1. The federal government’s biggest single source of revenue is from
foreign aid.
loans from banks.
big business.
individual income tax.

2. During the year employers set aside a certain amount of money, called ____, from their employees’ wages.
securities
tax shelter
withholding
dependent tax

3. These are government financial instruments that include bonds, notes, and certificates.
corporate income taxes
securities
excise taxes
customs duties

4. When the government’s spending is greater than its income, it creates a
national debt.
government securities’ risk.
withholding situation.
national taxable income.

5. To raise revenue and pass appropriations is the power of
the Supreme Court.
the people.
Congress.
the president.

6. The idea that the best forecast of this year’s budget is last year’s, plus a little more, is called
reconciliation.
incrementalism.
policy budget-making.
fiscal year budget-making.

7. The IRS checks some tax returns more carefully than others during
entitlements.
discount rates.
uncontrollables.
audits.

8. A 12-month accounting period is called a
deficit year.
revenue year.
monetary year.
fiscal year.

9. An example of an entitlement program is
Social Security.
corporate tax.
tax loopholes.
individual income tax.

10. The yearly sum of goods and products produced in a country is called the
deficit.
gross national product.
uncontrollables.
entitlements.

11. The United States economy is a
regressive tax economy.
market economy.
fiscal policy economy.
monetary policy economy.

12. An individual’s total income, minus certain deductions and personal exemptions, is called the
excise tax.
withholding.
social insurance tax.
taxable income.

1. The federal government’s biggest single source of revenue is from
foreign aid.
loans from banks.
big business.
individual income tax.

2. During the year employers set aside a certain amount of money, called ____, from their employees’ wages.
securities
tax shelter
withholding
dependent tax

3. These are government financial instruments that include bonds, notes, and certificates.
corporate income taxes
securities
excise taxes
customs duties

4. When the government’s spending is greater than its income, it creates a
national debt.
government securities’ risk.
withholding situation.
national taxable income.

5. To raise revenue and pass appropriations is the power of
the Supreme Court.
the people.
Congress.
the president.

6. The idea that the best forecast of this year’s budget is last year’s, plus a little more, is called
reconciliation.
incrementalism.
policy budget-making.
fiscal year budget-making.

7. The IRS checks some tax returns more carefully than others during
entitlements.
discount rates.
uncontrollables.
audits.

8. A 12-month accounting period is called a
deficit year.
revenue year.
monetary year.
fiscal year.

9. An example of an entitlement program is
Social Security.
corporate tax.
tax loopholes.
individual income tax.

10. The yearly sum of goods and products produced in a country is called the
deficit.
gross national product.
uncontrollables.
entitlements.

11. The United States economy is a
regressive tax economy.
market economy.
fiscal policy economy.
monetary policy economy.

12. An individual’s total income, minus certain deductions and personal exemptions, is called the
excise tax.
withholding.
social insurance tax.
taxable income.

1. The federal government’s biggest single source of revenue is from (1 point)
foreign aid.
loans from banks.
big business.
individual income tax.
2. During the year employers set aside a certain amount of money, called ____, from their employees’ wages. (1 point)
securities
tax shelter
withholding
dependent tax
3. These are government financial instruments that include bonds, notes, and certificates. (1 point)
corporate income taxes
securities
excise taxes
customs duties
4. When the government’s spending is greater than its income, it creates a (1 point)
national debt.
government securities’ risk.
withholding situation.
national taxable income.
5. To raise revenue and pass appropriations is the power of (1 point)
the Supreme Court.
the people.
Congress.
the president.
6. The idea that the best forecast of this year’s budget is last year’s, plus a little more, is called (1 point)
reconciliation.
incrementalism.
policy budget-making.
fiscal year budget-making.
7. The IRS checks some tax returns more carefully than others during (1 point)
entitlements.
discount rates.
uncontrollables.
audits.
8. A 12-month accounting period is called a (1 point)
deficit year.
revenue year.
monetary year.
fiscal year.
9.
An example of an entitlement program is (1 point)
Social Security.
corporate tax.
tax loopholes.
individual income tax.
10. The yearly sum of goods and products produced in a country is called the (1 point)
deficit.
gross national product.
uncontrollables.
entitlements.
11. The United States economy is a (1 point)
regressive tax economy.
market economy.
fiscal policy economy.
monetary policy economy.
12. An individual’s total income, minus certain deductions and personal exemptions, is called the (1 point)
excise tax.
withholding.
social insurance tax.
taxable income.

