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Old 04-17-2012, 08:38 PM
 
20,187 posts, read 23,759,433 times
Reputation: 9283

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It will be an interesting 2013... time for everyone to feel what it feels like when you are targeted to pay more...
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Old 04-18-2012, 06:49 AM
 
Location: Massachusetts
10,029 posts, read 8,316,339 times
Reputation: 4211
Quote:
Originally Posted by HappyTexan View Post
The "Bush" cuts expired already.
You mean the Obama cuts that are currently in effect.
The Obozo supporters certainly don't like facts.......
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Old 04-18-2012, 06:51 AM
 
Location: Massachusetts
10,029 posts, read 8,316,339 times
Reputation: 4211
Quote:
Originally Posted by TempesT68 View Post
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.


Quote:
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.

FIFY
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Old 04-18-2012, 07:02 AM
 
Location: Londonderry, NH
41,478 posts, read 59,566,204 times
Reputation: 24857
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.
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Old 04-18-2012, 07:21 AM
 
Location: Palo Alto
12,149 posts, read 8,380,733 times
Reputation: 4190
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.
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Old 04-18-2012, 10:30 AM
 
Location: Del Rio, TN
39,808 posts, read 26,311,903 times
Reputation: 25684
Quote:
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.

Read more: Taxmageddon coming? Answer could cost Americans $500 billion | Fox News

Worth reiterating for those that didn't do well at math...or have selective memories.
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Old 04-18-2012, 10:41 AM
 
10,876 posts, read 13,765,884 times
Reputation: 4896
Quote:
Originally Posted by Rick Roma View Post
FIFY
Actually he goes by "Fiddy"

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Old 04-18-2012, 11:03 AM
 
Location: Southcentral Kansas
44,882 posts, read 33,148,497 times
Reputation: 4269
Quote:
Originally Posted by TrapperJohn View Post
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".
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Old 04-18-2012, 11:07 AM
 
Location: Southcentral Kansas
44,882 posts, read 33,148,497 times
Reputation: 4269
Quote:
Originally Posted by Toyman at Jewel Lake View Post
Read more: Taxmageddon coming? Answer could cost Americans $500 billion | Fox News

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.
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Old 04-18-2012, 11:50 AM
 
29,409 posts, read 21,924,503 times
Reputation: 5455
Quote:
Originally Posted by Toyman at Jewel Lake View Post
Read more: Taxmageddon coming? Answer could cost Americans $500 billion | Fox News

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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