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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."
So, which of you "rich guys" in households making more than $50,000 are okay with your tax increase? You know you single guys are probably going to pay the most in this group.
There is a silver lining to all of this though. Taxes will ultimately be reduced greatly in the near term .. as these insane economic policies are sure to result in no one having a freaking job, and therefore, zero tax liability.
My wife and I combine for 150+. Im raising two children, have mortgage and all the bills that come with a growing family. I dont like it but its not going to break me. The thing that bothers me is less than 10 years ago I was making poverty level putting my wife and i through school and was eligible for alot of benes, especially with the kids. If there is one thing I know for certain is we do not need to pile on even more welfare than what is there. My wife and I lived OK while we got our degrees and are now taxpaying citizens. There is no need for MORE, I know this through first hand excperience. Obamascare was not needed just more welfare more taxes. Liberals screaming the sky is falling as they tax the snot out of those who will work and hand it to alot of waste fraud and abuse who dont need more
enough is enough
Get on assistance, get your hand up and get off. The safety net is plenty sufficient
That money had little to no impact on the economy when it was given to them despite all the MSM hooting and hollering over it. Why would you think that taking it back would be catastrophic ?
You are going to have more taken out of your paycheck in healthcare than this 2%.
You're of the opinion we'll go back to what we used to have. I'm of the opinion that this is the new America and we better get used to it and adjust our thinking and spending.
No one forced you to use your own money for classroom supplies (although I totally understand where you're coming from since I'm in the classroom as well). Stop the supplies then. You have to take care of yourself first. School budgets should take care of your supplies and you are not doing your fellow teachers any good by sucking it up and paying for it out of your own pocket. You think your school administrators don't know that ?
I charge $.10 per pencil now. Kids didn't borrow them, they took them and never returned them so now I charge.
A lot more kids showing up with their own pencils these days and if they have no money they get no pencil.
You're of the opinion that the economy will get better.
I'm of the opinion that this IS the economy and we better get used to it and adjust our thinking and way of spending.
My concern is that the economy has not recovered and that people are used to having that money to spend. While $1600/year comes to only $30/week, what is the impact of every middle class family spending $30 less per week? Does this impact the local star bucks? Grocery store? Movie theater? They will, undoubtedly respond by raising prices.
I want to believe that it's too little to make a difference but I know what if every family, say, buys $30 less per week in groceries, it would impact where I live in a big way.
It wasn't enough to make a difference when granted because the economy was so far down into the toilet. The reason it could make a difference now is we've started to crawl out but we're not safely on the rim yet. We're still climbing out. Think of this as a loose rock on a mountain climb. Does it become a momentary problem or the begin of an unplanned decent?
If this is the new normal, it will be interesting to see how it weathers a reduction in spending. What's important to remember here is that this is all of a sudden and impacts all wage earners. It's not like my company or yours deciding to up your premium (btw you are correct that I had a premium increase last year. My premiums were doubled but that doesn't come to 2% of our family income.)
This comes on the heels of a dismal Christmas spending season. I'm concerned that we are precariously balanced right now. Hopefully, I'm wrong.
My concern is that the economy has not recovered and that people are used to having that money to spend. While $1600/year comes to only $30/week, what is the impact of every middle class family spending $30 less per week? Does this impact the local star bucks? Grocery store? Movie theater? They will, undoubtedly respond by raising prices.
The impact is said to be about 0.5% of the GDP. It is not far fetched idea to assume there will be an impact. However, I also think that the President will ask Congress for Payroll Tax cuts, as he did two years ago.
My concern is that the economy has not recovered and that people are used to having that money to spend. While $1600/year comes to only $30/week, what is the impact of every middle class family spending $30 less per week? Does this impact the local star bucks? Grocery store? Movie theater? They will, undoubtedly respond by raising prices.
I want to believe that it's too little to make a difference but I know what if every family, say, buys $30 less per week in groceries, it would impact where I live in a big way.
It wasn't enough to make a difference when granted because the economy was so far down into the toilet. The reason it could make a difference now is we've started to crawl out but we're not safely on the rim yet. We're still climbing out. Think of this as a loose rock on a mountain climb. Does it become a momentary problem or the begin of an unplanned decent?
If this is the new normal, it will be interesting to see how it weathers a reduction in spending. What's important to remember here is that this is all of a sudden and impacts all wage earners. It's not like my company or yours deciding to up your premium (btw you are correct that I had a premium increase last year. My premiums were doubled but that doesn't come to 2% of our family income.)
This comes on the heels of a dismal Christmas spending season. I'm concerned that we are precariously balanced right now. Hopefully, I'm wrong.
That assumes every middle class family is making $80K per year.
The average is $43K so you're talking $16/week.
Why do you think business will raise prices to make up for FICA taxes ?
Did they lower prices when people got that 2% in their paychecks ?
The impact is said to be about 0.5% of the GDP. It is not far fetched idea to assume there will be an impact. However, I also think that the President will ask Congress for Payroll Tax cuts, as he did two years ago.
HUH? He just gave us a payroll tax increase, why would he ask for a decrease right behind it????
That assumes every middle class family is making $80K per year.
The average is $43K so you're talking $16/week.
Why do you think business will raise prices to make up for FICA taxes ?
Did they lower prices when people got that 2% in their paychecks ?
Well, the article said the average tax increase would be $1600 for people with incomes ranging from $50K to $200K. I think I'm mistaken in that the 2% is the only tax increase. There must be something else going up too to get to $1600. When I reread the article, I realized that the 2% is only part of it. Like you, I used 2% to calculate an average of $80K. I think that's the error.
So, yes, the average for the 2% hike will be $16/week...plus what it takes to get the average person making between $50K and $200K to $1600/year. Obviously, that cannot be just SS since $200K is well above the cut off for SS.
I'd really like to see some details here. So, I'm expecting 2% plus what??? I know I'm not average because 2% alone is higher than $1600 for us.
Eliminating the TEMPORARY payroll tax cut is NOT raising taxes.
Now slowly read on..
Spoiler
The Bush tax cuts were to..
Last edited by CaseyB; 01-03-2013 at 04:13 AM..
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