"Under the Affordable Care Act, eligibility for ...subsidized health insurance through the Exchanges will be calculated using a household’s Modified Adjusted Gross Income (MAGI).
Modified Adjusted Gross Income (MAGI) includes Wages, Taxable interest, Taxable amount of pensions, annuity or IRA distributions, some Social Security benefits, Business income, Capital gains, Ordinary dividends, Alimony received, Real estate rental income, etc...
Modified Adjusted Gross Income (MAGI) deducts 401(k) and 403(b) savings, Certain self-employed expenses, Student loan interest, Educator expenses, IRA deductions, Moving expenses, Penalty on early withdrawal of savings, Alimony paid, Domestic production activities, etc...
http://laborcenter.berkeley.edu/healthcare/MAGI_summary13.pdf
.
.
According to Kaiser's Family Foundation's Subsidiy Calculator, an average US family of four making $88,000 MAGI, would not recieve an Obamacare subsidy for a Silver plan costing $8,290 per year.
http://kff.org/interactive/subsidy-calculator/
.
.
If both parents are over 50 years old, contributing the maximum $6,500 each to a traditional IRA would lower taxable compensation for the above family making $88,000 by $13,000, leaving a MAGI of $75,000, which would create an Obamacare subsidy of $1,165 per year.
.
.
If the $13,000 IRA contributions are not taxed at a hypothetical 25% Federal income tax rate, the Federal government would have to pay out $1,165 plus lose $3,250 in taxes that otherwise would have been recieved.
$1,165 + $3,250 = $4,415 net loss to Federal tax revenues.
.
.
If 20 million households do the same thing to qualify for Obamacare subsidies, the Federal government could lose about $88,300,000,000 in tax revenues by the end of 2013's tax season.
Showing posts with label Tax Ethics. Show all posts
Showing posts with label Tax Ethics. Show all posts
11/9/13
4/28/13
If Bill Gates and Warren Buffett make about 5% on dividends and 5% oncapital gains on about $100 billion, did they stop by the White Houseto thank Obama for giving them what could be an extra $1,477,351,600over 2 years, by charging America’s children about $1,600 a piece?
President Obama met with Bill and Melinda Gates and Warren Buffett
in the Oval Office this morning.
in the Oval Office this morning.
...During the visit, they also discussed ideas for growing the economy
and making America more competitive including investment in education
to better prepare the next generation
and investing in innovative areas with opportunity for growth.
and making America more competitive including investment in education
to better prepare the next generation
and investing in innovative areas with opportunity for growth.
If Bill Gates and Warren Buffett are worth about $100 billion,
and make about $10 billion per year between long term capitol gaines and dividend interest
could they save about $1,477,351,600 over two years if Obama’s Tax Deal passes?
…….……………………….…………..…Tax Cuts Extended…………….Tax Cuts Expired
Dividends and LT Capital Gains………..$10,000,000,000…………………$10,000,000,000?
Tax Liability……………………………….…..$749,741,250 ……….$1,488,417,050?
Average Tax Rate………………………………..14.99%…………………..……. 29.77%?
$749,741,250 – $1,488,417,050 = about $738,675,800 x 2 years = about $1,477,351,600?
Tax Plan: Tax Cuts Extended vs. Tax Cuts Expired
Tax Year: 2011
AMT Patch: AMT Patch in effect
Tax Calculator
If about 1,699,000 US households make more than $250,000,
and their portion of the tax cuts cost $120 billion
are America’s elected leaders
about to charge everyone’s kids $1,600 each
to give Bill Gates and Warren Buffett about $1,477 billion?
and their portion of the tax cuts cost $120 billion
are America’s elected leaders
about to charge everyone’s kids $1,600 each
to give Bill Gates and Warren Buffett about $1,477 billion?
$120,000,000,000 / 75,000,000 Kids = $1,600 per American Child?
