it passed

Posted by: yoyo52

it passed - 01/02/13 03:59 AM

For better or worse, the deal is now law.
Posted by: garyW

Re: it passed - 01/02/13 04:29 AM

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

Posted by: steveg

Re: it passed - 01/02/13 11:41 AM

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

Re: it passed - 01/02/13 05:22 PM

This will give you gas.

(open the image in a new window)

Posted by: six_of_one

Re: it passed - 01/02/13 05:51 PM

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 ...
Posted by: steveg

Re: it passed - 01/02/13 05:57 PM

Is it too late to jump? eek
Posted by: garyW

Re: it passed - 01/02/13 06:14 PM

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

Re: it passed - 01/02/13 10:13 PM

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

Posted by: carp

Re: it passed - 01/03/13 02:28 AM

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
Posted by: yoyo52

Re: it passed - 01/03/13 02:45 AM

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.
Posted by: carp

Re: it passed - 01/03/13 03:16 AM

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 smile
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 ? ?
Posted by: garyW

Re: it passed - 01/03/13 07:13 AM

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 ...