Sunday, July 18, 2010

Hmmmm... Pezutti 7/19/2010

Click HERE for the latest Hmmm from Gary Pezzuti !!
( just one of MANY posts below )

In 2001 and 2003, Congress enacted several tax cuts for investors, small business owners, and families. These will all expire on January 1, 2011.

* Personal income tax rates will rise. The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise:

-          - The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%

* Higher taxes on marriage and family: The "marriage penalty" (narrower tax brackets for married couples) will return. The child tax credit will be cut in half. Other tax burdens for families will also kick in.  

* The return of the death tax: The families of those dying on or after January 1, 2011 will face a 55 percent top death tax rate on estates over $1 million.
* Higher tax rates on savers and investors: The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011
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