Six Months Until The Largest Tax Increase In US History!

[Obama 2012 1,714]

That's hardly news - it's been looming for up to a decade.

The article also talks about the Obamacare taxes which conveniently kick in at the same time as well....

[DukeOfYork 28]

Well, it is a techincality that Obama is not raising the personal income tax rates. They're just going back to their pre-2001 rates.

But Obama could do something to keep them where they are, at least for the middle class. He's not doing that, so for those of us who have been middle class or came into being middle class for the first time sine 2001 (like me) will indeed face a tax increase. It's all being done on Obama's watch, so it's kind of hard to blame it on Republicans. I don't know why the cuts weren't made permanent 9 years ago. I know they expected to make them permanent, but that never happened.

[Obama 2012 1,714]

Well, it is a techincality that Obama is not raising the personal income tax rates. They're just going back to their pre-2001 rates.

But Obama could do something to keep them where they are, at least for the middle class. He's not doing that, so for those of us who have been middle class or came into being middle class for the first time sine 2001 (like me) will indeed face a tax increase. It's all being done on Obama's watch, so it's kind of hard to blame it on Republicans. I don't know why the cuts weren't made permanent 9 years ago. I know they expected to make them permanent, but that never happened.

There has been a push over the past 5 yers or so to try and get them through. That became an impossibility once the Democrats fully took over in January 2007 however... The irony of that is they took over on the promise of responsible government, less spending, and no more earmarks... Yeah, that happened.

[spookyturtle 9,466]

I call BS. Obama promised not to raise taxes. He is here to help us keep more of our income.

[Heracles 417]

Bend over and get ready to receive the the pain come January 2011....

We've only begun to see the economic dowturn. Just wait until next year..

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- The 33% bracket rises to 36%

[sarcasm] I am done with this 3% increase Paul. Might as well throw in the towel now. [/sarcasm]

I call BS. Obama promised not to raise taxes. He is here to help us keep more of our income.

How is the country going to pay for its debt genius?

Oh I forgot, in spooks mind, the US probably has no debt.

[spookyturtle 9,466]

[sarcasm] I am done with this 3% increase Paul. Might as well throw in the towel now. [/sarcasm]

How is the country going to pay for its debt genius?

Oh I forgot, in spooks mind, the US probably has no debt.

Did you get suspended too?

[Heracles 417]

Did you get suspended too?

When? For what?

[spookyturtle 9,466]

When? For what?

I did and it didn't even involve you. Go figure.

[Scott & Lai 12]

How is the country going to pay for its debt genius?

How are taxpayers who are struggling as it is going to pay the increased taxes?

[Heracles 417]

How are taxpayers who are struggling as it is going to pay the increased taxes?

The same way people in other countries with much higher rates do it and easily too might I add.

Well the chickens have come home to roost and we now have to pay for it. Otherwise, repubs should have though about this prior to starting two wars; particularly when you clearly couldn't pay for them. Where did you guys think the trillion for the two wars, on top of the $1.3 trillion [per annum] for military spending would come from?

During the roaring 50s and 60s the US tax rate was as high as 92%. Ninety two bloody percent, yet the country killed it. The largest percentage of Americans were middle class and living a quality of life that was the envy of the world. Unfortunately, CEOs didn't earn 10,000 times that of their average employee and corporations actually put America before profits and dividends.

It's just amazing that if one doesn't support the blank checks given to the military, they are unAmerican. Yet if a corporation outsources jobs, screws over Americans and basically does whatever they can to increase profits, even at the expense of America, then patriotism goes out the window.

Also funny how you guys quote the founding fathers here and there but I am yet to find a quote from them talking about selling your country short for a profit. Actually people who did so were considered traitors, whereas, now you call them capitalist.

Edited July 2, 2010 by Booyah!

[SuperDuper! 230]

Thanks BooBoy for making paying more taxes sound fun!

Edited July 2, 2010 by Hopp

[Mr. Big Dog 10,747]

During the roaring 50s and 60s the US tax rate was as high as 92%. Ninety two bloody percent, yet the country killed it. The largest percentage of Americans were middle class and living a quality of life that was the envy of the world. Unfortunately, CEOs didn't earn 10,000 times that of their average employee and corporations actually put America before profits and dividends.

Word. Back in the days, CEO's earned about 20-30 times the wages of average workers. Now, it's more like 300-400 times that.

[Usui Takumi 1,562]

Word. Back in the days, CEO's earned about 20-30 times the wages of average workers. Now, it's more like 300-400 times that.

+1

[DukeOfYork 28]

Money is mis-spent and mismanaged all the time. When it happens in a corporation, they find out where and how and they fire or make cuts. When the government does it, they just add more spending.

I'm sure there's a lot of extraneous spending (by Repubs and Dems) that can be cut. But to do so would be political suicide, so they just keep on doing it. I heard the other day that hundreds of millions of dollars were paid to dead people in a winter heating program designed to help poor people pay their utilities. I don't have a link and can't be arsed to find one, but that kind of mismanagement needs to be stopped.

Edited July 2, 2010 by DukeOfYork

[Heracles 417]

Thanks BooBoy for making paying more taxes sound fun!

Nothing wrong with pooling your money together to benefit your country, state, city, community and ultimately yourself. Mismanaging of taxes is a totally different issue. If you guys recall, for years now I have been illustrating the utter waste here because of the system. In summary, a situation where every city and county has its own police, school, fire, etc versus it being handle by the state. California has 58 counties. So think of the massive duplication of the aforementioned versus having it managed by the state or a few regions.

Like anything, the problem is with the system yet people will look for anything else to explain it rather than address the real problem. If benefits and tax rates was the case, then surely Canada and Australia would have been bankrupt 100 times over by now. Surely they would not be weathering the global financial storm so well. In reality, I have never heard of any of similar cuts happen there that are taking place all over America today. Also keep in mind that not only do they receive about 100 times the services, you have 1,000 times better and more modern infrastructure.