12/17/12
Robert S. Keebler on "Charitable Remainder Trust and the 3.8% Medicare Surtax"
"The 3.8% Medicare surtax on net investment income is set to take effect on Jan. 1, 2013.
Charitable Remainder Trust and the 3.8% Medicare Surtax
Surtax etc... Chart/Table
On November 30, 2012, the US Treasury issued treasury regulations
addressing...the new 3.8% healthcare surtax.
...there are two urgent planning opportunities that are important to CPAs and their clients.
First, to the extent that income can be accelerated in 2012, this will save 3.8%.
For example, harvesting gains, triggering accrued interest, income and dividends,
accelerated rents and other royalties will all save on the surtax.
Likewise, deferring investment expenses into 2013
will provide an income tax deduction against the surtax, saving an extra 3.8%.
This savings does not include any savings that would occur
by virtue of any increase in the base tax rate.
...there is an urgent and immediate planning opportunity
for existing charitable remainder trusts.
A CRT is not taxed directly, but distributions from a CRT are taxed to beneficiaries
under ...section 664, often called the WIFO, W-I-F-O, worst-in, first-out method of accounting.
Distributions from charitable remainder trusts will be subject to a 3.8% surtax.
...distributions of net investment income from a CRT will be taxable to the beneficiaries.
...income that was realized and recognized prior to December 31, 2012
will be grandfathered from the surtax.
Deferring loss and expenses into 2013 will also reduce the tax burden on future distributions.
The action steps needed for a charitable remainder trust
are to harvest long-term capital gains in 2012,
accelerate interest, dividends and other income in 2012, defer harvesting losses into 2013,
and defer expenses into 2013.
By taking these important steps
you will likely reduce your clients’ future exposure to the 3.8% healthcare surtax.
On behalf of the PFP Division of the American Institute of Certified Public Accountants,
this has been Bob Keebler."
Robert S. Keebler, CPA, MST, DEP, Partner, Keebler & Associates, LLP
Charitable Remainder Trust and the 3.8% Medicare Surtax
Surtax etc... Chart/Table
On November 30, 2012, the US Treasury issued treasury regulations
addressing...the new 3.8% healthcare surtax.
...there are two urgent planning opportunities that are important to CPAs and their clients.
First, to the extent that income can be accelerated in 2012, this will save 3.8%.
For example, harvesting gains, triggering accrued interest, income and dividends,
accelerated rents and other royalties will all save on the surtax.
Likewise, deferring investment expenses into 2013
will provide an income tax deduction against the surtax, saving an extra 3.8%.
This savings does not include any savings that would occur
by virtue of any increase in the base tax rate.
...there is an urgent and immediate planning opportunity
for existing charitable remainder trusts.
A CRT is not taxed directly, but distributions from a CRT are taxed to beneficiaries
under ...section 664, often called the WIFO, W-I-F-O, worst-in, first-out method of accounting.
Distributions from charitable remainder trusts will be subject to a 3.8% surtax.
...distributions of net investment income from a CRT will be taxable to the beneficiaries.
...income that was realized and recognized prior to December 31, 2012
will be grandfathered from the surtax.
Deferring loss and expenses into 2013 will also reduce the tax burden on future distributions.
The action steps needed for a charitable remainder trust
are to harvest long-term capital gains in 2012,
accelerate interest, dividends and other income in 2012, defer harvesting losses into 2013,
and defer expenses into 2013.
By taking these important steps
you will likely reduce your clients’ future exposure to the 3.8% healthcare surtax.
On behalf of the PFP Division of the American Institute of Certified Public Accountants,
this has been Bob Keebler."
Robert S. Keebler, CPA, MST, DEP, Partner, Keebler & Associates, LLP
7/21/12
I believe money is fungible
Fungible means interchangeable.
The word comes into play
when (inter alia) earmarked funds end up in a general account.
These funds are then free to be used for purposes other than intended.
Example: You would like to go on a vacation but you have unpaid car repair bills.
A wealthy uncle hears that you are having financial trouble and sends money to help.
