This is one of the major reasons why the economy is not growing and a    
   double dip recession is growing more likely next year...  I may start    
   moving more into cash to buy the market dip next year...  It depends    
   upon what happens with the election.   
      
      
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   http://www.investors.com/NewsAndAnalysis/Article/541131/201007211841/The-   
   Tax-Tsunami-On-The-Horizon.aspx   
      
   The Tax Tsunami On The Horizon    
       
   Posted 07/21/2010 06:41 PM ET   
      
   Fiscal Policy: Many voters are looking forward to 2011, hoping a new    
   Congress will put the country back on the right track. But unless    
   something's done soon, the new year will also come with a raft of tax    
   hikes — including a return of the death tax — that will be real killers.   
      
   Through the end of this year, the federal estate tax rate is zero —    
   thanks to the package of broad-based tax cuts that President Bush pushed    
   through to get the economy going earlier in the decade.   
      
   But as of midnight Dec. 31, the death tax returns — at a rate of 55% on    
   estates of $1 million or more. The effect this will have on hospital    
   life-support systems is already a matter of conjecture.   
      
   Resurrection of the death tax, however, isn't the only tax problem that    
   will be ushered in Jan. 1. Many other cuts from the Bush administration    
   are set to disappear and a new set of taxes will materialize. And it's    
   not just the rich who will pay.   
      
   The lowest bracket for the personal income tax, for instance, moves up    
   50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%,    
   and the old 28% bracket will be 31%. At the higher end, the 33% bracket    
   is pushed to 36% and the 35% bracket becomes 39.6%.   
      
   But the damage doesn't stop there.   
      
   The marriage penalty also makes a comeback, and the capital gains tax    
   will jump 33% — to 20% from 15%. The tax on dividends will go all the    
   way from 15% to 39.6% — a 164% increase.   
      
   Both the cap-gains and dividend taxes will go up further in 2013 as the    
   health care reform adds a 3.8% Medicare levy for individuals making more    
   than $200,000 a year and joint filers making more than $250,000. Other    
   tax hikes include: halving the child tax credit to $500 from $1,000 and    
   fixing the standard deduction for couples at the same level as it is for    
   single filers.   
      
   Letting the Bush cuts expire will cost taxpayers $115 billion next year    
   alone, according to the Congressional Budget Office, and $2.6 trillion    
   through 2020.   
      
   But even more tax headaches lie ahead. This "second wave" of hikes, as    
   Americans for Tax Reform puts it, are designed to pay for ObamaCare and    
   include:   
      
   The Medicine Cabinet Tax. Americans, says ATR, "will no longer be able    
   to use health savings account, flexible spending account, or health    
   reimbursement pretax dollars to purchase nonprescription, over-the-   
   counter medicines (except insulin)."   
      
   CMPQwk 1.42-21 9999    
   Carbon Dioxide makes up just 390 parts per million of atmosphere ....   
      
   --- PCBoard (R) v15.3/M 10   
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