Monday, January 19, 2015

The 2015 " State of the Union", Taxes.

Taxing the rich has been tried before ,
how about a lowing the taxes
on everyone nation wide.
2015 brings Mr. Obama's " State of the Union" . It's also the year for some tax hikes that effects most of every state in America .President Barack Obama is turning to his biggest television audience of the year to pitch tax increases on the wealthiest Americans and put the new Republican Congress in the position of defending top income earners over the middle class.President Obama released his fiscal year 2015 budget yesterday. Overall, the president proposes to (1)>  increase revenue by $1.759 trillion over ten years. This new revenue comes in the form of a couple large tax changes, numerous small tax changes, and new fees First , The Affordable Care Act "tax" takes effect.  H&R Block, the nation’s largest retail tax preparation company warns that the newly released Obamacare tax code, officially called the Affordable Care Act, is likely to confuse millions of taxpayers who try to tackle their tax returns for 2014.“Now that the Affordable Care Act has made health care a tax issue, no one can understand it,” H&R Block flatly tells taxpayers in a video that resides on its dedicated Obamacare web site. ***Illustrating H&R Block’s point is IRS Publication 5187, which attempts to explain to taxpayers how to comply with the new Obamacare tax requirements. That publication runs for a total of 21 single-spaced pages.Here’s a full list of ObamaCare Taxes. The 21 new Obama Care tax hikes and breaks impact us all, but which ObamaCare taxes will you actually pay? Find out how the tax related provisions in the Affordable Care Act (ObamaCare) will affect you, your family, your business, and your tax returns for 2014 and beyond.While a few of the changes directly affect the average American, tax increases primarily affect high earners (those making over $200,000 as an individual or $250,000 as a family), large businesses (those making over $250,000 and those with 50 or more full-time equivalents), and the health care industry. However, tax credits primarily affect low-to-middle income Americans and small businesses (those with less than 25 full-time equivalents, making less than $25,000 in average annual wages).SURPRISINGLY Obama's Union speech is going to ask for more tax increases . There’s a section in the Obamacare application process that requires you to report “Family Income Changes” so the IRS can figure out how much you are owed, or owe back to the government.So how many families will find themselves caught up owing more than they were initially promised? About 38% of households that qualify for subsidies,according to researchers, might have to pay something back to the IRS. Some of them could owe big sums of money, even on small gains in income.But the decision to present the plan during Tuesday’s speech marks the start of a debate over taxes and the economy that will shape both Mr. Obama’s legacy and the 2016 presidential campaign. 

What's missing from Mr. Obama's Union speech.
He's always looking for more revenues and taxes from taxpayers. Why isn't he addressing the bloated Federal spending budget? Our national debt went from $6 trillion to $18 trillion+ now, under his watch. What did he do with the additional $12 trillion he borrowed? The jerk now wants to expand tax credits for education and child care and get tax relief to the middle class. What's baffling is why this was not done with the $12 trillion he borrowed?So now that he has wasted $12 trillion, he wants the taxpayers to cough up more billions and trillions to fund more of his dreams? Never has he talked about cutting spending and down-sizing govt to balance the budget like real Americans do.Even more shocking is that he has never mentioned comprehensive tax reform. The reason is this would interfere with his agenda to spend the country into bankruptcy.

What's in his plan?
Among the other Obama proposals are increasing the investment tax rate, eliminating a tax break on inheritances, giving a tax credit to working families and expanding the child care tax credit -- in total roughly $320 billion in tax hikes over the next 10 years. The president also wants to impose a financial fee on some of the country’s largest financial firms. His full fiscal 2016 budget is scheduled to be released to the GOP-led Congress next month. will use much of the proceeds -- $320 billion over 10 years -- to expand tax credits for higher education and child care and create a new break for two-earner couples. The White House released details of the plan Saturday.He would increase the top tax rate on capital gains and dividends to 28 percent from 23.8 percent. The rate was 15 percent when Obama took office in 2009, meaning that he’s proposing to almost double it over his two terms in office.Taxes on the rich should be cut not raised: Flood the rich with a waterfall of cash and a few tiny drops trickle down to the others. Like this the rich keep on getting richer and the poor and middle class keep getting poorer. Trickle down works exactly as intended. Imagine the middle class would have more money. They'd just go out and spend most of it, creating a virtuous economic circle. Far better we let the 1% get even more so they can hoard a few billion more while trickling down a few cents.That cushion is now deflated. The U.S. can no longer fulfill the dreams of Wall Street, the Pentagon, and the Middle Class. At least one dream must die. Despite partisan differences, both political parties have agreed to sacrifice the people. An economic recovery will eventually create more jobs, predicts Faux, but most will no longer pay a middle class salary. On our present track, real incomes by 2024 will be dramatically lower than they are today.

Taxes never lower in California.
If you live in California the term " tax break " or " tax cut" is nothing but double talk . California is one of the few , not many states with large taxation . Just how would President Obama's tax plan even work so the average Californian will get more money in his , or her's wallet . Californians pay the highest gas tax, sales tax and income taxes in the nation and the state is routinely cited as one of the highest-taxes states in the nation. We are already paying $7 billion more in state taxes this year and the state has a $5 billion surplus.  Yet the Sacramento politicians continue to want more. We need to hold the politicians accountable and hold the line on more tax increases. The California Taxpayers Association and the Tax Foundation spell out the details on California’s high-tax status. In addition to paying the highest gas, sales and income taxes in the nation, many other taxes we pay are among the highest. Read more at CalTax And, we’re paying these increased annual California state taxes on top of more than 70 local tax increases and bond measures approved in 2012 as well as increased taxes at the federal level. ccording to a recent study, “The Small Business and Entrepreneurship Council ranked California 50th in an extensive index measuring state policy measures on small business.” Read more at Fox and Hounds Raising taxes again will only hurt California families and businesses; cost jobs and continue to stifle our economic recovery. California taxes were just raised by $7 billion annually, the proposed state budget spends more than ever before and we still have a $5 billion surplus left over. This is not the time for Sacramento politicians to be raising taxes even higher.

***Ready for a knee-slapping chuckle? If you're an illegal alien filing a return under a Taxpayer ID number instead of a Social Security number, you pay absolutely NO PENALTY if you did not have insurance. In fact, you don't even have to provide proof of insurance. We hand out $4.6 billion per year in tax credits to illegal aliens with no strings attached. They still use the emergency room free, and YOU THE TAXPAYER pay for it. If you're a struggling American or legal resident, YOU WILL PAY 1% OF YOUR INCOME THIS YEAR, 2% NEXT YEAR without insurance. Isn't that a chuckle what Obama and the Democrats have done to the working class and poor? Hysterical! (1)> Why are we raising taxes.  Even though I am not in the top 1%, I feel that burden.  I pay a huge amount of my pay to taxes between, income tax, state income tax, SS tax, sales tax, property tax, gas tax, the list goes on and on.  I have had to make cutbacks just to get by, and then we get ObamaCare?  Now I have to cover my own health insurance because my employer dropped coverage.

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