However, he would never have agree to pay for your vacation
–- he’s nice, but not that nice.
Once your uncle’s money is deposited into your checking account,
you are free to spend it as you please.
You then get to pay off your bills and go on vacation.
In essence, you paid your bills (a necessity) while your uncle funded your vacation.
http://blog.mises.org/archives/007321.asp#
The word comes into play
when (inter alia) earmarked funds end up in a general account.
These funds are then free to be used for purposes other than intended.
Example: You would like to go on a vacation but you have unpaid car repair bills.
A wealthy uncle hears that you are having financial trouble and sends money to help.
However, he would never have agree to pay for your vacation
–- he’s nice, but not that nice.
Once your uncle’s money is deposited into your checking account,
you are free to spend it as you please.
You then get to pay off your bills and go on vacation.
In essence, you paid your bills (a necessity) while your uncle funded your vacation.
http://blog.mises.org/archives/007321.asp#
Fungibility
Fungibility is the property of a good or a commodity
whose individual units are capable of mutual substitution.
Examples of highly fungible commodities [like oil]
are ...currencies.
It refers only to the ease of exchanging one unit of a commodity
with another unit of the same commodity.
Wikipedia
http://en.wikipedia.org/wiki/Fungibility
Word for the day: Fungible
5/14/12
If budget deficits were a dominant 2010 campaign issue, why did congress pass and the president sign a $900 billion bigger deficit about a month later?
Sometimes people mistake the way I talk
for what I am thinking.
Idi Amin
If Michael Bloomberg made 5% per year on $20 billion, and paid half his taxes on long term capital gaines and half on dividend interest, will he "earn" an extra $295 million over the two years with Obama’s Tax Deal?
"President Barack Obama should tell Democrats angered by his compromises with Republicans
on extending tax cuts to “suck it up,” New York City Mayor Michael Bloomberg said.
“He says, ‘Look, this is what I did, this is the best I can do. Suck it up,’” Bloomberg said,
when asked how Obama should deal with Democrats angered by the tax measure
and other compromises with Republicans."
Molly Peterson and Gopal Ratnam
If Michael Bloomberg is worth about $20 billion,
and makes about $1 billion per year on long term capitol gaines and dividend interest
could he save about $295,470,320 over two years if Obama’s Tax Deal passes?
.......…………….............…………..…Tax Cuts Extended…………….Tax Cuts Expired
Dividends and LT Capital Gains...........$1,000,000,000…………………$1,000,000,000?
Tax Liability…………………................…..$149,948,250 ………………….$297,683,410?
Average Tax Rate………........................…..14.99%……………….....……. 29.77%?
$297,683,410 – $149,948,250 = about $147,735,160 x 2 years
= about $295,470,320?
Accountability
"Saying it's not your fault you crashed the ship into the rock
because the rock was underwater and hidden
nobody could have seen it coming loses its force
when you are navigating in waters that are known to be rocky.
Even if you have the latest sonar based upon fancy, innovative math
that is supposed to detect the rock before you hit it
and even if regulators were supposed to clearly map and mark all danger
if you hit it anyway,
there's a reason why captains are expected to go down with
or at best be the last ones off – the ship.
It ensures they'll do all they can to avoid hitting it in the first place."
Mark Thoma
The Professionals are not being Held Accountable
Economists View
because the rock was underwater and hidden
nobody could have seen it coming loses its force
when you are navigating in waters that are known to be rocky.
Even if you have the latest sonar based upon fancy, innovative math
that is supposed to detect the rock before you hit it
and even if regulators were supposed to clearly map and mark all danger
if you hit it anyway,
there's a reason why captains are expected to go down with
or at best be the last ones off – the ship.
It ensures they'll do all they can to avoid hitting it in the first place."
