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Thread: No Tax Increase?

  1. #1
    mentioned sparsely's Avatar
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    No Tax Increase?

    We're ALL about to get a tax increase. At least, all of us on a payroll.
    Get ready to see another 2% of your income disappear!
    Too bad nobody's been talking about that for the past month while trying to scare the shit out of us about taxes on the top 2%.

    Despite the tentative agreement reached late Monday to avoid much of the fiscal cliff, many Americans will see a higher tax bill because of the expiration of the payroll tax cut, which was enacted in 2011 as a temporary measure to boost economic growth. The tax holiday was preceded by a similar temporary cut in 2009 and 2010.

    Unlike income taxes, which rise along with a worker’s income, the payroll tax is a fixed percentage of an employee’s salary. Allowing the tax cut to expire increases taxes on salaries by 2 percent for every American worker. Up to $110,100 a year in salary is subject to the tax.

    This jump in payroll taxes, combined with other tax increases affecting the very wealthy as a result of the deal, would make for the largest increase in taxes in about half a century.
    Most will face a rare tax increase with or without ?fiscal cliff? resolution - The Washington Post

    2% is gonna hurt little people like me at the bottom all the way to the top of the economic ladder.
    Disaster averted?

  2. #2
    Veteran Member bajisima's Avatar
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    Not to mention they kicked the can down the road about the fiscal cliff. So now the stock markets will rally like mad for a bit and then uncertainty sets in again and we then are all at our congresscritters mercy again while they fight over that! Quite a few companies around here (including mine) have told us this morning they will "wait and see" in March whether they will hire or fire as necessary. More limbo..not good for the economy..

  3. #3
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    OMG....the temporary payroll tax-cut has expired!!!!!!

    run for the hills!!!

  4. #4
    Veteran Member bajisima's Avatar
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    Quote Originally Posted by Oscar99 View Post
    OMG....the temporary payroll tax-cut has expired!!!!!!

    run for the hills!!!
    Tell that to someone on minimum wage..

  5. #5
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    worst tax break ever. dumb as dumb gets!!!

  6. #6
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    How the tax increases will affect households at different income levels:
    Sourec: AP


    Annual income: $20,000 to $30,000
    Average tax increase: $297

    Annual income: $30,000 to $40,000
    Average tax increase: $445

    Annual income: $30,000 to $40,000
    Average tax increase: $445

    Annual income: $30,000 to $40,000
    Average tax increase: $445

    Contrast the above with: “I just want the rich to pay their fair share”

  7. #7
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    Correction:

    How the tax increases will affect households at different income levels:
    Sourec: AP


    Annual income: $20,000 to $30,000
    Average tax increase: $297

    Annual income: $30,000 to $40,000
    Average tax increase: $445

    Annual income: $30,000 to $40,000
    Average tax increase: $579

    Annual income: $30,000 to $40,000
    Average tax increase: $822

    Contrast the above with: “I just want the rich to pay their fair share”

  8. #8
    Member Claudius the God's Avatar
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    I am so confused. I thought the GOP wanted the 47% to pay more taxes so they had skin in the game.

  9. #9
    Belle of the Ball bluesman's Avatar
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    Despite fiscal cliff deal, taxes to rise for most Americans - NY Daily News


    Households making between $40,000 and $50,000 will face an average tax increase of $579 in 2013, according to the Tax Policy Center's analysis. Households making between $50,000 and $75,000 will face an average tax increase of $822.


    $822 a year comes to $68.50 per month. If the household income is less than 50K then it is less than $50 per month.

  10. #10
    Council Member Djinn's Avatar
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    My god! A temporary tax measure expired? How could this have happened!?!?

    In related news, most holiday discounts at stores are unexpectedly no longer in effect, and items are now being sold at their regular prices!
    Last edited by Djinn; 2nd January 2013 at 07:35 AM.

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