Read this before you answer.

•Medicare cuts to hospitals begin (long‐term care (7/1/09) and inpatient and
rehabilitation facilities (FY10))
•Medicare cuts to inpatient psych hospitals (7/1/10)
•Medicare Advantage cuts begin
•No longer allowed to use FSA, HSA, HRA, Archer MSA distributions for over‐thecounter
medicines
•Medicare cuts to home health begin
•Wealthier seniors (k/0k) begin paying higher Part D premiums (not indexed
for inflation in Parts B/D)
•Medicare reimbursement cuts when seniors use diagnostic imaging like MRIs, CT
scans, etc.
•Medicare cuts begin to ambulance services, ASCs, diagnostic labs, and durable
medical equipment
•Prohibition on Medicare payments to new physician‐owned hospitals
•Seniors prohibited from purchasing power wheelchairs unless they first rent for 13
Months
•New Medicare cuts to long‐term care hospitals begin (7/1/11)
•Additional Medicare cuts to hospitals and cuts to nursing homes and inpatient
rehab facilities begin (FY12)
•New tax on all private health insurance policies to pay for comp. eff. research (plan
years beginning FY12)
•Medicare cuts to dialysis treatment begins
•New Medicare cuts to inpatient psych hospitals (7/1/12)
•Medicare cuts to hospice begin (FY13)
•Increase Medicare wage tax by 0.9% and impose a new 3.8% tax on unearned , nonactive
business income for those earning over 0k/0k (not indexed to inflation)
•Eliminate deduction for Part D retiree drug subsidy employers receive
•Impose 2.3% excise tax on medical devices
•Medicare cuts to hospitals who treat low‐income seniors begin
•More Medicare cuts to home health begin
•Government board (IPAB) begins submitting proposals to cut Medicare
•More Medicare cuts to home health begin

In his new healthcare proposal?

http://www.foxnews.com/opinion/2010/02/23/john-kartch-health-care-obama-taxes-family/

No New Taxes, Mr. Obama?
By John Kartch
– FOXNews.com

On Monday, the White House unveiled a health care plan with a net tax hike of at least 0 billion over the next ten years. What happened to the promise that no family making less than 0,000 will see their taxes increase?

One year ago, President Obama addressed a joint session of Congress and restated his central campaign promise: “If your family earns less than 0,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime.”

But on Monday, the White House unveiled a health care plan with a net tax hike of at least 0 billion over the next ten years. Not only does the plan increase taxes more than the House and Senate bills already roundly rejected by the public, several of the tax hikes in the plan violate Obama’s tax pledge. Let’s look at a few examples:

Individual mandate excise tax: The White House gets creative with its terminology here, preferring to call this tax a “payment” or an “assessment.” This provision would require all Americans to purchase health insurance – as a condition of lawful existence – or pay an excise tax.

This tax was also a pillar of the House and Senate health bills, both endorsed by the White House. In a famous exchange with ABC’s George Stephanopoulos last September, Obama refused to admit that the tax was actually a tax, forcing Stephanopoulos to read aloud the dictionary definition of the word “tax” to the President.

Employer mandate tax: If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax for all full-time employees. This would apply to all employers with 50 or more employees. Small business owners pay their taxes on their owners’ 1040 forms, and there is no exemption for employers making less than 0,000.

Special needs kids tax: This provision caps pre-tax Flexible Spending Account (FSA) contributions at ,500 per year – currently, these accounts are unlimited. There are 30 million American families using FSAs for everything from deductibles to eyeglasses, but hardest hit would be families with special needs children. These families often rely on their FSA for special needs education, which can cost thousands of dollars per year.

“Haircut” for medical itemized deductions: Currently, those facing high medical expenses are allowed a deduction if the total cost of the expenses reduces the filer’s income by 7.5 percent. The new White House provision would raise that threshold to 10 percent.

Excise tax on indoor tanning services: Leaving no stone unturned in its hunt for revenue, the White House adopted the Senate’s “tanning bed tax”. Those using indoor tanning services will be hit with a 10 percent excise tax.

None of the provisions above include exemptions for families making less than 0,000.

Take a look at the plan yourself at the White House Web site, then click over to Obama’s Change.gov site. Under the “Taxes” category, it still reads as follows: “no family making less than 0,000 will see their taxes increase.”

Somebody has some explaining to do.

John Kartch is director of communications for Americans for Tax Reform and a Fox Forum contributor.

