THE HAWK REPORT...

[Henry Hawk]

Six Months to Go Until The Largest Tax Hikes in History
http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171##ixzz0sX3WaKRD        In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families.  These will all expire on January 1, 2011:

Personal income tax rates will rise.  The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed).  The lowest rate will rise from 10 to 15 percent.  All the rates in between will also rise.  Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.  The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%

Higher taxes on marriage and family. The "marriage penalty" (narrower tax brackets for married couples) will return from the first dollar of income.  The child tax credit will be cut in half from $1000 to $500 per child.  The standard deduction will no longer be doubled for married couples relative to the single level.  The dependent care and adoption tax credits will be cut.

The return of the Death Tax.  This year, there is no death tax.  For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million.  A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.

Higher tax rates on savers and investors.  The capital gains tax will rise from 15 percent this year to 20 percent in 2011.  The dividends tax will rise from 15 percent this year to 39.6 percent in 2011.  These rates will rise another 3.8 percent in 2013.

Second Wave: Obamacare

There are over twenty new or higher taxes in Obamacare.  Several will first go into effect on January 1, 2011.  They include:

The "Medicine Cabinet Tax" Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

The "Special Needs Kids Tax"  This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit).  There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.  There are thousands of families with special needs children in the United States, and many of them use FSAs to pay for special needs education.  Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year.  Under tax rules, FSA dollars can be used to pay for this type of special needs education. 

The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.

Third Wave: The Alternative Minimum Tax and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, they'll be in for a nasty surprise—the AMT won't be held harmless, and many tax relief provisions will have expired.  The major items include:

The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress' failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million.  These families will have to calculate their tax burdens twice, and pay taxes at the higher level.  The AMT was created in 1969 to ensnare a handful of taxpayers.

Small business expensing will be slashed and 50% expensing will disappear.  Small businesses can normally expense (rather than slowly-deduct, or "depreciate") equipment purchases up to $250,000.  This will be cut all the way down to $25,000.  Larger businesses can expense half of their purchases of equipment.  In January of 2011, all of it will have to be "depreciated."

Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place.  The biggest is the loss of the "research and experimentation tax credit," but there are many, many others.  Combining high marginal tax rates with the loss of this tax relief will cost jobs.

Tax Benefits for Education and Teaching Reduced.  The deduction for tuition and fees will not be available.  Tax credits for education will be limited.  Teachers will no longer be able to deduct classroom expenses.  Coverdell Education Savings Accounts will be cut.  Employer-provided educational assistance is curtailed.  The student loan interest deduction will be disallowed for hundreds of thousands of families.

Charitable Contributions from IRAs no longer allowed. Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.  This contribution also counts toward an annual "required minimum distribution."  This ability will no longer be there.

Read more: http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171##ixzz0sX44uf4m

[Henry Hawk]

Democrats reject GOP's compromise on unemployment benefits...then they go on vacation


       "The only reason the unemployment extension hasn't passed is because Democrats simply refuse to pass a bill that doesn't add to the debt," McConnell said. "That's it. That's the only difference between what they've offered and what we've offered."       


Congress adjourns this week for the July Fourth recess without having passed a bill to extend unemployment insurance benefits to 1.3 million people who started losing them this month.
Democrats have been painting Republicans as unsympathetic to the long-term unemployed who will be unable to collect benefits, but Democratic leaders have rejected several offers by the GOP to vote for the bill if at least some of it is paid for.   

   Republicans, meanwhile, stood firm in their argument that extending benefits should not add to the deficit.
Voinovich told Reid he would vote for extending benefits if at least half of the extension could be paid for with unused money from the $787 billion stimulus package.


   


well, guys?...    


http://www.washingtonexaminer.com/politics/congress/Dems-refuse-compromise-to-extend-unemployment-benefits-97625324.html

[followsthewolf]

Republicans filibustered it.

[Henry Hawk]

Republicans filibustered it.

no, they offered a bill to extend benefits to unemployed and it was shot down....becaues the dems wanted to add to the deficit and the republicans wanted to use money from the stimulus bill .... no fillibuster at all.

[Bo D]

no, they offered a bill to extend benefits to unemployed and it was shot down....becaues the dems wanted to add to the deficit and the republicans wanted to use money from the stimulus bill .... no fillibuster at all.

Where DO you get your news?


WASHINGTON, June 30, 2010

Republicans Filibuster Unemployment Aid Bill

(AP)   For the third time in as many weeks, Senate Republicans on Wednesday successfully filibustered a bill to continue providing unemployment checks to millions of people.

http://www.cbsnews.com/stories/2010/06/30/politics/main6635900.shtml

[Henry Hawk]

Where DO you get your news?


