Tax Laws Set to Expire

[Pr0d1gy]

Politics and News. Please.

Most of us don't give a shit anymore. You pick one side, they take your money and your freedom. You pick the other they try to overrule the Constitution, take your guns, AND take your money and freedom.

 

[IronWing]

Many complain about Pres Bush and his antics ... but I doubt you'll see many complaining about how much he reduced taxes for both the MC and the wealthy. Yeah, Bush bashers tend to forget that ...

The Bush/Obama tax rates were irresponsible and need to go away. Reverting to pre-Bush tax rates isn't sufficient. Capital gains need to be taxed as regular income.

Also note that fiscal cliff or not the restoration of the FICA tax rate is already set to happen. Neither R nor D are interested in changing that.

 

[Engineer]

Also note that fiscal cliff or not the restoration of the FICA tax rate is already set to happen. Neither R nor D are interested in changing that.

Not seen it in print but I had heard that Obama had actually suggested keeping that around for a year or two, FWIW. Was reported on CNN a few weeks back.

 

[HeXen]

i think Rush predicted this types of issues back in 2008

 

[umbrella39]

i think Rush predicted this types of issues back in 2008

What type of issues?

 

[bozack]

The Bush/Obama tax rates were irresponsible and need to go away. Reverting to pre-Bush tax rates isn't sufficient. Capital gains need to be taxed as regular income.

Also note that fiscal cliff or not the restoration of the FICA tax rate is already set to happen. Neither R nor D are interested in changing that.

and what about the rest of it, like the marriage tax and other fees that will continue to beat down the middle class...

I hope they do nothing and let these expire, but only because I feel "we" voted for this when we re-elected an administration that won't take a hard look at spending and instead wants social justice against the rich.

 

[Zivic]

I'm not an advocate of socialism by any means, but 11% of your typical median household income equals a crushing blow.

11% of a 200k+ household's income is "oh, so I can't buy a new iPad every year, darn."

And therein lies the problem.

edit: 11% income "taxes".

so by your math 11% of 200k+ = the price of an ipad?

 

[Zivic]

"we" voted for this when we re-elected an administration that .... wants social justice against the rich.

This is what it all comes down to. People are so ignorant they actually believe the increase in taxes will have any impact on our deficits. it's nothing more than a form of social justice

 

[Argo]

The fact that 250k a year is considered rich by our president is a joke. Where I live, 250k is upper middle class at best.

 

[Pr0d1gy]

i think Rush predicted this types of issues back in 2008

Rush predicts stuff because he knows our government is just about squeezing both sides against the middle.

No matter how you vote both sides are going to push their agenda to continually remove more and more of our freedoms until they can finally destroy the Constitution with little to no resistance.

 

[Doppel]

Some of those deserve to expire.

Most of them should. Few, if any of them, will.

People need to chill out on this fiscal cliff stuff. I am positive that, worst case, the taxes jack up on a very short term only. I fully expect the majority of people to realize NO increase at the start of the year as a result of this. Anything they see will be temporary and almost certainly reversed.

Dems and Repubs will have an 11th hour agreement, and at the moment it looks like the repubs will again lose. But they're used to that now.

Anybody genuinely concerned about taxes hitting Americans like indicated in the first graphic are spending too much time listening to talking heads on the news. Rolling back the Bush tax cuts was never seriously on the cards for either side because people would grab pitch forks and march. Instead, we'll keep taxes low and keep sport fucking the federal debt into oblivion, shouldering the youth with the profligacy of the old.

 

[MagickMan]

As a 1%er, I don't mind if my taxes resume their previous rate. Increases for low-mid income Americans, in this economic climate, are inexcusable. More/higher taxes won't do a damn on their own, however. Deep cuts (and bigger balls in DC) are required.

 

[brianmanahan]

True, the only way the deficit problem will get solved is get rid of all of the Republican nuts that hate America.

:awe:

 

[Anarchist420]

They should repeal all capital gains taxes and all of the Harmonized Tariff Schedule. The Obamacare taxes should be repealed also and all tax cuts should be extended indefinitely.

Unfortunately, that's not going to happen.

 

[Jhhnn]

As a 1%er, I don't mind if my taxes resume their previous rate. Increases for low-mid income Americans, in this economic climate, are inexcusable. More/higher taxes won't do a damn on their own, however. Deep cuts (and bigger balls in DC) are required.

You contradict yourself. In a macro economic sense, deeper cuts are incompatible with greater well being for low-mid income Americans. That's not just in terms of benefits & employment, but also in terms of overall economic activity.

Contractionary fiscal policy, austerity, is contractionary, having the strongest effect on those who have the least. Expansionary austerity is bullshit, as witnessed in the economies who've actually tried it, like the UK. We're already in a liquidity trap, which can easily descend into a self reinforcing debt/deflation spiral. That benefits only the most wealthy among us, so it's no surprise that Repubs seek to invoke it every chance they get.

