New taxes for some (including me)

:angryfire :angryfire:angryfire http://news.yahoo.com/s/ap/20091102/ap_on_go_co/us_health_care_taxes

WASHINGTON – The typical family would be spared higher taxes from the House Democratic plan to overhaul health care, and their low-income neighbors could come out ahead.
Their wealthy counterparts, however, face big tax increases that could eventually hit future generations of taxpayers who are less wealthy.
The bill is funded largely from a 5.4 percent tax on individuals making more than $500,000 a year and couples making more than $1 million, starting in 2011. The tax increase would hit only 0.3 percent of tax filers, raising $460.5 billion over the next 10 years, according to congressional estimates.
But unlike other income tax rates, the new tax would not be indexed for inflation. As incomes rise over time because of inflation, more families — and more small business owners — would be hit by the tax.



I am going to end up paying $300,000 dollars a year MORE in personal taxes a year if those goes thru. My effective tax rate will be OVER 50%. TELL ME HOW THAT IS GOOD? Just because I have worked hard and made money by working 80+ hours a week and for the last year and suceeded despite the economy and government rules that are totaly insane and idiotic. And despite keeping 3 high school graduates (no college at all) making each $104,000 a year, I still get to pay a 32% increase in personal taxes and a possible increase in further taxes. And for anyone thinking I am living high on the hog, guess again. I did buy a new house recently but the one I bought is only worth 200,000, an increase of only 50k over my other one and I am owner financing the old one to one of my employees and his wife and kids so they can get into home ownership. I send 8 relatives to college in the Philippines, I support my 93 year old mother, and I have loaned money at very low intrest to some friends businesses that needed money to surivive. Tell me I am rich...get real. :angryfire :angryfire