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April 21, 2014

Andrew Silow-Carroll: Passoverkill? Suggestions to make next year's seders even more culturally sensitive

Sara Israelsen Hartley: Seeking the Divine: An ancient connection in a new context

Christine M. Flowers: Priest's execution in Syria should be call to action

Courtnie Erickson: How to help kids accept the poor decisions of others

Lizette Borreli: A Glass Of Milk A Day Keeps Knee Arthritis At Bay

Lizette Borreli: 5 Health Conditions Your Breath Knows Before You Do

The Kosher Gourmet by Betty Rosbottom Coconut Walnut Bars' golden brown morsels are a beautifully balanced delectable delight

April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review Nov. 18, 2013/ 15 Kislev, 5774

Shocking News: Dems Want New 'Revenues'

By Bruce Bialosky




http://www.JewishWorldReview.com | It took a government shutdown, but after four years the Democrats in the U.S. Senate (led by the Undertaker) finally agreed to an established process that has gone on for ages: sitting down with the House of Representatives and hashing out a budget. And in another bit of shocking news, they are demanding new "revenues" (they never say taxes) to come to a compromise.

You may have heard that the feckless Democrats in the Senate have not passed a budget for three years. They standardized a rarely used way of operating a government - continuing resolution or the new in vogue term: a CR. They only did pass a budget this past year because of a House Republican law that was passed that said "No budget, no pay." The Undertaker and his crew said we can spend recklessly and be irresponsible, but taking away our paychecks is just downright uncivil. But then the Undertaker told his budget chair, Patty Murray (D-WA) that she could not meet with those scoundrels from the House who actually want to operate the government on a budget and maybe trim that nasty overspending.

So while I was working on year-end tax planning for my clients, I came upon the multitude of tax increases that go into effect this year to cover the cost of Obamacare and the expanding federal government.

Here are a few of the more important changes that will occur for this year:


  • There is some special depreciation that is scheduled to expire in 2014. It does not look at this time like it will be renewed. There is a 50% bonus depreciation on most new equipment and software. You can write off up to the first $500,000 of acquisitions of fixed assets. Also, there is a special 15-year depreciation for leasehold improvements that usually has to be depreciated over 39 years. Not renewing effectively raises tax rates especially on small businesses.

  • A new Medicare tax begins in 2013 of .9% for wages over $200,000; $250,000 for couples.

  • A new surtax of 3.8% exists for the lesser of your investment income (dividends, capital gains) or adjusted gross income over $200,000; $250,000 for couples.

  • A new tax rate of 39.6% exists on taxable income above $400,000 for individuals; $450,000 for couples.

  • The tax rate on dividends and capital gains goes from 15% to 20% for individual taxpayers with income above $400,000; $450,000 for couples.

  • Personal exemptions again are being phased out. The phasing out begins at $250,000 for individuals; $300,000 for couples.

  • Once again itemized deductions are being phased out for income over $250,000 for individuals; $300,000 for couples.



The stated top tax rate of 39.6% is obviously very misleading. Because of the surtaxes and phase out of exemptions and itemized deductions, taxpayers will be facing federal tax rates of over 50%.

This is not a comprehensive list of all the changes because that would either make your eyes roll to the back of your head or give you severe nausea.

This does not include the hidden taxes that are part of Obamacare that will just be passed through to you by the various industries that were targeted by the health care law. You probably know well about the tax on medical devices, but there are also new taxes on prescription drugs and health insurance policies. You will never see a line item on your bill for these taxes because they will just be hidden in your increased costs.

Probably the most fascinating aspect of the demand for new "revenues" (if there can ever be a fascinating aspect of leftists demanding new taxes) is that they have not even waited to see what the effects are of all these new taxes that are just coming on line. If ever there were a telling moment about what left-wing Democrats are all about, this it is. Don't wait until you see the actual amount of taxes you collect from all these new rates and don't wait to see the impact of the new taxes on the economy - just plow ahead asking for new taxes to be piled onto the heap. It might be that they forgot about all these taxes because they voted them in three years ago, but did not want people to see them until after the 2012 election.

Fortunately the House Republicans have their smartest, Paul Ryan (R-WI), going up against the Dems on the conference committee. They also have a bulldog from the Senate - Jeff Sessions (R- AL). And they also have the sequester as a hammer against the Dems. On the other hand because the entire Senate Budget Committee is included bringing the membership to 29, Bernie Sanders (D-VT), who is a Socialist, will be at the table. At least Mr. Sanders is honest about what his political angle.

All in all, the negotiations should be a hoot since they start with budgets that only have a difference of about $1 trillion. But one thing we know for sure: new "revenues" will be off the table for Republicans and should be for the Democrats too. Sorry, we can't help being wishful thinkers.

Every weekday JewishWorldReview.com publishes what many in in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

Comment by clicking here.

Bruce Bialosky is the founder of the Republican Jewish Coalition of California and a former Presidential appointee.


Previously:


11/11/13 Do You Want A Nationalized Drug Industry?
11/04/13 Obamacare Schadenfreude
10/28/13 The Second Biggest Issue in America
10/21/13 The New Welfare State





© 2013, Bruce Bialosky

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