Skip to comments.Americans face $3,500 fiscal cliff tax hit (Give the Rats what they wanted)
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 ...
YEP and this is BEFORE they take away your home mortgage interest deduction (And call it closing a loophole)
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?
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.
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.
That’s an AVERAGE. Most Obama voters won’t have to pay a dime extra.
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
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%
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%)its 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%)thats roughly an 11% increase in taxes.
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
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
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.
Working on it. Need to stock up on more food though.
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)
Give the rubes exactly what they voted for.
Less money + higher fuel cost = cold Yankee
Let the northeast that elected this clown think about it over the winter.
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.
Spread the Pain!!
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.
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.
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 .
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.
Indeed, all economic misery is now ON THEM.
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.
Yep, for these economic/tax issues,
whenever the vote comes up in the House,
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.
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.
Bruce Springsteen can pay mine.
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.
We arent letting the bush tax cuts expire. Were 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?
Everyone should vote Present.
Lets Just leap headlong off the damn thing...
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.
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.
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?
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
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.
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.
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.