Jurriaan Maessen
Infowars.com
September 2, 2010
It’s the eugenicist in the Discover Channel building multiplied by a million. Not simply a lone eco-terrorist saying “parasitic human infants” must die, but one of the largest international financial institutions demanding it. To make the contrast even more remarkable, James J. Lee scared the living daylights out of some Discovery Channel employees, the IMF & World Bank take hostage entire nations.
In its 1984 World Development Report, the World Bank threatens nations who are slow in implementing the Bank’s “population policies” with “drastic steps, less compatible with individual choice and freedom.”
The report, literally saturated with dehumanizing proposals, is devoted entirely to the World Bank’s long-term strategies in regards to population control:
“(…) economic policy and performance in the next decade will matter for population growth in the developing countries for several decades beyond; population policy and change in the rest of this century will set the terms for the whole of development strategy in the next.”
To illustrate how serious the World Bank is in achieving the overall strategy objectives on population control, the report does not shy away from outright threats:
“Population policy has a long lead time; other development policies must adapt in the meantime. Inaction today forecloses options tomorrow, in overall development strategy and in future population policy. Worst of all, inaction today could mean that more drastic steps, less compatible with individual choice and freedom, will seem necessary tomorrow to slow population growth.”
In the Foreword, then President of the World Bank and 1985 Bilderberg attendee, A.W. Clausen stated:
“(…) although the direct costs of The World Bank programs to reduce population growth are not large, a greater commitment by the international community is sorely needed to assist developing countries in the great challenge of slowing population growth.”
“(…) governments can use incentives and disincentives to signal their policy on family size”, the report continues. “Through incentives, society as a whole compensates those couples willing to forgo the private benefits of an additional child, helping to close the gap between private and social gains to high fertility.”
To give an adequate illustration of the World Bank’s preference for all-out government control over the people, and their intent on meddling in people’s personal decisions, the following quote will suffice (page 107):
“By taxing and spending in ways that provide couples with specific incentives and disincentives to limit their fertility, government policy can also affect fertility in the short run. Government can offer “rewards” for women who defer pregnancy; it can compensate people who undergo sterilization for loss of work and travel costs; and it can provide insurance and old-age security schemes for parents who restrict the size of their families. Each of these public policies works through signals which influence individual and family decisions- when to marry, whether to use contraception, how long to send children to school, and life expectancy, and whether and how much family members work.”
Under the header “Incentives and disincentives” (page 121), the World Bank proposes several more examples of government interference in the affairs of free humanity:
“To complement family planning services and social programs that help to reduce fertility, governments may want to consider financial and other incentives and disincentives as additional ways of encouraging parents to have fewer children. Incentives may be defined as payments given to an individual, couple, or group to delay or limit child-bearing or to use contraceptives. (…). Disincentives are the withholding of social benefits from those whose family size exceeds a desired norm.”
The report uses the example of China to make clear such measures can be highly successful if governments would only be willing to implement them:
“With the possible exception of China, efforts to raise the age at marriage by persuasion and edict have not been particularly successful.”
“In China the birth rate at the end of 1982 was estimated to be nineteen per 1,000 people, down from forty in the 1960s. The current figure, based on birth registrations rather than on a census, may slightly understate the actual birth rate; but it would still be well below current rates in South Asia, Africa, and most of Latin America.”
On page 124, the World Bank report further marvels at the Chinese government’s accomplishments:
“China has the most comprehensive set of incentives and disincentives, designed (most recently) to promote the one-child family. Since the early 1970s women undergoing various types of fertility-related operations have been entitled to paid leave: in urban areas fourteen days for induced abortion; ten days for tubal ligation; two to three days for insertion or removal of an IUD; and in the case of postnatal sterilization, seven extra days over the normal fifty-six of paid maternity leave.”
Bizarrely, the report even goes so far as to suggest introducing “sterilization vans” and “camps”:
“Male and female sterilization and IUDs can be made more readily available through mobile facilities (such as sterilization vans in Thailand) or periodic “camps” (such as vasectomy and tubectomy-camps in India and IUD “safaris” in Indonesia).”
Making clear that the overall World Bank population reduction strategy must be implemented in a country-specific manner, the report states:
“The specific policy agenda for each country depends on its political culture, on the nature of the problem it faces, and on what it has already accomplished.”
What does have to be global, according to the World Bank, is continuing urbanization: people nicely locked up in massive townships. The report explains:
“Living in small towns does less to reduce fertility than does living in larger cities. That many of these changes take time to have an effect only underlines the need to begin them now. At the same time, other measures that complement and speed socioeconomic change can hasten a decline in fertility.”
