STIFF DEAL: Workers Making $30,000 To Take Bigger Hit Than the $500,000

[The Shadow]

STIFF DEAL: Workers Making $30,000 To Take Bigger Hit Than the $500,000

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.

Taxpayer Bill For Obama's Hawaii Vacations: $20 Million

Michelle Obama recently revealed that she and President Obama don’t give Christmas gifts to each other. They merely say, “We’re in Hawaii,” and that’s Christmas gift enough.


But actually the present is from taxpayers, and it’s an expensive one.
The total cost to taxpayers of Obama’s vacations to Hawaii since becoming president is likely in excess of $20 million, and possibly much, much more. During a time of budget deficits that threaten the nation’s security and its future, the Obamas have chosen to maintain a “family tradition” and vacation halfway around the world instead of finding far cheaper alternatives closer to home.

Furniture Company Hailed By Obama Closes

Lincolnton Furniture Company closed abruptly Thursday just one year after it was hailed by President Barack Obama as an example of the recovering U.S. economy.

[Phoenix]

Voters will eventually find out President Obama essentially “treated” the electorate by giving us firecrackers instead of treats, as Donald Duck did to his nephews at about 1:30 into the following Disney short
Our money supply, and future US dollar worth, will explode into trash before Obama’s term is over, just like Donald’s firecrackers did.
You have been forwarned.

[BlandFood]

Crash & burn, if you voted for the pos.....die for all I care!

[SalisburySage]

We tried to warn the Obama worshipers but were met with angry derision and
hate. But Obama is slowly revealing his true self and as soon as the worst of Obama care kicks in many more of the Obama worshipers will abandon their god. Too bad that America will suffer so in order to wake up.

[Joy in Mudville]

funny , isn't that while Republicans threatened to take the country over the cliff to maintain tax cuts for people making upwards of 950,000 a year, they never even talked about preserving the temporary tax cuts enacted by Obama on everyone's salaries up to 110,000.

[demopublican]

funny , isn't that while Republicans threatened to take the country over the cliff to maintain tax cuts for people making upwards of 950,000 a year, they never even talked about preserving the temporary tax cuts enacted by Obama on everyone's salaries up to 110,000.

What would be funny would be ANYONE thinking that either group of politicooks is actually making decisions based on what they think is good for middle America.

[Joy in Mudville]

What would be funny would be ANYONE thinking that either group of politicooks is actually making decisions based on what they think is good for middle America.

If you think that the current batch of house Republicans and the democratic party overall are equal in this regard than I would have to strongly disagree with you.

Let's look at the facts.

Obama consistently said that people making over 250k should have their rates returned to what they were during the Clinton years.

Obama also, in an effort to stimulate the economy, promoted and enacted a temporary 2% cut in the payroll tax. This is the tax that just about everybody with a job pays. So, when Romney bemoans that 47% of Americans don't pay income tax what he never mentioned was that a vast majority of them pay payroll tax.

The Republicans hated this tax cut and made it be known that it's extension was a non-starter. Obama could have fought to extend the cut but he didn't. That's disappointing.

But this whole thread is just another example of conservative/republican hypocrisy.

[music_man]

What would be funny would be ANYONE thinking that either group of politicooks is actually making decisions based on what they think is good for middle America.

And we have a winner.

[FHS77]

http://www.youtube.com/watch?v=uTmfwklFM-M

[OldBay]

funny , isn't that while Republicans threatened to take the country over the cliff to maintain tax cuts for people making upwards of 950,000 a year, they never even talked about preserving the temporary tax cuts enacted by Obama on everyone's salaries up to 110,000.

While its true that some temporary tax cuts turn out to be more temporary than others, there was no support from either side to extend the payroll tax holiday. Payroll taxes only affect working people - who do not own politicians.

The payroll tax is supposed to go to social security and medicare. If it went where it was intended and not to fund general gov't operations and pork to assure re-election, then the regressive tax increase would not be as objectionable.

[Eastside Terp]

While its true that some temporary tax cuts turn out to be more temporary than others, there was no support from either side to extend the payroll tax holiday. Payroll taxes only affect working people - who do not own politicians.

The payroll tax is supposed to go to social security and medicare. If it went where it was intended and not to fund general gov't operations and pork to assure re-election, then the regressive tax increase would not be as objectionable.

but this tax increase was clearly regressive as the title of the thread suggest .....