I am not going to cheer or condemn. You be the judge. This is an official list of the upcoming increases in taxes for various individuals and businesses in Pres. Obama’s budget. Pull them apart and give us your thoughts. Good or not good…and why?

President Obama’s budget proposes 9 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

1) On people making more than 0,000.

8 billion – Bush tax cuts expire
9 billlion – eliminate itemized deduction
8 billion – capital gains tax hike

Total: 6 billion/10 years

2) Businesses:

billion – Reinstate Superfund taxes
billion – tax carried-interest as income
billion – codify "economic substance doctrine"
billion – repeal LIFO
0 billion – international enforcement, reform deferral, other tax reform
billion – information reporting for rental payments
.3 billion – excise tax on Gulf of Mexico oil and gas
.4 billion – repeal expensing of tangible drilling costs
million – repeal deduction for tertiary injectants
million – repeal passive loss exception for working interests in oil and natural gas properties
billion – repeal manufacturing tax deduction for oil and natural gas companies
billion – increase to 7 years geological and geophysical amortization period for independent producers
2 million – eliminate advanced earned income tax credit

Total: 3 billion/10 years

It must be, there are SO many hidden things in the new Pelosi-approved Plan:

Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<0,000), 2 percent (0,000-5,000), 4 percent (5,000-0,000), and 6 percent (0,000-0,000).
Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.
Medicine Cabinet Tax (Page 324)
Cap on FSAs (Page 325)
Increased Additional Tax on Non-Qualified HSA Distributions (Page 326)
Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327)
Surtax on Individuals and Small Businesses (Page 336)
Excise Tax on Medical Devices (Page 339)
Corporate 1099-MISC Information Reporting (Page 344)
Delay in Worldwide Allocation of Interest (Page 345)
Limitation on Tax Treaty Benefits for Certain Payments (Page 346)
Codification of the “Economic Substance Doctrine” (Page 349)
Application of “More Likely Than Not” Rule (Page 357)

http://hotair.com/archives/2009/10/30/house-obamacare-bill-here-comes-the-taxes/

This is just a small part….we are all about to be screwed

Remember when you bought your first used car and you got screwed by some wholly evil used car salesman, but you didn’t care because it was a CAR and it would be yours? This is kinda like that..we’ll wake up, but too late and have to pay for this lemon for a looooonngg time.
US veteran: You’re hilarious! And your thought was so intuitive into this whole healthcare thingie…night night sweetie’
Patriot: Have you ever wondered about that statistic you so happily quote about dead babies? The truth about that is most OTHER countries do not report certain deaths among children, so our numbers seem higher when in reality they are not…it is not a FACT, as you put it…it is biased reporting

won’t Pelosi let us read it, and why didn’t she tell us about all the new taxes?

Here they all are, with a brief description and page number:

• Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<0,000), 2 percent (0,000-5,000), 4 percent (5,000-0,000), and 6 percent (0,000-0,000).

• Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.

• Medicine Cabinet Tax (Page 324): Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.

• Cap on FSAs (Page 325): FSAs would face an annual cap of 00 (currently uncapped).

• Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)

• Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327): This would further erode private sector participation in delivery of Medicare services.

• Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over 0,000 ( million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.

• Excise Tax on Medical Devices (Page 339): Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.

• Corporate 1099-MISC Information Reporting (Page 344): Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.

• Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act

• Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.

• Codification of the “Economic Substance Doctrine” (Page 349): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.

• Application of “More Likely Than Not” Rule (Page 357): Publicly-traded partnerships and corporations with annual gross receipts in excess of 0 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paid would have more likely than not been sufficient to cover final tax liability.

I know Liberals still think the Government is here to help…the only question I have is who? Us…or themselves?
Oh…and here is where you will find the IRS will come after you if you do not, and I quote from the bill, "ACCEPTABLE HEALTH CARE
COVERAGE."

‘‘PART VIII—HEALTH CARE RELATED TAXES
‘‘SUBPART A. TAX ON INDIVIDUALS WITHOUT ACCEPTABLE HEALTH CARE COVERAGE."
22 ‘‘Subpart A—Tax on Individuals Without Acceptable
23 Health Care Coverage

page 296.

http://www.atr.org/

So what say you! Like this deficit neutral bill? It will cost the people not the budget like Medicare etc…

BREAKING: Comprehensive List of Taxes
In House Democrat Health Bill
From Ryan Ellis on Thursday, October 29, 2009 12:20 PM
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H.R. 3962, the "Affordable Health Care for America Act" has been introduced–all 1990 pages of it. This gargantuan beast contains thirteen new tax hikes. Here they all are, with description and page number (PDF version):

***

Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<0,000), 2 percent (0,000-5,000), 4 percent (5,000-0,000), and 6 percent (0,000-0,000).

Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.

Medicine Cabinet Tax (Page 324): Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.

Cap on FSAs (Page 325): FSAs would face an annual cap of 00 (currently uncapped).

Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)

Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327): This would further erode private sector participation in delivery of Medicare services.

Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over 0,000 ( million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.

Excise Tax on Medical Devices (Page 339): Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.

Corporate 1099-MISC Information Reporting (Page 344): Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.

Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act

Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.

Codification of the “Economic Substance Doctrine” (Page 349): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.

Application of “More Likely Than Not” Rule (Page 357): Publicly-traded partnerships and corporations with annual gross receipts in excess of 0 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paid would have more likely than not been sufficient to cover final tax liability.

Read More | Comments (0) | Permalink | Email | Print | Tags: TAXES, HEALTHCARE
House Healthcare Bill Uses the Term "Tax" 87 Times
From John Kartch on Thursday, October 29, 2009 11:44 AM
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A word search of the 1,990-page House healthcare bill (H.R. 3962) reveals that the term “tax” is used 87 times, “taxable” is used 62 times, and “excise tax” is used 10 times.
Other terms of interest are as follows:

House Healthcare Bill (H.R. 3962)
Term

Number of uses
“Tax”

87 times
“Taxable”

62 times
“Excise tax”

10 times
“Taxes”

15 times
“Fee”

59 times
“Penalty”

113 times
“Require”

118 times
“Must”

58 times
“Shall”

3,424 times

Click here for a printable PDF of this document

Read More | Comments (2) | Permalink | Email | Print | Tags: TAXES, HEALTHCARE, CONGRESS, Federal

Remember when that bail out plan kept going back and forth, back and forth and THEN got signed? Hmmmm……. did anybody see all the "extra" stuff attached to it? You know the old saying "scratch my back …."? Isn’t it amazing how much other stuff gets tacked on to a bill that we only know the title of — granted some of this is necessary and helpful, but come on: Children’s wooden arrows, rum excise tax revenues to Puerto Rico and the Virgin Islands; and does THIS sound fair: Accelerated depreciation for property used mostly on an Indian reservation?

More on the Bill

Apart from the Troubled Assets Relief Program, the bill before the Senate includes:

* Extensions of the AMT patch, tax deductions on state and local sales taxes, tuition, teacher expenses and real property taxes and tax credits for business research and new market investors
* Energy tax credits and incentives to encourage wind and refined coal production, new biomass facilities, wave and tide electricity generators, solar energy property improvements, CO2 capturing, plug-in electric drive vehicles, idling reduction units on truck engines, cellulosic biofuels ethanol production, energy efficient houses, offices, dishwashers, clothes washers and refrigerators, and fringe benefits for employees commuting by bicycle.
* A requirement for private insurance plans to offer mental health benefits on par with medical-surgical benefits
* Tax relief provisions for victims of this summer’s Midwestern floods, and Hurricane Ike
* Freezing of deductions for sale and exchange of oil and natural gas, mandatory basis reporting by brokers for transactions involving publicly traded securities and an extension of the oil spill tax

But it also extends the following tax provisions:

* Economic development credit to American Samoan businesses
* ,000 tax credit for training of mine rescue team members
* 50% immediate expensing for extra underground mine safety equipment
* Tax credit for businesses with employees from an Indian reservation
* Accelerated depreciation for property used mostly on an Indian reservation
* 50% tax credit for some expenditures on maintaining railroad tracks
* 7-year recovery period for motorsports racetrack property
* Expensing of cleaning up "brownfield" contaminated sites
* Enhanced deductions for businesses donating computers and books to schools, and for food donations
* Deduction for income from domestic production in Puerto Rico
* Tax credit for employees in Hurricane Katrina disaster area
* Tax incentives for investments in poor neighborhoods in D.C.
* Increased rehabilitation credit for buildings in Gulf area
* Reduction of import duties on some imported wool fabrics, transfers other duties to Wool Trust Fund to promote competitiveness of American wool
* Special expensing rules for film and TV productions

And there’s more:

* Increasing cover of rum excise tax revenues to Puerto Rico and the Virgin Islands
* Making it easier for film and TV companies to use deduction for domestic production
* Exempting children’s wooden arrows from excise tax
* Income averaging for Exxon Valdez litigants for tax purposes