Expiration of Bush tax cuts explained by EA

[AZ-Tax]

I am sending this link to my clients who have and continue to inquiry about this. Imagine all those taxpayers who were not given the whole story and/or mislead by some political pundits who probably does not even prepare his or her own taxes. When it comes to taxes, hire a pro and I applaud CNN Money for doing just that.

http://finance.yahoo.com/news/What-high-earners-will-pay-if-cnnm-210401134.html?x=0&sec=topStories&pos=7&asset=&ccode=

[joanmcq]

That was a good and insightful article.

I went to a tax calculator (I think offerred up by a right wing organization) that purported to show how much more you would be paying if the cuts expire and under the Obama plan.

I pay MUCH less under the Obama plan! Single, taxable income about 40-45K.

[JoshinNC]

What "Obama plan" would that be?

That was a good and insightful article.

I went to a tax calculator (I think offerred up by a right wing organization) that purported to show how much more you would be paying if the cuts expire and under the Obama plan.

I pay MUCH less under the Obama plan! Single, taxable income about 40-45K.

Obama hasn't introduced a tax plan, he has simply agreed to not let the BUSH tax cuts expire for those that are not in the 2 highest brackets. That's not the "Obama plan", that's the "Bush plan mini".

[ChEAr$]

I am sending this link to my clients who have and continue to inquiry about this. Imagine all those taxpayers who were not given the whole story and/or mislead by some political pundits who probably does not even prepare his or her own taxes. When it comes to taxes, hire a pro and I applaud CNN Money for doing just that.

http://finance.yahoo.com/news/What-h...&asset=&ccode=

Since the OP's subject line was "Expiration of Bush tax cuts explained by EA"
let the record show that Bob Kerr is not an Enrolled Agent. Rather he is our (NAEA)
main lobbyist on Capitol Hill.

[ChEAr$]

Obama hasn't introduced a tax plan, he has simply agreed to not let the BUSH tax cuts expire for those that are not in the 2 highest brackets. That's not the "Obama plan", that's the "Bush plan mini".

Although I don't have that particular link here at home, I do recall that the so called
"Obama plan" consists of various proposals he has mentioned to members of congress,
you know, Pelosi, Reid and crowd, of what he would like to see happen. Some were
incorporated already in that HR 4231 ???.

[BHoffman]

There are overt tax increases and there hidden tax increases. If our health insurance premiums and medical expenses and energy costs and consumer goods prices and cigarette prices and food prices and booze prices and state taxes and interest expenses all increase due entirely to actions taken by the Federal government, then those are hidden tax increases. Our pockets are just as empty.

[joanmcq]

The 'Obama' plan was on the tax calculator. It appears to be the increases over $250k mentioned in the article that was referenced in the OP, as well as other adjustments like the widening of the lower tax brackets. It is NOT just bush cuts not expiring for us 'middle income' taxpayers. Otherwise there would be no difference between the 'bush tax cuts' calculation and the Obama calculation for my income.

[BHoffman]

Our tax increases.

I'm going to pretend that it's all going to Joan.

[JohnH]

I'm less concerned about the cost of the tax increases than I am with the cost of health care reform. The price of the latter may be much steeper - I'm concerned that as I get older I may be expected to pay with my life.

[joanmcq]

I'd like to be able to get health insurance on my own, not to mention be able to afford it. My house will be paid off in a few years, and would like to scale back my employment and focus on my business, but won't be able to without health insurance.

I will happily take all of your tax increases. I'd just pay the house off earlier and put the rest to insurance!