[flyboy56]

We tried to warn the Obama worshipers but were met with angry derision and
hate. But Obama is slowly revealing his true self and as soon as the worst of Obama care kicks in many more of the Obama worshipers will abandon their god. Too bad that America will suffer so in order to wake up.

They will continue to worship at his feet while continuing to blame Bushy for all of the problems. Fear him!

[Up2DaRack]

What's laughable, if it wasn't so damned pitiful, is the notion that either side is serious about addressing the issue:

Projected income via taxes to the Treasury: $2.17 trillion
Projected expenditures in the budget: $3.82 trillion
Projected deficit added as a result: $1.65 trillion
Existing deficit accumulated over the years: $14.271 trillion

and the solution?
New income taxes proposed: $600 billion over 10 years

But the numbers are meaningless because they are so large. Make believe they are 100 million times smaller, just so us average folks can understand it all.

OK, so we have the following scenario:

Annual Income: $21,700
Annual Expenditures: $38,200
Projected shortfall this year: $16,500 (add to the credit card)
Previous shortfalls: $147,271 (balance on the credit card before)

But hey! Good news. We have some newfound income to help out. $6,000... er... well... $600 a year that is, over the next ten years. Woo effin' Hoo!!!! Great job guys!

And here we sit debating whose fault it is? OURS, for electing each and every one of these bastards who don't give a flying whit about the middle class, or just about anything else for that matter.

[bmorepunk]

but this tax increase was clearly regressive as the title of the thread suggest .....

If there wasn't a cap on SS contributions then it wouldn't have made the difference of 0.4% in their estimates in the article.

Did people really think we could just pay 4.2% instead of 6.2% into SS taxes indefinitely, especially that Congress raided nearly $3 trillion out of it over the years?

[Brohan]

If you think that the current batch of house Republicans and the democratic party overall are equal in this regard than I would have to strongly disagree with you.Let's look at the facts.

Obama consistently said that people making over 250k should have their rates returned to what they were during the Clinton years.

Obama also, in an effort to stimulate the economy, promoted and enacted a temporary 2% cut in the payroll tax. This is the tax that just about everybody with a job pays. So, when Romney bemoans that 47% of Americans don't pay income tax what he never mentioned was that a vast majority of them pay payroll tax.

The Republicans hated this tax cut and made it be known that it's extension was a non-starter. Obama could have fought to extend the cut but he didn't. That's disappointing.

But this whole thread is just another example of conservative/republican hypocrisy.

Of course you would, you are partisan.

[OldBay]

If there wasn't a cap on SS contributions then it wouldn't have made the difference of 0.4% in their estimates in the article.

Did people really think we could just pay 4.2% instead of 6.2% into SS taxes indefinitely, especially that Congress raided nearly $3 trillion out of it over the years?

Is it possible that people would be more accepting of the need to return to the 6.2% rate if they believed it would not simply be raided even more for general gov't operations and pork?

[Joy in Mudville]

While its true that some temporary tax cuts turn out to be more temporary than others, there was no support from either side to extend the payroll tax holiday. Payroll taxes only affect working people - who do not own politicians.

The payroll tax is supposed to go to social security and medicare. If it went where it was intended and not to fund general gov't operations and pork to assure re-election, then the regressive tax increase would not be as objectionable.

I agree.

The irony is that this was probably the most stimulative of any tax cut.

[Eastside Terp]

If there wasn't a cap on SS contributions then it wouldn't have made the difference of 0.4% in their estimates in the article.

Did people really think we could just pay 4.2% instead of 6.2% into SS taxes indefinitely, especially that Congress raided nearly $3 trillion out of it over the years?

yep, they did raise the cap about $5k I think ........

[Joy in Mudville]

Of course you would, you are partisan.

Please provide links to the articles citing Republicans in Congress rallying against the end of the payroll tax holiday.

[bmorepunk]

Is it possible that people would be more accepting of the need to return to the 6.2% rate if they believed it would not simply be raided even more for general gov't operations and pork?

Very few people have any understanding of what OASDI even is in their paycheck, so I doubt it. Otherwise the focus wouldn't be "SS is broken!" but "SS is broken because Congress 'borrowed' all the money out of it".