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Psst, taxes go up in 2013 for 163 million workers
#1
Psst, taxes go up in 2013 for 163 million workers
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By STEPHEN OHLEMACHER, AP
http://xfinity.comcast.net/articles/news....Increase/

WASHINGTON — President Barack Obama isn't talking about it and neither is Mitt Romney. But come January, 163 million workers can expect to feel the pinch of a big tax increase regardless of who wins the election.

A temporary reduction in Social Security payroll taxes is due to expire at the end of the year and hardly anyone in Washington is pushing to extend it. Neither Obama nor Romney has proposed an extension, and it probably wouldn't get through Congress anyway, with lawmakers in both parties down on the idea.

Even Republicans who have sworn off tax increases have little appetite to prevent one that will cost a typical worker about $1,000 a year, and two-earner family with six-figure incomes as much as $4,500.

Why are so many politicians sour on continuing the payroll tax break?

Republicans question whether reducing the tax two years ago has done much to stimulate the sluggish economy. Politicians from both parties say they are concerned that it threatens the independent revenue stream that funds Social Security.

They are backed by powerful advocates for seniors, including AARP, who adamantly oppose any extension.

"The payroll tax holiday was intended to be temporary and there is strong bipartisan support to let that tax provision expire," said Sen. Orrin Hatch of Utah, the top Republican on the Senate Finance Committee. "The continued extension of a temporary payroll tax holiday has serious long-term implications for Social Security and, frankly, it's not even clear that it has helped to boost our ailing economy." READ THE REST AT THE LINK ABOVE.
das, proud to be a member of pa2a.org since Sep 2012.
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#2
Pols not telling us about something that will negatively effect so many of us?

LIARWink
Ladies of the Second Amendment

"I regard giving as necessary to right the balance" Hu Chung

http://appleseedusa.org/



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#3
It's not an increase really, it was more like a "sale" on taxes, now the sale is coming to an end.

This is just like the Bush tax "cuts" expiring, if they do, tax rates revert to their previous levels, not exactly an increase, but just the time for the "sale" to come to an end.


I'm not saying I like it(paying more), but when someone calls things like this an increase, politician or media, it usually isn't.
Some people need to read this book: http://www.amazon.com/dp/1936976021/ref=cm_sw_r_awd_bs5jwbZH1GAZF

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#4
39Flathead;27689 Wrote:It's not an increase really, it was more like a "sale" on taxes, now the sale is coming to an end.

This is just like the Bush tax "cuts" expiring, if they do, tax rates revert to their previous levels, not exactly an increase, but just the time for the "sale" to come to an end.


I'm not saying I like it(paying more), but when someone calls things like this an increase, politician or media, it usually isn't.

But just to make a devils advocate argumentAngel....Call it what you want BUT if my taxes will be going (back) UP, to me, my wallet, my budget, my discretionary income....it is an INCREASE in my out-go, thus a decrease in my pocket.

Call it a pink flamingo - the result is still the same.
Ladies of the Second Amendment

"I regard giving as necessary to right the balance" Hu Chung

http://appleseedusa.org/



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#5
Publican;27694 Wrote:
39Flathead;27689 Wrote:It's not an increase really, it was more like a "sale" on taxes, now the sale is coming to an end.

This is just like the Bush tax "cuts" expiring, if they do, tax rates revert to their previous levels, not exactly an increase, but just the time for the "sale" to come to an end.


I'm not saying I like it(paying more), but when someone calls things like this an increase, politician or media, it usually isn't.

But just to make a devils advocate argumentAngel....Call it what you want BUT if my taxes will be going (back) UP, to me, my wallet, my budget, my discretionary income....it is an INCREASE in my out-go, thus a decrease in my pocket.

Call it a pink flamingo - the result is still the same.

If you always pay $28 for a case of beer every week, but for a month the distributor is running a sale for $22, at the end of the month is it a price increase when it goes back to normal pricing of $28?