Mark Thoma
The Professionals are not being Held Accountable
Economists View
Don’t say you can if you can’t, say you’re going to and not,
be a very good bad example, think you know what you don’t,
do what you don’t understand,
sacrifice future unhappiness for an unnecessarily pleasant present,
underestimate irrationality, offend many to benefit few,
and not hold yourself and others accountable.
3/12/12
Please Disseminate: Search Directions to Compare Greensboro and Guilford County Real Estate Revaluation Assessment Outcomes
Click on Parcel Search in the upper right hand side of the page linked above.
Updated with Search Directions: A Comparison of Four
Guess Who?
Enter number and street, without "drive" or "court" after
and then click search.
Click on Tax Appraisal Information on the right hand side
and a new window will come up.
The new tax value is in the bottom right corner.
and a new window will come up.
The new tax value is in the bottom right corner.
Click on Tax bill in the upper right area,
which should open a new window.
which should open a new window.
Clicking on the top link with lots of numbers under the headings on the left
should bring up another window with the old value in the middle on the left.
should bring up another window with the old value in the middle on the left.
Divide.
Subtract.
Compare.
3/11/12
City of Greensboro and Guilford County Information Request on Real Estate Revaluation Assessments
Please provida data for all Guilford County revaluation assessements
including before and after values of all properties in a comma delimited format
with before and after values seperated, which can be measured in different ways.
George Hartzman
including before and after values of all properties in a comma delimited format
with before and after values seperated, which can be measured in different ways.
George Hartzman
3/7/12
If Rush Limbaugh makes about $78 million per year, did Obama's Tax Deal give him about $15,324,704 more over the last two years?
"Compared to the Tax Cuts Extended scenario,
total tax liability for the Obama Plan scenario would be $7,662,352 higher
..................................................................Tax Cuts Extended................Tax Cuts Expired
Adjusted Gross Income...................................$78,000,000.....................$78,000,000?
Tax Liability on $38 million of income...................$19,273,989.....................$26,936,341?
Average Tax Rate..................................................24.53%.............................34.29%"?
$26,936,341 - $19,273,989 = $7,662,352 x 2 years = $15,324,704?What is the estimated net worth of Rush Limbaugh?
Tax CalculatorSingle
Tax Plan: Tax Cuts Extended vs. Tax Cuts Expired
Tax Year: 2011
AMT Patch: AMT Patch in effect
total tax liability for the Obama Plan scenario would be $7,662,352 higher
..................................................................Tax Cuts Extended................Tax Cuts Expired
Adjusted Gross Income...................................$78,000,000.....................$78,000,000?
About $38 million of earned income
At least $20 million of dividends on about $1 billion
At least $20 million of capital gains on on about $1 billion
= about $78 adjusted gross income?
At least $20 million of dividends on about $1 billion
At least $20 million of capital gains on on about $1 billion
= about $78 adjusted gross income?
Tax Liability on $38 million of income...................$19,273,989.....................$26,936,341?
Average Tax Rate..................................................24.53%.............................34.29%"?
$26,936,341 - $19,273,989 = $7,662,352 x 2 years = $15,324,704?What is the estimated net worth of Rush Limbaugh?
Tax CalculatorSingle
Tax Plan: Tax Cuts Extended vs. Tax Cuts Expired
Tax Year: 2011
AMT Patch: AMT Patch in effect
2/5/12
A profound truth on actual tax rates, by Michael Kinsley
"It’s really impossible to defend a system
where people at the bottom pay 30 percent or 35 percent
(including Social Security and Medicare taxes)
while people at the top who’ve arranged their affairs correctly
-- not all that hard -- pay 15 percent, as Romney did last year."
Michael Kinsley
where people at the bottom pay 30 percent or 35 percent
(including Social Security and Medicare taxes)
while people at the top who’ve arranged their affairs correctly
-- not all that hard -- pay 15 percent, as Romney did last year."
Michael Kinsley
6/11/11
If borrowing to pay for tax cuts helps an economy in the short run, do unpaid for tax cuts retard growth in the long run?
The Laffer Curve, anyone know what this says?
