Tax Hikes Comin'

[Townhallsavoy]

The typical four-person family in Alabama could see their federal taxes increase by more than $3,000 if Congress does nothing about the so-called fiscal cliff.


Without congressional intervention, many tax breaks signed into law by Presidents George W. Bush and Barack Obama are set to expire on Jan. 1, 2013. Today, researchers at the Tax Foundation estimated the impact of those expiring policies on the "average" four-person family for each state, based on the median income for such a unit.


In Alabama, the median household income for a four-person family is $63,388, the Tax Foundation says. A four-person family earning that much income would pay an additional $3,350 in federal taxes in 2013, a 5.29 percent increase over their likely tax bill in 2011.


The increases come from three major components: reductions to the Child Tax Credit, causing a $1,135 increase in the family's tax bill; an increase in the payroll tax rate, leading to a $1,268 increase; and increases in marginal income tax rates, leading to a $947 hike.


The expected tax hike on the median four-person family in Alabama ranks 12th-highest among all 50 states, the Tax Foundation says. Median earning four-person families in New Jersey, Maryland, Connecticut and Massachusetts will see their federal tax bills increase by 6 percent if Congress does nothing, the group says.

http://blog.al.com/businessnews/2012/11/the_fiscal_cliff_and_families.html#incart_m-rpt-2

[bottomfeeder]

And nothing is what they'll do. They are one and the same the fucking fascist. 

[War Eagle!!!]

I knew about this shit, and you would have thought that Romney and the GOP would have shouted it from the roof tops...but no...

[GH2001]

I knew about this shit, and you would have thought that Romney and the GOP would have shouted it from the roof tops...but no...

Watch the debates and stump speeches. It was shouted. The moderators just squashed the topic and the media just gave it no play. Not even fox. Not making excuses for Mitt but the media did a damn good job of weathering the storm on hot button issues for Obama. Especially Benghazi.

[AUJarhead]

And in 4 years, when unemployment is at 11%, and gas is $7/gallon, it will still be Bush's fault.

[bottomfeeder]

http://advisors4advisors.com/industry/advisor-business/article/15217-can-an-economics-professor-no-one-has-ever-heard-of-become-president-of-the-united-states-

“Past presidents have been retailers, haberdashers, actors, and mostly lawyers,” says Kotlikoff. “I have not seen a lot of competency or interest in fixing our problems, as opposed to getting re-elected.”

http://www.bloomberg.com/news/2012-08-08/blink-u-s-debt-just-grew-by-11-trillion.html

Dangerous Growth

The U.S. fiscal gap, calculated (by us) using the Congressional Budget Office’s realistic long-term budget forecast -- the Alternative Fiscal Scenario -- is now $222 trillion. Last year, it was $211 trillion. The $11 trillion difference -- this year’s true federal deficit -- is 10 times larger than the official deficit and roughly as large as the entire stock of official debt in public hands.

[GH2001]

http://advisors4advisors.com/industry/advisor-business/article/15217-can-an-economics-professor-no-one-has-ever-heard-of-become-president-of-the-united-states-

http://www.bloomberg.com/news/2012-08-08/blink-u-s-debt-just-grew-by-11-trillion.html

Yeah tell me about it. And no offense but most of the electorate doesn't understand the severity of this. Last week proved it.

[Tarheel]

Yeah tell me about it. And no offense but most of the electorate doesn't understand the severity of this. Last week proved it.

Most of the electorate are blinded by The ONE's cult of personality and/or mentally disabled.

[AUChizad]

So, Plan B failed.

Haven't seen this discussed here.

The Bush Tax Cuts must be extended to 2013 by the end of the year or taxes will rise by significantly on everyone. Including you. About 5-6% on average upper middle class.

The Dems wanted to extend the cuts on the middle class, but wanted to let the cuts on the $250k+ earners expire, but were willing to compromise and moved that to the $Million +.

Now because the Repubs are being hard-headed and stubborn spoiled brats, the Bush cuts will expire.

I'm all for less spending and taxing less, but come the fuck on. When faced with A) Tax increases only on millionaires while everyone else's taxes stay the same or B) Tax increases on everyone, HOW THE FUCK DO YOU NOT GET A DEAL DONE??

And I'm seeing Republicans today say "Yay for Republicans standing their ground! We won't accept a tax hike of any kind!" Are you people fucking retarded? Failure to compromise just caused more tax hikes on more people.

This directly effects all of us.

Now Congress has said to fuck off and took Christmas vacation through the end of the year. Cush job. Wish if my company was faced with a crisis like this, I could just peace out instead of reality where I'd be pulling 15 hour shifts until shit got done.

