Friday, October 19, 2012

100 days until taxmageddon

First wave expiration of 2001 tax relier in 2001 and 2003 the republical controlled
congress enacted several tax cuts for small business owner families,and investor
later extnded until dec.31 2012 after being in session for only two weeks in
september,congress has now adjourned until after the november 6 elections 29
for a period of time yet to be determined.The higher taxes on marriage and
family coming.On january 1,2013 will return from the first dollar of taxable income the chilld tax
credit wil e cut in haf from 1000 to 500 per chilld.The middle class death tex returns
on janry1 2003 the death tax is currently 35% with an exemption of million fot married.
I think the amt will ensnare over 31 millian families ,up from 4 million last year.
these families will have to calcure their tax burdens twice,and pay taxes at the higher
level.AMT created in 1969 to ensnare handful of taxpyers.I think taxes will be raised on all types of
businesses and teaching reduced

1 comment:

  1. William,
    You picked a very difficult article and ended up copying large portions of it. You need to pick articles that you can explain in your own words and give your own informed opinions about. 65

    ReplyDelete