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I am awaiting 1-1-13, the day of freedom. Freedom from the horrific Bush tax cuts to the rich that continue to destroy america. To see this temporary "stimulus" bill come a close that did nothing to stimulate the economy, create jobs, or better the nation that W and the republicans promised, will be one the greatest moments in recent history.
1-1-13 will be the day a nightmare will end, and prosperity once again can continue to shine.
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1-20-13, B. Hussein Obozo's last day in office, will be the day a nightmare will end, and prosperity once again can continue to shine.
I would like to see all income from all sources counted and then the base deductable raised to at least 200 grand (preferably the 90th percentile). Then let the rest fight it out.
Don't forget the child tax credit doubled under Bush. If you have two kids that's $1000 of refundable tax credit. That's $84 a month out of your pocket.
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.
The tax on dividends, which many seniors rely on, would soar from 15 percent to as high as 39.6 percent.
A separate $124 billion cut in the payroll tax would end.
And a temporary fix to the alternative minimum tax would be erased. The tax originally was aimed at millionaires, but it could would hit some 34 million taxpayers next year.
"Almost the entire tax code has been put on a year-to-year lease, and in some cases, month-to-month lease, which is no way to run a tax system," Scott Hodge of the Tax Foundation said.
The expiring cuts would hit all income groups but those at low and middle incomes the hardest.
"Taxmageddon falls 70 percent on middle and low income families. That's because 60 percent of the Bush tax cuts were for middle- and low-income taxpayers," Dubay said. The payroll tax cut was aimed at the same taxpayers.
Don't forget the child tax credit doubled under Bush. If you have two kids that's $1000 of refundable tax credit. That's $84 a month out of your pocket.
But that man, The Won, promised he wouldn't raise our taxes. He has already taxed us for Obamacare and now he "raises" taxes by cutting the cuts out. I wonder when his supporters will realize they have been "taken".
Worth reiterating for those that didn't do well at math...or have selective memories.
I think that the, now Obama tax cuts, will expire in December no matter how the election comes out. Obama would allow it out of spite if not re-elected and in thinking it will help pay his deficit spending if re-elected. We are screwed by the voters of 2008. I hope many of them stay at home this time around.
Worth reiterating for those that didn't do well at math...or have selective memories.
$3800 increase per household. That's around 300 bucks a month. Add in the higher costs of food, energy, etc. and the populace is being bled dry. Too bad they aren't smart enough to realize it. When they do it will be the tea party all over again most likely. The FEMA camps will fill quickly.
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