It says that at this point on the revenue curve
you will get exactly the same amount of revenue as at this point…
Does anyone know what Vice President Bush called this in 1980, anyone?
Something-d-o-o economics, voodoo economics.
Ferris Bueller’s Day Off
Should higher interest rates and inflation
correlated to tax cuts and increased borrowing
eventually reduce tax revenue
following short term economic growth?
12/26/10
Estimated Revenue Effects of EGTRRA and JGTRRA
"...the Joint Committee on Taxation (JCT)
...estimated the revenue effects of EGTRRA and JGTRRA
...imply a loss of revenues totaling $165 billion in 2007.
...the debt-service costs that would result in 2007 from the legislation
under an assumption that they were financed in full by additional debt
rather than offset elsewhere in the budget.
On that basis, CBO estimates that the revenue loss in JCT's projections
would lead to additional debt-service costs of $46 billion in 2007,
for a total budgetary cost of $211 billion.
On the same basis, the agency estimates the total budgetary costs, including interest,
for 2008 through 2011 to be $233 billion, $245 billion, $269 billion, and $215 billion, respectively.
The short-term effects of EGTRRA and JGTRRA
in stimulating aggregate demand in the economy
have largely dissipated by now,
and the supply-side effects of those policies are uncertain but are probably small.
...the two tax laws increased the budget deficit,
and doing so tends to reduce economic growth over the medium and long term.
...once those various factors have been taken into account,
the overall impact of the tax legislation on the economy is likely to be modest.
Peter R. Orszag
Director
Congressional Budget Office, July 20, 2007
...estimated the revenue effects of EGTRRA and JGTRRA
...imply a loss of revenues totaling $165 billion in 2007.
...the debt-service costs that would result in 2007 from the legislation
under an assumption that they were financed in full by additional debt
rather than offset elsewhere in the budget.
On that basis, CBO estimates that the revenue loss in JCT's projections
would lead to additional debt-service costs of $46 billion in 2007,
for a total budgetary cost of $211 billion.
On the same basis, the agency estimates the total budgetary costs, including interest,
for 2008 through 2011 to be $233 billion, $245 billion, $269 billion, and $215 billion, respectively.
The short-term effects of EGTRRA and JGTRRA
in stimulating aggregate demand in the economy
have largely dissipated by now,
and the supply-side effects of those policies are uncertain but are probably small.
...the two tax laws increased the budget deficit,
and doing so tends to reduce economic growth over the medium and long term.
...once those various factors have been taken into account,
the overall impact of the tax legislation on the economy is likely to be modest.
Peter R. Orszag
Director
Congressional Budget Office, July 20, 2007
Treason
"...treason is the crime that covers some of the more serious acts of betrayal
of one's sovereign or nation.
A person who commits treason is known in law as a traitor.
Oran's Dictionary of the Law (1983) defines treason as
"...[a]...citizen's actions to help a foreign government overthrow, make war against,
or seriously injure the [parent nation]."
In many nations, it is also often considered treason
to attempt or conspire to overthrow the government,
even if no foreign country is aided or involved by such an endeavour.
...the word "traitor" may also be used to describe a person
who betrays...their own political party, nation, family, friends, ethnic group,
team, religion, social class, or other group to which they may belong.
...the term "traitor" is used in heated political discussion
– typically as a slur against...officials in power
who are perceived as failing to act in the best interest of their constituents."
Wikipedia
of one's sovereign or nation.
A person who commits treason is known in law as a traitor.
Oran's Dictionary of the Law (1983) defines treason as
"...[a]...citizen's actions to help a foreign government overthrow, make war against,
or seriously injure the [parent nation]."
In many nations, it is also often considered treason
to attempt or conspire to overthrow the government,
even if no foreign country is aided or involved by such an endeavour.
...the word "traitor" may also be used to describe a person
who betrays...their own political party, nation, family, friends, ethnic group,
team, religion, social class, or other group to which they may belong.
