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starroute

(12,977 posts)

14. Aren't those "six federal tax breaks that expired this year" the Bush cuts for the 1%?

Wed Jun 18, 2014, 03:09 PM

Jun 2014

This is from Forbes, so it's aimed at that high-income audience, but it's the most concise summary I spotted. And yeah, this "bipartisan" plan is aimed at increasing gasoline taxes on the working poor and middle class in exchange for slashing taxes on the wealthy.

http://www.forbes.com/sites/kellyphillipserb/2014/01/05/what-you-need-to-know-about-taxes-in-2014-expired-tax-breaks-obamacare-penalties-more/

First, the top tax rate for taxpayers is now 39.6%. We haven’t seen those kind of rates in almost 15 years. Those Bush-era tax cuts have finally expired, giving us the 20th century tax rates (gosh, that sounds really, really old). How high will it go? The 39.6% tax rate kicks in at $400,000 for individual taxpayers and $450,000 for married couples filing jointly.

All wages are subject to Medicare tax. That hasn’t changed. But now, taxpayers who make over $200,000 ($250,000 for married taxpayers) will be subject to the Medicare surtax. If that’s you, a Medicare surtax will be tacked on to your wages, compensation, or self-employment income over that amount. The amount of the surcharge is .9%.

Even if you aren’t affected by the Medicare tax surcharge, you still may be subject to the Net Investment Income Tax (NIIT) if you have both net investment income and modified adjusted gross income (MAGI) of at least $200,000 for an individual taxpayer and $250,000 for taxpayers filing as married. . . .

The limitation for itemized deductions – the Pease limitations, named after former Rep. Don Pease (D-OH) – claimed on individual returns for tax year 2014 will begin with incomes of $254,200 or more ($305,050 for married couples filing jointly). The Pease limitations were slated to be reduced beginning in 2006 and eliminated in 2010; as with the other tax cuts, the elimination was extended through the end of 2012. The limitations were brought back in 2013 at the original thresholds, indexed for inflation.

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Senators propose 12-cent gas tax increase [View all] Omaha Steve Jun 2014 OP

How about raising them AFTER ebbie15644 Jun 2014 #1

Ding! Ding! Ding! We have a winner! LuckyLib Jun 2014 #16

That would allow the Republicans to hold the climate to ransom muriel_volestrangler Jun 2014 #33

I DON'T CARE! ebbie15644 Jun 2014 #46

Timing Is Everything.... global1 Jun 2014 #2

Timing is the only thing at this time. OLDMADAM Jun 2014 #62

I know Chris - He's my senator and was my House Rep... MANative Jun 2014 #3

Large oil pay little or no taxes randr Jun 2014 #4

The #1 and #2 US corporate taxpayers are Exxon and Chevron. Psephos Jun 2014 #42

Well since some places are floating at or beyond $4 per gallon for regular Historic NY Jun 2014 #5

it's four dollars a gallon now. heaven05 Jun 2014 #6

almost $3 of every gallon is money to the oil company. 18 cents goes to our Federal gov. the rest Sunlei Jun 2014 #44

Regressive. I'm a NO bluestateguy Jun 2014 #7

Do we still have corporate welfare for oil companies? truthisfreedom Jun 2014 #8

Article doesn't say how much this would raise, but here are the stats OnlinePoker Jun 2014 #9

But that doesn't take into account christx30 Jun 2014 #41

This is needed. It's a small start. The USA has to catch up with the rest of the developed world muriel_volestrangler Jun 2014 #10

Yes it is needed Cryptoad Jun 2014 #11

You've got to tax the users to discourage use muriel_volestrangler Jun 2014 #13

That good logical thinking if ,,, Cryptoad Jun 2014 #17

Unemployment rate in 1993 was 6.9% muriel_volestrangler Jun 2014 #20

No, YOU can bear it. Don't presume to tell others what they can afford. Throd Jun 2014 #25

Is price discrimination the way to do this? louielouie Jun 2014 #18

Why is raising the tax back in line with inflation 'discrimination'? muriel_volestrangler Jun 2014 #21

Because it is a regressive tax. louielouie Jun 2014 #23

As the OP points out, the current gas tax isn't even paying for repairs to roads and bridges muriel_volestrangler Jun 2014 #26

There are other ways to finance public goods. louielouie Jun 2014 #28

But at the same time, use of gas needs to be discouraged muriel_volestrangler Jun 2014 #32

Gas needs to be replaced by other forms of energy. louielouie Jun 2014 #34

And that's what a gas tax does muriel_volestrangler Jun 2014 #35

It puts an undue burden on the poor. louielouie Jun 2014 #36

What is your solution to carbon dioxide emissions? (nt) muriel_volestrangler Jun 2014 #37

Auto manufacturers should be required by the govt to shift to electric cars. louielouie Jun 2014 #38

Do you think those would be cheaper in the short term than current fuels? muriel_volestrangler Jun 2014 #43

And then tax who to pay for the road repairs? OnlinePoker Jun 2014 #45

Please read my earlier posts where I address this issue. louielouie Jun 2014 #49

But this will price a few more people out of vacations. Doctor_J Jun 2014 #24

+1. louielouie Jun 2014 #31

They should double the 18 and 24 cent Federal tax and HALF the state taxes and profit money. Sunlei Jun 2014 #12

They will never cut the "profit money." louielouie Jun 2014 #19

I hear you! we can see the change as gas use drops, the price will continue to up, up, up for the Sunlei Jun 2014 #27

+1 louielouie Jun 2014 #29

THat would be nice, just how do you get the states to budge on their cash cow... Historic NY Jun 2014 #30

nice price breakdown. remember republicans nagging Pres O over gas prices? 18 cents is the Fed. tax Sunlei Jun 2014 #40

Aren't those "six federal tax breaks that expired this year" the Bush cuts for the 1%? starroute Jun 2014 #14

Bob Corker's net wealth in 2013 = $16.8 million. louielouie Jun 2014 #15

Dow-30 Earnings: Exxon Mobil Corp. � First Quarter 2014 mitty14u2 Jun 2014 #22

I am already onecaliberal Jun 2014 #39

Criminal stupidity seveneyes Jun 2014 #47

the fix is in warrprayer Jun 2014 #48

Raise taxes on a commodity that practically everyone uses and off-set with tax breaks??? Why offset kelliekat44 Jun 2014 #50

What about removing the gas industry subsidies first? nt valerief Jun 2014 #51

I assume gas tax rates are based on a percentage of the cost of gas. If gas prices doubled over the Ed Suspicious Jun 2014 #52

Federal gas tax rates are a fixed amount muriel_volestrangler Jun 2014 #53

That explains it. Thank you. Ed Suspicious Jun 2014 #54

I used to deliver gas, diesel, kerosene, bulk oil,... Omaha Steve Jun 2014 #56

"Bi-partisan deal" means "bend over and grab your ankles." blkmusclmachine Jun 2014 #55

Oh, for crying out loud. blue neen Jun 2014 #57

Remember Ross perot that cost Bush I a second term? Omaha Steve Jun 2014 #58

I do remember Perot. blue neen Jun 2014 #59

IT SOUNDS LIKE BATE AND SWITCH TO cynzke Jun 2014 #60

Good idea. We should also have a federal tax on food and water. Regressive taxes are da bomb! Scuba Jun 2014 #61