Posted on 01/07/2013 8:44:45 PM PST by 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. …
(Excerpt) Read more at newsmax.com ...
Recession atop recession!
“NEW” recession? When did the last one end?!
What happened? Did I miss the recovery while I was in the bathroom?
Soon we’ll all look back at 2012 as the good old days.
The payroll tax change hit us about $20.00 per week.
That’s substantial “discretionary income”.
Whenever it was the media "claimed." LOL.
The payroll tax change hit us about $20.00 per week.
That’s substantial “discretionary income”.
I don’t remember the Republicans fighting to keep the payroll tax cut from ending. In fact, on FR in 2011, freepers were arguing AGAINST the payroll tax holiday.
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?
I’m sure this will be blamed on Bush.
1. We were spending our own money.
2. We would stop when we ran out.
The payroll tax holiday was a scam. It was just another stimulus package that added to our debt and deficit. The SSTF was held harmless as Treasury issued non- market, interest bearing T-bills in the amount of the lost revenue and deposited them into the SSTF. They are just another increase in our debt. SS is a pay as you go program. It has been running in the red since 2010, which means it must redeem its T-bills to fund the shortfall. The tax holiday increased the existing shortfall. The General Fund must redeem the T-bills with 42 cents being borrowed.
The tax holiday cost us over $130 billion a year. SS was just used as a stimulus vehicle in much the same way as a tax rebate would. In this case, more people receive money from the payroll tax holiday than an income tax rebate.
I daresay that “What shall we do with the lefty politicians . . . ear-lye in the morning” doesn’t have the same ring to it.
!
“What happened? Did I miss the recovery while I was in the bathroom?”
They think the lie has been repeated enough so that everyone now believes it to be true; stop believing your lying eyes. President Foodstamps has fixed everything...
All members of the media and government are liars.
I have this question about the Social Security Holiday, which capped contributions at 4.2 rather than 6.2 per cent and it is this, “Will lower payroll deductions impact future payouts, e.g., will your contributions at 4.2 give you a lesser payout when they calculate future benefits?
1. We were spending our own money.
2. We would stop when we ran out.
That's funny right there.
No. SS benefits are not determined by contributions but on lifetime earnings. “Social Security benefits are based on your lifetime earnings. Your actual earnings are adjusted or “indexed” to account for changes in average wages since the year the earnings were received. Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most. We apply a formula to these earnings and arrive at your basic benefit, or “primary insurance amount” (PIA). This is how much you would receive at your full retirement age — 65 or older, depending on your date of birth.”
http://www.ssa.gov/pubs/10070.html
And the 2% decrease in employee contributions (employer contribution remained at 6.2% during the “holiday”) was made up by revenue out of the general fund as required by the legislation for 2011 and extended through 2012.
Its amazing how Obama/Pelosi/Reid et al keep spouting their lies (or display their ignorance) and nobody in the media calls them to the carpet of reality.
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