Yesterday the Prez put his proposal on the table about what to do with the Fiscal Cliff the country faces at the end of the year. What Obama said is important. What he didn’t say is critical.
It should come as no surprise that Obama has proposed an extension of the Bush tax cuts for those workers earning $250,000 or less and a tax increase for those making above $250,000.
The extension of the tax cut for those earning under $250k will have a cost of $150B according to the White House:
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It actually benefits everyone because the first 250,000 stays at the lower rate for everyone. The increase kicks in for all income over 250,000 not the total.
ReplyDelete1059-How do higher taxes benefit anyone? All the dems tout the Clinton era tax rates. I'll gladly pay those rates and more, in exchange for Clinton era spending.
ReplyDelete2011 Federal budget-3.63Trillion
2000 Federal budget-1.8Trillion
Over 200% increase in just over a decade isn't sustainable on any level. We've got a spending problem, not a revenue(tax) problem.
lol, another funny wannabe hit job. Guess this clown forgot it was Obama who pushed for the FICA tax break in the first place. At which time the GOP lambasted him with "that change won't do a thing for the middle class". Now it's a huge tax increase huh? And I love how the author conveniently leaves out the tax incentives that Obama has pushed for in the latest jobs bill. You all might disagree with that bill, but you can't just ignore the fact that he has called for continued tax relief for both small business and the middle class in that legislation. Ignoring that the president pushed for the FICA reduction and continues to push for further tax relief (including tax incentives in "Obamacare) is at best academically dishonest, and more like lying by omission.
ReplyDelete1127-You know reducing FICA does? Further erode Social Security, nothing else. How is that positive? Has the unemployment rate dropped under 8%?
ReplyDeleteObamacare has 20 tax RAISES in it.
You're being either dishonest, or you don't know what you're talking about.
More importantly - the "Marriage Penalty" is back! Think about it....If you make $200K and your wife makes $200K, your combined income is $400K. As single individuals, you would not see a tax increase....but you're married and the cap is $250K.
ReplyDelete318 remember reading is fundamental. Had you read the article you would see the author was lamenting an "obama tax hike" because of the increase in FICA tax. As in "increasing FICA tax is a bad thing". So maybe your fire should be directed at the author of the article, not me. Please keep up. And perhaps you should look at the vast number of tax breaks and the fact that most of the taxes in "Obamacare" won't touch your paycheck.
ReplyDelete