...the term "traitor" is used in heated political discussion
– typically as a slur against...officials in power
who are perceived as failing to act in the best interest of their constituents."
Wikipedia
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) & The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
"The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)
& The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
One of the most notable characteristics of EGTRRA
is that its provisions are designed to sunset,
or revert to the provisions that were in effect before it was passed.
...The sunset provision sidesteps the Byrd Rule,
a Senate rule that amends the Congressional Budget Act
to allow Senators to block a piece of legislation
if it purports to significantly increase the federal deficit beyond a ten-year term.
The sunset allowed the bill to stay within the letter of the PAYGO law
while removing nearly $700 billion
from amounts that would have triggered PAYGO sequestration.
EGTRRA generally reduced the rates of individual income taxes:
A new 10% bracket was created for single filers
with taxable income up to $6,000,
joint filers up to $12,000,
and heads of households up to $10,000.
the 15% bracket's lower threshold was indexed to the new 10% bracket
the 28% bracket would be lowered to 25% by 2006
the 31% bracket would be lowered to 28% by 2006
the 36% bracket would be lowered to 33% by 2006
the 39.6% bracket would be lowered to 35% by 2006
The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
accelerated the gradual rate reduction and increase in credits passed in EGTRRA.
The maximum tax rate decreases originally scheduled to be phased into effect in 2006 under EGTRRA
were retroactively enacted to apply to the 2003 tax year."
Wikipedia
& The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
One of the most notable characteristics of EGTRRA
is that its provisions are designed to sunset,
or revert to the provisions that were in effect before it was passed.
...The sunset provision sidesteps the Byrd Rule,
a Senate rule that amends the Congressional Budget Act
to allow Senators to block a piece of legislation
if it purports to significantly increase the federal deficit beyond a ten-year term.
The sunset allowed the bill to stay within the letter of the PAYGO law
while removing nearly $700 billion
from amounts that would have triggered PAYGO sequestration.
EGTRRA generally reduced the rates of individual income taxes:
A new 10% bracket was created for single filers
with taxable income up to $6,000,
joint filers up to $12,000,
and heads of households up to $10,000.
the 15% bracket's lower threshold was indexed to the new 10% bracket
the 28% bracket would be lowered to 25% by 2006
the 31% bracket would be lowered to 28% by 2006
the 36% bracket would be lowered to 33% by 2006
the 39.6% bracket would be lowered to 35% by 2006
The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
accelerated the gradual rate reduction and increase in credits passed in EGTRRA.
The maximum tax rate decreases originally scheduled to be phased into effect in 2006 under EGTRRA
were retroactively enacted to apply to the 2003 tax year."
Wikipedia
12/17/10
"...With a total debt of more than $13 trillion, our government is in the midst of forcing the largest intergenerational transfer of wealth the world has ever seen."
"...With a total debt of more than $13 trillion, our government is in the midst of forcing the largest intergenerational transfer of wealth the world has ever seen.
Instead of accepting that truth, and living within our means, each party is using its own favorite myth to make things worse. And they have the nerve to call the result a "deal."
...There are good reasons to cut taxes, of course. Lower tax rates really do spur economic activity, attract investment, and encourage entrepreneurs to start new businesses. But you can't get something for nothing.
...Our children will have to pay it all back, plus interest.
...Every dollar of debt resulting from extension of the Bush tax cuts is a dollar that must be paid back, plus interest, with new taxes on our young and future workers.
The net effect is not a tax cut at all, but an increase.
...In the long run, a dollar of spending must be paid for with a dollar of new taxes.
If you hate taxes, cut spending.
...Instead of some combination of reduced spending and increased revenue, we continue to borrow until there is no turning back.
Increasingly, economists recognize that we are near the point where simply paying the interest on the debt will crowd out other government programs ...as well as business investment..."
Michael Munger
Professor of political science and economics at Duke
Instead of accepting that truth, and living within our means, each party is using its own favorite myth to make things worse. And they have the nerve to call the result a "deal."
