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

[thereisnospoon]

oh well
links in article at site

SNIP:

By Richard Rubin - Jan 1, 2013 12:54 PM CT.
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513 Comments

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The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.



The heaviest new burdens in 2013, compared with 2012, would fall on top earners, who would face higher rates on income, capital gains, dividends and estates. The top 1 percent of taxpayers, or those with incomes over $506,210, would pay an average of $73,633 more in taxes.

Much of that burden is concentrated at the very top of the income scale.

all of it here
Senate-Passed Deal Means Higher Tax on 77% of Households - Bloomberg

Obama got what he wanted. Higher taxes on everyone that earns a paycheck.
Another Obama promise that turned into a LIE.

 

[saveliberty]

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.

The economy is basically that the same point. So, its okay to raise taxes now and push is back into recession. Brilliant Vast, simply brilliant.

 

[thereisnospoon]

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.

No..That is liberal spin.

 

[thereisnospoon]

Rather than use this as a political football, why not voice some constructive ideas about how we close the gap between our S.S. obligations and our S.S. revenue?

place all federal employees on the SS System. Raise the income threshold for SS Withholding to $200k.

 

[thereisnospoon]

look at these fools


they have no morals except to knee jerk defend there hate for the first black president

Race card not accepted. Shut the fuck up, you 8 year old twit.

 

[thereisnospoon]

Pretty simple to see who won. Look at Wall Street this morning. As for the rest of us, pay more with no real spending cuts for the government. The economy just fell back into recession today.

Just curious - how does the jump in the market = recession? Your four sentences appear contradictory.

The Street is reacting to an increase in the money supply.
The Markets are over priced right now. The sell off will come soon.

 

[Vast LWC]

The economy is basically that the same point. So, its okay to raise taxes now and push is back into recession. Brilliant Vast, simply brilliant.

The economy is NOT "basically at the same point".

It's been growing steadily.

Slowly, I admit, but every factor has shown improvement across the board.

The point of stimulus is to use it when you need it, not make it permanent.

 

[thereisnospoon]

The economy is basically that the same point. So, its okay to raise taxes now and push is back into recession. Brilliant Vast, simply brilliant.

The economy is NOT "basically at the same point".

It's been growing steadily.

Slowly, I admit, but every factor has shown improvement across the board.

The point of stimulus is to use it when you need it, not make it permanent.

If you want to refer to less than 2% annualized growth as a positive, that is your business.
Economically, it SUCKS.

 

[saveliberty]

The economy is basically that the same point. So, its okay to raise taxes now and push is back into recession. Brilliant Vast, simply brilliant.

The economy is NOT "basically at the same point".

It's been growing steadily.

Slowly, I admit, but every factor has shown improvement across the board.

The point of stimulus is to use it when you need it, not make it permanent.

We were not discussing the stimulus. That was QE1 - 3 and the life support program for government jobs and "shovel ready projects".

 

[JakeStarkey]

The tax holiday is over, it is a return to the GOP Bush-era payroll tax schedule, which, if you believe in personal responsibility, is good.

Those making the incomes of $400,000 or $450,000 plus, respectively single or married, will pay the Clinton-era taxes, which they should have been paying any way. This is good, too.

The rest of American income tax payers finally got the "temporary" schedule of Bush-era rates enacted into public law permanently. This is good, and an Obama victory.

The failure rests on the leadership and membership of both parties in Congress for failure to enact spending cuts.

Please inform your Senators and CongressPerson that if they personally do not get involved in actively cutting major spending, including Defense, you will actively work against them in the primaries, and if necessary, vote for the other party in the general election in the future.

Zero tolerance.

 

[oreo]

The payroll tax cut was an emergency measure. Who could possibly defend making an emergency measure permanent?

If you remember correctly the Bush tax cuts were also supposed to be a "temporary means"--to get the economy moving. They turned into more than a decade of tax cuts for everyone.

While I never agreed that they should have cut the social security payroll tax--it certainly means now--that those working (regardless of income levels) will be paying out more than they did last year. Everyone will be paying 2% more on their gross income.

