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I'm glad there is consensus, nothing to worry about. This thread can now be retired.
Not my point. Instead, I see the information presented as biased, as the views come from three right-leaning sources (The Tax Foundation - really?). There are many details and views of this complicated matter. I don't think one should take in these simplistic and one-sided views and conclude that there is something to be concerned about . . . or not. Personally, however, I'm not gonna panic because of some ideologue's views in months leading up to an election. Rather, I will look at a variety of sources as well utilize as my own knowledge of politics and the political system.
"YET there is still a basic contradiction with which most politicians and voters have yet to grapple, the same contradiction that has helped create this strange situation in the first place. Talking in exasperated tones about the importance of fiscal responsibility is easy. Cutting the deficit is hard, because it involves unpopular tax increases or unpopular spending cuts — and huge cuts if the solution involves only spending, not taxes, as many Republicans urge.
Either way, the changes will affect the vast majority of Americans, given that the deficit reflects a basic disconnect between the government we have and the taxes we are willing to pay. Social Security, Medicaid and Medicare may become less generous. The Pentagon may no longer be able to get just about whatever it wants. Taxes may have to rise from their recent levels, which have been lower, as a share of the economy, than at any point in 60 years. That could mean higher rates. Or, if tax reform actually happens, it could mean smaller tax breaks for health care, housing and retirement savings."
Not my point. Instead, I see the information presented as biased, as the views come from three right-leaning sources (The Tax Foundation - really?). There are many details and views of this complicated matter. I don't think one should take in these simplistic and one-sided views and conclude that there is something to be concerned about . . . or not. Personally, however, I'm not gonna panic because of some ideologue's views in months leading up to an election. Rather, I will look at a variety of sources as well utilize as my own knowledge of politics and the political system.
We will all make our own evaluation, however.
Yes, good to stay informed...though everyone's evaluation will be based on their own political bias.
It's a crapshoot trying to predict which, if any of the "temporary" Bush tax cuts will be extended; it could be none of them, all of them, or some of them. And it's Congress which will do it, or do nothing (as it would require positive action to extend the cuts), not Obama. It'll be a bit easier to do nothing, which would result in a de facto tax increase, than to actually vote for a tax increase. But even so there will be political heat for allowing the cuts to expire, if that happens.
As for the linked article, it wasn't hard to see the sensationalism coming before we read it; the title contained the word "Taxmageddon". I agree it's time to stop putting the words "senior", or "elder", or "retiree" into thread titles for which there is no specific impact on us, as opposed to society in general. If there is a broad-based tax increase, well then it will impact a lot of people more or less equally, not just seniors. Only the very rich (who can afford the increases) and the very poor (who don't pay taxes anyway, basically) can afford not to care - it isn't really age-related.
And before I get clobbered about the poor not paying any taxes, yes, I am aware that they do in fact pay sales taxes, and also property taxes via their rent (unless they have subsidized rent). Some poor people do have cars, so they pay registration fees and also gas taxes whenever they buy gasoline. That's why I included the word "basically" above.
As for the linked article, it wasn't hard to see the sensationalism coming before we read it; the title contained the word "Taxmageddon". I agree it's time to stop putting the words "senior", or "elder", or "retiree" into thread titles for which there is no specific impact on us, as opposed to society in general. If there is a broad-based tax increase, well then it will impact a lot of people more or less equally, not just seniors. Only the very rich (who can afford the increases) and the very poor (who don't pay taxes anyway, basically) can afford not to care - it isn't really age-related.
On the contrary, the NYT article, cited above, refers specifically to impacts on seniors. Did you miss that? Of course it would impact everyone. But the subject at hand is how it might affect us. That is why I posted it in this forum and not a general one. Those of you who do not depend on Medicare and SS can afford not to care. As for the rest of us, we can at least afford to take these developments seriously, even if with a grain of salt.
ETA: The term "taxmageddon" was coined by the Washington Post, the Democratic party's newspaper.
On the contrary, the NYT article, cited above, refers specifically to impacts on seniors. Did you miss that? Of course it would impact everyone. But the subject at hand is how it might affect us. That is why I posted it in this forum and not a general one. Those of you who do not depend on Medicare and SS can afford not to care. As for the rest of us, we can at least afford to take these developments seriously, even if with a grain of salt.
ETA: The term "taxmageddon" was coined by the Washington Post, the Democratic party's newspaper.
I was referring to your original post for the thread, where there was a link to an Indianapolis newspaper article, which I read in its entirety. Your later addition of the NYT article sort of retrieved the subject after the fact. And yes, I read in the Indianapolis paper where the term came from, but I consider it sensationalist regardless of its source. And isn't it a bit of an exaggeration to call the Washington Post "the Democratic party's newspaper"? If that were really true, how could the paper have the good reputation that it enjoys? See how far away we are from retirement issues?
Well, there is a tenuous connection, at least in your above post, as you talk about Medicare. You are making an erroneous assumption when you seem to include me among those who do not depend on Medicare, although it's true I don't depend on Social Security (good thing, as I receive $47 per month net). I had written earlier that only the very rich and the very poor can afford not to care. I care, as I am not even at the level of "well-to-do" but I am also far from poor. My point was I don't care more than other people of any age. I absolutely depend on Medicare, since I am not rich and I do not have any employer-related health insurance which extended beyond age 65. But not being destitute, I can afford to absorb cost increases for my Medicare coverage.
On the contrary, the NYT article, cited above, refers specifically to impacts on seniors. Did you miss that? Of course it would impact everyone. But the subject at hand is how it might affect us. That is why I posted it in this forum and not a general one. Those of you who do not depend on Medicare and SS can afford not to care. As for the rest of us, we can at least afford to take these developments seriously, even if with a grain of salt.
ETA: The term "taxmageddon" was coined by the Washington Post, the Democratic party's newspaper.
I can't find the NYT article/opinion piece, do you have a link?
this is an excellent topic for the retirement forum. It is amazing that there is so little discussion on this 24/7 as the impact will be significant. Each candidate needs to be held accountable now on where they stand and what they will do. The election will not change the people who will make the decisions that will impact all of us. It will be Obama and the current congress. Such a dramatic and signinficant decision could be made by lame duck politicians. Please all remember that at some point and that could be by the end of 2012 we as a nation could be subject to another credit downgrade. The debt is serious the debt is real and tax policy contributed to much of it and is part of the solution. Along with that is entitlement reform as that is a major expense and perhaps expiration of the tax cuts is a path to dealing with that. All of that is on the table and not being discussed by everyone in the restuarant.
this is an excellent topic for the retirement forum. It is amazing that there is so little discussion on this 24/7 as the impact will be significant. Each candidate needs to be held accountable now on where they stand and what they will do. The election will not change the people who will make the decisions that will impact all of us. It will be Obama and the current congress. Such a dramatic and signinficant decision could be made by lame duck politicians. Please all remember that at some point and that could be by the end of 2012 we as a nation could be subject to another credit downgrade. The debt is serious the debt is real and tax policy contributed to much of it and is part of the solution. Along with that is entitlement reform as that is a major expense and perhaps expiration of the tax cuts is a path to dealing with that. All of that is on the table and not being discussed by everyone in the restuarant.
Unfortunately some seniors do not see themselves as a group for whom political issues could have some serious ramifications. The information is in the left and right press all the time, but continues to be partisan interpretations.
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This thread can now be retired.