This report is completely in step with the strategies outlined by the UN, the Rockefeller Foundation, Ford Foundation, World Health Organization and IMF as they move to depopulate the earth in a consorted global effort. The pretexts for fertility reduction given throughout the report are “sustainable development” and “poverty reduction”. The truth is, so states the World Bank itself, to introduce and further develop “policy measures to increase people’s welfare as well as (and as a means) to reduce fertility.”
View Original Article
Friday, September 3, 2010
California Cops Taser Senior Citizen in His Own Home
Kurt Nimmo
Infowars.com
In America, now officially a police state, you will be tasered in your own home if you lip off to the police.
Senior citizen Peter McFarland of Marin County, California, discovered this after he fell down the stairs outside his home last year. On June 29, 2009, McFarland tumbled down the stairs and after his wife called paramedics the cops showed up. They entered McFarland’s home and tasered him because they claimed he was suicidal.
“We want to take you to the hospital for an evaluation, you said if you had a gun, you’d shoot yourself in the head,” a deputy can be heard saying on a video of the incident captured on a taser mounted camera. McFarland said the comment was hyperbole made because he was in pain.
“Stand up, put your hands behind your back or you’re going to be tased,” the deputy commanded. McFarland refused, told the police in no uncertain terms to get out of his house, so the cop tased him not once, but three times, as his wife looked on in horror and pleaded with the cops to stop because her husband has a heart condition.
McFarland’s lawyer, John Scott, said the cops did not have a search warrant or any reason to enter the McFarland residence. Scott told KGO-TV in San Francisco his client was arrested, jailed and charged with resisting arrest. A judge later dismissed the charge. McFarland has filed suit against the Marin County Sheriff’s Department.
Cops no longer need a search warrant in order to enter your home and torture you with a device akin to field telephone magnetos used on prisoners during the Vietnam War.
In fact, far too many cops have no idea what the Fourth Amendment stands for or do they understand that in large part the American Revolution was fought because agents of the crown used general warrants to enter homes, interrogate colonists, and seize “prohibited and uncustomed” goods.
John Adams, founding father and the second president of the United States, viewed these events “as the spark in which originated the American Revolution.” Adams and the founders understood a man’s home is his castle, as Edward Coke declared a century before, and a fortress “for his defense against injury and violence,” a concept that seems to be largely lost on many Americans.
Is it possible the actions of new agents of the crown, in the paid service of bankers and transnational corporations, will contribute to a new revolution? Or will we continue to tolerate ever increasing brutality from sadistic cops who enter our homes illegally and torture us for refusing to obey commands and for the impertinence of telling them to mind their own business?
View Original Article
Infowars.com
In America, now officially a police state, you will be tasered in your own home if you lip off to the police.
Senior citizen Peter McFarland of Marin County, California, discovered this after he fell down the stairs outside his home last year. On June 29, 2009, McFarland tumbled down the stairs and after his wife called paramedics the cops showed up. They entered McFarland’s home and tasered him because they claimed he was suicidal.
“We want to take you to the hospital for an evaluation, you said if you had a gun, you’d shoot yourself in the head,” a deputy can be heard saying on a video of the incident captured on a taser mounted camera. McFarland said the comment was hyperbole made because he was in pain.
“Stand up, put your hands behind your back or you’re going to be tased,” the deputy commanded. McFarland refused, told the police in no uncertain terms to get out of his house, so the cop tased him not once, but three times, as his wife looked on in horror and pleaded with the cops to stop because her husband has a heart condition.
McFarland’s lawyer, John Scott, said the cops did not have a search warrant or any reason to enter the McFarland residence. Scott told KGO-TV in San Francisco his client was arrested, jailed and charged with resisting arrest. A judge later dismissed the charge. McFarland has filed suit against the Marin County Sheriff’s Department.
Cops no longer need a search warrant in order to enter your home and torture you with a device akin to field telephone magnetos used on prisoners during the Vietnam War.
In fact, far too many cops have no idea what the Fourth Amendment stands for or do they understand that in large part the American Revolution was fought because agents of the crown used general warrants to enter homes, interrogate colonists, and seize “prohibited and uncustomed” goods.
John Adams, founding father and the second president of the United States, viewed these events “as the spark in which originated the American Revolution.” Adams and the founders understood a man’s home is his castle, as Edward Coke declared a century before, and a fortress “for his defense against injury and violence,” a concept that seems to be largely lost on many Americans.
Is it possible the actions of new agents of the crown, in the paid service of bankers and transnational corporations, will contribute to a new revolution? Or will we continue to tolerate ever increasing brutality from sadistic cops who enter our homes illegally and torture us for refusing to obey commands and for the impertinence of telling them to mind their own business?
