Taxmageddon coming? Answer could cost Americans $500 billion

[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?

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.

So increases in revenues wouldn't affect the debt? I'm wondering who's out of their depth here. Either you need an ecomomics refresher course or you're just willing to say anything, true or not, to push your agenda.

 

[auditor0007]

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

I guess we now know why we are experiencing such high deficits. We cut taxes too much. While I agree that now would not be a great time to absorb the entire increase in taxes all at once, I still think we need to see taxes increase a bit. Dems will never get serious about making the cuts necessary if Republicans don't get serious about raising taxes at the same time. We need both, and we are getting neither because both sides are too stubborn to actually sit down and do what is right for everyone.

 

[auditor0007]

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..

When the Bush tax cuts were put in place, Republicans agreed with the notion that the tax cuts would only remain so long as revenue did not drop. Guess what? Revenue dropped so much we now are experiencing massive deficits and our debt keeps growing, but the idiot Republicans answer is to cut taxes further. This is the kind of shit I'd expect to see in the Onion, not reality.