Come 01 Jan 2011, the tax cuts that Bush put in place will - as the 'craps like to say - 'expire'. That's BS. They weren't RENEWED permanently. Welcome to the wonderful world of automatic tax increase. Say goodbye to even more money from your paycheck. Remember, you'll be seeing what you used to call your 'health care' plan undergo significant changes, and now you'll be paying more for less - but the 'benefits' won't kick in for another four years. You'll just be getting 'nothing for something' ... Don't worry - be happy ...

Welcome to 'Hope' and 'Change' ... How's that workin' out for ya ... ?

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http://www.usatoday.com/news/opinion/forum/2010-09-02-cantor01_ST_N.htm

Cantor: Beware of the Obama tax increases

By Eric Cantor

Listening to the Democrats this summer, you're unlikely to hear about an impending tax increase. In an effort to sanitize their historically irresponsible decision to raise tax rates in the midst of a struggling economy, President Obama and the congressional majority say they are merely "allowing the Bush tax cuts" to expire.

Skillful messaging perhaps, but cold comfort to the millions of Americans and small businesses who aren't concerned with what their effective tax rate was in 2001. For them, on Jan. 1, one of two things will happen: Taxes will go up, or taxes will stay the same. Coming to grips with this reality will be crucial to jumpstarting the economic recovery. Decisions on whether to buy an appliance, invest in a company, or expand a business are made by taking into account after-tax returns in the future — not in the past.

Already grappling with weak demand for goods and services, businesses of all sizes have five main costs and expenses that impact their bottom lines. Thanks to the agenda in Washington, all are going up, turning the White House's much-touted "Recovery Summer" into the "Summer of Uncertainty." Here's a look:

• Taxes will jump next year on everything from ordinary income, capital gains, dividends and estates. And with our national debt soaring, the prospect of even more tax increases in the future seems more likely.

• Health-care costs are growing as a result of Obamacare's mandates and inflationary impact on premiums.

• Energy costs remain in limbo as leading Democrats, led by Sen. John Kerry, float the idea of passing cap-and-trade during the lame-duck session of Congress.

• Credit is becoming more expensive and is increasingly out of reach for most small businesses, partly because the 2,300-plus page financial regulatory bill encourages banks to horde their capital rather than lend it.

• Labor costs also threaten to climb higher as labor unions dig in their heels and gear up for another push to pass card check.

Lets shine our rust

What a novel idea ... we'll have plenty to work with, dat's f' true ...

Cantor is a supporter of free trade, voting to promote trade with Peru, Chile, Singapore, and Australia. He also voted for the Central America Free Trade Agreement (CAFTA). He voted against raising the minimum wage to US$ 7.25 in 2007. The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), the largest federation of trade unions in the United States, rates Cantor 0%, indicating an anti-Union voting record.

http://en.wikipedia.org/wiki/Eric_Cantor#Campaign_office_incident



well, his opinions are as valid as anyones,, I will wait for actual POLICY to be determined though,,,

You say that like it's a BAD thing ...

Why wait for that? If someone has been dumping garbage on your lawn, and a truckload of garbage pulls up out front, will you wait for them to throw it in your yard, or would it be better to make your presence known so hopefully they move along? Sometimes the wait and see approach isn't the best. Making your voice heard may be better.

yeah, but that action would call for me to have SEEN the garbage myself, not heard from someone else how it might be LIKELY the garbage will come,,, but quite the opposite has happened in the BUDGET proposal I have looked at which has no indication of such tax increases and actually still specifically lists expiration of tax cuts for those making above a couple hundred thousand a year,,,

http://www.smartmoney.com/personal-finance/taxes/how-the-expiring-bush-tax-cuts-affect-you/

...
Higher tax rates for all

You may have been led to believe that only individuals in the top two brackets will face higher federal income taxes when the Bush cuts go bye-bye. Not true! Unless Congress takes action and President Obama goes along, rates will go up for everyone -- not just a sliver of the wealthiest Americans. The current six rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%. Just a few months ago, it seemed like a safe bet that Congress would make a fix to keep the existing 10%, 15%, 25% and 28% rate brackets to help out lower and middle-income folks. That bet is now looking iffy.
...

The bottom line

The Bush tax cuts don’t just offer tax relief to the wealthiest Americans. They offer it to just about anyone who pays federal income taxes. Their scheduled demise next year will raise the tax bill of nearly every taxpayer, unless Congress makes changes and the president jumps on board.



Read more: How the Expiring Bush Tax Cuts Affect You - Personal Finance - Taxes - SmartMoney.com http://www.smartmoney.com/personal-finance/taxes/how-the-expiring-bush-tax-cuts-affect-you/#ixzz0ygGPIZYq

Every tax payer in the US already pays too much. Cutting government spending is what is needed, not more taxes!

Unless Congress takes action and President Obama goes along, rates will go up for everyone -- not just a sliver of the wealthiest Americans



thats a big UNLESS , the actual BUDGET PROPOSAL specifies(after the bush expiration) that those in the 250000 and up range will have increases, it mentions NOTHING about increasing on others

In this instance, no action is the same as an increase, because the cuts expire regardless. Even if they do decide to renew the cuts for some, it still does nothing to address the REAL problem, OUT OF CONTROL GOVERNMENT SPENDING.

politifact.com


But that's not what Democrats are proposing; they want to leave tax rates untouched for people who make less. We've looked for a Democrat who supports letting all the Bush tax cuts expire, and we haven't been able to find one. (And in fact, the most notable person we've found who advocates letting them all expire is Alan Greenspan, the head of the Federal Reserve from 1987 to 2006. He said it would help bring down the deficit.) In fact, a handful of Democrats in Congress have supported keeping tax rates for the wealthy lower, too.



I think few people (including the politicians)are supporting letting ALL the cuts expire

I'm not interested in what Democrats or Republicans are proposing, I don't have a group mentality like that. I am however interested in the fact that the government gets way too much of my hard earned pay check. I don't care how much money others make, I worry about trying to make ends meet at my home. I don't need anything from the government, except to get out of my wallet, and to stop spending money they don't have, and did not earn.

This your views are pretty much Republican. We don't raise taxes.

A lot of small and large business will start to cut employees and benefits or will go under all together.

Obama sure is Fing this country up, every chance he gets.

greed messed it up long before OBama even thought about running,,,,,