Posted on 11/19/2012 12:46:53 PM PST by SeekAndFind
Here’s an idea for how to start the New Year in a bipartisan fashion: Let’s go over the fiscal cliff!
Today, the only ones in Washington who advocate fiscal cliff-diving are liberal Democrats. It’s time for conservatives to join them. Letting the Bush tax cuts expire will strengthen the GOP’s hand in tax negotiations next year, and it may be the only way Republicans can force President Obama and Senate Democrats to agree to fundamental tax reform.
Right now, Democrats believe they have the upper hand in the fiscal standoff. Patty Murray (Wash.) — the fourth-ranking Senate Democrat and the leading champion on Capitol Hill for going over the fiscal cliff — says that Republicans are “in a real box” because “if they do nothing, those increased taxes [they oppose] will take place.” If Republicans dig in, says Murray, all Democrats need to do is “go past the December 31st deadline” and let the tax increases happen automatically.
There’s one problem with her scenario: While the Bush tax cuts expire on Dec. 31, so do a lot of tax policies the Democrats support. For example:
* The 10 percent income tax bracket would disappear, so the lowest tax rate would be 15 percent.
* The employee share of the Social Security payroll tax would rise from 4.2 percent to 6.2 percent.
* An estimated 33 million taxpayers — many in high-tax blue states — would be required to pay the alternative minimum tax, up from 4 million who owed it in 2011.
* The child tax credit would be cut in half, from $1,000 today to $500, and would no longer be refundable for most.
* Tax preferences for alternative fuels, community development and other Democratic priorities would go away.
(Excerpt) Read more at washingtonpost.com ...
and you just proved what a moderate republican or I don’t care voter is which got us in this jam. Go along. You are terribly wrong because once the taxes are increased, they only go UP. Play with fire because some of you are mad because Romney lost so give up, pay back to the rest of us that have a job who already are being soaked who do not want to give them more blank checks. Man, glad I was not brought up like this and had a great dad for guidance.
The Democrats won’t do it without the Republicans sticking their necks out; they’ll just scream that they “can’t” do it without the cooperation of the Republicans. Then they’ll beat Boehner black and blue for “obstructionism”. Boehner and McConnell won’t loudly ‘SPLAIN it to the people; and it’ll be the “mean old Republicans” again and “Bush’s” fault.
The MSM is pretending as if avoiding the “fiscal cliff” is paramount. We are to do that through compromise, mostly Pubs compromising on tax cuts. I don’t get it. The fiscal cliff is a compromise; it is a mix of both sides. So what else are we looking for?
“The American voter settled the issue.”
No it didn’t. Otherwise you wouldn’t need to tell them what to do. The voter left things almost exactly as they were before the election.
Well, if they don’t announce anything and just do it at vote time, then the Dems will have caught the hot potato. What can they do, “uncast” their vote?
Not necessary. The Republicans can (and should) all vote "Present."
But, and this is important,
The Repubs have the majority in the House. That means they can Name the Bill!
Call it the "2012 Obama/Democrat Tax Bill" or the "2012 Democrat Tax Increase Bill to Fix All the Problems in the US Economy."
Name it, then vote "Present."
I spoke with CPA and EA gnomes and they are freaking out...
* AICPA I think denoted everyone's taxes will go up $3,500 per family.
* The lead time for new legislation is not enough for them to go to seminars, learn the new code, and or change the Tax Planning Software.
* They can't give multi year advice, (special situations).
* The EA see's they only solution as extending the tax season into May.
* And as you mentioned, AMT. It is not fixed for 2011, let alone 2012, people snagged may go from 4 million to 23 million. Again, the CPA is freaking out and asked even that I come in to make sure I am not in AMT land for 2011...
We are so FUBAR'd, people have no idea what they voted for again....
Name it OBAMACURE. That’ll make for catchy slogans in 2014. “Obamacare and Obamacure got us here. Now what?”
Yup. The burned hand teaches best.
First, all these taxes are scheduled for implementation at the first of the year -- no matter what we do now. Can we overturn some of them in the foreseeable future? No. We control only the House. The Senate will not brook our efforts to overturn these tax increases. Ever.
Second: It IS possible that we can sustain the Bush tax cuts before they too go the way of the dodo in January. This is the only "revenue increase" that we have some leverage on. But at what cost? If the Democrats agree with us to sustain the Bush tax cuts, then they've made it clear that Republicans must then allow them to spend more on their programs. Don't fall for it. It's a deal with the devil. And the devil wins these things.
So what are our options?
A)Fight them on this battle. We can't win this one, but we can fight them. I believe that's your position. It's an admirable one. But this battle is unwinnable.
B)Instead of fighting and losing this battle, try to win the war. This battle is lost, but the war can be won if we can convert enough of the rabble to our side. How do you do this? Let them see socialism clearly for what it is. They chose it. LET THEM LIVE IT!
As the old saying goes, a conservative is a liberal who's been mugged. If enough liberals are "mugged" by the nuts-and-bolts reality of real socialism, then we can grow a new grassroots conservatism to beat the socialists over the long haul. This isn't a short-term battle; it's a war.
And I'm willing to let Atlanta burn to win it.
Actually because of “ordering” rules of tax credits etc... about 60 million taxpayers will be affected.- Not able to even re-program the IRS computers until mid to late March.(If no AMt patch by Dec 31.)
60 million paying AMT would be a real wake call now!
DH.... Please explain ordering rules. CPA I take it or are you a CFA?
I agree, burn it all down, let them spend to ruination, the idiot libs will laugh at the preppers until they starve to death.
Burn everything down except the cconstitution and amenments 1-10.
Then rebuild.
Oh and sign up as may people as you can, even fluffy the cat and donald duck for an EBT.
The Democrats won’t do it without the Republicans sticking their necks out; they’ll just scream that they “can’t” do it without the cooperation of the Republicans. Then they’ll beat Boehner black and blue for “obstructionism”. Boehner and McConnell won’t loudly ‘SPLAIN it to the people; and it’ll be the “mean old Republicans” again and “Bush’s” fault.
I say let them all expire.......
This way the some of the 47%, like my M-I-L, who is a millionaire and voted for Obama and does not pay a red cent in taxes, will start paying HER fair share.
She actually told me she would not vote republican because she would have to start paying taxes again.
The only reason she was NOT paying taxes was because what Bush put in place. Fricking hypocrite.....
I say let it burn down around them.
I spoke with a friend of mine who does taxes yesterday about all this. I got blank stares and shoulder shrugs and panicked looks. All this crap is coming down quickly and the CPA industry has no clue how to respond to all this yet.
And the AMT will hit anyone who earns over $45k/year.
All these new taxes kick in in a a few weeks, but most people won’t realize what hit them until April of ‘14.
Get crackin, get smart and start figureing out what you can do to avoid all this junk.
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