it's due!

[simple man]

Bush threw in some tax cuts, added a war or two. Several years have passed on that, Obama has kinda handed out a few bucks since he took office- everybody has added to the bill is my point. Found this story, thought it worth throwing in here. I feel my wallet shrinking. (again)

"Blame tax cuts in 2001 and 2003 for this ridiculous situation. A law in 2001 required income taxes to return to their pre-2001 levels by the end of 2010, Norris writes."

For income tax, the marginal tax rates are set to revert from the 10%-35% range they're in right now to between 28% and 39.6%. People with the highest incomes would see the largest tax increase, Norris writes. Post continues after video:
And then there's the crazy estate tax. This year, there is no estate tax, and people like the heirs of George Steinbrenner stand to inherit his entire fortune without paying any taxes.

But woe to the families of those who die next year. In 2011, there will be an tax on estates over $1 million, Norris writes. And the tax rates could climb as high as 55%.

How does this make any sense? It doesn't. The American tax system is an absurd mishmash of broken ideas, and fixing it would require enormous effort that no politician is willing to take on.

So what to do? In the short term, the general consensus seems to be that we should stop the tax cuts from ending. We don't have to pay the piper yet, do we?

President Obama thinks the estate tax should go back to where it was in 2009, Norris writes. He also wants to renew the tax cuts -- but maybe not for the wealthiest taxpayers. And he thinks the dividend tax should be at 20%.

Republicans want all the tax cuts to stay in place, Norris writes. But some are OK with getting some estate taxes back in. Will both parties be willing to set aside their differences to put this issue to rest, as least temporarily? Norris isn't expecting much:

Big tax hikes on the way- Top Stocks - MSN Money

[R13]

I'd like to see the ones for the middle class continue like the admin. is trying to do, but these 2 policies alone will cost us trillions over the next decade if continued.

[R13]

(CNNMoney.com) -- If you're a wealthy American, you've probably heard that your tax bill will be higher next year if President Obama has his way. But how much more are you really going to pay?

With Obama's tax plan in place, the cuts introduced during the Bush administration would lapse for the top two income brackets, resulting in a tax increase for the nation's richest taxpayers.

That means people making more than $195,550 in taxable income ($200,000 in adjusted gross income) and joint filers with taxable income over $237,300 ($250,000 in adjusted gross income) would be pushed up from the current 33% and 35% tax brackets into 36% and 39.6% brackets next year.

"It comes down to the greater your earnings, the greater the tax hit," said Robert Kerr, senior director of government relations at the National Association of Enrolled Agents. "But it's all relative. For someone used to spending that money -- whether on a big family or expensive habits -- it's impossible to say how much they would be impacted."
How Uncle Sam's cut will change

While most people in the top two brackets would end up paying more if the cuts expire, some taxpayers at the very bottom of the new 36% tax bracket would actually end up paying less next year, according to estimates from the congressional Joint Committee on Taxation. That's because the lower tax rates, which high earners also pay on portions of their income, have been expanded.

For example, in the case of a person on the low end of the 36% bracket, only the highest sliver of income would be taxed at the new 36%, while larger portions are taxed at the broadened lower brackets, resulting in a net tax reduction.

Take someone with a taxable income of $210,000. Last year, they owed $54,000 in taxes (assuming one personal exemption and a basic standard deduction), but they would owe $53,512 under the new tax bracket, amounting to a $488 tax reduction, the JCT estimates showed.
Does $250,000 make you rich?

But once taxable income exceeds about $240,000, you could end up owing anywhere from an additional few hundred dollars to hundreds of thousands of dollars in extra taxes depending on how much you make.

Say you're a single filer with a taxable income of $250,000. This year, you owed $67,617 in income tax under the 33% bracket. Under the new system, you would pay $67,912 in taxes next year, a slight increase of $295.
0:00 /1:21Considering yourself 'rich'

But those people making more than $300,000 are going to owe additional amounts in the thousands. For instance, if you make $382,650 you'll owe an extra $4,095 in income tax.

Single filers with $500,000 in taxable income would owe Uncle Sam an additional $9,492 from this year's tax bill. Meanwhile, joint filers with taxable income of $700,000 would owe $232,396 in 2011, an extra $17,088 from $215,308 in 2010.

Those Americans lucky enough to be earning millions each year, whether filing as individuals or jointly, could end up seeing increases in the six-figures.

A single filer with a million dollars in taxable income would owe $32,493 more than in 2010, While joint filers with the same income would owe $30,888 more than they paid in 2010.

For single filers making $5 million in taxable income, get ready to hand over $1,944,137 for the 2011 tax year, an increase of $216,493 from $1,727,644 in 2010.

And as a joint filer with an income of nearly $5 million in 2009, even Obama is likely to see his tax bill go up more than $200,000 next year.

What high earners will pay if the Bush tax cuts expire - Aug. 18, 2010