I will not raise taxes on the Middle Class

[Mr. Big Dog 10,747]

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

Democrats have just passed the largest tax cut in US history and the President will sign it. Republicans voted for your taxes to remain at Clinton era levels but they failed in making that happen. Just remember that next time a Republican lies to you about wanting to lower your taxes. They had an opportunity today to pass the largest tax cut in US history and by large margins, they voted NO!

[I AM NOT THAT GUY 5,715]

Democrats have just passed the largest tax cut in US history and the President will sign it. Republicans voted for your taxes to remain at Clinton era levels but they failed in making that happen. Just remember that next time a Republican lies to you about wanting to lower your taxes. They had an opportunity today to pass the largest tax cut in US history and by large margins, they voted NO!

For 98% of the folks, no tax increase, unless you were making less than $50,000 a year, then you just lost your payroll tax holiday. Bottom line, for those that work for a living and make less that $50,000 a year, Congress just voted to cut your take home pay by about $20 a month.

[MyLittlePony 340]

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

I should not complain then.

[Mr. Big Dog 10,747]

For 98% of the folks, no tax increase, unless you were making less than $50,000 a year, then you just lost your payroll tax holiday. Bottom line, for those that work for a living and make less that $50,000 a year, Congress just voted to cut your take home pay by about $20 a month.

How so? They did not vote to end the payroll tax holiday. That wasn't even on the menu. Your payroll tax after the vote is the same as it was before the vote. When you woke up this morning, your SS tax was 6.2% on the fist $106.8K of earned income. Today as you go to sleep, your SS tax is, well, 6.2% of the first $106.8K of earned income. No change. There wasn't single tax hike in that bill. It was all tax cuts. All around. For everyone. The largest tax cut ever passed in the history of the USA. And the vast majority of House Republicans rejected it. Republicans do not support tax cuts. The Tea Party faction vote en bloc against the tax cuts. The Tea Party does not support tax cuts.

Edited January 2, 2013 by Mr. Big Dog

[I AM NOT THAT GUY 5,715]

How so? They did not vote to end the payroll tax holiday. That wasn't even on the menu. Your payroll tax after the vote is the same as it was before the vote. Your calculations are off. There wasn't single tax hike in that bill. It was all tax cuts. All around. For everyone. The largest tax cut ever passed in the history of the USA.

How do you figure? Your income tax rate didn't change from 2012 levels, did it? How is that a tax cut? Chances are you will probably pay more in 2013 for the same income that you did for 2012. How is that not a tax increase?

[Mr. Big Dog 10,747]

How do you figure? Your income tax rate didn't change from 2012 levels, did it?

Yes, it did. As did yours. The temporary tax rates first passed in 2001 and the payroll tax holiday enacted in 2010 (for 2011 and 2012) all expired at midnight yesterday as I popped the champagne. I woke up this morning to the same tax rates that were in effect in 2000. As did you and everyone else in America. Those tax rates are still in effect right now and will be in effect until the President signs the just passed tax cut package into law. If that package hadn't passed and if the President wouldn't sign it into law, the tax rates as they were in effect in 2000 would remain in effect as they were as of this morning. That's what happened. So this bill lowers taxes. For everyone. On income, dividends, capital gains and estates. And a majority of Republicans and the totality of the Tea Party has voted against these tax cuts. Not just any tax cuts but the largest tax cut package in US history.

Edited January 2, 2013 by Mr. Big Dog

[james&olya 1,121]

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.

The reality is becoming more and more clear that the GOP has no problem with taxes in general, only the taxes on the very rich really concern them!

[Usui Takumi 1,562]

How so? They did not vote to end the payroll tax holiday. That wasn't even on the menu. Your payroll tax after the vote is the same as it was before the vote. When you woke up this morning, your SS tax was 6.2% on the fist $106.8K of earned income. Today as you go to sleep, your SS tax is, well, 6.2% of the first $106.8K of earned income. No change. There wasn't single tax hike in that bill. It was all tax cuts. All around. For everyone. The largest tax cut ever passed in the history of the USA. And the vast majority of House Republicans rejected it. Republicans do not support tax cuts. The Tea Party faction vote en bloc against the tax cuts. The Tea Party does not support tax cuts.

The only part of your post I don't understand is the notion that it is the the largest tax cut ever passed in history. Is it not marginally smaller than 2001 due to lack of a tax cut for higher incomes?

[james&olya 1,121]

The only part of your post I don't understand is the notion that it is the the largest tax cut ever passed in history. Is it not marginally smaller than 2001 due to lack of a tax cut for higher incomes?

My recollection is that dubya's tax cuts happened as a series of bills, not all at once.

[Usui Takumi 1,562]

My recollection is that dubya's tax cuts happened as a series of bills, not all at once.

Ah yeah your right - 2001 and 2003.

[The Nature Boy 4,224]

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.

we cut cut spending by huge amounts.. Novel thought

[james&olya 1,121]

we cut cut spending by huge amounts.. Novel thought

How much do you want to cut the military?

[The Nature Boy 4,224]

How much do you want to cut the military?

Not sure about 50% might be a good start. Bring them all home. Pursue a defend America strategy. Stay out of other peoples business. If a terrorist attacks, then hunt down his home and make the whole neighborhood a smoking crater. They would;d stop quick.

[The Nature Boy 4,224]

Democrats have just passed the largest tax cut in US history and the President will sign it. Republicans voted for your taxes to remain at Clinton era levels but they failed in making that happen. Just remember that next time a Republican lies to you about wanting to lower your taxes. They had an opportunity today to pass the largest tax cut in US history and by large margins, they voted NO!

So letting Republican Tax cuts not expire. Raising Taxes on higher income Americans and raising payroll taxes is a huge tax cut. Nice real nice..

So let me understand not letting the Bush Tax cuts expire is huge tax cut, but letting the payroll tax cut expire is not a tax hike. According to you.

[Mr. Big Dog 10,747]

The only part of your post I don't understand is the notion that it is the the largest tax cut ever passed in history. Is it not marginally smaller than 2001 due to lack of a tax cut for higher incomes?

It's not smaller because it doesn't have an expiration date like the temporary 2001 tax cuts did. The package also permanently fixes the AMT. Stuff like that is what makes it a larger tax cut deal than the 2001, 2003, 2009 and 2010 packages.

Edited January 2, 2013 by Mr. Big Dog