From My Perspective - - -
The Daily Headlines are a microcosm of the interactions between people and nations. IF anything, the Headlines demonstrate global tension and frustration. Recent Headlines – Week of August 2nd, 2010 – indicate that for us - - -
• Joint Chiefs Chairman: US has Iran strike plan...
• Israel fears Turks could pass its secrets to Iran...
• Five rockets fired towards Israel...
• Mexican drug cartel puts $1M bounty on Sheriff Joe's head...
• Lebanese and Israeli Troops Clash
• 45 Die in Revenge Attacks in Pakistan N. Korea Threatens South Over Drills
• Mexico: 28,000 killed in drug violence since 2006 – President Felipe Calderon said he would consider a debate on legalizing drugs Tuesday as his government announced that more than 28,000 people have been killed in drug violence since he launched a crackdown against cartels in 2006.
• Political violence rages in Karachi, 12 more killed
• Report: Blast occurs near Iranian leader's convoy
Not every event or action is Headlined for us. In terms of personal economics, if one takes the time to read several reports at www.kiplinger.com regarding the increased taxes Americans will experience in 2011, most will be shocked and many will be angered. One that stood out is: “The Medicare Part B Premium will remain at $96.40 for about 75% of Social Security Beneficiaries thanks to a Law that prevents Part B increases when there is no cost-of-living adjustment.” Why is this bothersome? Simply – the Congress votes for their own cost-of-living salary increase in the post-midnight hours. Additionally, the taxpayers are providing all who serve in Congress with a lavish pension for their retirement. How did this provision occur? The Congress voted it for themselves (along with a Cadillac Health Care Plan). Other tax changes are - - -
• Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise.
• Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The 10% bracket rises to an expanded 15%; The 25% bracket rises to 28%; The 28% bracket rises to 31%; The 33% bracket rises to 36%; The 35% bracket rises to 39.6%
• The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.
• For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million.
• The capital gains tax will rise from 15% this year to 20% in 2011. The dividends tax will rise from 15% this year to 39.6% in 2011. These rates will rise another 3.8% in 2013.
• Also - there are over twenty new or higher taxes in the Healthcare Law.
Most people grumble about taxes and try to shelter what is taxable. Jesus faced this tension and taught His followers (Matthew 17:24-27) “After Jesus and his disciples arrived in Capernaum, the collectors of the two-drachma tax came to Peter and asked, Doesn't your teacher pay the temple tax ? Yes, he does, he replied. When Peter came into the house, Jesus was the first to speak. What do you think, Simon? From whom do the kings of the earth collect duty and taxes - from their own sons or from others? From others, Peter answered. Then the sons are exempt, Jesus said to him. But so that we may not offend them…Take…a four-drachma coin…and give it to them for my tax and yours.” In Matthew 22:21, Jesus states: “Give to Caesar what is Caesar's, and to God what is God's.” Follow Jesus’ example! Consider these things with me!
The Daily Headlines are a microcosm of the interactions between people and nations. IF anything, the Headlines demonstrate global tension and frustration. Recent Headlines – Week of August 2nd, 2010 – indicate that for us - - -
• Joint Chiefs Chairman: US has Iran strike plan...
• Israel fears Turks could pass its secrets to Iran...
• Five rockets fired towards Israel...
• Mexican drug cartel puts $1M bounty on Sheriff Joe's head...
• Lebanese and Israeli Troops Clash
• 45 Die in Revenge Attacks in Pakistan N. Korea Threatens South Over Drills
• Mexico: 28,000 killed in drug violence since 2006 – President Felipe Calderon said he would consider a debate on legalizing drugs Tuesday as his government announced that more than 28,000 people have been killed in drug violence since he launched a crackdown against cartels in 2006.
• Political violence rages in Karachi, 12 more killed
• Report: Blast occurs near Iranian leader's convoy
Not every event or action is Headlined for us. In terms of personal economics, if one takes the time to read several reports at www.kiplinger.com regarding the increased taxes Americans will experience in 2011, most will be shocked and many will be angered. One that stood out is: “The Medicare Part B Premium will remain at $96.40 for about 75% of Social Security Beneficiaries thanks to a Law that prevents Part B increases when there is no cost-of-living adjustment.” Why is this bothersome? Simply – the Congress votes for their own cost-of-living salary increase in the post-midnight hours. Additionally, the taxpayers are providing all who serve in Congress with a lavish pension for their retirement. How did this provision occur? The Congress voted it for themselves (along with a Cadillac Health Care Plan). Other tax changes are - - -
• Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise.
• Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The 10% bracket rises to an expanded 15%; The 25% bracket rises to 28%; The 28% bracket rises to 31%; The 33% bracket rises to 36%; The 35% bracket rises to 39.6%
• The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.
• For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million.
• The capital gains tax will rise from 15% this year to 20% in 2011. The dividends tax will rise from 15% this year to 39.6% in 2011. These rates will rise another 3.8% in 2013.
• Also - there are over twenty new or higher taxes in the Healthcare Law.
Most people grumble about taxes and try to shelter what is taxable. Jesus faced this tension and taught His followers (Matthew 17:24-27) “After Jesus and his disciples arrived in Capernaum, the collectors of the two-drachma tax came to Peter and asked, Doesn't your teacher pay the temple tax ? Yes, he does, he replied. When Peter came into the house, Jesus was the first to speak. What do you think, Simon? From whom do the kings of the earth collect duty and taxes - from their own sons or from others? From others, Peter answered. Then the sons are exempt, Jesus said to him. But so that we may not offend them…Take…a four-drachma coin…and give it to them for my tax and yours.” In Matthew 22:21, Jesus states: “Give to Caesar what is Caesar's, and to God what is God's.” Follow Jesus’ example! Consider these things with me!
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