Tax hike before "fiscal cliff" deal - page 3

by Joe V 1,800 Views | 26 Comments Admin

President Barack Obama said on Wednesday that Republicans would have to agree to raise taxes on the wealthy as the first step in a budget deal that would prevent a dysfunctional Washington from pushing the economy into recession.... Read More


  1. 4
    Well, Congress does have a lot of fault to be found about them. I wonder if the new crop will be any better? They are all owned and will continue to be as long as we have corporations as people. When one is owned by Monsanto, oil companies, GE, etc. we cannot exspect them to represent us, the little guys who only pay their salaries.

    I suspect if we had more Bernie Sanders in Congress we would see things change quickly.
    Elvish, tewdles, herring_RN, and 1 other like this.
  2. 3
    Quote from aknottedyarn
    Well, Congress does have a lot of fault to be found about them. I wonder if the new crop will be any better? They are all owned and will continue to be as long as we have corporations as people. When one is owned by Monsanto, oil companies, GE, etc. we cannot exspect them to represent us, the little guys who only pay their salaries.

    I suspect if we had more Bernie Sanders in Congress we would see things change quickly.
    Nope, the new crop won't be any better than the old crop. While newbies may enter politics with all sorts of "new ideas & convictions", they'll be rapidly beat down by US political "reality".

    As you said, our political process is owned by lobbyists.

    I had to Google Bernie Sanders. Good that he's independent.
    tewdles, aknottedyarn, and herring_RN like this.
  3. 1
    Bigger Tax Bite for Most Under Fiscal Pact

    Only the most affluent American households will pay higher income taxes this year under the terms of a deal that passed Congress on Tuesday, but most households will face higher payroll taxes because the deal does not extend a two-year-old tax break.

    The increases will apply almost exclusively to households making at least half a million dollars, the center estimated in an analysis published Tuesday. But lawmakers’ decision not to reverse a scheduled increase in the payroll tax that finances Social Security, while widely expected, still means that about 77 percent of households will pay a larger share of income to the federal government this year, according to the center’s analysis.
    The tax this year will increase by two percentage points, to 6.2 percent from 4.2 percent, on all earned income up to $113,700.

    Indeed, for most lower- and middle-income households, the payroll tax increase will most likely equal or exceed the value of the income tax savings. A household earning $50,000 in 2013, roughly the national median, will avoid paying about $1,000 more in income taxes — but pay about $1,000 more in payroll taxes. ...

    http://www.nytimes.com/2013/01/02/bu...nate-plan.html
    tewdles likes this.
  4. 2
    What I do not understand is why with salaries and payrolls going up do we continue to limit the Social Security for the slightly over $113,000. Those who are making hundreds of thousands could put in a bit more. We know that people currently get back less than they put into SS. We always pay ahead. No reason why we should expect 100% but there is no reason why those who earn can't help keep it afloat until they can access their part.
    herring_RN and tewdles like this.
  5. 2
    The increase in the payroll tax is just letting it return to it's pre-2011 level. 6.2% is what it has been since 1990. It's not realistic to expect it to stay artificially low forever, especially when it funds social security.
    herring_RN and CrufflerJJ like this.
  6. 2
    Quote from Jolie
    "Spending cuts" proposed for 3,4...9 or 10 years down the road are not spending cuts at all. The President knows this. Unfortunately, the masses of ill-informed Americans do not. Those cuts will be revised in future budgets, never to take effect. The only true cuts are those that are immediately (this year) put into place. Not only is the President not proposing any immediate meaningful cuts, he is continuing to increase spending, to the great detriment of this nation.
    As republicans frequently point out, he's already made cuts to medicare. His proposed social security cuts were to start in 2013. But there's also a lot of spending that's essentially already been "spent" for 2013 by December of 2012 and can't be altered.

    I'm all for cuts, including whatever the Republicans want to cut, but I haven't heard of anything they want to cut, they've yet to make a single meaningful proposal, I'm not sure they really want to cut anything.
    herring_RN and aknottedyarn like this.
  7. 2
    I am cool with spending cuts...I just object to the definition of "entitlements" being so narrowly limited to those benefits for the mddle and lower classes when talking about those expenditures.

    When I look at my friends who have put off retirement because of the economic collapse that ate large portions of their asset value I am concerned. I am concerned for my friends slightly younger than me who have paid into those "entitlements" but will see a reduction in their benefits...even after their own savings plans were also devastated by the financial decline. We won't even talk about the people who are near retirement/SS/Medicare age and no longer have retirement or personal savings because of health costs, job losses, etc., and their benefits will be reduced.

    There is not an easy fix for our deficit...but the pain of the repair should not be borne by the most vulnerable in the society...at least IMHO.

    Firing Big Bird, raising taxes on the wealthy, closing Gitmo; none of these alone will cure our budget woes, but they are all a worthwhile piece of the puzzle to pursue...again, IMHO

    Of course, the people who got us into this unacceptable economic mess are not held to the same standards or requirements as the general public...they create the problem, give themselves raises, improve their own health care and retirement programs and throw the common man to the wolves.
    herring_RN and aknottedyarn like this.


Top