Wednesday, April 21, 2010

Coming Soon...courtesy of the USURPER and the Communists in power!...

  • Child Credit: This Credit will shrink from $700 to $500 per child on January 1, 2011.
  • The Income Tax : Rates will increase between 3 and 4.5 percentage points in each bracket on January 1, 2011.
  • The 10 Percent Bracket: The bracket will be eliminated on January 1, 2011, raising the income tax burden of many workers by 5 percentage points.
  • The 15 Percent Bracket for Joint Filers: On January 1, 2011, the upper limit of this bracket will shrink from 200 to 167 percent of the upper limit of the 15 percent bracket for single filers, creating a marriage penalty.
  • Standard Deduction for Joint Filers: On January 1, 2011, this will shrink from 200 to 167 percent of the standard deduction for single filers, creating a marriage penalty.
  • The Estate Tax: The top rate for this tax will increase to 60 percent on January 1, 2011, and the value of an estate exempt from taxation will shrink to $1 million, which is less than it is today.

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