WASHINGTON, June 30, 2010

Republicans Filibuster Unemployment Aid Bill

(AP)   For the third time in as many weeks, Senate Republicans on Wednesday successfully filibustered a bill to continue providing unemployment checks to millions of people.

http://www.cbsnews.com/stories/2010/06/30/politics/main6635900.shtml

Okay, I missed that, and I apologize.....but this bill could pass with bipartisan support if Democrats would just agree to pay for the spending.....to me that is more of the issue, than the republicans filibustering to be fiscally responsible...that is getting lost in the news by the MSM....

[Bo D]

Okay, I missed that, and I apologize.....but this bill could pass with bipartisan support if Democrats would just agree to pay for the spending.....to me that is more of the issue, than the republicans filibustering to be fiscally responsible...that is getting lost in the news by the MSM....

That's our Hank! Spinning faster than an old

[Henry Hawk]

Say what you want, but this is not going to get lost in the BS........you guys need to see the truth and quit relying on MSNBC and Media Matters for your opinions..

The truth is the democrats had a chance to extend unemployment, but they chose NOT too.....because the republicans want to be fiscally responsible.......something that AMERICANS are begging us to start doing....but, the dems are playing politics instead of doing what is best for ALL of Americans....

Democrats reject GOP's compromise on unemployment benefits...then they go on vacation


       "The only reason the unemployment extension hasn't passed is because Democrats simply refuse to pass a bill that doesn't add to the debt," McConnell said. "That's it. That's the only difference between what they've offered and what we've offered."       


Congress adjourns this week for the July Fourth recess without having passed a bill to extend unemployment insurance benefits to 1.3 million people who started losing them this month.
Democrats have been painting Republicans as unsympathetic to the long-term unemployed who will be unable to collect benefits, but Democratic leaders have rejected several offers by the GOP to vote for the bill if at least some of it is paid for.   

   Republicans, meanwhile, stood firm in their argument that extending benefits should not add to the deficit.
Voinovich told Reid he would vote for extending benefits if at least half of the extension could be paid for with unused money from the $787 billion stimulus package.


   


well, guys?...    


http://www.washingtonexaminer.com/politics/congress/Dems-refuse-compromise-to-extend-unemployment-benefits-97625324.html

[LOsborne]

While I am horrified that the bill to extend unemployment benefits died, I am more appalled at the refusal of both parties to work for compromise.

All the admin had to do to get this bill to pass was identify some budget cuts and (gasp!) tax increases to implement once the economy starts recovering. Even Nancy Pelosi acknowledged that, and seemed willing to do it!

http://www.huffingtonpost.com/2010/06/25/nancy-pelosi-on-unemploym_n_625812.html

Instead, we have an enormous fraction of the population who are about to lose all source of income, while the cake-eaters in Congress (BOTH parties) hold pissin' matches and play size games.

I know. Let's make them take a mandatory unpaid leave. These people need to live in our world before they make rules for it.

[The Troll]

  I've got a question,  if George W. took over the presidency 2000 and he started with a 2 TRILLON DOLLAR surplus and after 8 years.  George W. Bush and The Republican Party, at the end of 2008 with a 5 TRILLION DEFECIET.   WHAT IN HELL DID THEY DO WITH THE MONEY!  After only 8 years in office George W. Bush lost this country 5 TRILLION DOLLLARS.

   Plus giving us two unfunded wars.  Killing over 4000 of our soldiers.  One unfunded drug bill.  One unfunded educational bill.  Deregulating all controls of the banks and stock market causing the start of a Herbert Hoover Depression.  Plus many, many other crooked things, like letting BP destroy the Gulf of Mexico.

  On top of that George W. gave the Big Oil Corporations and other Corporations large tax cuts, he wasn't content with that, he gave the Super Rich, the upper 10% of the people who own 86% of all of the money in the county, one of the largest tax cuts in history.

  Then Henry Hawk, a big want a be (rich) and kiss the King's ass and rings.  Wants to give Obama hell for not getting America out of this mess in just 18 months.  The mess he and his George W. and his ass kissing (for the rich and their corporations) Republican Party did in 8 short years.

  The Troll,  To the Republican Party and all the it stand for.     

[Henry Hawk]

first of all Mr. troll, get  your facts straight, we only had a 200 billion dollar surplus, NOT a 2 trillion dollar one...and THAT was due to Newts,  "Contract with America" ....

