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Thread: Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cliff

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    Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cliff

    Nearly 90 percent of Americans would face higher taxes next year if Congress permits the nation to hurtle over the “fiscal cliff,” the year-end precipice of tax hikes and spending cuts that threatens to throw the nation back into recession.

    A study published Monday by the nonpartisan Tax Policy Center finds that taxes would go up by a collective $536 billion next year, or about $3,500 per household, reducing after-tax income by about 6.2 percent.

    But the impact would vary significantly by income level, the study found, ranging from a $412 jump for the lowest earners (a reduction of 3.7 percent in after-tax income) to $120,000 for the top 1 percent (a bite of 10.5 percent). Middle-income households — those earning between $40,000 and $65,000 a year — would see their taxes go up by an average of $2,000, the study found, leaving families with 4.4 percent less money to spend.

    For most taxpayers, the bulk of the increase would be triggered by the scheduled expiration of tax cuts enacted in 2001 and 2003 during the George W. Bush administration. The expiration of President Obama’s payroll tax holiday, which shaves 2 percentage points off payments to Social Security, comes in a close second.

    But the lowest earners would be hardest hit by the expiration of tax breaks enacted as part of Obama’s 2009 economic stimulus package, the study found. Those losses would include an expansion of the earned income tax credit and the child tax credit for working families, as well as a $2,500 credit for college tuition, which would shrink to $1,800 and be available for only two years instead of the current four.

    The bulk involves the scheduled expiration of tax policies — or, in the case of new taxes in Obama’s health-care initiative, levies that are set to take effect for the first time, such as a new 3.8 percent tax on capital gains for high-income households.
    Report: 90 percent of Americans would see taxes rise if Congress doesn't act on fiscal cliff - The Washington Post

    as for obamacare: Top Five Obamacare Taxes Coming in 2013

    as for obama himself:

    2011: President's budget sinks, 97-0 - The Hill

    2012: Obama budget defeated 99-0 in Senate - Washington Times

    2012: Obama budget defeated 414-0 - Washington Times

    no wonder the congressional big 4, led by harry reid and his courageous cos david krone, had to "vote obama off the island" in order to avoid a default in july, 2011

    A president sidelined - The Washington Post

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    Re: Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cli

    And nothing will happen to stop it because the Democrats in Congress won't do anything without Obama's support and Obama is too busy campaigning.

    Hang on to your wallets, folks.
    TANSTAAFL

    “An armed society is a polite society.”
    ― Robert A. Heinlein, Beyond This Horizon

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    Re: Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cli

    Ummm... wasn't it the GOP controlled House that decided to call it quits earlier before an election than any in 50 years?

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    Re: Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cli

    Quote Originally Posted by Loki97 View Post
    Ummm... wasn't it the GOP controlled House that decided to call it quits earlier before an election than any in 50 years?
    Yep. And they also voted against renewing the middle class tax cuts.

    Republican-led House rejects Democratic tax plan
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cli

    voted off the island:

    President Obama summoned the top four congressional leaders to the White House on Saturday morning, July 23, 2011. The night before, House Speaker John A. Boehner had withdrawn from negotiations to raise the $14 trillion federal debt limit and save the government from a catastrophic default. “Nobody wanted to be there,” Boehner later recalled. “The president’s still pissed.”

    They had about 10 days left before the government would run out of money. Given the global importance of U.S. Treasury securities, failing to extend the debt limit could trigger a worldwide economic meltdown.

    Boehner said he believed that he and the others — Senate Minority Leader Mitch McConnell, Senate Majority Leader Harry M. Reid and House Minority Leader Nancy Pelosi — had a plan. He told Obama: We think we can work this out. Give us a little more time. We’ll come back to you. We are not going to negotiate this with you.

    Obama objected, saying that he couldn’t be left out of the process. “I’ve got to sign this bill,” he reminded the leaders as they sat in the Cabinet Room off the Oval Office.

    “Mr. President,” Boehner challenged, “as I read the Constitution, the Congress writes the laws. You get to decide if you want to sign them.”

    Reid, the most powerful Democrat on Capitol Hill, spoke up. The congressional leaders want to speak privately, he said. Give us some time.

    This was it. Congress was taking over. The leaders were asking the president to leave the meeting he had called in the White House.
    woodward link above

    also, friday, july 22:

    Obama succeeded in getting Boehner to tentatively agree to as much as $800 billion in new revenue, a major concession, only to surprise the speaker with a request for an additional $400 billion as their negotiations neared the final stages. Unable to muster support among his lieutenants for such a proposal, Boehner ducked the president’s phone calls before pulling out of the talks for good.

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    Re: Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cli

    Quote Originally Posted by The Prof View Post
    voted off the island:



    woodward link above

    also, friday, july 22:
    Both of which have nothing to do with the decision this September by Republicans to cut and run until after the election.

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    Re: Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cli

    cut and run until after the election
    LOL!

    Three Years Have Passed Since Senate Passed a Budget | CNSNews.com

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    Re: Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cli

    Quote Originally Posted by Loki97 View Post
    Ummm... wasn't it the GOP controlled House that decided to call it quits earlier before an election than any in 50 years?
    all is well as long as partisans have someone else to blame....

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    Re: Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cli

    Quote Originally Posted by Mycroft View Post
    And nothing will happen to stop it because the Democrats in Congress won't do anything without Obama's support and Obama is too busy campaigning.

    Hang on to your wallets, folks.

    Never fear, Obama can just consult his constitutional advisers and determine it's ok to sign an executive order to extend them to the 'poor'.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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    Re: Report: 90% Of Americans Face Higher Taxes If Congress Fails To Act On Fiscal Cli

    Which also has nothing to do with the fact Republicans agreed to the "fiscal cliff" and now apparently have better things to do than address it before the election. Whack-A-Mole is a very appropriate way of describing your attempts to divert from any topic your are shown to be incorrect on.

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