www.csua.org/u/qlk -> finance.yahoo.com/news/Tax-Day-rhetoric-aside-apf-3276228499.html?x=0
Print Elaine Scholtz waves at cars in front of Liberty Tax Service in Laconia, NH, Wednesday, April 14,2010. In the next few years, however, many can expect to pay more. Some future increases were enacted as part of Obama's health care overhaul. And former President George W Bush's tax cuts expire in January. Obama and the Democrats want to renew only some of them, thus raising taxes for individuals making more than $200,000 and couples making more than $250,000. As this year's April 15 federal deadline passes, the debate about future tax increases has Republicans in Congress and conservatives across the country portraying Democrats as tax-and-spend liberals even before any new levies are approved. The discussion also is helping frame the congressional elections this fall. "The fact is in the past year we have had more tax cuts than almost anytime in our nation's history," said Rep. "It's something that people don't realize because of the false rhetoric that is spread throughout this Congress." Grover Norquist, president of Americans for Tax Reform, said conservatives didn't see any need to wait before protesting. "I thought that we were going to have to wait until the tax increases started to see popular unhappiness," Norquist said at a Capitol Hill forum Wednesday. "Last year, people started reacting, the tea parties started organizing, in reaction to spending too much. The massive economic recovery package enacted last year included about $300 billion in tax cuts over 10 years. About $232 billion was in cuts for individuals, nearly all in the first two years. The most generous was Obama's Making Work Pay credit, which gives individuals up to $400 and couples up to $800 for 2009 and 2010. The $1,000 child tax credit was expanded to more families, and the working poor can qualify for as much as $5,657 from the Earned Income Tax Credit. There were also credits for qualified families who buy new homes or make energy improvements to existing ones, as well as tax breaks to help pay college tuition or buy new cars. "From investing in small business to buying a home or making it energy efficient, to sending your children to college to buying a car, these tax cuts are helping families and businesses across the country," said Rep. Russ Carnahan, D-Mo At the same time, many states raised taxes last year because they are required by state constitutions to balance their budgets, even during a recession. States also increased a number of other taxes, including levies on alcohol, motor vehicles and tobacco, for an additional $8 billion. The biggest tax increase in the health care overhaul is limited to individuals making more than $200,000 and couples making more than $250,000, though other increases would hit lower income taxpayers. For the first time, the Medicare payroll tax would be applied to investment income, beginning in 2013. A new 38 percent tax would be imposed on interest, dividends, capital gains and other investment income for individuals making more than $200,000 a year and couples making more than $250,000. The bill also would increase the Medicare payroll tax by 09 percentage point to 235 percent on wages above $200,000 for individuals and $250,000 for married couples filing jointly. "We know the tax man cometh, and over the next few years, boy, will he be coming with a vengeance," said Sen.
Q5CRTfow0vM4_8AAsUn/B=VGc1CUPDhCs-/J=1271718911258374/K=uzKrdn ictKEgdWqGJUe52A/A=5759593/R=0/* Copyright 2010 The Associated Press. The information contained in the AP News report may not be published, broadcast, rewritten, or redistributed without the prior written authority of The Associated Press.
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