term capital gains and dividends is scheduled to expire this year.
  • In 2011, the maximum long-term capital gains tax rate goes back up to 20 percent from 15 percent. A lower 10 percent tax rate is used by individuals who are in the 15 percent tax bracket. Their long-term capital gains had been tax-free since 2008.
  • In 2011, dividend income (other than capital gain distributions from mutual funds) is taxed as ordinary income at your highest marginal tax rate.
Child Tax Credit
The credit of $1,000 per eligible child reverts to $500 after 2010. After 2010, none of the child tax credit will be refundable to taxpayers unless their earned income is more than $12,550. This is one of the many Bush tax cuts currently scheduled to expire after 2010.
Payroll Tax Credit
Starting in 2011, the partial credit for payroll taxes paid is no longer available.
Decreased Section 179 Expense Deduction
Taxpayers who purchase qualifying business property may elect to deduct the cost of the property (new or used) in the year that it is placed in service. This is referred to as a Section 179 deduction. In 2009 and 2010, the maximum amount of property that may be taken as a Section 179 deduction is $125,000, as indexed for inflation. In 2011 and future years, the maximum deduction drops to $25,000.
College Savings Plans
Beginning in 2011, 529 Plans can no longer be tapped tax-free to pay for a computer or Internet access.
Tax Credit for College Tuition
The Hope credit is again limited to the first two years of college and is capped at $1,800. None of the credit is refundable if it is more than your regular income tax liability.
Earned Income Tax Credit (EITC)

Temporary increases in the Earned Income Tax Credit for filers with three or more children and the higher income levels for the phaseout of the credit are repealed.

--you'll have to point me to the tax cuts in turbo--would you like me to point you to tax hikes on those making less than $250,000??????

</H2>
 

BobbyBlueChip

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Turbo tax, Bowling Green, KY Accountanting firms . . . lol . . . and then ask whether I'm talking about whether they're "mays and coulds" when the "sugar tax" article states that "Senate leaders are considering new federal taxes on soda and other sugary drinks.

Don't change, dogs, don't change
 

DOGS THAT BARK

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Still waiting for your tax cut schedule.

If you own property--have a savings account-invest in stocks--have children (child tax credit)

--Under Gubmy's 1st 100 days of redistribution of wealth- you got a tax increase--

-Of course if one is a certified member of the Da Base--these would not apply and could be easily overlooked. ;)

and while on topic of sipping the koolaide--how many bit on these :)

