Loc: Alexandria, VA
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) ...
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.
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.
_________________________ MACTECHubi dolor ibi digitus
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 ...
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