i guess the Mayans were off by a couple months...
Posted on 04/10/2012 8:02:44 PM PDT by Free ThinkerNY
It will be up to Washington to save the country from what the Washington Post has dubbed “Taxmageddon” — the looming tax increase set to hit Americans on Jan. 1.
Curtis Dubay, a senior analyst in Tax Policy at the Heritage Foundation, has chronicled the taxes set to hit if Congress and the administration do not make adjustments.
According to Dubay, Americans will see a $494 billion tax increase at the beginning of 2013.
“[The tax increase] is hitting because of expiring tax policies and the beginning of five taxes in Obamacare,” Dubay told The Daily Caller.
Dubay’s study of the looming $494 billion tax increase highlights the policies set to expire. These include the Bush tax cuts, the payroll tax cut, the Alternative Minimum Tax (AMT) patch, the tax cuts in the 2009 stimulus, tax extenders, the estate tax adjustment, and 100 percent business investment expensing.
Additionally, Durbay points out, that five of the eighteen tax increases in Obamacare will begin next year.
“Seventy percent of the tax hike falls directly on middle and low income families,” Dubay said. “That might surprise some people because you’ve heard for the last 12 years that the Bush tax cuts were just tax cuts for the rich, which is simply not true.”
(Excerpt) Read more at dailycaller.com ...
Additionally, Durbay points out, that five of the eighteen tax increases in Obamacare will begin next year.
There’s some Hope and Change for ya.
With any luck I will be completely tax free by 2013. And many, many others are preparing to do the same. Yeah, Tax increases, that will work.
With any luck I will be completely tax free by 2013. And many, many others are preparing to do the same. Yeah, Tax increases, that will work.
But after the his re-erection, The Messiah will have more flexibility. Isn’t that what’s most important?
but vote third party...that’ll show em!!!!(stomping foot and making a face)
I have actually heard people repeat the mantra that the gas being so high now is not really a problem not like it was 4 years ago. The whole world has gone insane.
Yep, and we’re in for more insanity.
i guess the Mayans were off by a couple months...
Declare Obamacare unconstitutional, then let the Bush tax cuts for each any every taxpayer expire.
I have no problem with that. Let the low income and lower middle class feel some of the pain, and get rid of this Zer0 class warfare on the rich. Let 75% of workers pay taxes rather than 50%!
On a percentage basis, under the Bush cuts, the lower income citizens got a much more handsome tax decrease than the high earners. Let’s spread the tax burden to all who benefit from living in the US.
Anymore good news from this hopey/changey thug!?
I’m all over that. They are going to have to be shown that the Bush tax cuts helped them more than it did the rich. The lower and middle wage earners never had it so good. They hardly pay any taxes at all. Losing the Bush tax cuts will hurt the lower class much more than it does the higher end wage earners... the ones who live on capital gains will never see the difference.
In light of this, I am wondering if the democrats hope a republican wins the presidency. All this stuff hits before January 20th, so the first day in office the republican gets nailed by all these angry people for something Obama and the prior congress’s did.
Also explains why Obama’s arming DHS and IRS up the ass.
“Seventy percent of the tax hike falls directly on middle and low income families,”
GOOD!! Because that’s where the money is. These are the people that MUST be taxed if the government wants to raise any revenue. The rich will simply squirm around the increases, in one way or another.
Why do I sound happy? Simple - the old people, even on this site, are not willing to LIFT A FINGER to try to pay for what they demand from the government (i.e., Social Security and Medicare), so we might as well start trying to pay for that crap now.
In another universe, they might accept that those ‘entitlements’ need to be made into welfare programs and means-tested (along with with kids being required to pay parental support, if they have the means). But I don’t see that happening anywhere near soon. So instead it’s either much higher taxes, or an economy that simply COLLAPSES due to debt. Given those two options, I’ll take the taxes, since I have kids.
“Simple - the old people, even on this site, are not willing to LIFT A FINGER to try to pay for what they demand from the government (i.e., Social Security and Medicare”
HMMMM I think I lifted many fingers since I was 15 years old paying into this social security system, mainly at the rate of 15% of my income because I was self employed. I resent your arrogance and assumption that you are right because you are “young” and have kids.
As far as I’m concerned the government took 15% of my money by force, promised me that I would have a return on MY money in my “old age” and then they stole MY money and spent it on who knows what. Now they want to make their theft my fault and turn us against each other and they’ve even convinced you to turn against the aged because of it!
More of Obama’s “critical theory”. Destroy everything and the slaves will beg for just a little.
Very well said.
Oh come on tina...So the government took tens of thousands or more from your income over the decades...Like Bob said, just forget it, and plan on working until you drop dead.
Don’t be so greedy tina.
And keep paying those government taxes to support those lottery style government retirement pensions and their top shelf benefits.
Back to work!
In light of this, I am wondering if the democrats hope a republican wins the presidency. All this stuff hits before January 20th, so the first day in office the republican gets nailed by all these angry people for something Obama and the prior congress’s did.
Also explains why Obama’s arming DHS and IRS up the ass.
I can guarantee trouble if he is re-elected. People are going to get physical.
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