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It's looking less and less likely that the tax rates of the Bush years will be extended. Various reports have said that as of January first the "average household" will pay an extra $2200 per year in taxes. For married couples, that will be higher yet, due to the return of the Marriage Penalty.
So...where will you cut spending in order to come up with an extra $2200 to pay for DCs reckless spending? What are you going to do without? ~$200 per month for the "average household" is a big piece of change, and we're looking at more like $300 as a married couple with no kids. In our case, that will hit our "discretionary spending" pretty hard. We don't eat out more than about once a month now (other than a fast-food lunch about once a week). Already carpool, and don't do a lot of driving on weekends. No real charitable deductions. We can probably cut back on our Dish Network, and maybe get rid of some of our pets...cat and dog food, along with vet bills, are among our biggest discretionary expenses.
How about you...where will you trim your spending in order to subsidize DC?
I won`t have to trim my spending. I make it a practice to not spend every nickel that comes into my hands.
My family income is less than 250K. I am still hopeful that Obama will be able to stop Boehner, McConnell and the Republicans from raising my taxes and destroying our economy.
These Bush tax cuts, all of them, need to go now. The Democrats, MSM, Hollywood, have been preaching for nearly 12 years the Bush tax cuts are killing the economy so let's end them.
My family income is less than 250K. I am still hopeful that Obama will be able to stop Boehner, McConnell and the Republicans from raising my taxes and destroying our economy.
Even if they keep the "Bush cuts" your taxes are going to go up.
There are hundreds of new taxes coming 1/1/2013. Are you aware of how many new mandates/regulations have been passed but enactment pushed off until 1/1/2013 ?
AMT is expected to hit incomes as low as $30K/year.
Too many only focusing on these Bush cuts thinking that's all there is.
The economy started to get unstable in 2007, crashed in 2008 and will not recover to previous highs because we were living with false wealth bubbles all based on debt.
The bubbles burst but the debt still has to be repaid.
And the debt grows larger as the USG becomes the spender of last resort.
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