Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Americans face $3,500 fiscal cliff tax hit (Give the Rats what they wanted)
cnn money ^ | 10/1/2012 | By Jeanne Sahadi

Posted on 11/09/2012 4:29:29 AM PST by tobyhill

American households face an average tax increase of $3,500 if Congress doesn't act to avert the fiscal cliff, according to a new analysis from the Tax Policy Center.

Overall, 88% of households would end up with higher taxes.

,,,,

By contrast, households making up to $20,113 would see a $412 average increase. That may simply represent a smaller refund to those households, many of which have very little if any federal income tax liability to begin with.

Households in the middle -- with total incomes between $39,790 and $64,484 -- can expect a roughly $2,000 increase.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS:

1 posted on 11/09/2012 4:29:31 AM PST by tobyhill
[ Post Reply | Private Reply | View Replies]

To: tobyhill

YEP and this is BEFORE they take away your home mortgage interest deduction (And call it closing a loophole)


2 posted on 11/09/2012 4:38:29 AM PST by DOGHEAD
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

Obama will demand tax increases on the wealthy. Boehner won’t acquiesce on that one issue. Gridlock again. we’re going over that cliff. and then they spend the next four years trying to pin the recession on each other. Ain’t democracy great?


3 posted on 11/09/2012 4:38:39 AM PST by RC one (Akin/Mourdock-2016)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

Every time an Obama voter bitches about their taxes going up, or gets laid off, or is shocked at gas prices, throw it back in their face that THEY VOTED FOR THIS. Never let them forget that their Kenyan Messiah caused this.

}:-)4


4 posted on 11/09/2012 4:40:30 AM PST by Moose4 (...and walk away.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

A tax increase means the federal fascist bureaucrats will get a big salary increase, and the fat welfare mommas will have more money for beer and pot. Maybe they can upgrade their BMW to a better model.


5 posted on 11/09/2012 4:43:49 AM PST by sergeantdave (The FBI has declared war on the Marine Corps)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

That’s an AVERAGE. Most Obama voters won’t have to pay a dime extra.


6 posted on 11/09/2012 4:47:35 AM PST by glorgau
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill
Maybe we old whites should just go Galt.


7 posted on 11/09/2012 4:49:29 AM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

Give the democrats everything they say they want
Just bring it- Taxmageddon 2013, followed by obamacare
HMO’s for all run by TSA- like employees who will order that your parents receive a 30 day supply of pain pills instead of receive hip replacements, cardiac caths, or chemotherapy

Do our best to make sure the democrats cannot escape owning it. No bipartisanship, please. Only democrat control, to the end result of those policies.

Prepare prepare prepare for the results and take care of ourselves family and fellow conservatives as best we all can. Incomes and wealth will go down or vanish. It will be 2008 in extended version.

let the people understand this battle has to be fought, there will be casualties, and this does not constitute a GOP betrayal but a last best chance to open the eyes of the sheeple


8 posted on 11/09/2012 5:03:45 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Moose4

The full list of marginal rate hikes is below:

-The 10% bracket rises to a new and expanded 15%

-The 25% bracket rises to 28%

-The 28% bracket rises to 31%

-The 33% bracket rises to 36%

-The 35% bracket rises to 39.6%

http://atr.org/days-taxmageddon-a7203#ixzz277YSfPmP

By allowing the 2003 Bush tax cuts to retire, taxes will be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%.
Raising the 10% bracket to 15% represents what percentage of increase? (Hint: The correct answer is NOT 5%)

To those moving from the 10% bracket to 15%, their taxes will be increased by 50%!!

Raising the 20% bracket to 25% represents what percentage of increase? (Hint: The correct answer, again, is NOT 5%)it’s s a full-blown 25% increase in taxes

Finally, raising the 35% bracket to 39% represents what percentage of increase: (Hint: The correct answer is NOT 4%)that’s roughly an 11% increase in taxes.


