On February 4, 2009, the Children's Health Insurance Program Reauthorization Act of 2009 was signed into law, which raised the federal tax rate for cigarettes on April 1, 2009 from $0.39 per pack to $1.01 per pack
Boo Hoo. And I'm a smoker. Pay for your vices. But, of course, you guys just have to pop on over to Limestone to get Indian cigs at one- third the price of name brands.
This new ObamaCare bargain would for the first time apply the 2.9% Medicare payroll tax to "interest, dividends, annuities, royalties and rents," so-called passive income that we are told includes capital gains, though the latter wasn't explicitly mentioned in the proposal.
So what? The wealthy don't get their money from working, they get it from investment income! So when people bitch that the rich don't pay their fair share, this is a perfect example. Most 99%ers don't make enough money from these sources for it to matter.
This antigrowth investment tax would apply to singles earning more than $200,000 and joint filers over $250,000 and comes on top of the Senate's 0.9-percentage-point increase in the payroll tax, which would bring the combined employee-employer share to 3.8%.
"Antigrowth" claims are BS. We've tried trickle down, twice, it doesn't work. And Anyone making $200,000 to $250,000 is mostly likely working for their money, and their investment income is not a major factor in their general income.
The rate hike on investment income would presumably take effect at the same time the 2001 and 2003 Bush tax cuts are due to expire next year, bringing the top rate to 22.9% as the current top capital gains rate would also rise to 20% from 15%.
Capital gains claimed by 99%ers are usually the sale of a house, which most of us don't do every year! The 1%ers toss sales of real estate and investments back and forth like badminton birdies. That's their main income, why should it be taxed a a lower rate than income tax?
That's a 52% jump, and the last time investors were slammed with anything comparable was 1986 when the capital gains rate bounced to 28% from 20%â€”or a 40% increaseâ€”as part of the Reagan tax reform that reduced income tax rates.
Don't get where you think that's a 52% jump.
Starting in 2013, high earners -- defined as households making make more than $250,000 or single people making more than $200,000 -- will see their Medicare payroll taxes increase 0.9 percentage points, according to the Joint Committee on Taxation.
That's less than one-percent. Give me a break.
Raise $143 billion over the next decade by increasing estate and gift taxes, and changing the way some trusts are taxed. (this one hurts my 13 year old niece by taxing money that has already been taxed.)
If rich people didn't abuse estate and gift loopholes, it wouldn't be a problem. I agree that estates shouldn't be taxed, but only for people under a certain income and small family business.
Every proposal coming out of the democratic controlled senate and the white house has some form of tax increase in it.
And that's because Bush made a major mistake with his tax cuts in the early 2000s. THAT's why we're suffering today, taxes weren't allowed to take their natural increases.