$494 billion tax increase to hit in 2013

The Daily Caller ^ | April 10, 2012 | Caroline May

[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.”

[tinamina]

Oh yes, I forgot...I’m so selfish I forgot that the 15% was really my tithe for “the children”. And that I’ll never be done paying it until Obamacare says I’m useless and gives me my pain pills so I can reduce the burden on society by dying quickly.

[BobL]

“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!”

No, it was NO SECRET that there was no Social Security Trust Fund. Everyone knew for DECADES that the money was being spent as it came in. So the older people got their (relatively) low taxes while they worked and also got a very nice level of government services. And everyone knew that “the government” was not going to pay them back - they KNEW it was future generations of Americans. Not too good.

But they took it further. Now they’re STRANGLING my kids (and future grand kids) with TRILLIONS of dollars in debt before they even enter the work force. I simply don’t like it.

And while it’s true that older conservatives may not have liked the way the money was spent for the past decades, they at least could do something about it (i.e., run for office, donate to candidates and causes, etc.) - while my kids never had that chance.

[BobL]

“And keep paying those government taxes to support those lottery style government retirement pensions and their top shelf benefits.

Back to work!”

I didn’t say that. I said make it means-tested. You let older people live a decent retirement, but not a wealthy retirement. It’s the ONLY way we’ll keep our next generation from living in Third World conditions.

(and by the way, thanks for pinging me, I don’t usually have enough class to do the same)

[BobL]

“The more regulation, onerous taxes and insane, improper fees. the more revenues will decrease. We’ll see how it works out for the political/regulator class over the next few years—recirculating debt through itself. Have fun. Enjoy the slide.”

There is still a lot of money to be wrung out of the poor and middle class - of course they’ll live like crap when it’s over. Not much different than the Brits having to spend their winters in houses that are 58 degrees. But there is revenue there.

And since people are not about to give up what’s ‘owed’ to them, we might as well start taking at least a bit of the burden of that away from our kids.

[sport]

During the month of November 2008, the "American" voters went to the polls and completed the action they began in 2006. They put in political ogffices those who promised them that they would legally steal from "the rich" and give them the goods that "the rich" earned by the sweat of their brow. Greed and envy had blinded them to the point that they did not realize that, to the Democrat politican, they were the rich.

They are now reaping or on the verge of reaping what they sowed. Let them enjoy it. By the time those they chose to worship are finished with them, the people of Haiti will enjoy a higher standard of living than those in the United States.

[familyop]

"There is still a lot of money to be wrung out of the poor and middle class - of course they’ll live like crap when it’s over. Not much different than the Brits having to spend their winters in houses that are 58 degrees. But there is revenue there.

And since people are not about to give up what’s ‘owed’ to them, we might as well start taking at least a bit of the burden of that away from our kids."

It's true that firepersons, public school teachers, policepersons, planners, inspectors, administrators, commissioners, social enforcement persons, service/management persons, environmentalists, animal worshipers and the like will probably pay higher taxes, but they already receive their incomes from the declining debt regime. Large clumps of debt in, smaller droppings of revenues out. Socialist schemes devised in those open spaces between their ears are unsustainable.

Technically inclined Americans are getting away from dependence on the plantation. As even the blind are beginning to see, the B is starving. Cutting much spending on regulations/laws against small manufacturing operations and families will be the only way to real revenues. But raise taxes, if you believe that there's too much production and not enough real estate left to non-paying government, banks, etc. Tax hikes will hurt the real parasites the most.

[central_va]

Raising taxes now will turn the Great Recession II into the Great Depression II.