[War Eagle!!!]

So, Plan B failed.

Haven't seen this discussed here.

The Bush Tax Cuts must be extended to 2013 by the end of the year or taxes will rise by significantly on everyone. Including you. About 5-6% on average upper middle class.

The Dems wanted to extend the cuts on the middle class, but wanted to let the cuts on the $250k+ earners expire, but were willing to compromise and moved that to the $Million +.

Now because the Repubs are being hard-headed and stubborn spoiled brats, the Bush cuts will expire.

I'm all for less spending and taxing less, but come the fuck on. When faced with A) Tax increases only on millionaires while everyone else's taxes stay the same or B) Tax increases on everyone, HOW THE FUCK DO YOU NOT GET A DEAL DONE??

And I'm seeing Republicans today say "Yay for Republicans standing their ground! We won't accept a tax hike of any kind!" Are you people fucking retarded? Failure to compromise just caused more tax hikes on more people.

This directly effects all of us.

Now Congress has said to fuck off and took Christmas vacation through the end of the year. Cush job. Wish if my company was faced with a crisis like this, I could just peace out instead of reality where I'd be pulling 15 hour shifts until shit got done.

Where did you get this from MSNBC?

I don't follow this as closely as some, but this looks like talking points from Rachel Maddow.

The fact that you didn't even mention any federal spending budget cuts makes this argument fucking stupid...

[AUChizad]

Where did you get this from MSNBC?

I don't follow this as closely as some, but this looks like talking points from Rachel Maddow.

The fact that you didn't even mention any federal spending budget cuts makes this argument fucking stupid...

That's the kind of response I expected.

Budget cuts would be great, but they're not on the table. Republicans just took their ball and went home.

http://www.usatoday.com/story/money/2012/12/21/fiscal-cliff-worries-markets/1783963/

Fiscal cliff spooks world markets
John Waggoner, USA TODAY8:23a.m. EST December 21, 2012

Worries about the U.S. fiscal cliff weighed on world markets today, after Republicans failed to pass their Plan B emergency fix.

If Congress doesn't act by Dec. 31, taxes will rise, defense and non-defense spending will be slashed. Economists say the full force the laws that go into effect for 2013 could send the nation back into recession.

Futures on the Dow Jones industrial average were down more than 160 points or 1%. In Europe, Germany's Dax 30 was off 0.5%. Tokyo's Nikkei stock index was down 1%.

House speaker John Boehner said there were not enough votes to pass Plan B, which would have returned taxes to Clinton-era rates for those earning $1 million or more and left tax cuts in place for all other taxpayers.

He sent the House home for Christmas, leaving the state of negotiations on the fiscal cliff in doubt.

Wall Street had been betting that some deal would be hammered out by year-end, so stocks could sell off if that expectation is not met.

Fiscal cliff fears pushed 10-year Treasury note yields lower, to 1.76%, and the dollar higher, as investors sought safe havens. Bond yields fall when prices rise.

Oil prices fell.

Today could be particularly volatile because it's a quadruple witching day: the expiration date for stock market index futures, stock market index options, stock options, and individual stock futures.

Some worries about the fiscal cliff have been baked into stock prices, says Mark Hanna, manager of Paladin Long Short fund. But, he says, "Last night's inability for Boehner to show he has his own party's backing calls into question any ability to get the deal done before year end." And, he says, " this shifts some power to the Democrats, which the market would generally view as unfavorable especially in questions to dividend and capital gain taxes."

Political uncertainty has been blamed already for creating a high level of uncertainty for CEOs, who have been reluctant to invest in their businesses and hire workers because they don't have clarity on what taxes will be, what their health care costs will be, and what regulations their companies will face until lawmakers agree on a plan to fix the nation's fiscal problems.

"Politics overshadow economics," is the way Barclays summed up the market's reaction to the latest breakdown in the fiscal cliff talks.

Nearly all Americans would be affected by the fiscal cliff:

• Defense and non-defense spending would each be cut $55 billion.

• Tax rates would rise to 2000 levels, putting the top tax rate at 39.6%, vs. 35% now.

• The two-percentage-point cut in the payroll tax rate would end.

• Taxes on dividends would return to ordinary income tax rates – meaning a hike to as much as 39.6% from 15% now.

• Taxes on long-term capital gains would rise from 15% now to 20%.

• Thresholds for the alternative minimum tax, designed to ensure wealthy taxpapers pay some tax, would return to 2000 levels, raising taxes on about 30 million taxpayers.

It is a fact that your taxes will increase next year because the Republicans refused to compromise.

[War Eagle!!!]

That's the kind of response I expected.

