Here's What's in the Taxpayer Relief Act of 2012

  1. 4 In this new White House White Board, Brian Deese, the Deputy Director of the National Economic Council, explains what the new agreement to extend tax cuts for the middle class means for the economy and how it met President Obama's key economic priorities.



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  3. Visit  Joe V profile page

    About Joe V

    From 'Vineland, NJ, US'; 46 Years Old; Joined Feb '07; Posts: 7,429; Likes: 5,346. You can follow Joe V at Facebook My Website

    41 Comments so far...

  4. Visit  tewdles profile page
    6
    I am certain that there are a great many people who will remain unhappy about this...oh well.

    I was pretty darned unhappy about the invasions of Afghanistan and (especially) Iraq...I lived, so I guess they will too.
    aknottedyarn, wooh, NutmeggeRN, and 3 others like this.
  5. Visit  22gawhitacre profile page
    5
    more useless drivel for the "low information voter" from the propaganda arm of the White House.
    Last edit by Joe V on Jan 10, '13 : Reason: removed long quote
    iteachob, msn10, jeannepaul, and 2 others like this.
  6. Visit  CrufflerJJ profile page
    3
    Quote from Joe V
    In this new White House White Board, Brian Deese, the Deputy Director of the National Economic Council, explains what the new agreement to extend tax cuts for the middle class means for the economy and how it met President Obama's key economic priorities.
    Yes, a nicely spun broadcast from the Department of "Making Those Without" believe that they are of value, and DESERVE to receive from Those With.

    I find it interesting that the White House dared to use the word "permanent" or "permanently", related to tax changes. As if there were such a thing. Of course, it's permanent...until it changes. Poor little sheeple...believe what you're told by Big Brother.

    "This agreement doesn't cut Social Security benefits, Medicare, or Medicaid. That's because the President stood strong against reducing our deficit on the backs of Seniors, students, the poor, and working families." How freakin' precious. So good to hear that the President failed to face up to the realities of overspending (here at home, and in foreign lands), given fiscal reality. Vote for him!

    Pitiful, yet expected.
  7. Visit  brandy1017 profile page
    0
    I read that the mortgage deduction remains unchanged, also you can still deduct PMI for another year at least and they have given another year of tax forgiveness for those whose mortgage loan is forgiven either thru foreclosure, bankruptcy or short sale. Otherwise you'd have to pay taxes on the amount of the unpaid loan.
  8. Visit  22gawhitacre profile page
    0
    With interest rates so low now is the time to completely eliminate the mortgage interest deduction loophole for everyone. There isn't much interest to decduct now with rates in the 3% range.
  9. Visit  VivaLasViejas profile page
    5
    Social Security tax ^ = smaller paycheck. And that's supposed to help the lower- and middle-class taxpayer......how?
  10. Visit  BostonTerrierLoverRN profile page
    4
    I am just tired of worrying over "Government Manufactured Crisis" like the Fiscal Cliff, and waiting to see if our tax rates will go up(no matter if its a Dem or Rep) behind it.

    I just have so little faith in the Grown Educated men so out of touch with common American worries in Congress.I really believe Globalization is the beginning birth pains if the End. I also believe as Lincoln said, "A House Divided Cannot Stand." I've been hit with enough ceiling tiles to start believing that as a prophecy
    Last edit by BostonTerrierLoverRN on Jan 10, '13
    aknottedyarn, tewdles, VivaLasViejas, and 1 other like this.
  11. Visit  CrufflerJJ profile page
    1
    Quote from VivaLasViejas
    Social Security tax ^ = smaller paycheck. And that's supposed to help the lower- and middle-class taxpayer......how?
    Ummm....by ensuring the long term viability of Social Security, for our most fragile members of society - the elderly.

    Yeah, that's it! Help the elderly.

    And stuff.

    Not to mention, provide added dollars to be borrowed to reduce the apparent National Debt ($2.72 Trillion, according to Who Owns Most of the US National Debt ).
    aknottedyarn likes this.
  12. Visit  NutmeggeRN profile page
    0
    If you can get that rate, I am currently underwater at 6.25.....fortunatly I am able to make my payment and will continue to do so plus extra to pay down the pricniple and will refi when it makes sense.

    This time I won't take any extra money out....oh well, live and learn......
  13. Visit  herring_RN profile page
    4
    In December 2010 the Bush tax cuts were set to expire. The Republicans in Congress wanted an extension of the Bush tax cuts while the Obama administration wanted fiscal support to help lower unemployment. The final compromise included a two-year extension of the Bush tax cuts, a one-year extension of emergency unemployment insurance (UI) benefits, and a one-year payroll tax cut.

    This payroll tax cut was a way compromise for the "Making Work Pay" tax credit - a policy that President Obama campaigned on and was was part of the Recovery Act (stimulus).

    Republicans didn't like the "Making Work Pay" (MWP) perhaps because it was a tax cut associated with the Obama administration. So, to get more money into circulation, the administration agreed to exchange MWP for a payroll tax cut.
    Consumers to see smaller paychecks despite 'fiscal cliff' deal
    Congress did not extend a payroll tax cut, so workers will see the tax on their paychecks rise to 6.2% from 4.2% last year.


    http://articles.latimes.com/2013/jan...umers-20130103
  14. Visit  VivaLasViejas profile page
    5
    Quote from CrufflerJJ
    Ummm....by ensuring the long term viability of Social Security, for our most fragile members of society - the elderly.

    Yeah, that's it! Help the elderly.

    And stuff.

    Not to mention, provide added dollars to be borrowed to reduce the apparent National Debt ($2.72 Trillion, according to Who Owns Most of the US National Debt ).
    I get that, and as someone approaching old age at the speed of light, I agree. What I was thinking was that it's rather unfair that all of a low- to middle-income earner's wages are subject to SS taxes, while earnings above a certain figure (can't remember, but think it's in the low $100,000s) are not. That's the only thing I have a problem with.
  15. Visit  BostonTerrierLoverRN profile page
    3
    Awesome Tag Viva!!

    Bipartisan Agreement is like an oxymoron these days. Jumbo Shrimp, Authentic Replica, Good Lawyer, etc. I kind of think it's because most of the extremes in both parties. Used to, there actually were Moderate and Liberal Republicans, and Moderate and Conservative (Blue Dog Democrats) in numbers significant enough to pass worthwhile Legislation. Now my own party views "Compromise" as a 4 letter word, and I have never seen the American Public so disillusioned with their Congressmen and women. We have such low expectations of the most "Representive" body in our Government, who individually drag in $200K plus per year are disillusioned with us. So, I can only hope it's a "cycle" just as American Politics have always drastically changed over the years- perhaps it will change for the positive again one day.

    There have been many times in American History where the nation's future looked bleak, but something changed it for the better, and the giant recovered. I just hope that wasn't because of the Morals, Values, and Standards of our Predecessors who are dying out rapidly for more extremist positions(both sides of the isle). I hope the "X Factor" that keeps this Nation strong and great is still there somewhere in enough mass to repeat another success story.

    I see a glimmer of hope that they were able to reach this agreement, with huge obstacles breathing down our necks, I hope they have the stomachs for much more.


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