I will not raise taxes on the Middle Class

[The Nature Boy 4,224]

Some actually thought Obama meant that LOL. I guess 77% of us are rich

Senate-Passed Deal Means Higher Tax on 77% of Households

My link

he budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.

Enlarge image Dawn breaks at the U.S. Capitol in Washington, D.C., U.S., on Monday, Dec. 31, 2012. Photo: Jay Mallin/Bloomberg

4:58 Dec. 31 (Bloomberg) -- Grover Norquist, president of Americans for Tax Reform, talks about negotiations between U.S. lawmakers over the so-called fiscal cliff of $600 billion in automatic tax increases and spending cuts set to start at midnight. Norquist speaks with Erik Schatzker on the Bloomberg Television special "America's Fiscal Debate." (Source: Bloomberg)

3:27 Dec. 31 (Bloomberg) -- Jim Rickards, senior managing director at Tangent Capital Partners, and Stanley Crouch, chief investment officer at Aegis Capital, talk with Bloomberg's Matt Miller about the impact of the fiscal cliff on the U.S. economy. They speak on Bloomberg Television's "Bloomberg Rewind." (Source: Bloomberg)

The heaviest new burdens in 2013, compared with 2012, would fall on top earners, who would face higher rates on income, capital gains, dividends and estates. The top 1 percent of taxpayers, or those with incomes over $506,210, would pay an average of $73,633 more in taxes.

Much of that burden is concentrated at the very top of the income scale.

The top 0.1 percent of taxpayers, those with incomes over about $2.7 million, would pay an average of $443,910 more, reducing their after-tax incomes by 8.4 percent. They would pay 26 percent of the additional taxes imposed by the legislation.

Among households with incomes between $500,000 and $1 million, taxes would go up by an average of $14,812.

Top Tax Rate

The bill, being discussed by House members today, would raise the top tax rate to 39.6 percent from 35 percent last year, starting with income over $400,000 for individuals and $450,000 for married couples.

The top tax rates on capital gains and dividends would go up to 23.8 percent, from 15 percent last year. The new rate includes a 3.8 percent tax from the 2010 health-care law that took effect today.

The Tax Policy Center’s definition of income is a gross measure that includes items such as the employer’s share of payroll taxes, making it larger for many households than the adjusted gross income shown on tax returns.

[Usui Takumi 1,562]

Some actually thought Obama meant that LOL. I guess 77% of us are rich

Senate-Passed Deal Means Higher Tax on 77% of Households

My link

he budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.

More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.

Enlarge image Dawn breaks at the U.S. Capitol in Washington, D.C., U.S., on Monday, Dec. 31, 2012. Photo: Jay Mallin/Bloomberg

4:58 Dec. 31 (Bloomberg) -- Grover Norquist, president of Americans for Tax Reform, talks about negotiations between U.S. lawmakers over the so-called fiscal cliff of $600 billion in automatic tax increases and spending cuts set to start at midnight. Norquist speaks with Erik Schatzker on the Bloomberg Television special "America's Fiscal Debate." (Source: Bloomberg)

3:27 Dec. 31 (Bloomberg) -- Jim Rickards, senior managing director at Tangent Capital Partners, and Stanley Crouch, chief investment officer at Aegis Capital, talk with Bloomberg's Matt Miller about the impact of the fiscal cliff on the U.S. economy. They speak on Bloomberg Television's "Bloomberg Rewind." (Source: Bloomberg)

The heaviest new burdens in 2013, compared with 2012, would fall on top earners, who would face higher rates on income, capital gains, dividends and estates. The top 1 percent of taxpayers, or those with incomes over $506,210, would pay an average of $73,633 more in taxes.

Much of that burden is concentrated at the very top of the income scale.

The top 0.1 percent of taxpayers, those with incomes over about $2.7 million, would pay an average of $443,910 more, reducing their after-tax incomes by 8.4 percent. They would pay 26 percent of the additional taxes imposed by the legislation.

Among households with incomes between $500,000 and $1 million, taxes would go up by an average of $14,812.

Top Tax Rate

The bill, being discussed by House members today, would raise the top tax rate to 39.6 percent from 35 percent last year, starting with income over $400,000 for individuals and $450,000 for married couples.

The top tax rates on capital gains and dividends would go up to 23.8 percent, from 15 percent last year. The new rate includes a 3.8 percent tax from the 2010 health-care law that took effect today.

The Tax Policy Center’s definition of income is a gross measure that includes items such as the employer’s share of payroll taxes, making it larger for many households than the adjusted gross income shown on tax returns.

