Comments on: Five Upcoming Tax Hikes and What They Mean to You http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/ Making You a Winner at Money and Life Sat, 19 May 2012 22:49:31 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Should You Buy a Toyota? http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/comment-page-1/#comment-1872 Should You Buy a Toyota? Mon, 03 May 2010 04:16:16 +0000 http://personalfinancebythebook.com/?p=1740#comment-1872 [...] Five Upcoming Tax Hikes and What They Mean to You. [...] [...] Five Upcoming Tax Hikes and What They Mean to You. [...]

]]> By: Yakezie Carnival: Money From Around the World Edition | Foreigner's Finances http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/comment-page-1/#comment-1766 Yakezie Carnival: Money From Around the World Edition | Foreigner's Finances Mon, 26 Apr 2010 07:56:05 +0000 http://personalfinancebythebook.com/?p=1740#comment-1766 [...] Personal Finance by the Book – Upcoming Tax Changes and What They Mean to You [...] [...] Personal Finance by the Book – Upcoming Tax Changes and What They Mean to You [...]

]]> By: Yakezie Carnival: Money From Around the World Edition | Foreigner's Finances http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/comment-page-1/#comment-1765 Yakezie Carnival: Money From Around the World Edition | Foreigner's Finances Mon, 26 Apr 2010 07:56:05 +0000 http://personalfinancebythebook.com/?p=1740#comment-1765 [...] Personal Finance by the Book – Upcoming Tax Changes and What They Mean to You [...] [...] Personal Finance by the Book – Upcoming Tax Changes and What They Mean to You [...]

]]> By: Sunday Rainy Roundup http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/comment-page-1/#comment-1753 Sunday Rainy Roundup Sun, 25 Apr 2010 12:01:40 +0000 http://personalfinancebythebook.com/?p=1740#comment-1753 [...] Five Upcoming Tax Hikes at Personal Finance by the Book [...] [...] Five Upcoming Tax Hikes at Personal Finance by the Book [...]

]]> By: joeplemon http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/comment-page-1/#comment-1685 joeplemon Tue, 20 Apr 2010 15:55:57 +0000 http://personalfinancebythebook.com/?p=1740#comment-1685 Guy, Good to hear from North of the Border, I think.... Sounds like some massive tax increases are in the works there. I would like to see the USA replace all other federal taxes with a sales tax. I wrote about the Fair Tax (http://personalfinancebythebook.com/the-fair-tax-is-it-too-good-to-be-true/) a couple of weeks ago. But even though the numbers could work, such a huge change is highly unlikely. The way politicians consider taxes is kind of like the baby sitting in a messy diaper thinking, "I know it stinks, but I made it and its mine." The buzz south of the border is that we are going to come up with a Value Added Tax, not to replace any outdated taxes, but to complement them. So, Guy, you guys up there seem to be giving our guys down here ideas. Guy,
Good to hear from North of the Border, I think…. Sounds like some massive tax increases are in the works there.

I would like to see the USA replace all other federal taxes with a sales tax. I wrote about the Fair Tax (http://personalfinancebythebook.com/the-fair-tax-is-it-too-good-to-be-true/) a couple of weeks ago. But even though the numbers could work, such a huge change is highly unlikely. The way politicians consider taxes is kind of like the baby sitting in a messy diaper thinking, “I know it stinks, but I made it and its mine.”

The buzz south of the border is that we are going to come up with a Value Added Tax, not to replace any outdated taxes, but to complement them.

So, Guy, you guys up there seem to be giving our guys down here ideas.

]]> By: Guy G. http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/comment-page-1/#comment-1681 Guy G. Tue, 20 Apr 2010 01:29:03 +0000 http://personalfinancebythebook.com/?p=1740#comment-1681 Hey Joeplemon, It's not income tax, but we've got a pretty hefty sales tax hike coming here in Canada too. For many items, like new homes and autos, diapers and food there was only the Federal sales tax (GST 5%). The Provincial sales tax (PST 8%) was only charged on items like computers, clothing, shoes and entertainment. They're introducing Canada Wide (Quebec currently uses it) the Harmonized Sales Tax, which is a combination of both, totaling 13%. The new home in my are is $200+ 8% extra on that is $16,000. Thank you government! I'll really have to adhere to the strictest of tips on budgeting that have ever been dreamed up on. That 16k is the amount of our current savings for a down payment. I'll have to come up with another 16k just for the tax. Anyway, Thanks for sharing what's happening south of the border, Guy Hey Joeplemon,
It’s not income tax, but we’ve got a pretty hefty sales tax hike coming here in Canada too. For many items, like new homes and autos, diapers and food there was only the Federal sales tax (GST 5%). The Provincial sales tax (PST 8%) was only charged on items like computers, clothing, shoes and entertainment. They’re introducing Canada Wide (Quebec currently uses it) the Harmonized Sales Tax, which is a combination of both, totaling 13%.