Second:

I am so tired of Obama and his "it wasn't MY fault!!!"...."I didn't do ANYTHING!!!"..."When I showed up here, Bush had already ruined the Country"...Bush did this!!!...Bush did THAT!!....

The bottom line IS, Obama voted for every spending bill, from 2005 on, under Bush!!!...look it up!!! he was right there voting to spend money!!!

If he didn't like the drug bill or medicaid bill, why hasn't he repealed it?

the fact is that Obama's is out spending what the republicans have spent the entire 8 years of Bush....and lets not forget we was attacked, had billions going to that and we had katrina which cost billions...

During the 12 years the Republicans controlled the Congress, the average annual deficit was around $104 Billion...and THAT did suck!!..THAT was nothing to be proud of, I will admit that....but during three years that the democrats have had control, the average annual deficit is now $1.1 TRILLION!!!

The annual REPUBLICAN deficit is the MONTHLY democrat deficit!!!

So when the POTUS yells..."I inherited this mess"....he got it from the democrat controlled congress...ONLY congress can spend money, NOT the POTUS..(BUSH)...he got the mess straight from the democrats!!!

So Bush's last year budget deficit was around 450 billlion dollars....Obama's budget deficit LAST year was $1.4 trillion!!!, come ON TROLL!!!!

Obama and the democrats did this!!!! they cannot keep on blaming others!!..

NOW, he is going to allow the Bush Tax cuts expire!!!...this is going to take the top marginal rate up to 39%....AND depending on which state you live in, along with Medicare taxes, State Taxes will be OVER a 50% tax rate...and these are the people that GROW the economy!!!!....keep taking away from the very people that invest in this Country, and we WILL see a depression....

and again, I remind you....our unemployment rate was 7.2% before we passed the nearly trillion dollar stimulus bill......and now we are 9.5%....it was HIS promises, that are being broken...not any republican promise...

btw, we are STILL at war, and it is escalating.....

[Palehorse]

...ONLY congress can spend money, NOT the POTUS..

And given this, the present deficit is NOT to be blamed on the current POTUS either! 

[The Troll]

  Well, I sick and tired of you Henry and your damn Republican party trying to blame all of the Shit  you and your party did to this country. 

   You keep crying "Obama Lied to me" bull shit.   You guys caused it and I and the other people like me have to suffer.  You better start backing some of the things Obama wants to do.  Or your going to lose your job.  I just can't imagine how you will cry over that and maybe you won't even get unemployment.     

[Henry Hawk]

  Well, I sick and tired of you Henry and your damn Republican party trying to blame all of the Shit  you and your party did to this country. 

   You keep crying "Obama Lied to me" bull shit.   You guys caused it and I and the other people like me have to suffer.  You better start backing some of the things Obama wants to do.  Or your going to lose your job.  I just can't imagine how you will cry over that and maybe you won't even get unemployment.     

even if I had backed the $787+ Billion dollar stimulus bill........it has STILL not produced the millions of jobs it was supposed to do...even if I had backed the health care bill.......he still spent nearly a trillion dollars....he has gotten his way with everything, despite my support....and our economy is STILL sinking....so, I am REAL sorry if I am not jumping up and down for this POTUS......and IF, I do lose my job, you can be DAMN sure I will be blaming it on Obama........he is driving us down the wrong path of SPEND, SPEND, SPEND!!!!.......the conservative way is to allow the American people keep MORE of their hard earned money, and allow them to invest and spend....THEY (WE Americans) know more than a few politicians do...we got to generate MORE federal revenue by increasing the work force NOT by spending or increasing taxes of those who do the investing....

Tell me troll, if YOUR personal bank account was gone, would you borrow MORE money to live on, or would you cut back your lifestyle until you could manage on what you made?....this is NO different......if it makes you feel better I will acknowledge that many, many, many Republicans ARE very guilty of this mess...but there is NO doubt in my mind that Pelosi and company have more than contributed to this mess..........we need Conservative measures........not spend, spend, spend and more and more "entitlement" programs.....we have got to fix this immigration issue for a start, THAT alone could do wonders for helping this economy.....like I have said before, if we would merely "suspend" for ONE year, the Capital Gains Tax for ALL business....the stock market would go crazy, consumer confidence would flourish and our unemployment rate would drop immensely...over a course of a few months........we cannot not buy our way out of debt.

[Palehorse]

...ONLY congress can spend money, NOT the POTUS..(BUSH)...he got the mess straight from the democrats!!!

.......he still spent nearly a trillion dollars....

Hypocrite !