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Fiscal Cliff - 2013 - How bad will it be ?

Discussion in 'Political Discussion' started by cupofjoe1962, Oct 21, 2012.

  1. cupofjoe1962

    cupofjoe1962 In the Starting Line-Up

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    The following taxes are set to expire December, 31 2012.

    They also need to strike a deal for extended unemployment benefits.

    I can't see congress, working on New Years eve, and I also can't see a deal
    being stuck early. The republican's will not give the middle class a tax break
    without including a higher income extention. The democrats, do not want
    to do that. I see a major problem finding common ground.

    Will there be a major sell of of the stock market prior to 2013, so that
    people do not have to pay higher capital gains taxes?
     
    Last edited: Oct 21, 2012
  2. Patsfanin Philly

    Patsfanin Philly Experienced Starter w/First Big Contract

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    #95 Jersey

    http://www.efile.com/taxmageddon-2012-bush-tax-cuts-fiscal-cliff-2013/

    <<<<
    Tax-Free Scholarships: In 2013, student scholarships will generally be considered taxable income.
    >>>>>>
    Actually this is for a very limited set of scholarships ( National Health Service Corps) but where it really will hit college students is,

    • The American Opportunity Tax Credit, which provides taxpayers a tax credit of $2,500 per student will be eliminated.
    • The ability to deduct interest on student loans up to $2,500 will expire
     
    Last edited: Oct 21, 2012
  3. Titus Pullo

    Titus Pullo Banned

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    please link your cut-and-paste... it's standard message board fare.

    you've been here a while, do you still not know how this thing works?
     
    Last edited: Oct 21, 2012
  4. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Viral e-mail, without citing a source the imagination can run wild..

    The first thing you need to do is get the House back from their second long vacation of the year.. nice "work" if you can get it.
     
    Last edited: Oct 21, 2012
  5. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    If all the tax cuts expire, we'll immediately enter a fairly deep recession. Unemployment won't sky-rocket upward this time because businesses are about as lean as they can get, but it will increase.

    Any tax increase on businesses are passed on to consumers. Public corporations can't allow their margins to decline. So we'll have reduced disposeable income along with higher prices.
     
  6. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    For the first time in 3 years, sales & revenues fell....

    Falling Revenue Dings Stocks

    U.S. Companies on Track to Report Lower Sales for First Time in Three Years; Dow Falls 205 Points

    Corporate Sales Seen Falling in Quarter - WSJ.com

    So now the stage is being set for an even bigger, deeper recession "if" these tax cuts are allowed to expire.

    In my industry, dollar sales continue to grow, but at the lowest rate in years. But overall CONSUMPTION as measured by Eq Volume is declining for the first time in 8 years.
     
  7. cupofjoe1962

    cupofjoe1962 In the Starting Line-Up

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    Your right, sorry about that.

    Here is the link.
    What Is Taxmageddon and How Will the Fiscal Cliff Affect You?

    There are a lot of stories out on the web about the fiscal cliff.
    This link listed all of the specific taxes that would expire.
     
    Last edited: Oct 21, 2012
  8. IllegalContact

    IllegalContact Pro Bowl Player

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    but it doesn't matter......Romney will be blamed the way he is being blamed now.....even though he never had anything to do with anything
     
  9. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Anything the liberals on here don't agree with they always blame the source, they won't even try to consider that "The Source May Be Right"
     
  10. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    How bad will it be?

    As we say in Boston.....wicked bad.
     
  11. Hamar

    Hamar In the Starting Line-Up

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    #11 Jersey

    If Romney becomes President does he blame Bush, or can he blame Obama?

    Obama has set the precedent for all future Presidents. From here on out no one is responsible it is always the other guy.
     

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