Obama’s $264 Billion Tax Bill for 2013 May Spark New Recession

Newsmax ^ | Monday, 07 Jan 2013 10:18 PM | David A. Patten

[Olog-hai]

With the fiscal cliff deal and many Obamacare taxes taking effect, Americans will be slammed with an estimated $264 billion in new taxes this year alone—making 2013 memorable for delivering one of the largest one-year tax increases in American history.

The math breakdown of the new taxes is simple: Key parts of the Bush tax cuts will expire as a result of the new fiscal cliff legislation, hitting American taxpayers with a tax bill of about $39.5 billion each year for the next decade. …

Moody’s chief economist Mark Zandi issued a projection that the tax burden will cut GDP growth by three-quarters of 1 percent, causing the creation of 600,000 fewer jobs in 2013. But the general consensus among economists is that the impact will be much worse—about a 1.5 percent loss of GDP growth. Such a serious dip could push an already lackluster economy close to the brink of actual contraction.

But the impact of the fiscal-cliff taxes are only part of the story. That’s because several of the taxes that Congress approved as part of the Patient Protection and Affordable Care Act, dubbed Obamacare, are also kicking in this year. …

[Go Gordon]

Raise taxes, ban guns, flood the nation with illegal immigrants, spend more money than drunken sailors (apologies to drunken sailors, no slight intended). What could possibly go wrong with such a social experiment?

You forgot - gut the military, raise the debt ceiling and implement socialized medicine for all!

[Aevery_Freeman]

Hear! Hear!

Not funding SS makes as much sense as not putting money aside for the car payment or the mortgage.

The bill ain't going away without sever loss.

[bert]

——freepers were arguing AGAINST the payroll tax holiday.——

As I think on it today, I still can’t grasp why the SS holiday was ever considered, much less implemented. It served no useful purpose and may now be more trouble than it was worth as the money it provided is snatched away

[arthurus]

May? New?

[kabar]

Benefits are calculated on indexed average earnings, not contributions.

[kabar]

Benefits are calculated on indexed average earnings, not contributions.

[kabar]

Benefits are calculated on indexed average earnings, not contributions.

[WilliamIII]

if it was a bad idea to lower payroll taxes, then why are freepers criticizing Obama for agreeing to raise them again?

Myself, I agree with Milton Friedman that “any tax cut is good”

[WilliamIII]

if cutting payroll taxes was a bad idea, then freepers shouldn’t be criticizing obama for agreeing to raise them again

I believe any tax cut is good. We’re overtaxed, period. Problem with too many freepers is they look at the party affiliation instead of the policy. If obama is for it, must be bad. Well I’m more concerned about my family’s finances - and my take home pay - then scoring political points.

I’m against Obama’s tax hikes on the wealthy - and on the rest of us thru payroll taxes. In contrast, you’re against the hikes on the wealthy - but for tax hikes on us non-wealthy. No wonder the GOP lost