Empty Promises by President Obama

D Chapman

D Chapman

1
Jan 3, 2005
11,746
73
On Kennith's private island
Thanks, Obama!

In a recent tax planning meeting with one of our clients, we shocked them with what their income tax future looked like for 2013 if Congress continues to do nothing to provide a long-term permanent set of tax laws (and it looks as if lawmakers are headed down this track).

They had no idea what tax breaks were expiring this year and next year, and how much it would cost them personally in extra income tax. But they aren't alone, many Americans and even tax professionals aren't aware that their tax bill could rise dramatically next year.

These clients are your average American family and their situation is a good example of the law changes that will affect all of us. Here's their tax situation with a table summarizing the expiring tax laws that are scheduled to occur in 2011 and 2012.

Meet the Smiths: 26-year-olds Bill and Joan have been married for five years and have two young children. Bill earns about $65,000 a year in sales and Joan has gone back to work and earns about $35,000 annually. Bill owes quite a bit on his college student loans and will pay about $3,000 in interest on them in 2013. With Joan working again, they are paying $3,000 for year-round child care. Joan inherited some AT&T stock from her grandmother, which pays her $1,000 in dividends every year. Finally, counting home mortgage interest, they have about $20,000 in itemized deductions.

The first big change affecting the Smiths will be a combined increase in income tax rates, and a tightening of tax brackets as a result of the expiration of the Bush tax cuts. We estimate this will cost them $960 in 2013.

Bill will lose the complete deduction of his student loan interest in 2013, costing about $840. The pair's allowable deduction for child care will drop to $2,400 from $3,000, and they will also see their credit for children drop in half, costing another $1,000.

The marriage tax penalty will come roaring back to hit the Smiths in 2013, costing an estimated $500. The tax on their dividend income will go increase to $280 from $150, adding another $130. Finally, although we did not calculate the effect, without Congressional action to once again "fix" the alternative minimum tax, the Smiths could owe this ugly tax as well!

Luckily for the Smiths — but not for many Americans — other major changes for 2013, which do not personally affect them, include a phase out of itemized deductions and personal exemptions if their income starts to climb.

In summary, because of tax laws expiring this year and next, we estimate that the Smiths will owe $3,598 more in income tax in 2013 than in 2011 with no change in their income.
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D Chapman

D Chapman

1
Jan 3, 2005
11,746
73
On Kennith's private island
From the Hope and Change campaign.

<iframe width="420" height="315" src="http://www.youtube.com/embed/seAR1S1Mjkc" frameborder="0" allowfullscreen></iframe>​

In the video Obama has a problem with signing a Bill into law that the President does not entirely agree with or decides to interpret that law in a different why in which it was written.

Yet, Obama signed NDAA 2012 into law December 31st. THEN went on to say, ?My administration will not authorize the indefinite military detention without trial of American citizens. Indeed, I believe that doing so would break with our most important traditions and values as a nation.?
http://www.forbes.com/sites/erikkai...-national-defense-authorization-act-now-what/

What a lying sack of shit.

The big issue with NDAA 2012 is the ability of the US Military to act as a police force and imprison US citizens within the United States WITHOUT trial or representation for as long as they want to. In other words, the government can come into your home and lock you up, throw away the key, do not have to tell you why you're being detained, and they can keep you for as long as they want to. No lawyer, no trial, no communication with family. This goes against the 5th and 6th Amendments to the U.S. Constitution.

Watch the first :30 of this video:

<iframe width="560" height="315" src="http://www.youtube.com/embed/m1Yff-_9MZs" frameborder="0" allowfullscreen></iframe>​

Hope and Change.
 
stu454

stu454

Well-known member
Dec 15, 2004
5,407
61
Atlanta, GA
knewsom said:
Bush and Romney would have signed it without reservation.
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Kris, that's your defense of the President?

Just say 'Nuh uh!' instead. It's about as effective an argument.:ack:
 
knewsom

knewsom

Well-known member
Jul 10, 2008
5,262
0
La Mancha, CA
Not defending it at all. I was as pissed as anyone when he signed it. ...but I do feel like he was backed into a corner over it, BY REPUBLICANS. ...and as much as you guys like to complain about Obama, I'd think if you put an ounce of that energy into complaining to your elected representatives and fellow GOP members about something other than our President, such as the crap they pull, and the garbage they try to bully him into, perhaps we'd slowly begin to move in the right direction.
 
D Chapman

D Chapman

1
Jan 3, 2005
11,746
73
On Kennith's private island
knewsom said:
Not defending it at all. I was as pissed as anyone when he signed it. ...but I do feel like he was backed into a corner over it, BY REPUBLICANS. ...and as much as you guys like to complain about Obama, I'd think if you put an ounce of that energy into complaining to your elected representatives and fellow GOP members about something other than our President, such as the crap they pull, and the garbage they try to bully him into, perhaps we'd slowly begin to move in the right direction.
Click to expand...

LOL.
 
stu454

stu454

Well-known member
Dec 15, 2004
5,407
61
Atlanta, GA
knewsom said:
.... I'd think if you put an ounce of that energy into complaining to your elected representatives and fellow GOP members about something other than our President, such as the crap they pull, and the garbage they try to bully him into, perhaps we'd slowly begin to move in the right direction.
Click to expand...

Who said I'm not doing that already?

Both of Georgia's senators are Republican. I'm not voting for either of them after their votes on the detention bill.
 
brian4d

brian4d

Well-known member
Dec 3, 2007
6,499
67
High Point, NC
Just keep in mind guys that we need a majority in the House, Senate and a GOP candidate to permanently overturn Obamacare. I know it sucks but it is what it is.
 
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