Wednesday, February 24, 2010
thought for the day
If you want to reach a goal, you must "see the reaching" in your own mind before you actually arrive at your goal.--Zig Ziglar
Tuesday, February 23, 2010
Monday, February 22, 2010
thought for the day
Your mind, while blessed with permanent memory, is cursed with lousy recall. Written goals provide clarity. By documenting your dreams, you must think about the process of achieving them.--Gary Ryan Blair
Thursday, February 18, 2010
thought for the day
The colder the x-ray table, the more of your body is required to be on it. - Steven Wright
Wednesday, February 17, 2010
thought for the day
A man who wants to lead the orchestra must turn his back on the crowd. -- Max Lucado
Tuesday, February 16, 2010
thought for the day
Reach high, for stars lie hidden in your soul. Dream deep, for every dream precedes the goal.--Ralph Vaull Starr
Friday, February 12, 2010
thought of the day
Some people try to turn back their odometers. Not me, I want people to know 'why' I look this way. I've traveled a long way and some of the roads weren't paved.
Wednesday, February 10, 2010
thought for the day
It is good to have an end to journey toward; but it is the journey that matters, in the end.--Ursula K. LeGuin
Tuesday, February 9, 2010
thought for the day
Colors fade, temples crumble, empires fall, but wise words endure. - Edward Thorndike
Friday, February 5, 2010
thought for the day
You've got to think about "big things" while you're doing small things, so that all the small things go in the right direction.--Alvin Toffler
What's up with U.S. Income taxes?
Backdoor taxes to hit middle class
By Terri Cullen Mon Feb 1, 4:09 pm ET
NEW YORK (Reuters.com) --The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.
While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.
The targeted tax provisions were enacted under the Bush administration's Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.
If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.
Investors will pay more on their earnings next year as well, with the tax on dividends jumping to 39.6 percent from 15 percent and the capital-gains tax increasing to 20 percent from 15 percent. The estate tax is eliminated this year, but it will return in 2011 -- though there has been talk about reinstating the death tax sooner.
Millions of middle-class households already may be facing higher taxes in 2010 because Congress has failed to extend tax breaks that expired on January 1, most notably a "patch" that limited the impact of the alternative minimum tax. The AMT, initially designed to prevent the very rich from avoiding income taxes, was never indexed for inflation. Now the tax is affecting millions of middle-income households, but lawmakers have been reluctant to repeal it because it has become a key source of revenue.
Without annual legislation to renew the patch this year, the AMT could affect an estimated 25 million taxpayers with incomes as low as $33,750 (or $45,000 for joint filers). Even if the patch is extended to last year's levels, the tax will hit American families that can hardly be considered wealthy -- the AMT exemption for 2009 was $46,700 for singles and $70,950 for married couples filing jointly.
Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:
* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;
* The $250 teacher tax credit for classroom supplies;
* The tax deduction for up to $4,000 of college tuition and expenses;
* Individuals who don't itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;
* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free.
By Terri Cullen Mon Feb 1, 4:09 pm ET
NEW YORK (Reuters.com) --The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.
In the 2010 budget tabled by President Barack Obama on Monday, the White House wants to let billions of dollars in tax breaks expire by the end of the year -- effectively a tax hike by stealth.
While the administration is focusing its proposal on eliminating tax breaks for individuals who earn $250,000 a year or more, middle-class families will face a slew of these backdoor increases.
The targeted tax provisions were enacted under the Bush administration's Economic Growth and Tax Relief Reconciliation Act of 2001. Among other things, the law lowered individual tax rates, slashed taxes on capital gains and dividends, and steadily scaled back the estate tax to zero in 2010.
If the provisions are allowed to expire on December 31, the top-tier personal income tax rate will rise to 39.6 percent from 35 percent. But lower-income families will pay more as well: the 25 percent tax bracket will revert back to 28 percent; the 28 percent bracket will increase to 31 percent; and the 33 percent bracket will increase to 36 percent. The special 10 percent bracket is eliminated.
Investors will pay more on their earnings next year as well, with the tax on dividends jumping to 39.6 percent from 15 percent and the capital-gains tax increasing to 20 percent from 15 percent. The estate tax is eliminated this year, but it will return in 2011 -- though there has been talk about reinstating the death tax sooner.
Millions of middle-class households already may be facing higher taxes in 2010 because Congress has failed to extend tax breaks that expired on January 1, most notably a "patch" that limited the impact of the alternative minimum tax. The AMT, initially designed to prevent the very rich from avoiding income taxes, was never indexed for inflation. Now the tax is affecting millions of middle-income households, but lawmakers have been reluctant to repeal it because it has become a key source of revenue.
Without annual legislation to renew the patch this year, the AMT could affect an estimated 25 million taxpayers with incomes as low as $33,750 (or $45,000 for joint filers). Even if the patch is extended to last year's levels, the tax will hit American families that can hardly be considered wealthy -- the AMT exemption for 2009 was $46,700 for singles and $70,950 for married couples filing jointly.
Middle-class families also will find fewer tax breaks available to them in 2010 if other popular tax provisions are allowed to expire. Among them:
* Taxpayers who itemize will lose the option to deduct state sales-tax payments instead of state and local income taxes;
* The $250 teacher tax credit for classroom supplies;
* The tax deduction for up to $4,000 of college tuition and expenses;
* Individuals who don't itemize will no longer be able to increase their standard deduction by up to $1,000 for property taxes paid;
* The first $2,400 of unemployment benefits are taxable, in 2009 that amount was tax-free.
Auto Industry News...
Toyota’s recent troubles have worsened. The company has recalled millions of cars in the United States, Europe and China because of potentially faulty accelerator pedals. They have tried to assure customers that it could fix the problem by inserting a metal bar into the pedal’s mechanism. A snag also emerged with the braking system on its Prius model. The cost of the recall is estimated at $2 billion.
There was a sharp drop in Toyota’s sales in the United States in January. This proved to be a blessing for other carmakers, particularly for Ford, which saw sales rise by 24% in January compared with a year earlier. Ford recently reported a $2.7 billion annual profit, its first since 2005.
There was a sharp drop in Toyota’s sales in the United States in January. This proved to be a blessing for other carmakers, particularly for Ford, which saw sales rise by 24% in January compared with a year earlier. Ford recently reported a $2.7 billion annual profit, its first since 2005.
Wednesday, February 3, 2010
thought for the day
Reputation is what other people know about you. Honor is what you know about yourself.- Lois McMaster Bujold
Monday, February 1, 2010
thought for the day
People who say life is not worthwhile are really saying that they themselves have no personal goals which are worthwhile... Get yourself a goal worth working for. Better still, get yourself a project... Always have something ahead of you to "look forward to"--to work for and to hope for.--Maxwell Maltz
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