Monday, August 2, 2010

Taxes, taxes and more taxes

According to Americans for Tax Reform, "the largest tax hikes in the history of America will take effect" Jan. 1. The taxes come in three "waves," ATR says. Here are some we can expect:
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.

The Tanning Tax. This went into effect on July 1st of this year. It imposes a new, 10% excise tax on getting a tan at a tanning salon. There is no exemption for tanners making less than $250,000 per year.

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.

What will your 2011 income tax look like? Find out at My Tax Burden, where you can calculate how much you will owe under three circumstances:
  1. Congress allows all of the Bush administration tax cuts to expire.
  2. Congress extends all of the Bush tax cuts into 2011.
  3. Congress passes the tax laws suggested in President Barack Obama's budget, letting some tax cuts expire, extending some and enacting some new tax laws.

Now that you're depressed, enjoy the poem below. It'd be funny if it weren't true.
Tax his land, tax his bed,
Tax the table at which he's fed.

Tax his tractor, tax his mule,
Teach him taxes are the rule.

Tax his work, tax his pay.
He works for peanuts, anyway!

Tax his cow, tax his goat,
Tax his pants, tax his coat.

Tax his ties, tax his shirt,
Tax his work, tax his dirt.

Tax his tobacco, tax his drink,
Tax him if he tries to think.

Tax his cigars, tax his beers.
If he cries, tax his tears.

Tax his car, tax his gas.
Find other ways to tax his ass.

Tax all he has, then let him know
That you won't be done 'til he has no dough.

When he screams and hollers, then tax him some more.
Tax him 'til he's good and sore.

Then tax his coffin, tax his grave,
Tax the sod in which he's laid.

Put these words upon his tomb:
"Taxes drove me to my doom."

When he's gone, do not relax;
It's time to apply the inheritance tax!

Finally, none of these taxes existed 100 years ago:
  • Accounts Receivable Tax
  • Building Permit Tax
  • CDL license Tax
  • Cigarette Tax
  • Corporate Income Tax
  • Dog License Tax
  • Excise Taxes
  • Federal Income Tax
  • Federal Unemployment Tax
  • Fishing License Tax
  • Food License Tax
  • Fuel Permit Tax
  • Gasoline Tax
  • Gross Receipts Tax
  • Hunting License Tax
  • Inheritance Tax
  • Inventory Tax
  • IRS Interest Charges IRS Penalties (tax on top of tax)
  • Liquor Tax
  • Luxury Taxes (I thought this only existed in Monopoly!)
  • Marriage License Tax
  • Medicare Tax
  • Personal Property Tax
  • Property Tax
  • Real Estate Tax
  • Service Charge Tax
  • Social Security Tax
  • Road Usage Tax
  • Sales Tax
  • Recreational Vehicle Tax
  • School Tax
  • State Income Tax
  • State Unemployment Tax
  • Telephone Federal Excise Tax
  • Telephone Federal Universal Service FeeTax
  • Telephone Federal, State and Local Surcharge Taxes
  • Telephone Minimum Usage Surcharge Tax
  • Telephone Recurring and Non-recurring Charges Tax
  • Telephone State and Local Tax
  • Telephone Usage Charge Tax
  • Utility Taxes
  • Vehicle License Registration Tax
  • Vehicle Sales Tax
  • Watercraft Registration Tax
  • Well Permit Tax
  • Workers Compensation Tax


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