Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center. Earners in the latter group will pay an average 1.3 percent more--or an additional $2,711--in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent--or up to $1,784 - the D.C.-based think tank reported. Overall, nearly 80 percent of households will pay more money to the federal government as a result
This has got to be a mistake, I remember Obama saying: “I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes,” President Obama, September 12, 2008
Of course Republicans will get the blame. That is normal. Let´s face it, the Demon-RATS will say that it´s the Republicans´ fault. The MSM will declare it to be true. The Republicans will try to make their case, but unless you watch Fox News, or read conservative web sites, you will never hear what the Republicans have to say.
As long as a majority of the people in this country get their ´´news´´ from the MSM, Republicans can scream from the rooftops, but they will never be heard.
But the Republicans have nobody but themselves to blame this time for surrendering like French men facing down a troop of Girl Scouts.
Just talked to my daughter and she said the amount taken from her check was astonishing. Her husband has the same problem with his retirement checks. Don´t blame John, he didn´t do this at all. We need to impeach the lousy stinking president.
Reply 5 - Posted by:
Rather Read, 1/4/2013 11:48:41 AM (No. 9098398)
Well that would be me. I haven´t seen my newest check yet. I am afraid to.
The Bush tax cuts for the vast majority of tax payers are now permanent. They were made permanent by a large bipartisan majority, and promptly signed by Obama. Horray!
The impication is that the federal governmeent can only collect about 19% of the GDP in taxes. Which means we must reduce federal expenditure to about 19% of GDP. This calls for massive (and real) cuts of about $850 billion from the annual federal budget.
#4,9 and 10, that huge hole in your paycheck is most likely due to the witholding being calculated using the 2001 tax tables. When that paycheck was processed there was no deal yet so the assumption that the Bush tax rates had been revoked had to be made. Expect your pay to miraculously go up in the next check. This article is propaganda pure and simple. and has absolutely nothing to do with the fiscal cliff fiasco. SS has simply been returned to what it had been for decades
Workers earning $30K/yr pay no federal income taxes. They may get money taken out of their checks as the year progresses, but will get all of it back when they file their tax return - and in many cases receive more back than they pay in through federal taxes credits, etc. The fact that we are all returning to 6.2% social security tax rate should bother nobody. Congress - especially the GOP - should never have agreed to lower the rate by 2% in the first place. It was a stupid thing to do at the time. Why didn`t the GOP tell Obama no, if you want to stimulate the economy, lower tax rates!!
How many working people do we have that are making less than the amount which qualifies to pay federal taxes, that are living at home with mommy and daddy, perhaps paying no rent, no food and enjoying a free roof over their heads? Those people may be driving a nice car, cell phone or other toys which they can easily afford on their income but paying no federal taxes? It seems to me they surely should be paying something into the system. Not everyone in the lower tax brackets are struggling to feed a family for 4 or 5.
Obama voters ought to be jubilant. This is what they voted for. If they gripe about having a smaller paycheck, tell them their paycheck is actually larger, as Obama promised. The average Obama voter will believe it and then be happy.
(And wait till their Obamacare insurance premiums show up on their paychecks. This will cement their loyalty to the Democrat Party, as they wallow in the joys of collective suffering. Happy Days are Here Again!)
Everyone who has income, no matter the income, should pay some income tax. Obama likes the phrase, everyone should pay their FAIR share. What is fair about paying nothing. I also believe welfare payments should be taxed same as social security is taxed.
Fair means every state pays their chunk in like it was before the 16th amendment - how the states collect is up to their citizens. And fair means the governments debt ceiling each year is the amount they took in from the states - with the spending to include debt service. Fair means every law passed by congress applies to them as well - and any penalties are automatically elevated to the death penalty for congress and life for bureaucrats if they break a law they put on us. That´s what ´fair´ means to me.
I think that the rise is mostly due to the expiration of the 2% SS ´´tax holiday´´. Neither party had planned to make the holiday into something permanent. So call it a ´tax hike´ if you must but I don´t.
The main folks who got hit were (obviously) those over $450K and also those over $250K regards the hefty Obamacare taxes.
The spending cuts are likely to kick in in the spring. They were merely deferred - not abandoned. Obama and the Dems have little or no leverage on those automatic cuts.
Remember a lot of people making $30K are young and may have kids.
If they do, they pay no federal income tax...AND...they will receive checks for thousand of dollars.
My daughter & SIL had $29K adjusted gross income lst year and ONE child..."refund" check $7500.00 This year they have TWO kids.
They an all their friends,love it and that´s why they voted Obama...even though they have watched us lose our stock, savings and house...AND we had to send an additional $2,000 and a penalty because we didn´t have enough witheld from my husbands drastically reduced paycheck.
I seriously doubt those making over $500,000 are going to get any type of ´´hit´´ at all.
Rich people aren´t stupid, or they wouldn´t be rich. Defer income, hide income, move income off-shore, and basically every accounting trick known and unknown to man are about to get used.
The government may see a small bump in tax revenues this year. But two years from now, tax revenues will go down substantially -- with all those ´´rich´´ people suddenly looking like they are lower middle class on their tax returns.
But that is logical, and requires that you actually look at history to know exactly what is coming. Logic, and looking at anything with an open mind, are two things that lie-berals are incapable of doing!!!
Well...... Those low dollar earners are in for another surprise, once ObamaCare fully kicks in.
You see; up until now.... An employee who received compensation in the form of healthcare insurance, dental insurance, disability insurance, vision insurance (etc) , well, the employee was not taxed on this compensation.
Well, once ObamaCare kicks in...... Sad employee WILL be taxed on these insurance related forms of compensation.
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