Taxmageddon coming? Answer could cost Americans $500 billion

[WillowTree]

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

 

[konradv]

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

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.

 

[WillowTree]

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

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.

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

 

[konradv]

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

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.

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

Now you're just lying. Desperation setting in?

 

[WillowTree]

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.

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

Now you're just lying. Desperation setting in?

truths chaps yer ass I see.

 

[SniperFire]

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.

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

Now you're just lying. Desperation setting in?

You are standing in a hole. Stop digging.


LOL

 

[eflatminor]

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...

 

[konradv]

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

Now you're just lying. Desperation setting in?

You are standing in a hole. Stop digging.

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.

 

[Claudette]

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...

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

The more money these Clowns get. The more money spend.

 

[konradv]

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

Now you're just lying. Desperation setting in?

truths chaps yer ass I see.

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!!!

 

[TakeAStepBack]

Painfully obvious and ridiculous partisan hackery is painfully obvious.

 

[konradv]

Painfully obvious and ridiculous partisan hackery is painfully obvious.

Hack OP sets the tone. Once they go down that road, what can you do but have fun with it?

 

[SniperFire]

Now you're just lying. Desperation setting in?

You are standing in a hole. Stop digging.

Whatever, it doesn't change the fact that, if there's no compromise, the Reps will take the blame.

You are perhaps the biggest Leftist tool on the board.


LOL

 

[TakeAStepBack]

The OP states facts, free of partisan hackery.Then you arrive and blame it on republicans like every progressive partisan hack on the board.

 

[TakeAStepBack]

He's a progressive, not a leftie. There is a difference. It's just not a difference for the better.

 

[konradv]

You are standing in a hole. Stop digging.

Whatever, it doesn't change the fact that, if there's no compromise, the Reps will take the blame.

You are perhaps the biggest Leftist tool on the board.

Tranlation: Leftist tool- Someone who tells the truth fouling up wingnut SPIN.

I accept the label.

 

[konradv]

The OP states facts, free of partisan hackery.Then you arrive and blame it on republicans like every progressive partisan hack on the board.

Facts? How is that so, when we've had periods of rapid economic growth at higher tax rates?

 

[SniperFire]

Whatever, it doesn't change the fact that, if there's no compromise, the Reps will take the blame.

You are perhaps the biggest Leftist tool on the board.

I accept the label.

You haven't a choice.

 

[TakeAStepBack]

The OP states facts, free of partisan hackery.Then you arrive and blame it on republicans like every progressive partisan hack on the board.

Facts? How is that so, when we've had periods of rapid economic growth at higher tax rates?

What does that have to do with republicans in the house?
And these so called times you speak of do not correlate to our current situation of 1.3 trillion deficit spends and 16 trillion in debt. Monetized debt sold and bought by the federal reserve and a massive trade deficit.

Donny, you're clearly out of your element here.

 

[Soggy in NOLA]

The OP states facts, free of partisan hackery.Then you arrive and blame it on republicans like every progressive partisan hack on the board.

Facts? How is that so, when we've had periods of rapid economic growth at higher tax rates?

What does that have to do with republicans in the house?
And these so called times you speak of do not correlate to our current situation of 1.3 trillion deficit spends and 16 trillion in debt. Monetized debt sold and bought by the federal reserve and a massive trade deficit.

Donny, you're clearly out of your element here.

The folks for whatever reason, can't get their heads around the fact that with solid econommic growth, there is no need for tax increases as receipts continually grow.