Thread: Porkulus Part II - Obama Union Supporter Full Employment Act of 2011

Here it is...

American Jobs Act

Read it and puke.

BTW: this bill is Sooooo important that Obama has asked (demanded, whined) for Congress to pass it ASAP... before it was written actually. But now that it is in print form... not one Democrat as come forth to file it in the House (where it must start... due to the whole spending thing)

Makes one wonder why...

Well, here's a surprise - tucked into this Act is a whole shiny new federal bureaucracy - the American Infrastructure Financing Authority.

Because what we truly have is a shortage of governmental agencies in Washington....

FYI - Beginning on page 134 of this bill you will find the proposed tax hikes. Anyone who is married and has a household income above $250k will definitely want to take a look at this as will any single folks making more than $200k. Pay VERY special attention if you are in these income brackets and happen to be a shareholder in a Subchapter S Corporation, a Partner in a Partnership or a Sole Proprietor. That -

(B) 28 percent of the excess (if any) of the taxpayer’s adjusted taxable income over the greater of—
(i) the taxpayer’s taxable income, or
(ii) the minimum marginal rate amount

looks like it's going to be a real killer.

Originally Posted by MattInFla

Well, here's a surprise - tucked into this Act is a whole shiny new federal bureaucracy - the American Infrastructure Financing Authority.

Because what we truly have is a shortage of governmental agencies in Washington....

Yeah... is that cool or what?

Also check out the work part time get part unemployment, and the lowering of the 'rich threshold' down to 200k. Also monkeys with deductions and AMT.

Wonderful... just wonderful

Originally Posted by lutherf

FYI - Beginning on page 134 of this bill you will find the proposed tax hikes. Anyone who is married and has a household income above $250k will definitely want to take a look at this as will any single folks making more than $200k. Pay VERY special attention if you are in these income brackets and happen to be a shareholder in a Subchapter S Corporation, a Partner in a Partnership or a Sole Proprietor. That -


looks like it's going to be a real killer.

{tsquare raises hand}

Originally Posted by MattInFla

Well, here's a surprise - tucked into this Act is a whole shiny new federal bureaucracy - the American Infrastructure Financing Authority.

Because what we truly have is a shortage of governmental agencies in Washington....

Well, he promised job creation, right?

For those of you that don't want to read through the bill... allow me to sum it up for you:

Attachment 11676

And the steady march away from private sector job creation continues.

Originally Posted by MattInFla

Well, here's a surprise - tucked into this Act is a whole shiny new federal bureaucracy - the American Infrastructure Financing Authority.

Because what we truly have is a shortage of governmental agencies in Washington....

Oh, let me guess, it will be run by a czar, right?

Originally Posted by tsquare

{tsquare raises hand}

If I'm reading that section correctly what it means is recalculating your taxable income by adding back all itemized deductions, all above the line deductions and any excluded muni interest then paying 28% on the difference between original and recalculated taxable income.

I ran a scenario for a couple with $150k wage income, $1200 in muni interest, $140k in pass through from an S Corp, $15k in SE health deduction and $70k in itemized deductions. The additional tax came to more than $20k.

I'll take some time later to verify that I'm looking at this correctly and I really don't think it'll go through as proposed but one way or another this is a pretty vivid glimpse at the near future.