FACT CHECK: Data belie Biden stimulus anecdotes
By MATT APUZZO ? 16 hours ago
WASHINGTON (AP) ? In his first quarterly report on the nation's stimulus package, Vice President Joe Biden uses anecdotes to paint a glowing picture of an economy on the rebound. In reality, the picture is incomplete and the colors far more muted.
It is not disputed that Washington is spending historic amounts of money at a rate far faster than normal. Workers are getting tax breaks, Washington is picking up a greater share of state Medicaid costs and road construction projects are beginning.
Even Recovery.gov, the Web site that has yet to live up to its billing as a one-stop way to track every penny, offers more information than typical government programs, and faster.
But the effect of that spending is less clear. Many of the claims the White House is making are based on anecdotes selected to fit the Obama administration's message. For instance, the report cites a newspaper article about workers being rehired at a factory in Chicago. That account is true, but is no more an accurate snapshot of the nation's economy than a story, not cited in the report, about a Roanoke, Va., railcar factory closing.
Capturing the full effect of the stimulus at this early stage is difficult, but the administration has set high bars for success. In championing those successes, however, the White House plays a little loose with the facts.
___
BIDEN SAID: First-time homebuyers are "driving increased activity in the home sales market," while mortgage and title companies are hiring more workers because of the first-time homebuyer tax credit included in the stimulus bill.
THE FACTS: The report cites anecdotes from a New Orleans business journal to back up the claim. It's true, buyers are taking advantage of the $8,000 first-time homebuyer tax credits. The IRS said more than 567,000 tax returns claimed the credit in just the first weeks of the program. But that hasn't provided an immediate turnaround in the market.
Since February, sales of existing homes have fallen 3 percent and new home sales are down .6 percent.
And the number of jobs in the real estate industry has declined by about 20,500, according to the Department of Labor.
There are signs that the housing market is improving. But the numbers suggest that if the market bottomed out, it did so in January, before the stimulus was passed.
___
BIDEN SAID: Employment agencies are placing more workers in jobs, and demand is up since February.
THE FACTS: The report cites an interview with an employment service manager quoted in the same New Orleans business article. The anecdote may be true, but it's impossible to extrapolate that any further, even just to New Orleans. The city has lost more than 200 jobs since February. Overall, Louisiana lost 16,085 jobs over the same span, according to the Department of Labor.
___
THE WHITE HOUSE SAID: The stimulus has created or saved 150,000 jobs.
THE FACTS: Since February, the nation has lost more than 1.3 million jobs, according to the Department of Labor. To make the case that the country created jobs over that same stretch, the White House has put forward a benchmark of jobs created "or saved." The argument is that the job numbers would have been even worse had it not been for the stimulus, and the difference between those numbers is a net positive.
To visualize that disconnect, consider this: The administration has promised to create or save 600,000 more jobs in the next 100 days. Even if the nation loses another 5 million jobs during that span (a highly unlikely prospect) the White House could still claim success.
There are few hard numbers when it comes to tracking stimulus jobs. The Obama administration numbers are based on estimates by the White House Council of Economic Advisers, based largely on a formula Obama's transition team put forward. It estimates the effect of tax breaks, government spending and social programs on job growth.
Spending money will put people to work. But spending has a cost. At some point, Washington will have to pay for this program, either by raising taxes or interest rates, and those policies typically hurt job growth. The Obama administration's job data do not take into consideration this back-end cost, an omission some economists, particularly conservative economists, say is a flaw in the analysis.
<!-- google_ad_section_end(name=article) -->Copyright ? 2009 The Associated Press. All rights reserved.
 
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Chadman

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Yes, I would agree that many of those taxes are "returning" to previous levels, based on the Bush tax schedule which allowed for all of that to return to those levels in the plan he proposed and was passed.

Damn Bush and his tax plan...
 

DOGS THAT BARK

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Hmm Time for the consequences of this tax and spend debacle.

Remember someone warning about this previously ;)

This is just one that admitted it--you can bet your ass there many in the making.

Ballmer Says Tax Would Move Microsoft Jobs Offshore

June 3 (Bloomberg) -- Microsoft Corp. Chief Executive Officer Steven Ballmer said the world?s largest software company would move some employees offshore if Congress enacts President Barack Obama?s plans to impose higher taxes on U.S. companies? foreign profits.
?It makes U.S. jobs more expensive,? Ballmer said in an interview. ?We?re better off taking lots of people and moving them out of the U.S. as opposed to keeping them inside the U.S.? --
+++++++++++++++++++++++++++++

yep--Mr Palmer--lots of tax payors in same boat!
 

StevieD

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It looks like it is going to cost us a fortune to get out of this mess BUSH left.
 

DOGS THAT BARK

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Have your children read --

June 3 (Bloomberg) -- Microsoft Corp. Chief Executive Officer Steven Ballmer said the world?s largest software company would move some employees offshore if Congress enacts President Barack Obama?s plans to impose higher taxes on U.S. companies? foreign profits

--and see if they can pull GW out of hat also--just curious--
 

Turfgrass

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I don't think anyone listening DTB

Barack Obama claims that his proposals will create jobs in the United States.

Now, we have the CEO of the world's largest software company saying that he would take employees and move them overseas if Obama enacts his plan.

That is exactly the OPPOSITE of what Obama claims would happen. But what does Steven Ballmer know? I'm sure the government will have its say in companies like his soon enough.

Watch .. the Democrats have plans for an economic Berlin Wall. Any jobs caught trying to climb over the wall will be shot.
 

DOGS THAT BARK

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I like your Sowell quote Turf. :)

Yep I find it hard to comprehend those wanting-

Higher income taxes
Higher capital gains tax
Higher gas tax
Higher utilities
An additional 10% national sale tax (VAT)

--all in the the name of liberalism

Kinda puts Sowell quote in perspective :)
 
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