9 posted on 11/09/2012 5:14:25 AM PST by TurboZamboni (Looting the future to bribe the present)
[ Post Reply | Private Reply | To 4 | View Replies]

To: silverleaf
That's got to be it. Republicans have to stay COMPLETELY out of it. No matter what compromise is reached, Republicans will be blamed. We have seen this over and over. The ONLY way is call their bluff and let them own it! For all the rhetoric, Obama has NEVER put his name to an actual proposal. MAKE him do it- and the results will be all his.
10 posted on 11/09/2012 5:16:18 AM PST by mgpilot
[ Post Reply | Private Reply | To 8 | View Replies]

To: silverleaf

I’m willing to bet the 0 administration will keep redefining “wealthy “ until all of the middle class are considered “wealthy”. I wonder just how much 0 made the last 4 years and why he can afford a $40M home in Hawaii? Hmmm


11 posted on 11/09/2012 5:24:53 AM PST by jsanders2001
[ Post Reply | Private Reply | To 8 | View Replies]

To: jsanders2001

He wont “own” a $40 million dollar house in Hawaii
Like everything else in his entitled life someone else bought it and will give it to him

He will live in that mansion via a lifetime low cost “lease” arrangement probably run through some sham trust, and all a tax deduction for everyone involved

In this case the buyer is obama handmaiden Penny Pritzker, heiress of Hyatt
Remind me why I would want to stay in a Hyatt hotel ever again


12 posted on 11/09/2012 5:36:53 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
[ Post Reply | Private Reply | To 11 | View Replies]

To: tobyhill

At this point, the lame duck US house Republicans need to show some spine.

If they capitulate to Harry Reid one last time, giving him both another continuing resolution and agreeing to raise the debt limit, it will be two more years of continuing resolutions and raising the debt limit. There will be several more quantitative easings.

Right now the United States faces a bad depression. If the Republicans play along, the result in two years will be worse than three Great Depressions rolled into one.

By acting now, and refusing to play along “just one more time”, the results will be harsh. But two years is a long time, or can be a long time, and though the Republicans will be viciously attacked at first, the public will finally be forced to see that the emperor has no clothes.

They will see that he is *not* a dictator, that he *cannot* endlessly produce largess from future generations, and that all his schemes and villainies and cheats are just that, gimmicks that have made a bad situation awful.

He and his kind crave revolution, so let them taste the people’s revolution utterly crushing the Democrats for 50 or 100 years.


13 posted on 11/09/2012 5:38:42 AM PST by yefragetuwrabrumuy (DIY Bumper Sticker: "THREE TIMES,/ DEMOCRATS/ REJECTED GOD")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Travis McGee

Working on it. Need to stock up on more food though.


14 posted on 11/09/2012 5:39:56 AM PST by JCBreckenridge (They may take our lives... but they'll never take our FREEDOM!)
[ Post Reply | Private Reply | To 7 | View Replies]

To: jsanders2001
I don't care what your tax rates turn out to be, everyone in every tax rate who has any income will pay the same for a gallon of gas, for utility bills, for food, for rocketing property taxes, for mandatory obamacare premiums..."tax increases" or income losses - it's a wash

Now add federal tax increases

I know that as one of “the rich” targeted to be be dragged down, my ability to save anything in the future goes way down, I can only hope we don't have to eat and heat from what we have managed to save so far

so there goes investing or discretionary spending

Not that our economy and jobs depends on those things (sarc)

15 posted on 11/09/2012 5:44:20 AM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
[ Post Reply | Private Reply | To 11 | View Replies]

To: tobyhill
Let 'er rip.

Give the rubes exactly what they voted for.

16 posted on 11/09/2012 5:45:10 AM PST by E. Pluribus Unum (Government is the religion of the psychopath.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: JCBreckenridge
Look...in a tug a war...sometimes just let go of the rope..let them have it..let it collapse..
17 posted on 11/09/2012 5:45:38 AM PST by tophat9000 (American is Barack Oaken)
[ Post Reply | Private Reply | To 14 | View Replies]

To: JCBreckenridge
Look...in a tug a war...sometimes just let go of the rope..let them have it..let it collapse..
18 posted on 11/09/2012 5:45:38 AM PST by tophat9000 (American is Barack Oaken)
[ Post Reply | Private Reply | To 14 | View Replies]

To: JCBreckenridge
Look...in a tug a war...sometimes just let go of the rope..let them have it..let it collapse..
19 posted on 11/09/2012 5:45:44 AM PST by tophat9000 (American is Barack Oaken)
[ Post Reply | Private Reply | To 14 | View Replies]

To: tobyhill

Less money + higher fuel cost = cold Yankee

Let the northeast that elected this clown think about it over the winter.


20 posted on 11/09/2012 5:48:06 AM PST by IMR 4350
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

This is insanity. Americans face this because SPENDING is higher than tax revenue. If Americans want a super-charged Welfare State that eats up 24% of GDP, then they have to pay for it. And its a Hell of a lot more than $3,500. Some estimates are that you’d need a middle class tax hike of more like $8,000 to $10,000 per year to pay for our Welfare State. Where the Hell does CNN think this money is coming from to pay this if not the Middle Class? Surely they aren’t stupid enough to think that Obama’s “millionaire” tax increase is going to cover it.


