2010-Let the Taxes Begin!
Today I am flying the Gadsden Flag … a patriot flag I fly when taxes are raised … “redistributing MY wealth” (and yours!).
Promises Broken 1 second into the new year! The promises made by the Democrats not to raise taxes on folks making more than $250,000 a year was broken last night at 12:00 am, January 1st, 2010. The tax increase will affect EVERYone! (And that’s a GOOD thing! … Why? – Read on! Let the taxes begin! Thank you Democrats for contributing to your own destruction).
CFIF.org: (Center for Individual Freedom) An economic time bomb is ticking, but the 2008 presidential candidates and media pundits are paying shamefully little attention. Last week, both the Senate and House of Representatives approved the majority Democrats’ budget proposal, which contains over $200 billion in tax hikes, the largest in American history. Under their budget, this decade’s astoundingly successful tax cuts will be allowed to expire in 2010, at which time rates will surge to recession-era levels as Congress stands by and watches.
By allowing the tax laws to expire last night, the following taxes were increased:
Data from: Heritage.Org:
- Dedction of state and local general sales taxes (section 164) (Personal Tax Incentives)
- Additional standard deduction, up to $500 for individuals and $1,000 for couples, for state and local property taxes (section 63) (Personal Tax Incentives)
- Research tax credit and alternative simplified credit (section 41) (General Business Tax Incentives)
- New markets tax credit (section 45D) (Community Assistance Provisions)
- Empowerment zone incentives (sections 1391 and 1202) (Community Assistance Provisions)
- Renewal community tax incentives (sections 1400E, 1400F, 1400I, and 1400J) (Community Assistance Provisions)
- District of Columbia Investment Incentives (sections 1400, 1400A, 1400B, and 1400C) (Community Assistance Provisions)
- Net disaster loss designation and $500 limit per casualty for personal casualty losses attributed to federally declared natural disasters (section 165) (General Disaster Relief Provisions)
- Expensing for qualified disaster expenses (section 198A) (General Disaster Relief Provisions)
- Biodiesel and renewable diesel incentives (section 40A) (Energy Incentives)
- Alternative motor vehicle credit for heavy hybrids (section 30B) (Energy Incentives)
And because the Senate refused to act (Happy New Year Harry Reid!) on the House Bill (Tax Extenders Act) that had passed the House, the following taxes go into effect:
- Increased exemption levels for the individual alternative minimum tax (section 55) and personal tax credits allowed against the AMT (section 26)
- Exclusion of unemployment compensation benefits from gross income (section 85)
- Alternative fuel mixture tax credit (section 6426(e))
- Reduced estimated tax payments for small businesses (section 6654(d)(1)(D))
Definition of the “Tax Extenders” (from Heritage.org … this is a good read!)
Each year a group of about 45 tax provisions, collectively known as the “tax extenders,” expire. These tax provisions, which apply to both individuals and businesses, include popular measures such as the research-and-development credit for businesses and the low-income housing credit for individuals. Each year Congress must extend these tax laws; otherwise a steep tax increase on certain groups of taxpayers would result.
The LAST thing this country needs with its economic problems right now is an increase in taxes. But that doesn’t matter to Democrats. Their goal is not the economic health of the country, but the increased dependence of the citizenry upon the government … thus increasing their power.
The Bottom Line
The Year of the Taxes has Begun. While you were either watching a crystal ball drop in Times Square, or watching your friends drop from losing their balance, or whether you were sound asleep as I was … your tax bill, silently and without reveling and fanfare increased last night at 12:00 am. (Jan 1, 2010). HAPPY NEW YEAR!!!
A New Beginning? These won’t be the last increases in the tax bill we will see this year, this is just the beginning. And hopefully it will be the beginning of the end of the most dangerous administration ever installed in this country. People will argue about the nuances of health care and bailouts … but when their tax bill goes up … they will act! (Just as they did when the Stamp Act was imposed upon Patriots 245 years ago and 237 years ago at the Boston Tea Party … around the time the first Gadsden Flag was flown). When it hits the pocketbook, all “theory” and “rhetoric” are out the window … reality sets in. And when it does, we can begin a serious movement to get rid of these enemies of Liberty, Freedom and Limited Government. That is our history … and history is about to repeat.
So I state enthusiastically, “Let the taxes begin!”
Why? Because Americans must “feel the pain” before they act .
… and alas, here cometh the pain!
Relevant Posts after this Post
- Forbes: Congress Lets 50 Tax Breaks Expire