Budget cuts would be great, but they're not on the table. Republicans just took their ball and went home.

http://www.usatoday.com/story/money/2012/12/21/fiscal-cliff-worries-markets/1783963/
It is a fact that your taxes will increase next year because the Republicans refused to compromise.

I expected this response from you.

I don't give two fucks if my taxes increase. Do I want to pay it? No. But I am glad that republicans stood up to the Dems and put it back on them. Why are the republicans getting the blame for not "fixing" this shit when Obama is the one that got us in this shit hole to begin with?

[War Eagle!!!]

It is a fact that your taxes will increase next year because the Republicans refused to compromise.

And Bull. Fucking. Shit.

It is a FACT that our taxes will rise because our government spends too much god damn money that we don't have in the first place.

[AUChizad]

http://www.cbsnews.com/8301-34222_162-57560408-10391739/plan-b-is-dead-whats-next-for-fiscal-cliff/

"Plan B" is dead; what's next for "fiscal cliff"?
WASHINGTON, DC - DECEMBER 20

House Speaker John Boehner's big idea for a backup "Plan B" exploded Thursday night when, after days of wrangling with his own troops, he realized he didn't have enough votes to pass the tax cut part of his plan.  With four days until Christmas and 11 until the effects of the "fiscal cliff" begin the big question today is: what happens now?

Obama and Boehner to talk?

Boehner sent House Republicans home for Christmas after last night's legislative collapse, ensuring nothing will be passed until Dec. 27 at the earliest, when members are due back in town.  That leaves Boehner and President Obama to keep negotiating - something that ground to a halt after Boehner announced he was moving forward with his "Plan B" earlier in the week.

But the two are at a stalemate, even though they're not that far apart in their proposals. In their most recent offers, Mr. Obama was offering $1.2 trillion in revenue and $800 billion in spending cuts; Boehner was offering $1 trillion in revenue and $1 trillion in spending cuts.  Also, the president agreed to let the Bush-era tax cuts expire on those making over $400,000; Boehner is supporting a $1 million threshold, to the consternation of some in his party who don't want anyone's taxes to go up. Note: the $1 million compromise was the Plan B that just failed

The president is hoping to get to Hawaii for Christmas - he was planning on leaving town today but without a "fiscal cliff" deal, it's unclear whether he'll get to the Aloha State at all for the holiday.  Meantime, Boehner wakes up today with the realization that he has a seemingly irreparable schism within his own ranks: there are just enough Republicans who refuse to budge on taxes and are demanding more spending cuts, especially on entitlement programs such as Medicare, therefore gumming up the works for any progress Boehner wants to make on the "fiscal cliff".

Ultimately, negotiations between the president and Boehner might be over, especially since it's clear to all parties after last night that Boehner doesn't have the votes to get any compromise through the House.

Obama and Reid to offer a solution?

Boehner seemed to throw up his hands after calling off the "Plan B" vote Thursday night saying the solution to averting the "cliff" is in the hands of Mr. Obama and Senate Majority Leader Harry Reid, D-Nev.

"The House did not take up the tax measure today because it did not have sufficient support from our members to pass. Now it is up to the president to work with Senator Reid on legislation to avert the fiscal cliff," Boehner said Thursday night in a written statement. "The House has already passed legislation to stop all of the January 1 tax rate increases and replace the sequester with responsible spending cuts that will begin to address our nation's crippling debt. The Senate must now act."

White House spokesman Jay Carney said in a statement tonight: "The President's main priority is to ensure that taxes don't go up on 98 percent of Americans and 97 percent of small businesses in just a few short days. The President will work with Congress to get this done and we are hopeful that we will be able to find a bipartisan solution quickly that protects the middle class and our economy."

The Senate is in session today before recessing until Dec. 27; both the president and Reid will attend a memorial service for the late Sen. Daniel Inouye, D-Hawaii, so action between the two, if any, would begin this afternoon at the earliest.

Over the "cliff"?

The only way to reach a deal may be to let the nation go over the "cliff." When that happens, the expiration of the Bush-era tax cuts will mean that taxes on nearly all Americans will go up. That fact would seem to make it easier for House Republicans to back a "fiscal cliff" deal, since they would be voting for a tax cut, not a tax hike.

But going over the "cliff" could have significant consequences. To be clear, the "cliff" is actually more of a slope: The $1.2 trillion in automatic spending cuts are phased in over a decade - it's not the immediate punch to the cut that "cliff" implies - and there are budgetary maneuvers that can at least somewhat soften the blow of both the tax hikes and spending cuts. But going over the "cliff" could spook the markets and once again shake world perceptions of the ability of the U.S. government to function effectively. And if a deal is not reached relatively soon after the deadlilne, the $500 billion in tax hikes and $200 billion in spending cuts in the first year will likely start pushing the nation back into recession.

