Fiscal suicide

M

mojo17

1,000+ Posts
If you make over 108000 your taxes will shoot up 14000 next year. I may have to work part time to avoid this shake down. You make less than 108000 you pay 3500. That is increase not total taxes. Just crazy
 
I paid $26k last year and made a little more than that mumber so you are saying I'll pay $40k in taxes next year?
 
Not following the logic. Only income above a certain bracket is taxed at a higer rate. The OP makes is sound like if you make above a certain amount then your taxes take a step change.
 
"If all of these tax increases were to take place without a commensurate increase in government spending, I dependent economists expect it will send the economy into a tailspin."

So tax increases won't be able to be applied toward reducing the deficit? We'll just increase spending? Great. And higher insurance premiums will also take money from taxpayers. We are pretty much screwed.
 
I admire your optimism that higher taxes means deficit reduction and less borrowing from China. I fear it will mean the opposite.
 
can you explain why those taxes would go up that much? and saying over 108k is very miseading b/c that includes everyone making over 108k.
 
What do you mean we don't want to experience the pain? How much pain is there when you are trying to get two kids through college and you are working your *** off and the gov wants more and more of what you work for. Maybe you can afford to pay others bills but personally I think it is a travasty. If my taxes go up as planned I may quit working and let you support me BI.
 
DFWag if they quit spending so much then our poor would not have cable Tv or cell phones or cards to get cigs and booze with. Oh I forgot and cash and heathcare and cars and money back they didn't pay taxes on and a place to live. Not to bad being poor in this country. In fact you don't even have to be poor to get a lot of benefits. Yea I am mad.
 
I had no idea that it would hit people making less than 250K that hard. 7.7% is a shitload less take home pay. That would dry up the economy like a solar tsunami.

I don't believe it will happen. Even though BO wants to redistribute the wealth, I don't believe he has the balls to veto any bill Congress comes up with.
 
Or, Obama and Congress can work together (as they say they will) and pass legislation to stop the Cliff and then this entire post is moot.
 
if we go over the fiscal cliff, we get hit by two tax breaks that expire: the bush tax cuts (for everyone), and the social security tax cut that's been in place for the past 2 years. the latter should expire anyway.

At some point, the tax breaks given to small business owners and the wealthy will go away, because with the "give me" attitude of much of the population, we're going to keep electing people who want to take that money away from SBO's and the wealthy. I think that bargaining chip needs to be used as soon as possible towards fundamental tax reform, or entitlement reform. might as well get something in return while we can.
 
Oh Magic 8 Ball answer me this: will these tax hikes spare the middle class as promised, lower our deficit, improve the quality of lives of those on government assistance, spur our lagging economy, be accompanied by responsible cuts in spending and meet the needs of our benevolent government such that they won't be asking for more money months later?

Magic 8 Ball: "Mutherfucker, are you for real?"
 
Sip, you sound so cynical. You must try the koolaid - it's wonderful until you get to the bottom. Then you can see the lies written in the dregs.
 
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