View Original Article
Bank Day Coming - Taking Advantage of Hyperinflation
By Ray Gano
Survival 4 Christians
Bernanke: Shut down banks if they threaten system.
WASHINGTON – Federal Reserve Chairman Ben Bernanke told a panel investigating the financial crisis that regulators must be ready to shutter the largest institutions if they threaten to bring down the financial system.
"If the crisis has a single lesson, it is that the too-big-to-fail problem must be solved," Bernanke said Thursday while testifying before the Financial Crisis Inquiry Commission.
Source:
Here is a major "telegraphing" of the Fed's intentions. Bernanke is letting people know that a bank holiday is coming, or what I am calling "Bank Day."
Imagine all the banks in the US closed, ATMs closed, Credit Cards not working, no one taking checks. Can you imagine the chaos, riots, crime and so forth that will take place? That's what will happen.
This type of event has taken place here in the US before when FDR declared a "bank holiday." What resulted was the savings of many of the middle class being wiped out literally over night.
When Will "Bank Day" Take Place?Sooner or later the Feds along with the Gov will have to declare a bank holiday to devalue the dollar so that US debt can be paid. They will "default" on a loan and that is when "Bank Day" will take place. This will most likely take place also on a Thursday or Friday so that the powers that be will have a full weekend to cook the books and manipulate the numbers.
Some have speculated that this will take place end of the government fiscal, which ends Sept 30th with the new fiscal year beginning October 1st.
Another speculated timeframe would be the week between Christmas and New Years. Many companies are closed for the holidays and people are on Christmas vacation.
What Will Take Place and What Will Be The Effects?What many believe will take place is that the dollar will be "split." How this works is much like the "splitting" of stock. So if you have 100 dollars you will now have 200 dollars. This sounds great, but it has killed your buying power and your "money" or medium of exchange is being manipulated outside your control.
Things that were already expensive, will double, triple even quadruple in price and what happens is a mad tail spin of ever rising prices.
Here is an example - You can walk into a hardware store, pick up a hammer for $30.00, look around the store. When you go to pay and the hammer and say fifteen minutes have elapsed, the cost of the hammer has increased in price to $40.00.
It is this type of cause and effect that took place in countries like Argentina where their currency was split and the prices of goods and services increased overnight.
In fact, it is said that if you went to a restaurant and ordered a bottle of wine and consumed it there at the restaurant. The money you could get for the empty bottle the next day is more than what you would have originally paid for the bottle of wine the night before.
This is hyperinflation run amuck, and this is what is coming to this nation.
Why Would The Government Hyperinflate?How this helps the Government is due to much of the "fixed debt" that this nation has aquired. Say that there is a fixed debt of 200 million and they only have 100 million to pay the bill. Over night the money is split and they are able to pay the 200 million and the debt is wiped out. What is happening is the Government is playing a numbers game so that they can benefit literally at the cost of the people.
The good news is that like the government, you too can take advantage of the situation if you plan ahead. During the Weimar Republic in the early 1900s one ounce of silver was selling for 1.3 billion marks. People were able to pay off fixed debt and also purchase property that had a fixed number debt for just ounces of silver.
Let's put this in terms closer to home.
Let's say your mortgage is a fixed debt of $100K. If you have tangible assets that maintain a medium of wealth like silver or gold, you will be able to pay off that mortgage rather easily. Imagine silver selling for $500.00 a oz. You can pay off your house with 200 oz of silver or possibly just a couple of oz of gold.
This is how many people who saw the coming storm during the Weimar Republic were able to take advantage of hyperinflation / depression. This is how the Fed will also be able to take advantage by hyperinflating the dollar and then paying off US fixed debt.
Hyperinflation helps when you have a fixed debt like a mortgage, car loan, any type of fixed debt loans. Because one has a fixed number, hitting that number becomes easier because you are dealing in numbers not money any longer.
But what happened back then is happening now. Stock markets are in flux wiping out savings, millions on unemployment, rising costs of goods and services, all of these things drain the common man's bank account. So the common man does not think of maintaining a medium of wealth, such as gold and silver, they are running the rat race just trying to stay ahead. So they work only in what is called a medium of exchange... aka the dollar that does not preserve their wealth.
So if one only has dollars, their "wealth" can be manipulated by raising and lowering inflation, cost of goods and services, APRs, etc. This is how so many lost their life savings when the stock market took a dump.
Remember Enron and MCI/Worldcom crash?
Remember all those retirees who lost most if not all of their retirement?