The new home in my are is $200+
8% extra on that is $16,000.

Thank you government! I’ll really have to adhere to the strictest of tips on budgeting that have ever been dreamed up on. That 16k is the amount of our current savings for a down payment. I’ll have to come up with another 16k just for the tax.

Anyway,
Thanks for sharing what’s happening south of the border,
Guy

]]> By: joeplemon http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/comment-page-1/#comment-1679 joeplemon Mon, 19 Apr 2010 23:06:04 +0000 http://personalfinancebythebook.com/?p=1740#comment-1679 @Bryan Sr Don't misunderstand me...I am not happy about the upcoming tax hikes. I am simply saying that we shouldn't be surprised. Most of the new hikes discussed in this post are for those who fit in the income range ($250,000 and above for married couples) that Obama, by inference, promised to target. In that regard he is keeping his promises. @Arthur, Yes, bigger government requires more funding...i.e. higher taxes. But, once again, we shouldn't be surprised. As you said, he promised change. Many of us might not like the change we see, but he is keeping that promise. Our electorate gets what they vote for. @Bryan Sr
Don’t misunderstand me…I am not happy about the upcoming tax hikes. I am simply saying that we shouldn’t be surprised. Most of the new hikes discussed in this post are for those who fit in the income range ($250,000 and above for married couples) that Obama, by inference, promised to target. In that regard he is keeping his promises.

@Arthur,
Yes, bigger government requires more funding…i.e. higher taxes. But, once again, we shouldn’t be surprised. As you said, he promised change. Many of us might not like the change we see, but he is keeping that promise. Our electorate gets what they vote for.

]]> By: Arthur @ FinancialBondage.org http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/comment-page-1/#comment-1678 Arthur @ FinancialBondage.org Mon, 19 Apr 2010 22:23:39 +0000 http://personalfinancebythebook.com/?p=1740#comment-1678 Obama is taxing everything under the sun. Now I know what he means by "Change". It's what we have left over when the democrats are done taxing everything to pay for their expanded socialist government. Obama is taxing everything under the sun. Now I know what he means by “Change”. It’s what we have left over when the democrats are done taxing everything to pay for their expanded socialist government.

]]> By: Bryan Sr http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/comment-page-1/#comment-1675 Bryan Sr Mon, 19 Apr 2010 18:31:46 +0000 http://personalfinancebythebook.com/?p=1740#comment-1675 No, Obama has not kept his promise by any stretch of the imagination. I think it is pitiful all the tax hikes that are probably going to go back into place. I have never liked an estate tax, at least not anything close to what it was, capital gains tax, down right silly. There are many things that could be done better, even a flat tax across the board, a tax that is built into everything we purchase. Sad, Very sad. Great post, thanks for the information. No, Obama has not kept his promise by any stretch of the imagination.
I think it is pitiful all the tax hikes that are probably going to go back into place. I have never liked an estate tax, at least not anything close to what it was, capital gains tax, down right silly. There are many things that could be done better, even a flat tax across the board, a tax that is built into everything we purchase.
Sad, Very sad. Great post, thanks for the information.

]]> By: joeplemon http://personalfinancebythebook.com/upcoming-tax-changes-and-what-they-mean-to-you/comment-page-1/#comment-1671 joeplemon Mon, 19 Apr 2010 14:25:39 +0000 http://personalfinancebythebook.com/?p=1740#comment-1671 Jason, Right! While these other increases won't affect most of us, the capital gains increase certainly can. As you pointed out, one doesn't have to be in the "high earner" category to pay capital gains ... and an extra 5% can hurt! Jason,
Right! While these other increases won’t affect most of us, the capital gains increase certainly can. As you pointed out, one doesn’t have to be in the “high earner” category to pay capital gains … and an extra 5% can hurt!

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