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Wed Nov 28, 2012, 09:47 PM

Curiously missing from the tax debate

The actual rate changes:

Over $250K --33% rate will become 36%; and the 35% rate will become 39.6%.

And capital gains:
Starting 2013, the tax rate on long-term gains will be 20% (or 10% if a taxpayer is in the fifteen percent tax bracket). Also starting in 2013, the distinction between ordinary and qualified dividends will disappear, and all dividends will be subject to the ordinary tax rates.
Also beginning in 2013, capital gain income will be subject to an additional 3.8% Medicare tax.


http://taxes.about.com/od/Federal-Income-Taxes/qt/Tax-Rates-For-The-2012-Tax-Year.htm


Listening to the MSM you'd imagine the top two tax rates were going through the roof. They never talk reality.

They leave these simple details out on purpose?

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Reply Curiously missing from the tax debate (Original post)
SHRED Nov 2012 OP
eugene jones Nov 2012 #1
WCGreen Nov 2012 #2
unblock Nov 2012 #3
elleng Nov 2012 #4
Egalitarian Thug Nov 2012 #5
Angry Dragon Nov 2012 #6
Warpy Nov 2012 #7

Response to SHRED (Original post)


Response to SHRED (Original post)

Wed Nov 28, 2012, 09:50 PM

2. That's because they are all in that higher bracket...

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Response to SHRED (Original post)

Wed Nov 28, 2012, 09:51 PM

3. they also act as if the end of year deadline is some kind of rubicon.

in truth, congress can change the tax rates for 2013 any time during 2013.
obviously, the sooner the better for the sake of planning, withholding, etc., but it's not remotely the end of the world if they don't reach a deal until, say, late january.

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Response to SHRED (Original post)

Wed Nov 28, 2012, 09:53 PM

4. Prolly on purpose AND

too complicated for them to bother even just cutting and pasting!

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Response to SHRED (Original post)

Wed Nov 28, 2012, 09:55 PM

5. Curiouser and curiouser. You know, it's almost like there was some kind of goal thingy

 

that somebody didn't want other people to see...

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Response to SHRED (Original post)

Wed Nov 28, 2012, 10:12 PM

6. There is no 'fiscal cliff'

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Response to SHRED (Original post)

Wed Nov 28, 2012, 10:57 PM

7. They also don't mention that first $250K is at the lower rates

I think all the blowdried bobbleheads are panicking because they ASSume their own taxes are going through the roof. Chances are most of them earn less than $250K and can't do math to save themselves if they earn more.

Funny, it's the lower tier of taxpayers who will not be affected by this who are all popping their corks over it. People who will actually be subject to the tax hikes are for them by a slight majority.

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