When "Bank Day" or a bank holiday takes place, it will do the same thing but on a far larger scale. That is unless you have your "wealth" stored in an asset that maintains its wealth like gold, silver, and other hard assets. Then you will be able to operate outside the dollar because your wealth is maintained in a tangible asset not a piece of paper that can be manipulated by the powers that be.
See cash is trash, and those who have precious metals or other tangible assets will be able to move outside the cash circles where most of the US population will be restricted to working with paper cash. Those people will be able to take advantage of paying off fixed debt because the government changed money into plain numbers.
Question - What fixed debt would you be able to pay off if Silver was worth 1.3 million dollars per oz?
What would you be able to purchase with the "change" you get from paying off that fixed debt with that 1 oz of silver?
Hyperinflation is bad, but those who have prepared for the coming storm will be able to weather the storm and possibly even fair well out of it.
View Original Article
Survival 4 Christians
Bernanke: Shut down banks if they threaten system.
WASHINGTON – Federal Reserve Chairman Ben Bernanke told a panel investigating the financial crisis that regulators must be ready to shutter the largest institutions if they threaten to bring down the financial system.
"If the crisis has a single lesson, it is that the too-big-to-fail problem must be solved," Bernanke said Thursday while testifying before the Financial Crisis Inquiry Commission.
Source:
Here is a major "telegraphing" of the Fed's intentions. Bernanke is letting people know that a bank holiday is coming, or what I am calling "Bank Day."
Imagine all the banks in the US closed, ATMs closed, Credit Cards not working, no one taking checks. Can you imagine the chaos, riots, crime and so forth that will take place? That's what will happen.
This type of event has taken place here in the US before when FDR declared a "bank holiday." What resulted was the savings of many of the middle class being wiped out literally over night.
When Will "Bank Day" Take Place?Sooner or later the Feds along with the Gov will have to declare a bank holiday to devalue the dollar so that US debt can be paid. They will "default" on a loan and that is when "Bank Day" will take place. This will most likely take place also on a Thursday or Friday so that the powers that be will have a full weekend to cook the books and manipulate the numbers.
Some have speculated that this will take place end of the government fiscal, which ends Sept 30th with the new fiscal year beginning October 1st.
Another speculated timeframe would be the week between Christmas and New Years. Many companies are closed for the holidays and people are on Christmas vacation.
What Will Take Place and What Will Be The Effects?What many believe will take place is that the dollar will be "split." How this works is much like the "splitting" of stock. So if you have 100 dollars you will now have 200 dollars. This sounds great, but it has killed your buying power and your "money" or medium of exchange is being manipulated outside your control.
Things that were already expensive, will double, triple even quadruple in price and what happens is a mad tail spin of ever rising prices.
Here is an example - You can walk into a hardware store, pick up a hammer for $30.00, look around the store. When you go to pay and the hammer and say fifteen minutes have elapsed, the cost of the hammer has increased in price to $40.00.
It is this type of cause and effect that took place in countries like Argentina where their currency was split and the prices of goods and services increased overnight.
In fact, it is said that if you went to a restaurant and ordered a bottle of wine and consumed it there at the restaurant. The money you could get for the empty bottle the next day is more than what you would have originally paid for the bottle of wine the night before.
This is hyperinflation run amuck, and this is what is coming to this nation.
Why Would The Government Hyperinflate?How this helps the Government is due to much of the "fixed debt" that this nation has aquired. Say that there is a fixed debt of 200 million and they only have 100 million to pay the bill. Over night the money is split and they are able to pay the 200 million and the debt is wiped out. What is happening is the Government is playing a numbers game so that they can benefit literally at the cost of the people.
The good news is that like the government, you too can take advantage of the situation if you plan ahead. During the Weimar Republic in the early 1900s one ounce of silver was selling for 1.3 billion marks. People were able to pay off fixed debt and also purchase property that had a fixed number debt for just ounces of silver.
Let's put this in terms closer to home.
Let's say your mortgage is a fixed debt of $100K. If you have tangible assets that maintain a medium of wealth like silver or gold, you will be able to pay off that mortgage rather easily. Imagine silver selling for $500.00 a oz. You can pay off your house with 200 oz of silver or possibly just a couple of oz of gold.
This is how many people who saw the coming storm during the Weimar Republic were able to take advantage of hyperinflation / depression. This is how the Fed will also be able to take advantage by hyperinflating the dollar and then paying off US fixed debt.
Hyperinflation helps when you have a fixed debt like a mortgage, car loan, any type of fixed debt loans. Because one has a fixed number, hitting that number becomes easier because you are dealing in numbers not money any longer.
