For better or worse, the deal is now law.

We have the "Obama Tax Cuts for the Middle Class" for republicans to spend the next decade to try to dismantle.

So does gas. Which will smell worse? Depends on who you are, I guess. I can deal with it.

This will give you gas.


(open the image in a new window)

Pretty damned sad. You can see where they were actually moving towards a middle ground until Boehner just chucked everything and went with his pitiful "Plan B" -- one can only wonder what would have happened if they had continued bargaining (continuing the trend, probably about a 1:1 tax/cut ratio, which in any normal universe would be an equitable compromise ... which may be why Boehner bailed, knowing his universe is anything but normal) ...

Anyways, a shame ...

Is it too late to jump?

I'm just happy to post today on the end the 112th Congress with a really good graph. I am Spartacus!

I'm also happy the President finally gets his vacation.

I guess Bonehead has it out for old people on Medicare.

Wall Street Journal has a handy calculator to see how much more you will pay on the 2 % hike , just type in your annul earning . Well not really a tax hike more like the Obama 2 % tax break is not renewed. You were paying into the 6.2 % before anyway. For me I will be paying 80 bucks a month more , so there goes any pay raise I get this year - oh well.

For calculator go here

They could have raised the cut off for payroll taxes--now, anything you make over 125,000 (or something like that--I don't know the exact number) does not have the payroll tax assessed. But nooooooooo . . . that would be wrong.

Your correct.

It seems the tax hike or the eliminated tax holiday the 2% -> comes from Social Security (FICA) taxes. No mention anywhere about Fed Income Tax ? ? except for this from what I could find;

The end of the tax break would effectively raise taxes for all wage earners next year, a potential surprise for many despite the expected extension of most individual income-tax rates. That would mean the highest tax burdens since 2008 for most U.S. households, before the Obama administration pushed a tax credit in the 2009 stimulus law and the payroll-tax break.

So yes;
No mention on what these extended income tax breaks are , or who gets effected ? What we do know is that there is a 2 % social security tax coming down the toilet in Feb.

Now I will assume , which is always a bad thing
The tax hike is in the form of social security 2% tax holiday that was not renewed. Me thinks the income tax hit will only come at the end of the year , when you apply for deductions , like claiming for interest rates yada yada ? ?

Did you see Lawrence O'Donnell's opening segment last night? It is well worth watching (link below).
Certainly puts a different perspective on the new Obama Tax Cut. Obama campaigned on bringing back the Clinton tax levels, and he campaigned on $250K cut-off. In light of Pelosi and Schumer calling for a $1M cut-off ...

http://www.nbcnews.com/id/49263362#50349590