...There are good reasons to cut taxes, of course. Lower tax rates really do spur economic activity, attract investment, and encourage entrepreneurs to start new businesses. But you can't get something for nothing.
...Our children will have to pay it all back, plus interest.
...Every dollar of debt resulting from extension of the Bush tax cuts is a dollar that must be paid back, plus interest, with new taxes on our young and future workers.
The net effect is not a tax cut at all, but an increase.
...In the long run, a dollar of spending must be paid for with a dollar of new taxes.
If you hate taxes, cut spending.
...Instead of some combination of reduced spending and increased revenue, we continue to borrow until there is no turning back.
Increasingly, economists recognize that we are near the point where simply paying the interest on the debt will crowd out other government programs ...as well as business investment..."
Michael Munger
Professor of political science and economics at Duke
12/16/10
"Senate Tax-Cut Plan Would Add $857 Billion to U.S. Debt," or will the Tax Deal really cost at least $1,472.92 trillion?
"...The congressional Joint Committee on Taxation, which estimates the revenue effects of tax legislation, said the provisions would cost the government $801.3 billion in forgone revenue over 10 years. Extending unemployment benefits for 13 months, another feature of the package, would cost $56 billion, the Obama administration has said."
The proposal would extend Bush-era tax cuts for all levels of income. A two-year extension of those rates would cost $407.6 billion, according to the Joint Committee on Taxation.
...The tax agreement lacks revenue-raising offsets."
Ryan J. Donmoyer
Mortgage Loan Calculator
$857 Billion @ 4% x 30 years = $1,472.92 trillion
$857 Billion @ 5% x 40 years = $1,983.56 trillion
$857 Billion @ 6% x 50 years = $2,706.77 trillion
$857 Billion @ 7% x 75 years = $4,523.35 trillion
The proposal would extend Bush-era tax cuts for all levels of income. A two-year extension of those rates would cost $407.6 billion, according to the Joint Committee on Taxation.
...The tax agreement lacks revenue-raising offsets."
Ryan J. Donmoyer
Mortgage Loan Calculator
12/15/10
"Senate Democrats rolled out a year-end, governmentwide spending bill [with] thousands of the appropriations earmarks so adamantly opposed by critics of Congress."
All animals are equal,
but some animals are more equal than others.
George Orwell
"“It’s completely inappropriate; I’m vigorously in opposition to it,” said Senate Minority Leader Mitch McConnell, who then had to admit the bill included earmarks for projects in his home state of Kentucky.
My opinions will never change
no matter what the facts are.
Steven Colbert
Taxpayers for Common Sense Tuesday night estimated that it had found 6,600 such legislative provisions in the omnibus directing where $8 billion within the bill should be spent."
DAVID ROGERS
The great majority of mankind are satisfied with appearance
as though they were realities,
and are often more influenced by the things that seem than those that are.
Niccolo Machiavelli
"$277,000 for potato pest management in Wisconsin
$246,000 for bovine tuberculosis in Michigan and Minnesota
$522,000 for cranberry and blueberry disease and breeding in New Jersey
$500,000 for oyster safety in Florida
$349,000 for swine waste management in North Carolina
$413,000 for peanut research in Alabama
$247,000 for virus free wine grapes in Washington
$208,000 beaver management in North Carolina
$94,000 for blackbird management in Louisiana
$165,000 for maple syrup research in Vermont
$235,000 for noxious weed management in Nevada
$100,000 for the Edgar Allen Poe Cottage Visitor’s Center in New York
$300,000 for the Polynesian Voyaging Society in Hawaii
$400,000 for solar parking canopies and plug-in electric stations in Kansas"
John McCain via Drudge
12/14/10
If Mitt Romney is worth at least $190 million and makes about 5% of dividends and 5% on capital gains, could he bring in an extra $5,656,178 by charging America’s children about $1,600 a piece?