21 posted on 11/09/2012 5:56:16 AM PST by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: IMR 4350

Spread the Pain!!


22 posted on 11/09/2012 6:03:10 AM PST by FlipWilson
[ Post Reply | Private Reply | To 20 | View Replies]

To: IMR 4350
The problem with your equation is: cold Yankees tend to migrate south, and have effectively pushed Virginia into the light blue column and have almost accomplished the same in Florida. Even though Obama more or less wrote off North Carolina in October, he only lost the Tar Heel State by a small margin. People from downstate New York, New Jersey, the New England states, Philadelphia, Delaware, and Maryland carry their liberalism south in their U-haul trailers. Ditto for Californians; they have ruined Colorado and Nevada politically, and to a lesser extent Washington and Oregon as well (although the coastal cities of these states were somewhat liberal even prior to the Californian influx).

One reason Texas and Oklahoma have not moved leftward is that the influx of Northern people has mostly come from the Midwest, rather than California and the Northeast. The suburban counties around Dallas, Houston, and Austin, places where the Midwesterners have migrated, voted for Romney by 2-1 margins.

Note to the chambers of commerce in the South Atlantic and Rocky Mountain states: encourage Midwesterners to migrate and discourage Northeasterners and Californians from doing so.

23 posted on 11/09/2012 6:06:24 AM PST by Wallace T.
[ Post Reply | Private Reply | To 20 | View Replies]

To: Wallace T.
Ever seen a Yankee go through a Texas summer without AC?

It is truly one of life's great pleasures.

If they can't afford heat in the north they can't afford AC in the south.

24 posted on 11/09/2012 6:30:36 AM PST by IMR 4350
[ Post Reply | Private Reply | To 23 | View Replies]

To: tobyhill

GOP should not do a damned thing.
Let the democrats own the failure.

I say all the GOP in the House should go golfing with Obama .


25 posted on 11/09/2012 6:40:29 AM PST by Morris70
[ Post Reply | Private Reply | To 1 | View Replies]

To: tobyhill

NOPE. Won’t happen. Obamugabe promised middle class won’t pay more taxes.

Obamugabe, our Lord and Saviour, keeps his promises to all of us peasants.


26 posted on 11/09/2012 7:06:33 AM PST by SoFloFreeper
[ Post Reply | Private Reply | To 1 | View Replies]

To: Moose4

Indeed, all economic misery is now ON THEM.


27 posted on 11/09/2012 7:09:34 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
[ Post Reply | Private Reply | To 4 | View Replies]

To: tophat9000

I don’t really care anymore if they blame us, blame the republicans, or blame Bush,

as long as they experience the consequences of their choices.


28 posted on 11/09/2012 7:11:33 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
[ Post Reply | Private Reply | To 19 | View Replies]

To: yefragetuwrabrumuy
I agree with those who say let them own it and see how willing Obamabats are to vote Dims in again. If GOP fights it they will forever be blamed. It is time that people understand that elections have consequences
29 posted on 11/09/2012 7:12:12 AM PST by nclaurel
[ Post Reply | Private Reply | To 13 | View Replies]

To: Morris70

Yep, for these economic/tax issues,
whenever the vote comes up in the House,
simply abstain.


30 posted on 11/09/2012 7:12:33 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
[ Post Reply | Private Reply | To 25 | View Replies]

To: SoFloFreeper

Oh it will when ALL Bush Tax cuts expire and there’s not a damn thing the Rats can do about it as long as the GOP refuses to play their game.


31 posted on 11/09/2012 7:13:21 AM PST by tobyhill
[ Post Reply | Private Reply | To 26 | View Replies]

To: tobyhill

We’re messaging this completely wrong.

We aren’t letting the bush tax cuts expire. We’re letting the Clinton Tax Increases take effect. People LOVE Bill Clinton, so they should have no problem returning to his tax code.


32 posted on 11/09/2012 7:17:53 AM PST by tanknetter
[ Post Reply | Private Reply | To 31 | View Replies]

To: tobyhill

Bruce Springsteen can pay mine.