It's only an increase if the rate is going up higher than it was, it is not, it is going back to it's normal rate.
We've been getting a "sale" price for 2 years.

I see what you are saying about your income dropping, but it really isn't in the long run if you subscribe to the social security "lock box" theory.

I don't want to see any more money coming (back) out of my checks either, but since I fund union workers with my checks at least this money will be staying with me supposedly in the non-existent "lock box".

You're just loaning your older self your current money at the point of a gun...
Some people need to read this book: http://www.amazon.com/dp/1936976021/ref=cm_sw_r_awd_bs5jwbZH1GAZF

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#6
I'm in my mid 20s, I don't think I'll ever see a cent of the social security deductions that are extracted from my paycheck.

At least you older folk will get some of your money back. People my age won't.

[Image: eCaEl.png]
stimrob, proud to be a member of pa2a.org since Sep 2012.
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#7
Do you think I will at least get money back in April before this shit?
[Image: 23lmtsn.jpg]
LifeInPa, proud to be a member of pa2a.org since Sep 2012.
Sanity, yours if you can keep it. Confused
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#8
39Flathead;27689 Wrote:It's not an increase really, it was more like a "sale" on taxes, now the sale is coming to an end.

This is just like the Bush tax "cuts" expiring, if they do, tax rates revert to their previous levels, not exactly an increase, but just the time for the "sale" to come to an end.


I'm not saying I like it(paying more), but when someone calls things like this an increase, politician or media, it usually isn't.
I see your point. They cant keep up without going back to the original %
das, proud to be a member of pa2a.org since Sep 2012.
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#9
das;28126 Wrote:
39Flathead;27689 Wrote:It's not an increase really, it was more like a "sale" on taxes, now the sale is coming to an end.

This is just like the Bush tax "cuts" expiring, if they do, tax rates revert to their previous levels, not exactly an increase, but just the time for the "sale" to come to an end.


I'm not saying I like it(paying more), but when someone calls things like this an increase, politician or media, it usually isn't.
I see your point. They cant keep up without going back to the original %
Exactly, this was a ploy by Obama to "stimulate" the economy by using the very theory that Dems laugh at daily, trickle down, Obama said he was temporarily cutting the SS Tax withholding to leave more money in peoples pockets so they spend more to stimulate the economy.
Problem is, it is such a a small amount per person that it didn't work.
$25 bucks a week wasn't enough for people to purchase new large items, it was just pocket change used for some beer or gas.


The "sale" had to come to an end, or the insolvency date for SS would start dropping like a rock.


BTW, this is the "tax cut" Obama so frequently touts that he "gave" to the middle class.
Funny how he thinks he can "give" you something that is already yours...
Some people need to read this book: http://www.amazon.com/dp/1936976021/ref=cm_sw_r_awd_bs5jwbZH1GAZF

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#10
LifeInPa;28121 Wrote:Do you think I will at least get money back in April before this shit?

Your Federal withholding is not what we are talking about here, this is the SS tax withholding.

As for your income tax "refund", the Bush "tax cuts" are set to "expire" next year, so if they do, the rates will revert to Clinton era rates and many of the deductions will also expire, so your answer is that yes, if you loaned the Gov't interest free money this year, you will get it back along with any "freebies" that you may qualify for but if they expire, in 2014 you will get screwed just like we did under Clinton. (no pun intended)


What you need to do is have your employer adjust your fed withholding so that you do not get a "refund", a refund is just you getting back the loan you gave Uncle Sam interest free.
When I was single (and you are IIRC), I would always break even or owe maybe $100.

Single people should not be getting refunds.

After getting married, I started getting refunds due to my wifes income and her not understanding that she was giving money every pay to the fed to hold for her interest free.
Some people need to read this book: http://www.amazon.com/dp/1936976021/ref=cm_sw_r_awd_bs5jwbZH1GAZF

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