The 2% was a temporary stimulus measure.

[Mr. Big Dog 10,747]

I never expected the payroll tax holiday to become permanent. They called it a "holiday" for a reason. Did you expect payroll taxes to be permanently lowered? If you did, I'd suggest you pay attention to goings on if you want to participate in political debates. Otherwise you end up looking like a fool. You see, the President has not nor will he sign any legislation in his second term raising the payroll tax rates. Hence, he is not breaking his campaign pledge. The payroll tax rates merely reverted to their original level today.

[The Nature Boy 4,224]

The 2% was a temporary stimulus measure.

OH I C so if the government takes more money out of my check than it has been taking, they are not really requiring me to pay more taxes because the tax cut was temporary. Then does that mean it was not a tax cut originally. ?

Our citizens are running on talking points and government BS.

I never expected the payroll tax holiday to become permanent. They called it a "holiday" for a reason. Did you expect payroll taxes to be permanently lowered? If you did, I'd suggest you pay attention to goings on if you want to participate in political debates. Otherwise you end up looking like a fool. You see, the President has not nor will he sign any legislation in his second term raising the payroll tax rates. Hence, he is not breaking his campaign pledge. The payroll tax rates merely reverted to their original level today.

I got it know. verbiage makes it not a tax hike or cut. Sweet. Got it now.

[Usui Takumi 1,562]

OH I C so if the government takes more money out of my check than it has been taking, they are not really requiring me to pay more taxes because the tax cut was temporary. Then does that mean it was not a tax cut originally. ?

Our citizens are running on talking points and government BS.

Well it was 2% that was going into a service you will use if you live long enough.

[Mr. Big Dog 10,747]

OH I C so if the government takes more money out of my check than it has been taking, they are not really requiring me to pay more taxes because the tax cut was temporary. Then does that mean it was not a tax cut originally. ?

Seeing how painfully uninformed you are I can't help but ask: Do you actually get to vote?

[The Nature Boy 4,224]

Well it was 2% that was going into a service you will use if you live long enough.

Maybe, but if anyone thinks those of us in the middle class are not about to get hosed, hang on

[Mr. Big Dog 10,747]

I got it know. verbiage makes it not a tax hike or cut. Sweet. Got it now.

Afraid you haven't gotten it. That seems to become an ugly pattern with you. Verbiage made unmistakably clear that it was TEMPORARY. Well, almost unmistakably. Apparently some people were still fooled into thinking that this was some sort of permanent tax relief. It wasn't. And the fact that you didn't grasp that doesn't mean the President broke a campaign promise.

[Mr. Big Dog 10,747]

Maybe, but if anyone thinks those of us in the middle class are not about to get hosed, hang on

If you're in the middle class, the only thing standing between you and your income tax rates remaining where they were in 2012 are the House Republicans at this point. They will either agree to the tax cut the Senate passed last night or your taxes will remain where they are right now - at the same level as they were in the 1990's when Clinton was President. Call your House Representative and urge him or her to spare you from Clinton era tax rates. The Senate has passed two measures to let you have the lower Bush/Obama tax rates. The House needs to pass that as well or taxes won't come down. Odd, ain't it? Republicans debating whether they should cut taxes? If your federal income taxes go up, blame Republicans. They're hesitating to cut your taxes.

[MyLittlePony 340]

Tax the heck out of the higher class. Leave us poor people alone. Tax the wealthy.

[I AM NOT THAT GUY 5,715]

Tax the heck out of the higher class. Leave us poor people alone. Tax the wealthy.

I thought you already paid too many taxes. You can't be poor.

[Mr. Big Dog 10,747]

Tax the heck out of the higher class. Leave us poor people alone. Tax the wealthy.

Everyone will need to pitch in if we want to actually close the deficit. Or we'll have to say that we will make some serious cuts to the military and means test old age medical benefits - i.e. get rid of medicare and roll it all into means tested medicaid. There's no viable path to just have the rich pay for all that. They need to pay taxes and those taxes should be raised on a progressive basis. But we can't have 98% of the population continue to pay the tax rates that got us into this budget disaster to begin with and hope that we'll somehow close the gap let alone pay down the debt. Not happening. Not possible.

[MyLittlePony 340]

Kick the illegals out, have tight rules for foodstamps and welfare etc no more freebies from the goverment tits.

[Mr. Big Dog 10,747]

...no more freebies from the goverment tits.

why do you hate tea partiers?

[Darnell 8,479]

so, nothing passed into law yet, right? The Kenyan still has to sign something. hmmmmm