Taxmageddon on the Working Poor

Self | Oct. 1 2012 | Self

[sr4402]

The Democratic US Senate left two huge tax increases on the working poor in its haste to tax the rich. Left on the table was a 50 percent federal tax increase (10% to 15%) on the working poor and a 30 percent increase in the social security tax (4.2% to 6.2%) upon them as well.

A family with a taxable income of only 17,399 will see a federal tax increase of $869 dollars. Not only that but their social security tax will go up by $425. These immoral tax increases will hit many the working poor just crawling out of poverty.

It will also hit those just getting their first jobs as so many new jobs are low wage these days.

If President Obama were half as concerned for the working poor as he says, he would recall the Senate and prevent this taxmegeddon upon the working poor and those struggling in this economy just to make ends meet.

[sr4402]

And don't think, if you are in the next tax bracket you will not pay more. You will still pay the $869 since the taxes on your first $17400 (taxable income married) go from 10% to 15%.

As for social security tax increase it will hit you as well.

Welcome soon to Taxmageddon.

Please thank the Democrats at the polls this November for LESS MONEY IN YOUR POCKETS NEXT YEAR.

[ClearCase_guy]

Cloward-Piven. The goal is to create an economic system that simply does not work for any segment of society.

Then you get to toss out the Constitution and startover with something "better" -- a social system that is not based on private property, because property is "bad".

Obama isn't dumb. He's doing this on purpose.

[delapaz]

The strategy is working.

So how is the weather in New Zealand these days?

[Soul of the South]

“The strategy is working.”

With the willing support of the GOP House Majority and the GOP Senate Minority. So much for the election of “conservatives” in 2010.

Pelosi and Reid know how to fight whether in the majority or minority. Boehner and McConnell only know compromise.

[ClearCase_guy]

New Zealand is definitely my destination of choice. Unfortunately, I lack the cash that would cause them to welcome my arrival for an *ahem* extended stay.

[econjack]

I had a conversation with a Dem friend of mine who said she was going to vote for Obozo. When I asked why, she said because the Dems care more about poor people while Republicans only care about the rich and business people. I pointed out that with the exception of a few years, the Dems controlled the House and Senate since Kennedy. They passed the War on Poverty in the Johnson Administration and have spent trillions on the poor, only to have a report last summer to show there are more in poverty now, both in absolute and relative terms, than ever before. Could it be the Dems design programs that keep the poor dependent on handouts rather than designing programs that end poverty? As to business, how many poor people do you know who hired the poor last year? Doesn't a rising tide lift all boats? Her answer: That may be, but I don't believe it. Jesus! She gets to vote! There ought to be some kind of test to allow people to vote!

[sr4402]

Wonder what would happen to her if you mentioned these Democratic Tax increases and how she is going to feel next year with $1294 dollars or more less?

[delapaz]

That’s because Boehner and McConnell are not on your side, they do not understand or care about conservatism, and they are quite happy with statist government status quo.

So let’s not kid ourselves. Time to find a plan B.

[Mr. K]

I am surprised they have gotten this far without open revolt-

A pack of cigarettes in NY now costs $10

That’s insane- you can buy them on the local Indian Reservation for less than $3

I am glad I quit when they went up to $5 a pack

[GeronL]

A family with a taxable income of only 17,399 will see a federal tax increase of $869 dollars.

That just gives them a bigger tax return, they will love Obama more.

[sr4402]

Boehner passed the House Resolution stopping these tax increase on the working poor. McConnell supported this in the Senate but was blocked by You-Know-Who (not Lord Voldemort).

[Cowman]

she said because the Dems care more about poor people while Republicans only care about the rich and business people.

As Carnac would say -- Two ways to soften the mind : Government schools and a crowbar.

[ClearCase_guy]

Her answer: That may be, but I don't believe it.

I've had many similar conversations with Libs. My all-time favorite was a woman with whom I worked -- as I started to explain some things (very conversationally) she put her hands up and waved them back and forth: "No. No. I live in a happy place. I like my happy place. I'm a good person and I vote for the good people. Don't take away my happy place!"

She really meant it. She knew that she was living a lie but she needed to run away from reality so that she could feel a suitable level of comfort. Reality scared her.

[delapaz]

McCain?

[sr4402]

That just gives them a bigger tax return, they will love Obama more.

Bigger, no less. And out of pocket $1294 with the social security tax increase.

Remember, I said "taxable income".

DOH

[sr4402]

"Let Me Suck the Blood of the Working Poor"

[sr4402]

Did you say Blood of the Working Poor

[Thank You Rush]

“”30 percent increase in the social security tax (4.2% to 6.2%)””

Come on - when was Social Security (FICA) tax at 4.2%? It’s been at 6.2% plus Medicare of 1.45% for a very long time.

[sr4402]

Come on - when was Social Security (FICA) tax at 4.2%?

It is for this year, but not in 2013 and thereafter. See this article.

http://taxes.about.com/b/2012/02/21/social-security-tax-rate-to-remain-at-4-2-for-all-of-2012.htm

[sr4402]

“”30 percent increase in the social security tax (4.2% to 6.2%)””

Oh And: http://www.irs.gov/uac/Payroll-Tax-Cut-Temporarily-Extended-into-2012