What's scary is what is coming next. I imagine they're going to go after deductions next--specifically mortgage interest rate deductions. Then democrats (as Jimmy Carter did) can keep their promise that they didn't raise the tax rate on middle income Americans but get more revenue from them by reducing or eliminating deductions that they have enjoyed for decades.

The GOOD thing about this deal. Is Obama can no longer campaign on taxing the rich in this country--they just got leveled. And I sure hope that no Obama voter really believed that 2% of the population in this country would be able to pay down the current 16 trillion in red ink--with another 64 trillion in unfunded liabilities--and Obamacare too. There is only one other class to tax--and that is indeed the middle class.

 

[auditor0007]

oh well
links in article at site

SNIP:

By Richard Rubin - Jan 1, 2013 12:54 PM CT.
.
513 Comments

Print
The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.



The heaviest new burdens in 2013, compared with 2012, would fall on top earners, who would face higher rates on income, capital gains, dividends and estates. The top 1 percent of taxpayers, or those with incomes over $506,210, would pay an average of $73,633 more in taxes.

Much of that burden is concentrated at the very top of the income scale.

all of it here
Senate-Passed Deal Means Higher Tax on 77% of Households - Bloomberg

So cons should not be bitching. Now everyone will pay more. Besides, that was a terrible tax cut to begin with. While it did put more money in the pockets of those most likely to spend it, it took just contributed to a greater deficit. Hated that tax cut from the get go and will be more than happy to pay the increase.

 

[Ravi]

How is it the left wants to call a payroll tax the same as income tax, yet deny taxes are going up on the middle class?

Are you and all your buddies now conceding that the payroll tax is a federal income tax,

and therefore that all of you who said that 47% pay no federal income tax were full of shit??

That's a bold concession on your part.

hey dopey, that 47% remark is used and is intended to be used for those that use earned income credits that return money back to them, so they pay ZERO net taxes, incl. payroll tax.

This isn't true. 47% of Americans don't get the earned income tax credit (a Republican program, btw) so your spin is just silly. It also doesn't return their payroll taxes to them so there is no net zero tax.

 

[squeeze berry]

Pretty simple to see who won. Look at Wall Street this morning. As for the rest of us, pay more with no real spending cuts for the government. The economy just fell back into recession today.

Just curious - how does the jump in the market = recession? Your four sentences appear contradictory.

The stock market is no longer tethered to reality.

the market is NEVER wrong

 

[saveliberty]

Are you and all your buddies now conceding that the payroll tax is a federal income tax,

and therefore that all of you who said that 47% pay no federal income tax were full of shit??

That's a bold concession on your part.

hey dopey, that 47% remark is used and is intended to be used for those that use earned income credits that return money back to them, so they pay ZERO net taxes, incl. payroll tax.

This isn't true. 47% of Americans don't get the earned income tax credit (a Republican program, btw) so your spin is just silly. It also doesn't return their payroll taxes to them so there is no net zero tax.

Because you insist that payroll taxes are the same as income tax Ravi. Seriously, take some time to learn what the terms mean please.

I said credits earned income is one, but there are others. In addition, tax deductions can lower a person's income tax. Combined, it results in 47% of Americans not paying income tax. The tax which helps pay for everything the country buys.

Payroll tax (social security and medicare) are suppose to be money paid out for these programs. The taxpayer is credited for it, but future taxpayers actually fulfill the debt.

I hope you can learn the difference and see how 47% of Americans not paying for what we spend is a problem for us currently and the in the future.

 

[saveliberty]

Just curious - how does the jump in the market = recession? Your four sentences appear contradictory.

The stock market is no longer tethered to reality.

the market is NEVER wrong

Yes, that is why there are NEVER market corrections...

...dimwit.

 

[Ravi]

hey dopey, that 47% remark is used and is intended to be used for those that use earned income credits that return money back to them, so they pay ZERO net taxes, incl. payroll tax.

