It’s starting to look like a lot of “the rich” won’t be seeing a tax increase resulting from Barry’s “fiscal cliff” fiasco. Mainly “the rich” DemocRATS. The commie ‘RATS stick it to “the little people” again. Hooray for Hollywood! They done good in this “deal”.
That's not true at all. I'm here in the upper middle class Philly burbs which went for Obama. I know lots of folks who make 2 and 4 hundred thousand. They're getting hammered in this tax increase. There is a phaseout on deductions we can take.
You know who's going to get hurt by this new tax increase? First, the charities. Second, the landscapers and cleaning ladies. Third, the homebuilders and realtors - it won't pay for these folks to be living in expensive homes with high property taxes.
I don't generally favor any tax increase because the government will squander it. However, the so called rich in the Northeast pay more than their share of taxes already. Meanwhile, lots of folks who will really feel the pinch with the SS tax increase aren't paying much, if anything, in federal income taxes. Yet, they reap lots of benefits, unlike the folks who are making between 200 and 400 thousand, who get bupkis from the government or college financial aid offices.