33 posted on 11/09/2012 7:18:05 AM PST by SparkyBass
[ Post Reply | Private Reply | To 1 | View Replies]

To: tanknetter
LOL. I like that one but the Middle-Class that loved Clinton would again love their taxes going up.
34 posted on 11/09/2012 7:20:27 AM PST by tobyhill
[ Post Reply | Private Reply | To 32 | View Replies]

To: yefragetuwrabrumuy
I agree with those who say let them own it and see how willing Obamabats are to vote Dims in again. If GOP fights it they will forever be blamed. It is time that people understand that elections have consequences
35 posted on 11/09/2012 7:27:39 AM PST by nclaurel
[ Post Reply | Private Reply | To 13 | View Replies]

To: tobyhill

Not when they see their actual taxes go up. Remember, stupid people love tax increases as long as they’re being levied on someone else.

I’m absolutely serious about the Clinton Tax Increase messaging. People hate Bush, so see ending his tax cuts as a good thing. We need to take Bushes name out of the equation.


36 posted on 11/09/2012 7:29:23 AM PST by tanknetter
[ Post Reply | Private Reply | To 34 | View Replies]

To: tanknetter
We’re messaging this completely wrong.

We aren’t letting the bush tax cuts expire. We’re letting the Clinton Tax Increases take effect. People LOVE Bill Clinton, so they should have no problem returning to his tax code.

This can't be emphasized enough!

In this supposed "Forward" thinking era, the Obama regime wants to go backward to the Clinton Era tax rates.

That really should be the debate-should we go back to the Clinton Tax rates, or keep the Bush tax rates?

37 posted on 11/09/2012 7:31:45 AM PST by Repealthe17thAmendment (Is this field required?)
[ Post Reply | Private Reply | To 32 | View Replies]

To: MrB

Everyone should vote Present.


38 posted on 11/09/2012 7:34:13 AM PST by Morris70
[ Post Reply | Private Reply | To 30 | View Replies]

To: tobyhill

Lets Just leap headlong off the damn thing...


39 posted on 11/09/2012 7:37:27 AM PST by Rightly Biased (Avenge me Girls AVENEGE ME!!!! ( I don't have any son's))
[ Post Reply | Private Reply | To 1 | View Replies]

To: tanknetter
We aren’t letting the bush tax cuts expire. We’re letting the Clinton Tax Increases take effect. People LOVE Bill Clinton, so they should have no problem returning to his tax code.

Won't work. The libs are already embracing a return to the Clinton tax rates, crowing about how great everything was in the 90's.

40 posted on 11/09/2012 7:39:08 AM PST by kevkrom (If a wise man has an argument with a foolish man, the fool only rages or laughs...)
[ Post Reply | Private Reply | To 32 | View Replies]

To: All

The problem is going off the cliff and this country being destroyed is exactly what obama wants. So, the gop doesn’t have a lot of ammo. Plus, they’re cowards. So we need to get more of our own ammo.


41 posted on 11/09/2012 10:18:11 AM PST by Terry Mross (Once again I wasted my vote. But I have learned my lesson.)
[ Post Reply | Private Reply | To 14 | View Replies]

To: DOGHEAD
your home mortgage interest deduction

That's nothing but a big giveaway to the lending industry.

Why would anyone want anything to do with that if they could have a home mortgage PRINCIPLE deduction?

42 posted on 11/09/2012 3:52:02 PM PST by ROCKLOBSTER (Celebrate "Republicans Freed the Slaves" Month)
[ Post Reply | Private Reply | To 2 | View Replies]

To: mgpilot

I initially recoiled against this idea, preferring a hard line against tax increases. But the reality is that the fiscal cliff will be the death blow to our economy, and a GOP refusal to compromise will guarantee that the dems, aided and abetted by the MSM, will blame the crash on us.

So give them what they want. And then start to take things back in 2014 after the collapse.

I like your suggestion


43 posted on 11/09/2012 7:50:48 PM PST by branch15_5
[ Post Reply | Private Reply | To 10 | View Replies]

To: branch15_5

The Rats will make sure either way the Republicans get the blame, and the MSM would comply.

Joe Goebbels’ propaganda machine had nothing on our MSM.


44 posted on 11/09/2012 7:53:07 PM PST by dfwgator
[ Post Reply | Private Reply | To 43 | View Replies]

To: mgpilot

The Obama voters are not paying attention but will once they see their checks after the tax cuts expire. It was amazing to see the Dems here in California scramble like heck to get the price of fuel down once it hit $5.00 per gallon. We have passed the tipping point with these fools. Let it happen.


45 posted on 11/09/2012 8:13:04 PM PST by nicksaunt
[ Post Reply | Private Reply | To 10 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson