Senate-Passed Deal Means Higher Tax on 77% of Households

[kwc57]

I'll leave it to the hyper-partisan zealots to argue semantics, point fingers, and generally try to embarass "the other guys."

I'm a brass tacks kinda guy and I have no problem with entitlement and tax reform. If that means letting the "temporary" payroll tax cuts expire to close the gap between entitlement obligations and revenue - fine. But that can't be the whole "fix"

IMHO we need to raise the retirement age, tax benefits for the most wealthy (or means testing to determine benefits), and get illegal aliens paying into the system (by offering a path to citizenship that includes at least a bit of a penalty for coming here illegally in the first place).

If we'd just use the illegal aliens to make soylent green from, we could solve a number of problems.

 

[Ravi]

I'm in the process of updating the payroll systems I support.... FICA EE is back to 6.2% (Should have never been lowered)... new deduction for Additional Medicare of .9%.... bracketed at 125,000, 200,000 & 250,000... bonus taxes went to 39.6% over 1,000,000...

Happy new year everyone!

the horror! 39.6% over $1 million dollar bonus. You do realize the first million stays at the same rate, right?

 

[boedicca]

I'm in the process of updating the payroll systems I support.... FICA EE is back to 6.2% (Should have never been lowered)... new deduction for Additional Medicare of .9%.... bracketed at 125,000, 200,000 & 250,000... bonus taxes went to 39.6% over 1,000,000...

Happy new year everyone!

Medicare is 1.45% for employer and employee. Where does the .9% come in Soggy?

ObamaCare includes an additional .9% for Medicare above the income levels he mentioned.

It also calls for 3.8% additional Medicare taxes on capital gains and dividends for anyone earning more than the $200K single / $250K couple income levels.

 

[RDD_1210]

The Bush tax cuts were temporary too. And the liberal argument for the past 9.5 years was they only benefitted the wealthy. How can you possibly defend making them permanent when you guys just increased spending another $4T and everyone needs to pay their "fair share" to pay Obama's bills.

It's amazing that one of you sheep claims this and then the rest of the flock runs with it. Link to any single liberal making this sort of statement?

When you don't you'll show that you're just a mindless sheep.....yet again.

What you live under a rock or what??,the crying started befor the tax reductions were made law.

You are ether totally misinformed or willfully dishonest.

Then you should have no problem providing a single link to just one example of this.

Weird how you didn't do that already to reinforce how misinformed and dishonest I am.

 

[kwc57]

It's amazing that one of you sheep claims this and then the rest of the flock runs with it. Link to any single liberal making this sort of statement?

When you don't you'll show that you're just a mindless sheep.....yet again.

What you live under a rock or what??,the crying started befor the tax reductions were made law.

You are ether totally misinformed or willfully dishonest.

Then you should have no problem providing a single link to just one example of this.

Weird how you didn't do that already to reinforce how misinformed and dishonest I am.

From the liberal think tank, Brookings Institution. They disliked the Bush Tax Cuts before Obama liked them.

The Great Tax Shift | Brookings Institution

May 4, 2005
The Great Tax Shift
By: Peter R. Orszag and William G. Gale

The Bush administration claims that the guiding principle for its fiscal policy has been "lower income taxes for all, with the greatest help for those most in need," as the White House Web site puts it. The reality is starkly different. The tax cuts enacted during George W. Bush's presidency shift the burden of taxation away from upper-income, capital-owning households and toward the wage-earning households of the lower and middle classes. For all but the wealthy, this will ultimately cause substantial harm. Shifting costs to future generations of workers to finance tax boons for today's owners of capital is unproductive, unfair, and unwise.......

.......So how did the White House manage to convince the public that Bush's tax cuts were in fact good for the middle class? The cuts did have some provisions that were designed to help the middle class, including a new 10-percent bracket (which means that all households, including low- and middle-income ones, pay a 10-percent rate rather than a 15-percent one on their first dollars of taxable income — $7,000 in taxable income for singles and $14,000 for married couples); an expanded child credit; and tax cuts for married couples. Yet these provisions account for about one-third of the revenue loss from the tax cuts as a whole over a 10-year period.

In other words, the middle-class elements of the tax cuts were just a remarkably successful marketing ploy. They allowed proponents to extol the benefits for carefully selected Americans, disguising the much more regressive and expensive components and confusing the debate.......

........The president likes to portray his tax cuts as painless and simply "giving people their money back." Tens of millions of people, however, gain little from the tax cuts — and will eventually be hurt by the costs imposed on the budget and the economy.

For now, too many policy-makers are pretending that the tax cuts represent that ever-elusive free lunch. The reality is that the bill from the tax cuts will come due one way or another. And almost any way it plays out — other than simply repealing the tax cuts or allowing them to expire as officially scheduled — the vast majority of Americans will pay.

 

[Antares]

Priceless, you are as stupid as one can be and yet YOU could have "saved" the American Economy.

