Even More Taxes Coming Your Way In 2015

Many states, including Pennsylvania are looking into extra taxes on E-Cigarettes even though there's no tobacco in them. Should that same tax then apply to nicotine inhalers, patches, lozenges, gum because they all have nicotine?

The Allentown School District is considering a contract to seek out more property tax revenue (pursue what are known as reverse appeals). I suppose if you can't lower the water ya just gotta raise the bridge, eh?

Then there's the new 2014 Obamacare penalties many people were not aware of they will have to pay in this year's filings. If someone doesn't have or failed to get insurance last year there is a penalty to pay. $95 per adult - $47.50 per child up to $285 or 1% of household income (which ever is higher). SUPRISE !

IRA owners if you don't want to get zapped next year be aware starting in 2015 you can only make one single rollover from an IRA in a 12-month period. This does not apply to direct rollovers. Only those who withdraw their full amount, sit on it (in effect using it as a short term interest free loan) then opening new IRA.

Pennsylvania gasoline wholesalers have been hit with a 10 cent increase the first of this year. This now brings the Pennsylvania gasoline tax to 70 cents per gallon. By 2017 Pennsylvania wholesalers will be hit with another 15 cents a gallon. Making Pennsylvania the highest gasoline taxed state. Lest we forget, Pennsylvania highway tolls went up 5% a few weeks ago. Now I understand why we have the best highways and bridges in all of the 50 states, right?

What's that you say, you're worried about Pennsylvania's huge budget deficit and want to help out. Have no fear Pennsylvania's newly elected Governor has a plan for you to do just that. Under Pennsylvania's charter the state's income tax has to legally remain a "flat Tax" system. Like I always said, having a good lawyer there will always be a way around the law these pesky legal hurdles.

Governor Wolf plans to let the income tax remain as a flat tax. What he plans to do instead is raise the tax rate. Then create certain tax exemptions for lower wage earners who once had to pay no matter how little they earned. Thus creating a progressive tax system (in effect) without violating the past court decisions that upheld the flat tax requirement to the state charter (unless a amendment could be passed).

Like Benjamin Franklin said, "In this world nothing can be said to be certain, except death and taxes."

May I also add.. upon death is when your executor has to pay the ones you didn't while still alive. You really didn't think the government forgot about all those tax deferred contributions you made did you?