|Re: Fiscal Cliff and Bush Era Tax Cuts - This seems to be one of the major stumbling blocks - Romney said he wouldn't cut the Bush Era Tax Cuts which made him a ridiculous candidate|
Re: Fiscal Cliff and Bush Era Tax Cuts - "The fiscal cliff is a combination of th...
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Inventor Has Working Prototype of New Single Wheel Bicycle Trailer Invention - Prototype Works Great, NO Glitches, Nearly Market Ready - Sways with bike around turns - Fast - Ride minimally affected - Connects / Disconnects via single pin - Easily Converts to shopping cart - Has Flip Motorcycle style kickstand, towards front, that forms tripod combined with front wheel. Solves the problem of being easily able to carry things via bicycle -
Plan to incorporate electric motor drive unit - resulting in drive unit for bicycle.
Plan to build similar concept for gas powered scooters found around New York City. Seeks Investors / Business Partners to Bring To Market.
| Reply to TheNextGoogle - Msg #2332141 - 11/18/2012 15:26|
Fiscal Cliff and Bush Era Tax Cuts - "The fiscal cliff is a combination of the spending cuts passed by Congress - known as sequestration - and expiration of the Bush-era tax cuts, all set to take effect at the beginning of the new year, absent congressional action. Economists have said the fiscal cliff would put the U.S. economy into recession.
The two parties have been stuck over federal spending on entitlements and the tax breaks. Democrats generally favor extending the Bush-era tax rates for income under a certain threshold - such as $250,000 - and letting the rates rise on income above that level. Republicans generally favor extending the rates on all levels of income while reducing loopholes and capping deductions for top earners.
Bush Era Tax Cuts - increases tax reductions on investment income from dividends and capital gains.
JGTRRA accelerated the gradual rate reduction and increase in credits passed in EGTRRA. The maximum tax rate decreases originally scheduled to be phased into effect in 2006 under EGTRRA were retroactively enacted to apply to the 2003 tax year. Also, the child tax credit was increased to what would have been the 2010 level, and "marriage penalty" relief was accelerated to 2009 levels. In addition, the threshold at which the alternative minimum tax applies was also increased.
JGTRRA increased both the percentage rate at which items can be depreciated and the amount a taxpayer may choose to expense under Section 179, allowing them to deduct the full cost of the item from their income without having to depreciate the amount.
In addition, the capital gains tax decreased from rates of 8%, 10%, and 20% to 5% and 15%. Capital gains taxes for those currently paying 5% (in this instance, those in the 0% and 15% income tax brackets) are scheduled to be eliminated in 2008. However, capital gains taxes remain at the regular income tax rate for property held less than one year.
Certain categories, such as collectibles, remained taxed at existing rates, with a 28% cap. In addition, taxes on "qualified dividends" were reduced to the capital gains levels. "Qualified dividends" includes most income from non-foreign corporations, real estate investment trusts, and credit union and bank "dividends" that are nominally interest.