Thursday, July 22, 2010

Ready for all those new taxes?

Come January 1, 2011, the tax man will own you. Not only will you have to cough up a 1099 for any purchases you make over $600 per year, yes per year. No reading yet if that includes grocery shopping and other related incidental expenses, but if I was a betting man, I'd say yes it will.

Those new taxes are coming into effect to help support the Obamacare bloated bureaucracy aren't the only dollars that you won't be seeing anymore. The Bush Tax cuts will increase the bottom rate from 10% to 15%. That's right, a fifty percent increase in the taxing of the poor. It's about time that those darned poor paid their fair share right Libs?

The Death Tax is coming back, so not only are you paying taxes while you are alive, but soon when you die, you'll be paying taxes again.

Every type of tax will increase, and every kind of deduction will decrease. From education to the marriage penalty, you'll be paying more taxes than every before starting the first of the new year. I have to wonder, is this the change you hoped for?

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