FYI almost everyone will see a tax increase.

[DCal430]

The payroll tax cut that is around 3% total has expired. It has not been renewed and affects nearly everyone. So the majority of Americans will see tax increase, and substantial one at that.

 

[glenn1]

The payroll tax cut that is around 3% total has expired. It has not been renewed and affects nearly everyone. So the majority of Americans will see tax increase, and substantial one at that.

Only 77% of Americans, an average of $700/year for the average working stiff. Maybe a bit more for the well-off considering payroll taxes phase out at a bit over $100k. Well worth the price considering Obama got his desired tax increase on the 2%. And don't forget the $200B plus in subsidies to big business.

 

[lotus503]

The payroll tax cut that is around 3% total has expired. It has not been renewed and affects nearly everyone. So the majority of Americans will see tax increase, and substantial one at that.

Fine by me, they never should have cut it to begin with

 

[Zorkorist]

This sucks, and my pay check will be lower, as soon as next period.

-John {fighting the gawdzillion dollar deficit, with more taxes, while Government spends more.}

 

[glenn1]

Fine by me, they never should have cut it to begin with

Sounds good to me also. The Democrat plan means the average U.S. household that earns $50,000, will pay an extra $1,000 in taxes in 2013. For an individual earning the maximum 2013 cap of $113,700 or more, the increase would be $2,274, or nearly $200 per month. Regressive taxes FTW.

 

[Genx87]

It needed to expire.

 

[Wreckem]

Sounds good to me also. The Democrat plan means the average U.S. household that earns $50,000, will pay an extra $1,000 in taxes in 2013. For an individual earning the maximum 2013 cap of $113,700 or more, the increase would be $2,274, or nearly $200 per month. Regressive taxes FTW.

The cap should be completely removed. Solves 95% of the problems with social security.

And making the temporary payroll tax reduction permanent would have only made the problems with SS and Medicare many many times worse that they already are.

 

[Zorkorist]

It needed to expire.

Oh, great minds, decided it should expire? Last night? Or today?

-John

 

[lotus503]

The cap should be completely removed. Solves 95% of the problems with social security.

And making the temporary payroll tax reduction permanent would have only made the problems with SS and Medicare many times worse.

Yup

 

[Lithium381]

phasing out at 100k is stupidly regressive . . .oh well at least they fixed the AMT....

 

[glenn1]

The cap should be completely removed. Solves 95% of the problems with social security.

Why do that when we can reduce tax credits that help the working poor instead, like the The Child and Dependent Care Credit and Earned Income Tax Credit? Both are getting greatly slashed next year.

Face it, if you're a progressive Democrat, you got rolled with this bill. Hell, you couldn't even hold the line on increasing taxes for $250k and above, yet caved on big tax increases for lower income earners.

 

[Zorkorist]

I don't think our friendly liberals here on P&N had any idea that a $25,000 wage earner was going to pay more taxes.

They rarely think about wage earners, except on how to tax them more.

-John

 

[Balt]

Knew it was going to happen. Neither side even proposed extending it or talked about it. It's one of the reasons I "cut the cord" and ditched my cable a few months ago. It was almost exactly the same monthly cost as the tax hike will be.

 

[SparkyJJO]

Isn't that lovely. I knew it was coming sooner or later. Then add on the obamacare cost insanity and I'll be lucky to not go broke and still have a job. We're still not sure what the effects of that crap will be on the budget at work yet, but it isn't looking pretty.

Now when will they finally cut spending to reasonable levels like the rest of us have to do? Or is some basic math far too much to ask of washington?

 

[Lithium381]

Why do that when we can reduce tax credits that help the working poor instead, like the The Child and Dependent Care Credit and Earned Income Tax Credit? Both are getting greatly slashed next year.

Face it, if you're a progressive Democrat, you got rolled with this bill. Hell, you couldn't even hold the line on increasing taxes for $250k and above, yet caved on big tax increases for lower income earners.

i think the 450k line that got drawn in the end is more realistic, espcially with the way they're going to handle LTCG now it looks like..... 250 was a bit low... and the marriage tax is getting heavy!

 

[sactoking]

Eh, I never got the tax cut in the first place (I don't pay the payroll tax) so no biggie. On the downside, my wife will now have to pay the entire ~15%.

 

[glenn1]

Per boldprogressives.org, 98 percent of Americans will actually see a larger tax increase than some of the richest Americans.

 

[SheHateMe]

It's okay, I found a loophole in the system.

 

[Lithium381]

glenn, is that just payroll or includes CG/div income?

 

[Zorkorist]

I can only imagine Obama stomping around his bedroom. "They're going to crucify me next paycheck!"

-John

 

[SparkyJJO]

I can only imagine Obama stomping around his bedroom. "They're going to crucify me next paycheck!"

-John

Meh, he's only part of the problem. 99% of congress needs fired and replaced.

 

[Zorkorist]

He is the problem. Obama represents Government, and Government is the problem.

-John

 

[Zorkorist]

The obvious solution, is smaller Government, less Government spending, and fewer taxes.

-John

 

[NoStateofMind]

He is the problem. Obama represents Government, and Government is the problem.

-John

The obvious solution, is smaller Government, less Government spending, and fewer taxes.

-John

= no obama?

 

[Acanthus]

The obvious solution, is smaller Government, less Government spending, and fewer taxes.

-John

and here come the talking points.

Austerity doesn't work.

Reform does.