Taxmageddon coming? Answer could cost Americans $500 billion

Discussion in 'Politics' started by WillowTree, Apr 18, 2012.

  1. WillowTree
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    WillowTree Diamond Member

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    As many Americans were scrambling to get this year's taxes done, analysts were warning about a bigger tax day -- what some call a tax Armageddon, or "Taxmageddon," to characterize its potential effect on the U.S. economy.
    At the end of the year, some $500 billion in tax breaks expire all at once, hitting American households with an average tax increase of $3,800 -- if Congress doesn't act.
    The potential increases include $165 billion more from taxpayers as a result of expiration of the Bush-era tax cuts, which would push taxes from a bottom rate of 10 percent and a top rate of 35 percent to a bottom rate of 15 percent and a top rate of 39.6 percent.
    "Taxmageddon is a $500 billion, one-year tax hike that hits the economy on Jan. 1, 2013," Curtis Dubay of the Heritage Foundation said.
    It would cut the child tax credit by half, from $1,000 a child to $500.
    The marriage penalty would return.


    Read more: Taxmageddon coming? Answer could cost Americans $500 billion | Fox News
     
  2. konradv
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    konradv Gold Member

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    It'll be the fault of the lame-duck Republican House, if they don't come to a compromise and thumb their noses at the American people on the way out the door.
     
  3. WillowTree
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    WillowTree Diamond Member

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    Hey! MORON> it's ALWAYS been the stupid dumb assed democrats who have called for the end of the BUSH tax CUTS..
     
  4. konradv
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    konradv Gold Member

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    Now you're just lying. Desperation setting in? :D
     
  5. WillowTree
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    WillowTree Diamond Member

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    truths chaps yer ass I see.
     
  6. SniperFire
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    SniperFire Senior Member

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    You are standing in a hole. Stop digging.


    LOL
     
  7. eflatminor
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    eflatminor Classical Liberal

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    Well, at least we can take solace in the fact that this increase in taxes will result in lots more revenue to the federal government and that money will be used to pay down the debt...and that it won't be wasted on bullshit perks for federal employees partying in Las Vegas or getting laid in Columbia. All is well, all is well...
     
  8. konradv
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    konradv Gold Member

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    Whatever, it doesn't change the fact that, if there's no compromise, the Reps will take the blame. Willing to take the risk? I dare 'em. :D
     
  9. Claudette
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    Claudette Gold Member

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    LMAO Don't hold your breath on that one babe.

    The more money these Clowns get. The more money spend.
     
  10. konradv
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    konradv Gold Member

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    You see? I think you need a new prescription for those glasses. You've been blundering around the board like it's a fantasy site!!! :lol::lol::lol:
     

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