Mr Lee Posted November 7, 2011 Posted November 7, 2011 I am posting this, so you can plan for it, in case it will impact you or someone you know. Major Individual Income Tax Benefits Expiring 12/31/2011:•Personal tax credits applied against income tax no longer applyHigher alternative minimum tax exemptions revert back to extraordinarily-low thresholds•$250 school teacher expense deduction ends•Mortgage insurance premium deduction expires•State and local sales tax deductions expire•Tuition and related fees deduction end•IRA to charity tax-free transfers stop•2% Social Security tax reduction endsMajor Individual Income Tax Benefits Expiring 12/31/2012:•Marriage penalty equalization ends•Dividends taxed at capital gains rates removed, taxed at regular rates now•Capital gains low tax rates expires•Removal of itemized deduction phase out for higher income Americans•Removal of personal exemption phase out for higher income Americans•Child care deduction limit of $3,000 reverts to $2,400•Child credit reduces from $1,000 per child to $500 per child•Low 10% tax bracket for low income Americans is eliminated•Lower income tax rates and smaller brackets expires•Refundable adoption credit and reduced deduction•American Opportunity college education credit expires•Major reduction in earned income credits and refunds•Income tax exemption for debt forgiven on home foreclosures and repossessions•Deduction for student loan interest ends•Education IRA limit drops from $2,000 to $500 1 Link to comment Share on other sites More sharing options...
Jake Posted November 7, 2011 Posted November 7, 2011 That's it! I'm booking the next flight out to planet Mars. Dang, they will probably tax meon "escape tax".......he, he. Jake Link to comment Share on other sites More sharing options...
Art2ro Posted November 7, 2011 Posted November 7, 2011 Oh I'm for certain the new tax year will impact everyone in some way or another! :thumbsup: Link to comment Share on other sites More sharing options...
Forum Support scott h Posted November 7, 2011 Forum Support Posted November 7, 2011 Vote for that Kane guy...ill gladly pay 9% income tax, Once in the phil i sure as heck wont be buying anything in the States to pay the other 9% VAT lol Link to comment Share on other sites More sharing options...
Mr Lee Posted November 7, 2011 Author Posted November 7, 2011 (edited) Please lets not turn this into a political discussion. I just wish members to know what lies ahead of them, so they can plan for less usable income to live on, if any of those items will impact them. Let me add, I wish politics were allowed to be discussed but it has always created problems, so that was why the Ranters forum was put up, yet it seems few wish to participate there, so I guess it is not really that good of a topic. :thumbsup: Edited November 7, 2011 by Mr. Lee add Link to comment Share on other sites More sharing options...
Forum Support scott h Posted November 7, 2011 Forum Support Posted November 7, 2011 Not ment to be political,,,it just the what i am teasing all my coworkers with here in the states....ill pay 9% of my pension gladly lol. guess it was a poor attemp at humor. ill zip it :thumbsup: Link to comment Share on other sites More sharing options...
Mr Lee Posted November 7, 2011 Author Posted November 7, 2011 Not ment to be political,,,it just the what i am teasing all my coworkers with here in the states....ill pay 9% of my pension gladly lol. guess it was a poor attemp at humor. ill zip it :thumbsup:No need to zip it and I like a flat tax as well, although I am not sure if that one would work or not because I am surely not smart enough to know, I just thought it good to mention that we have to be careful to not allow it to become political or the Boss Man will close the topic. Thanks for understanding. Link to comment Share on other sites More sharing options...
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