But what happened back then is happening now. Stock markets are in flux wiping out savings, millions on unemployment, rising costs of goods and services, all of these things drain the common man's bank account. So the common man does not think of maintaining a medium of wealth, such as gold and silver, they are running the rat race just trying to stay ahead. So they work only in what is called a medium of exchange... aka the dollar that does not preserve their wealth.
So if one only has dollars, their "wealth" can be manipulated by raising and lowering inflation, cost of goods and services, APRs, etc. This is how so many lost their life savings when the stock market took a dump.
Remember Enron and MCI/Worldcom crash?
Remember all those retirees who lost most if not all of their retirement?
When "Bank Day" or a bank holiday takes place, it will do the same thing but on a far larger scale. That is unless you have your "wealth" stored in an asset that maintains its wealth like gold, silver, and other hard assets. Then you will be able to operate outside the dollar because your wealth is maintained in a tangible asset not a piece of paper that can be manipulated by the powers that be.
See cash is trash, and those who have precious metals or other tangible assets will be able to move outside the cash circles where most of the US population will be restricted to working with paper cash. Those people will be able to take advantage of paying off fixed debt because the government changed money into plain numbers.
Question - What fixed debt would you be able to pay off if Silver was worth 1.3 million dollars per oz?
What would you be able to purchase with the "change" you get from paying off that fixed debt with that 1 oz of silver?
Hyperinflation is bad, but those who have prepared for the coming storm will be able to weather the storm and possibly even fair well out of it.
View Original Article
120 Days To Go Until The Largest Tax Hikes In History
From Ryan Ellis
ATR.org
In just 120 days, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:
First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care tax credit will be cut.
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
Higher tax rates on savers and investors. The top capital gains tax will rise from 15 percent this year to 20 percent in 2011. The top dividends tax rate will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.
Second Wave: Obamacare
There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:
The Tanning Tax. This went into effect on July 1st of this year. It imposes a new, 10% excise tax on getting a tan at a tanning salon. There is no exemption for tanners making less than $250,000 per year.
The “Medicine Cabinet Tax” Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).
The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
Brand Name Drug Tax. Starting next year, there will be a multi-billion dollar tax assessment imposed on name-brand drug manufacturers. This tax, like all excise taxes, will raise the price of medicine, hurting everyone.
Economic Substance Doctrine. The IRS is now empowered to disallow perfectly-legal tax deductions and maneuvers merely because it judges that the deduction or action lacks “economic substance.” This is obviously an arbitrary empowerment of IRS agents.
Employer Reporting of Health Insurance Costs on a W-2. This will start for W-2s in the 2011 tax year. While not a tax increase in itself, it makes it very easy for Congress to tax employer-provided healthcare benefits later.
Third Wave: The Alternative Minimum Tax and Employer Tax Hikes
When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. The major items include:
The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.
Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000. This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”
Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.
Tax Benefits for Education and Teaching Reduced. The deduction for tuition and fees will not be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. The student loan interest deduction will be disallowed for hundreds of thousands of families.
Charitable Contributions from IRAs no longer allowed. Until this year, a retired person with an IRA could contribute up to $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.
View Original Article With Links
ATR.org
In just 120 days, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:
First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care tax credit will be cut.
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
Higher tax rates on savers and investors. The top capital gains tax will rise from 15 percent this year to 20 percent in 2011. The top dividends tax rate will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.
Second Wave: Obamacare
There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:
The Tanning Tax. This went into effect on July 1st of this year. It imposes a new, 10% excise tax on getting a tan at a tanning salon. There is no exemption for tanners making less than $250,000 per year.
The “Medicine Cabinet Tax” Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).
The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
Brand Name Drug Tax. Starting next year, there will be a multi-billion dollar tax assessment imposed on name-brand drug manufacturers. This tax, like all excise taxes, will raise the price of medicine, hurting everyone.
Economic Substance Doctrine. The IRS is now empowered to disallow perfectly-legal tax deductions and maneuvers merely because it judges that the deduction or action lacks “economic substance.” This is obviously an arbitrary empowerment of IRS agents.
Employer Reporting of Health Insurance Costs on a W-2. This will start for W-2s in the 2011 tax year. While not a tax increase in itself, it makes it very easy for Congress to tax employer-provided healthcare benefits later.
Third Wave: The Alternative Minimum Tax and Employer Tax Hikes
When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. The major items include:
The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.
Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000. This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”
Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.
Tax Benefits for Education and Teaching Reduced. The deduction for tuition and fees will not be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. The student loan interest deduction will be disallowed for hundreds of thousands of families.
Charitable Contributions from IRAs no longer allowed. Until this year, a retired person with an IRA could contribute up to $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.
View Original Article With Links
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