{"id":2292,"date":"2010-10-03T16:10:59","date_gmt":"2010-10-03T16:10:59","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=2292"},"modified":"2010-10-03T16:10:59","modified_gmt":"2010-10-03T16:10:59","slug":"what_happens_to_your_taxes_on","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=2292","title":{"rendered":"What Happens To Your Taxes On January 1, 2011"},"content":{"rendered":"<p>On Friday, the <a href=\"http:\/\/dailycaller.com\/2010\/10\/01\/the-other-tax-increases\/\">Daily Caller<\/a>&nbsp;posted an article by Representative Joe Pitts, who represents Pennsylvania&#8217;s Sixteenth Congressional District, detailing how the failure of Congress to extend the Bush Tax Cuts will impact taxpayers.&nbsp; <\/p>\n<p>Representative Pitts points out that&nbsp;unless Congress acts to extend the Bush Tax Cuts, the nation will see a $3.8 trillion tax increase on January 1, 2011.&nbsp; When Democrat leaders announced that the House of Representatives would adjourn without considering acting on taxes, every Republican and 39 Democrats voted against adjournment.&nbsp; <\/p>\n<p>In the article Representative Pitts named some of the tax increases coming to average Americans:<\/p>\n<ul>\n<li>The Child Tax Credit changes from $1,000 per child to $500 per child.<\/li>\n<li>The marriage penalty returns.&nbsp; The standard deduction for married couples is currently twice the amount of the deduction for single people.&nbsp; As of January 1, the standard deduction for married couples changes to $9,750.&nbsp; It will be $5,800 for single taxpayers.<\/li>\n<li>The top rate of Capital Gains will go from 15 percent to 20 percent.&nbsp; The tax rate on qualified dividends will change from 15 percent to 39.6 percent.&nbsp; According to Representative Pitts, more than 26 million Americans will pay $1,240 more on investment income in 2011.&nbsp; More than one-third of those Americans are Senior Citizens who depend on investment income to live.&nbsp; One accounting firm reports that 65 percent of dividends were on tax returns of people making less than $100,000.&nbsp; One third of dividends were on tax returns of people making less than $50,000 a year.<\/li>\n<\/ul>\n<p>The expected tax increases will have a negative impact on the overall value of the stock market.&nbsp; As much as the White House likes to demonize Wall Street, many young people in the work force are depending on Wall Street for their retirement income.&nbsp; The abundance of 401k plans in the workplace is (among other things) a reflection of the lack of confidence in Social Security.&nbsp; There are very few major companies who do not have 401k plans.<\/p>\n<p>It was an act of cowardice to adjourn without dealing with the tax situation, but keep in mind that there is a deficit panel that is to report to Congress AFTER THE ELECTION.&nbsp; At that point, I expect to see major tax increases in many areas.&nbsp; The only way to stop those increases (and cut spending and growth of government) is to vote Republican in November.&nbsp; The Democrat Congress has shown that they simply cannot be counted on to control spending or taxes.&nbsp; They need to be sent home.&nbsp; If the new Republican Congress cannot control spending or taxes, they also need to be sent home in 2012.&nbsp; We need to elect people who will do their job!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Friday, the Daily Caller&nbsp;posted an article by Representative Joe Pitts, who represents Pennsylvania&#8217;s Sixteenth Congressional District, detailing how the failure of Congress to extend the Bush Tax Cuts will impact taxpayers.&nbsp; Representative Pitts points out that&nbsp;unless Congress acts to &hellip; <a href=\"https:\/\/www.rightwinggranny.com\/?p=2292\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2292","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/2292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2292"}],"version-history":[{"count":0,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/2292\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}