I think they should have let all the Bush tax cuts expire as they were "designed" to do.

that would have been ill advised, and I guess that means you took obama to task for signing that extension...?

If Obama listened to me, the economy would be much improved.

 

[Vast LWC]

Because allowing the payroll tax rebate, that was meant as a one-time stimulus, to expire, is "raising taxes"...

Wow, that is about as stupid as you can get.

 

[Antares]

What are you talking about?
If you have some "secret" knowledge please enlighten us, it should be interesting.

Will more money be witheld now Carb?

Very simple question.

LOL.....poor Carb, still splitting hairs...must suck to be you.

For those of you trying to pass this off as an Obama tax increase, try to use your brain for 2 minutes -

If the payroll tax had never been touched in the last 4 years, you could not have said Obama raised the payroll tax, and yet,

you would have paid MORE in payroll taxes.

You did in fact pay LESS in payroll taxes in the past 4 years, and yet you want to call this an Obama tax increase.

That is idiocy.

I'm not the one who had to sneak back onto the board under a new name after losing an election bet, as far as who sucks to be who goes.

But on topic, how is a tax cut a tax increase?

 

[saveliberty]

Because allowing the payroll tax rebate, that was meant as a one-time stimulus, to expire, is "raising taxes"...

Wow, that is about as stupid as you can get.

When you lower taxes for a time, its called an increase when it goes back up. Simple concept really. I'm surprised you don't grasp it. In fact, I'm sure you do, its just partisanship that prevents you from acknowledging .

 

[Vast LWC]

When you lower taxes for a time, its called an increase when it goes back up. Simple concept really. I'm surprised you don't grasp it. In fact, I'm sure you do, its just partisanship that prevents you from acknowledging .

When you give someone a rebate on their taxes for a year, with the agreement that said tax will expire in a year, it is not a tax increase.

You just saved that person a year's worth of whatever that rebate was.

How is saving Americans 2% of their income for a year a "tax increase"?

What kind of Orwellian hole did you people crawl out from?

Did Bush "increase taxes" by putting an expiration on his tax breaks?

 

[Antares]

They can't agree to that, if they did they'd have to admit that their White Prez lied.

Because allowing the payroll tax rebate, that was meant as a one-time stimulus, to expire, is "raising taxes"...

Wow, that is about as stupid as you can get.

When you lower taxes for a time, its called an increase when it goes back up. Simple concept really. I'm surprised you don't grasp it. In fact, I'm sure you do, its just partisanship that prevents you from acknowledging .

 

[Vast LWC]

They can't agree to that, if they did they'd have to admit that their White Prez lied.

Lied about what?

Did he say the 2% tax rebate would be permanent at some point?

Please show me a quote.

 

[LogikAndReazon]

imagine having to give 40 percent of your hard earned income to those extortionist prostitutes in dc.

 

[Vast LWC]

In fact, don't bother, because here's what Treasury Secretary Timothy Geithner said on the subject, when Democratic lawmakers suggested the tax reduction be made permanent on January 2nd, 2012

“I don’t think that’s realistic."

Permanent cut to payroll tax unrealistic: Geithner - MarketWatch

 

[Antares]

Who said anything about Geithner?

Obama lied, its not a big deal really, he always does.

Taxes on everyone are going up, on EVERYONE.

 

[saveliberty]

They can't agree to that, if they did they'd have to admit that their White Prez lied.

Lied about what?

Did he say the 2% tax rebate would be permanent at some point?

Please show me a quote.

I will cut taxes - cut taxes - for 95 percent of all working families, because, in an economy like this, the last thing we should do is raise taxes on the middle class.
Barack Obama


Read more at Barack Obama Quotes - BrainyQuote

 

[JakeStarkey]

Should be no whining from left or right or center: we should pay our way with SS and MC.

 

[Trajan]

I just gave you one. The Bush tax cuts should have expired as they were designed to do.

thats it?

and you never really answered my other question, you took obama to ask for signing the extension?

In 2010? I sent him an email telling him not to wuss out. But did he listen?

Ah, an email, I was trying to remember you disagreeing with him here when that happened.

any other suggestions?

 

[saveliberty]

Should be no whining from left or right or center: we should pay our way with SS and MC.

I agree jake, however, currently I'm paying into a system that says I get X dollars a month starting in a ceratin year and month. They are going to move the goalposts and keep my tax rate for SS and MC the same or raise it.

 

[Vast LWC]

I will cut taxes - cut taxes - for 95 percent of all working families, because, in an economy like this, the last thing we should do is raise taxes on the middle class.
Barack Obama


Read more at Barack Obama Quotes - BrainyQuote

And he did. For one year.

Which means everyone in the middle class paid less in taxes than they would have if Obama hadn't done so.

Now, it would be nice to have more middle-class tax cuts, but saying he "raised taxes" is a bunch of BS.