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FEW SPARED: Average tax increase will be $1,635...
#1
We are truly fucked...this is only the beginning.

http://www.bloomberg.com/news/2013-01-01...holds.html

The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.

The heaviest new burdens in 2013, compared with 2012, would fall on top earners, who would face higher rates on income, capital gains, dividends and estates. The top 1 percent of taxpayers, or those with incomes over $506,210, would pay an average of $73,633 more in taxes.

Much of that burden is concentrated at the very top of the income scale.

The top 0.1 percent of taxpayers, those with incomes over about $2.7 million, would pay an average of $443,910 more, reducing their after-tax incomes by 8.4 percent. They would pay 26 percent of the additional taxes imposed by the legislation.
"In 4 more OMao years you won't like how America looks....I guarantee it."
“When injustice becomes law, resistance becomes duty.” -- Thomas Jefferson
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#2
But were told very clearly that if you make less than $250k your taxes wouldn't be going up....
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#3
streaker69;61663 Wrote:But were told very clearly that if you make less than $250k your taxes wouldn't be going up....

OMao lips moving....OMao lying. OMao screwing you and America.
"In 4 more OMao years you won't like how America looks....I guarantee it."
“When injustice becomes law, resistance becomes duty.” -- Thomas Jefferson
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#4
streaker69;61663 Wrote:But were told very clearly that if you make less than $250k your taxes wouldn't be going up....

Would you be interested in some slightly wet land I have for sale? Big Grin
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#5
And the best part is, Obama is already saying that he will not negotiate on raising the debt ceiling. Trillions in debt and everyone paying more in taxes and it's still not enough spending for the Democrats. They won't be happy until we're a mirror image of Greece.
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#6
We have a country, created by Revolution, over imposed taxes and in a mere 200+ years elect one to the highest office, on the platform he's going to tax you to death.

Brings a whole new meaning to "until death do we part"

It IS time for a real Tea Party.
"In 4 more OMao years you won't like how America looks....I guarantee it."
“When injustice becomes law, resistance becomes duty.” -- Thomas Jefferson
Reply
#7
Pocketprotector;61659 Wrote:The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

Understand that the 50% of the population who pays zero income tax will still pay zero.
...
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#8
streaker69;61663 Wrote:But were told very clearly that if you make less than $250k your taxes wouldn't be going up....

That's only if the Democrats got everything...EVERYTHING...they were asking for.

They didn't, so now the tax increases will be the Republicans fault.

Trust me on this.
Vampire pig man since September 2012
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#9
Camper;61691 Wrote:
streaker69;61663 Wrote:But were told very clearly that if you make less than $250k your taxes wouldn't be going up....

That's only if the Democrats got everything...EVERYTHING...they were asking for.

They didn't, so now the tax increases will be the Republicans fault.

Trust me on this.

Exactly how it was intended from the get go.

All this nonsense aside, does anybody else feel disgusted that 2012 earnings are finished and done, and we are just now finding out what we own on that money? Seriously, being self employed I'm supposed to make the estimated quarterly payments (which I don't) and I am to be penalized if they are not enough. How are you supposed to estimate something that can change the following year?

Won't be too much longer until I can't even out earn the penalties with interest Undecided
The law? The law is a human institution...
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#10
csmith;61693 Wrote:All this nonsense aside, does anybody else feel disgusted that 2012 earnings are finished and done, and we are just now finding out what we own on that money? Seriously, being self employed I'm supposed to make the estimated quarterly payments (which I don't) and I am to be penalized if they are not enough. How are you supposed to estimate something that can change the following year?

Won't be too much longer until I can't even out earn the penalties with interest Undecided

I could just be confused, but 2012 taxes were never affected. The deal is for 2013, and the concern that many businesses had was that they wouldn't know what to withhold beginning 1 Jan 13 until something was reached. It would also delay tax returns, because the IRS was going to lose funding or something.

Like I said, I could just be confused...and the tax returns being delayed (scare tactic no doubt) compounds that confusion...but I was under the impression that 2012 was safe, the screwing started in 2013.
Vampire pig man since September 2012
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