How will the markets react?

Many eyes will be on Wall Street to see how it reacts to the growing realization that the over the "fiscal cliff" scenario may be closer to reality than anyone hoped.

Things were not looking up early this morning: Asian markets across the board closed slightly down for the day after news of the "Plan B" withdrawal broke.

Basically, Republicans are laying their dick out on the table, willing to completely fuck up the entire economy so that they can say they stood ground to "lower" taxes after they explode rather than just extend the Bush tax cuts and avert crisis.

[AUChizad]

And Bull. Fucking. Shit.

It is a FACT that our taxes will rise because our government spends too much god damn money that we don't have in the first place.

Great. I'm on board with that. Ideologically I agree with you. Obama put cuts on the table. It's called compromise.

This kind of hard-headed bullishness is why our country is broken. Absolute refusal to move one milometer on taxes, results in a complete economic collapse and INCREASED TAXES ON EVERYONE.

We live in a divided country. There are going to be tax increases. If we do nothing, they will be widespread and dramatic. Rather than try to shape it, Republicans prefer to let it explode on itself, completely destroying the economy, and RAISING MORE TAXES ON MORE PEOPLE.

[DnATL]

Too busy to respond further now, but in summary,

I am a dumbass beta boy that can't read or comprehend

[War Eagle!!!]

Great. I'm on board with that. Ideologically I agree with you. Obama put cuts on the table. It's called compromise.

This kind of hard-headed bullishness is why our country is broken. Absolute refusal to move one milometer on taxes, results in a complete economic collapse and INCREASED TAXES ON EVERYONE.

We live in a divided country. There are going to be tax increases. If we do nothing, they will be widespread and dramatic. Rather than try to shape it, Republicans prefer to let it explode on itself, completely destroying the economy, and RAISING MORE TAXES ON MORE PEOPLE.

This is so fundamentally wrong...

For one that apparently thinks for himself, I can't believe you are letting the rest of the libs think for you on this one...

[Townhallsavoy]

This is so fundamentally wrong...

For one that apparently thinks for himself, I can't believe you are letting the rest of the libs think for you on this one...

Why don't you delve a little bit more on what you're so upset about.

Here's what I've gathered:

Obama wanted to bring in $1.2 trillion in taxes and cut $800 billion in spending and focus tax revenue on those making $250k or more.

Boehner said make it $1 trillion in taxes and $1 trillion in spending (only $200 billion more) and put more emphasis on $1 million or more for tax revenue. 

Obama AGREED to it and the Republicans couldn't get it passed. 

I'm going Bottomfeeder on this one though.  I think they both wanted it to fail.  Taxes go up on EVERYBODY and now Obama can point his finger at the Republicans and Republicans can point their finger at Obama.  Spending cuts happen.  For the Dems, the defense budget gets cut and gains are taxed at a higher rate.  The economy recedes making unemployment go up.  The Dems seem to love catering to the welfare crowd, and Republicans can now point at Democrats for the state of the economy.

But gun control is the #1 issue of our time because of one incident at a school.  Great day to be an American. 

[AUChizad]

Why don't you delve a little bit more on what you're so upset about.

Here's what I've gathered:

Obama wanted to bring in $1.2 trillion in taxes and cut $800 billion in spending and focus tax revenue on those making $250k or more.

Boehner said make it $1 trillion in taxes and $1 trillion in spending (only $200 billion more) and put more emphasis on $1 million or more for tax revenue. 

Obama AGREED to it and the Republicans couldn't get it passed. 

I'm going Bottomfeeder on this one though.  I think they both wanted it to fail.  Taxes go up on EVERYBODY and now Obama can point his finger at the Republicans and Republicans can point their finger at Obama.  Spending cuts happen.  For the Dems, the defense budget gets cut and gains are taxed at a higher rate.  The economy recedes making unemployment go up.  The Dems seem to love catering to the welfare crowd, and Republicans can now point at Democrats for the state of the economy.

But gun control is the #1 issue of our time because of one incident at a school.  Great day to be an American.

You must be letting libs think for you since you have a robust understanding of the situation...

That or you "can't read or comprehend". Great dismissive universal comeback...if you're a fan of irony.

Irritating beyond belief. People actually want this country to collapse on itself. It literally sickens me. Willful ignorance.

War Eagle!!!, I love you bro, but I've got to use your words against you on this particular subject: "You're a dumbass."

[Ogre]

Read this.



It's about to become reality.  Maybe not within the next year, but I firmly believe in our lifetime.