This isn't true. 47% of Americans don't get the earned income tax credit (a Republican program, btw) so your spin is just silly. It also doesn't return their payroll taxes to them so there is no net zero tax.

Because you insist that payroll taxes are the same as income tax Ravi. Seriously, take some time to learn what the terms mean please.

I said credits earned income is one, but there are others. In addition, tax deductions can lower a person's income tax. Combined, it results in 47% of Americans not paying income tax. The tax which helps pay for everything the country buys.

Payroll tax (social security and medicare) are suppose to be money paid out for these programs. The taxpayer is credited for it, but future taxpayers actually fulfill the debt.

I hope you can learn the difference and see how 47% of Americans not paying for what we spend is a problem for us currently and the in the future.

Why don't you address Trajan as he is the one that appears confused.

 

[saveliberty]

This isn't true. 47% of Americans don't get the earned income tax credit (a Republican program, btw) so your spin is just silly. It also doesn't return their payroll taxes to them so there is no net zero tax.

Because you insist that payroll taxes are the same as income tax Ravi. Seriously, take some time to learn what the terms mean please.

I said credits earned income is one, but there are others. In addition, tax deductions can lower a person's income tax. Combined, it results in 47% of Americans not paying income tax. The tax which helps pay for everything the country buys.

Payroll tax (social security and medicare) are suppose to be money paid out for these programs. The taxpayer is credited for it, but future taxpayers actually fulfill the debt.

I hope you can learn the difference and see how 47% of Americans not paying for what we spend is a problem for us currently and the in the future.

Why don't you address Trajan as he is the one that appears confused.

I do know of cases where the folks ALSO received abck so much in credits they covered all the payroll tax too. However, you are correct Ravi in that the 47% does not refer to how many are able to recover the payroll tax as well. Hope that helps all involved in this discussion.

 

[Ravi]

Because you insist that payroll taxes are the same as income tax Ravi. Seriously, take some time to learn what the terms mean please.

I said credits earned income is one, but there are others. In addition, tax deductions can lower a person's income tax. Combined, it results in 47% of Americans not paying income tax. The tax which helps pay for everything the country buys.

Payroll tax (social security and medicare) are suppose to be money paid out for these programs. The taxpayer is credited for it, but future taxpayers actually fulfill the debt.

I hope you can learn the difference and see how 47% of Americans not paying for what we spend is a problem for us currently and the in the future.

Why don't you address Trajan as he is the one that appears confused.

I do know of cases where the folks ALSO received abck so much in credits they covered all the payroll tax too. However, you are correct Ravi in that the 47% does not refer to how many are able to recover the payroll tax as well. Hope that helps all involved in this discussion.

The only way you get your payroll tax back is to go on SS or medi. The money still goes where it was aimed at, regardless of the amount of the earned income tax credit.

 

[saveliberty]

It's clear Romney is referring to federal taxes and his figure mirrors one from the Urban Institute-Brookings Institution Tax Policy Center, which found that in 2011, 46 percent of tax filers paid no income tax, vs. about 54 percent of tax filers that did have some federal income tax liability. In 2009, the Tax Policy Center estimated the proportion who paid no taxes was 47 percent.

About half of people who don’t pay income taxes are simply poor, and the tax code explicitly exempts them.

The remaining Americans who owe no federal income taxes are benefiting from tax breaks, the center found.

"Three-fourths of those households pay no income tax because of provisions that benefit senior citizens and low-income working families with children. Those provisions include the exclusion of some Social Security benefits from taxable income, the tax credit and extra standard deduction for the elderly, and the child, earned income, and child care tax credits that primarily help low-income workers with children," he wrote.

Research by the Tax Policy Center supports his claim. The think tank found that many Americans are so poor that they owe no taxes, and others qualify for enough breaks and exemptions to reduce their liability to nothing. Another report by the Joint Committee on Taxation from 2009 found an even larger share of Americans who owed nothing.

We rate Romney’s statement True.

PolitiFact | Mitt Romney says 47 percent of Americans pay no income tax