Should Mitt Romney have disclosed his conflict of interest in his USA Today Op-Ed?
..............................Tax Cuts Extended Tax Cuts Expired
Taxable Income........ $18,981,000 $18,990,350?
Tax Liability............. $2,839,650........$5,622,239?
Average Tax........ Rate 14.95%............29.59%?
$5,622,239 - $2,839,650 = $2,782,589 x 2 years = $5,565,178?
Married, No children
Tax Plan: Tax Cuts Extended vs. Tax Cuts Expired
Tax Year: 2011
AMT Patch: AMT Patch in effect
Tax Calculator
If about 1,699,000 US households make more than $250,000,
and their portion of the tax cuts cost $120 billion
are America’s elected leaders
about to charge everyone’s kids $1,600 each
to give all the households making more than $250,000 per year
an average of $70,629.78 each?
$120 billion divided by 1,699,000 = $70,629.78?
..............................Tax Cuts Extended Tax Cuts Expired
Taxable Income........ $18,981,000 $18,990,350?
Tax Liability............. $2,839,650........$5,622,239?
Average Tax........ Rate 14.95%............29.59%?
$5,622,239 - $2,839,650 = $2,782,589 x 2 years = $5,565,178?
Married, No children
Tax Plan: Tax Cuts Extended vs. Tax Cuts Expired
Tax Year: 2011
AMT Patch: AMT Patch in effect
Tax Calculator
If about 1,699,000 US households make more than $250,000,
and their portion of the tax cuts cost $120 billion
are America’s elected leaders
about to charge everyone’s kids $1,600 each
to give all the households making more than $250,000 per year
an average of $70,629.78 each?
$120,000,000,000 / 75,000,000 Kids = $1,600 per American Child?
$120 billion divided by 1,699,000 = $70,629.78?
Medicare Accounting Ripoff?
"Senate Democrats and Republicans agreed on -- and passed by a vote of 99-0 -- a one-year extension of the so-called "doctor fix" for Medicare.
The result is almost certainly going to mean higher deficits and more debt piled on the backs of our children.
the Obama administration and congressional Democrats made matters worse by including the "savings" from that 23 percent cut in the cost estimates for the ObamaCare law. This allowed them to pretend that the reform cost less than $1 trillion over its first 10 years...
...Now, faced with having the cuts kick in on Jan. 1, Congress, unsurprisingly, has once again voted to postpone them for a year, at a cost of $15 billion.
But wait. Congress found a way to pay for it: It voted to reduce subsidies under the president's health reforms -- in 2014.
That's right. Congress will spend the money next year, but you needn't worry because it will reduce subsidies four years from now.
...So, four years from now...Congress will use that repayment to repay the money it borrowed to spend this year to avoid making cuts in a program that is trillions of dollars in debt.
Feeling better now?
If November's election meant anything, it was that the American people were fed up with business as usual in Washington.
If this latest Senate deal tells us anything, it's that business as usual is alive and well."
Michael Tanner
The result is almost certainly going to mean higher deficits and more debt piled on the backs of our children.
the Obama administration and congressional Democrats made matters worse by including the "savings" from that 23 percent cut in the cost estimates for the ObamaCare law. This allowed them to pretend that the reform cost less than $1 trillion over its first 10 years...
...Now, faced with having the cuts kick in on Jan. 1, Congress, unsurprisingly, has once again voted to postpone them for a year, at a cost of $15 billion.
But wait. Congress found a way to pay for it: It voted to reduce subsidies under the president's health reforms -- in 2014.
That's right. Congress will spend the money next year, but you needn't worry because it will reduce subsidies four years from now.
...So, four years from now...Congress will use that repayment to repay the money it borrowed to spend this year to avoid making cuts in a program that is trillions of dollars in debt.
Feeling better now?
If November's election meant anything, it was that the American people were fed up with business as usual in Washington.
If this latest Senate deal tells us anything, it's that business as usual is alive and well."
Michael Tanner
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