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Thread: Obama Sets White House Meeting on Fiscal Cliff

  1. #11
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    Re: Obama Sets White House Meeting on Fiscal Cliff

    Quote Originally Posted by Diogenes View Post
    Agreed with the last part. But Sub S corporations don't work the way you described because the the Sub S "dividends" are taxed as ordinary income, not with the lower rate of dividends like from corporations that have already paid corporate tax.
    OMG!!! You're absolutely right. It's been a few years since I had my SubS -- I had forgotten that. We avoided payroll taxes, that was it.

    I wish I could delete that post!!! Thank you for setting the record straight.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    [QUOTE=iguanaman;1061132171]
    Quote Originally Posted by MaggieD View Post

    That might be good advice but you do know that Obama's plan only calls for increasing rates for income ABOVE $250,000 and ONLY on the income that is over that threshold.
    Alot of people are under the impression that the rates for your entire income go up when your salary enters a higher bracket. That is not true.
    Of course if the House refuses to pass the Senate bill that maintains tax levels for the lower brackets, all rates will be going up. It's up to them. T's voting against a tax cut.....how ironic.
    The senate refuses to pass the house bill that maintains tax levels for all brackets. Thus democrats are voting against a tax cut, using your definition.

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    [QUOTE=jonny5;1061132443]
    Quote Originally Posted by iguanaman View Post

    The senate refuses to pass the house bill that maintains tax levels for all brackets. Thus democrats are voting against a tax cut, using your definition.
    Obama won't sign that bill anyway. The House has totally forgotten that the President needs to sign bills in order for them to become law. They are the dumbest body of Congress in history. The Senate has passed a bill that keeps rates the same for the lower brackets and Obama will sign it. What is holding them up? Do they want to raise taxes on 98% of us? That's going to look real good come relection time. Everyone will know they voted to raise everyones taxes. If that's their choice, we will see in 2014 how that works out for them.
    Last edited by iguanaman; 11-10-12 at 06:14 PM.

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    [QUOTE=iguanaman;1061132509]
    Quote Originally Posted by jonny5 View Post

    Obama won't sign that bill anyway. The House has totally forgotten that the President needs to sign bills in order for them to become law. They are the dumbest body of Congress in history. The Senate has passed a bill that keeps rates the same for the lower brackets and Obama will sign it. What is holding them up? Do they want to raise taxes on 98% of us? That's going to look real good come relection time. Everyone will know they voted to raise everyones taxes. If that's their choice, we will see in 2014 how that works out for them.
    Let me ask you a question, liberals like you have always referred to the Bush Tax cuts as tax cuts for the Rich. So what is the worry, seeing the rich will have to pay so much more, shouldn’t the rest willingly give up their tiny tax cut Bush gave them?

    Why is it that liberals think America’s problems only ride on the shoulders of the rich? Why would it be wrong in any way, if you are going to ask the rich to pay millions more in taxes, to ask the other 95% to pay “their” share in to the tune of a few dollars more per week ?

    It’s goes right back to the mentality, of the liberals, hating the rich, be it envy, or whatever. 5% of this country didn’t put us in a trillion dollar a year deficit .. We all did. So why should 5% of the country be expected to dig us out of the whole?

    There will be no blame to anyone, the tax cut were set to expire in 2010... Obama and the Dem's extended them, there is no bill that need be presented, no vote need be taken, simply put those tax cuts will expire, just as they were meant to do. So you can go back and blame Bush some more, because he intended them to expire in 2010 for EVERYONE..... opps I guess they aren't so dumb after all... because even Obama can't stop them from expiring.

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    The compromise will end up being all the tax deductions for the rich are taken away and there are spending cuts in entitlements and military. The current payroll tax cut could get an expiration date as well.
    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    Quote Originally Posted by JohnWOlin View Post
    The compromise will end up being all the tax deductions for the rich are taken away and there are spending cuts in entitlements and military. The current payroll tax cut could get an expiration date as well.
    I’m closer to agreement with what you are saying then anything else. I just don’t think the wealthy will lose all their deductions…. Some will remain . .some will be taken away, and the tax rates remain the same as they are now . … That’s my opinion,

    I think that is what the right will offer up, if the left refuses ... then we will see all the tax cuts just expire

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    Quote Originally Posted by The Barbarian View Post
    I’m closer to agreement with what you are saying then anything else. I just don’t think the wealthy will lose all their deductions…. Some will remain . .some will be taken away, and the tax rates remain the same as they are now . … That’s my opinion,

    I think that is what the right will offer up, if the left refuses ... then we will see all the tax cuts just expire
    Read Obama's lips. Tax rates for the top 2 brackets are going back to the Clinton rates, that includes capital gaiins and everything. That part is not negotiable.
    If they play nice they may get some of the sequester cut, which the additional revenue of $80 billlion will pay for nicely.

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    Quote Originally Posted by iguanaman View Post
    Read Obama's lips. Tax rates for the top 2 brackets are going back to the Clinton rates, that includes capital gaiins and everything. That part is not negotiable.
    If they play nice they may get some of the sequester cut, which the additional revenue of $80 billlion will pay for nicely.
    okay have it your way ... and if they don't play nice ... then all the tax cuts expire .. simple as that ..

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    Quote Originally Posted by The Barbarian View Post
    okay have it your way ... and if they don't play nice ... then all the tax cuts expire .. simple as that ..
    And expire they will, nearly everyone is expecting it. The tricky part is where the House Republicans go on record voting against a tax cut for 98% of Americans in Jan.You know the one that has aleady passed the Senate. It's going to be real hard to explain come 2014. They will be out on their brown noses in a heartbeat.

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    Re: Obama Sets White House Meeting on Fiscal Cliff

    Quote Originally Posted by iguanaman View Post
    And expire they will, nearly everyone is expecting it. The tricky part is where the House Republicans go on record voting against a tax cut for 98% of Americans in Jan.You know the one that has aleady passed the Senate. It's going to be real hard to explain come 2014. They will be out on their brown noses in a heartbeat.
    Excuse me ?? they aren't voting against anything, the tax cuts expire, no vote, no signing of a bill .. What the expiring will show .. is the " neither" side was willing to give an inch, and lets not forget .. Democrats still own the senate and the white house .. they control 2/3 of the government .. I see it as both sides not willing to work to a goal ..

    Lets not forget ... the house just passed a bill extending the tax cuts for everyone ... So are you saying that the Dem's are going to have a hard time explaining why they raised taxes on the middle class if that bill doesn't pass ??

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