Such a deal! When demand is low & investment returns risky & small, the best answer is if your money can grow in value while sitting idle. The harder the financial elite squeezes every dollar, the more valuable it becomes in a debt/deflation scenario. Reference 1932.

 

[drebo]

Raising taxes on the middle class at this time will torpedo any chance of recovery this nation had. Seriously, this is irresponsible and stupid.

Also, why the fuck should "married filing jointly" be penalized? Give me a good reason for that.

 

[Londo_Jowo]

Good, you must hit bottom before you can rise. :thumbsup:

When we hit bottom will that mean you won't be able to afford to access the internet?

 

[shira]

You've neglected to include the only change that will affect 2012 taxes: The "patch" to the AMT exemption amount to account for inflation since the AMT law was first created. For 2011, the patch raised the exemption for married filing jointly to $74,450; and the exemption would probably be about $75,500 for 2012 (which means that after adjusting AGI for AMT [which excludes the standard deduction, plus deductions for state income and property taxes, personal exemptions, plus some mortgage interest], all remaining income above $75,500 is taxed at at least the 26% rate). Without the patch, the exemption amount will revert to $45,000.

Example: Couple with 2 children and an AGI of $100,000 who takes the standard deduction. Taxable income would be $100,000 - standard deduction (probably $12,000 for 20012) - four exemptions (4 x probably $3850 for 2012) = 72600, which would have a "regular" income tax (filing jointly) of about $10,300. The AMT taxable income (without the patch) would be $100,000 - $45,000 (AMT exemption amount) = $55,000. Taxed at the 26% AMT rate, the couple's AMT income tax would be $14,300, and the couple's 2012 federal income tax would increase by $4000.

This is going to hurt a LOT of middle-income households for 2012 unless Congress patches the exemption.

 

[marvdmartian]

True, the only way the deficit problem will get solved is get rid of all of the political nuts that hate America.

There ya go, Dave.....I fixed that for ya! 🙄

 

[Jhhnn]

Raising taxes on the middle class at this time will torpedo any chance of recovery this nation had. Seriously, this is irresponsible and stupid.

Of course. That's the Repub hostage this time around, hostage to maintaining low rates for the Uber Wealthy few.

They'd throw their grandmothers under the bus to maintain those tax advantages, likely everybody else out of spite if they can't.

 

[Acanthus]

Sweet. Can't wait.

^^

 

[BrunoPuntzJones]

You've neglected to include the only change that will affect 2012 taxes: The "patch" to the AMT exemption amount to account for inflation since the AMT law was first created. For 2011, the patch raised the exemption for married filing jointly to $74,450; and the exemption would probably be about $75,500 for 2012 (which means that after adjusting AGI for AMT [which excludes the standard deduction, plus deductions for state income and property taxes, personal exemptions, plus some mortgage interest], all remaining income above $75,500 is taxed at at least the 26% rate). Without the patch, the exemption amount will revert to $45,000.

Example: Couple with 2 children and an AGI of $100,000 who takes the standard deduction. Taxable income would be $100,000 - standard deduction (probably $12,000 for 20012) - four exemptions (4 x probably $3850 for 2012) = 72600, which would have a "regular" income tax (filing jointly) of about $10,300. The AMT taxable income (without the patch) would be $100,000 - $45,000 (AMT exemption amount) = $55,000. Taxed at the 26% AMT rate, the couple's AMT income tax would be $14,300, and the couple's 2012 federal income tax would increase by $4000.

This is going to hurt a LOT of middle-income households for 2012 unless Congress patches the exemption.

It'll be patched, they wait till the last minute every year. IIRC something like 30 million tax payers would be hit by AMT. It was never indexed for inflation.

The chart doesn't address the 0.9% and 3.8% Medicare tax increases either.

 

[blankslate]

Many complain about Pres Bush and his antics ... but I doubt you'll see many complaining about how much he reduced taxes for both the MC and the wealthy. Yeah, Bush bashers tend to forget that ...

^stupid post

People like you forget that almost no administration in the past 100 years lowered taxes while this country was increasing spending on conflicts in other countries.

If I recall correctly during the beginning of the Vietnam conflict taxes were lowered but then once it became apparent that it would last a fairly long time that tax cut was reversed.

Bush gets bashed for those tax cuts because he deserves it.

 

[Jhhnn]

As predicted, Boehner is preparing to throw high earned income filers under the bus to preserve the 15% rate on investment income-

http://www.newsdaily.com/stories/bre8bf0gd-us-usa-fiscal-taxes/

Near-seniors would take a hit wrt Medicare, too.

The number of earned income filers making over $1M/yr is vanishingly small, anyway, meaning increased revenues would be negligible. The big boys' income comes from investments, and Boehner will apparently do most anything to protect them.

 

[piasabird]

If taxes go up too much it will just cause more home foreclosures. That sounds like a great idea. Democrats love pain and misery and fear. I say bring it on, but dont expect to get reelected.