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Middle class tax breaks on the line

Discussion in 'Political Discussion' started by PatriotsReign, Jan 10, 2013.

  1. PatriotsReign

    PatriotsReign Rookie

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    Let us all hold president Obama to his PROMISE not to raise taxes on the middle class.

    I guess this author at Yahoo Finance thinks democrats (not republicans) may in fact WANT to raise taxes on the middle class.

    Middle class tax breaks on the line - Yahoo! Finance

    The ariticle goes on to show that the middle class presents the largest revenue opportunity with things like the mortgage/interest tax deduction and 401k tax deferrals.

    So voters who voted for Obama or against Obama should hold our president accountable to the #1 promise he made to the people of this country.
    Last edited: Jan 10, 2013
  2. Drewski

    Drewski Rookie

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    Anecdote - Based on both my first paycheck of the year as well as my wife's, our taxes have already gone up this year; my wife's first paycheck was 11% lower for example).

    I don't know why (payroll tax change or fiscal cliff stuff??) they have, but they did.

    Beyond that, combined, me and the Mrs make far less than $400k (or $250k) numbers which have been floated around by the government.

    Just thought I would share.
  3. Nunchucks

    Nunchucks Rookie

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    How do you propose we hold him accountable?

    Besides, Mit Romney was going to raise taxes on the middle-class as well.
    I believe many of us felt that the only real way to deal with our nations debt was to let the Bush tax cuts expire in their entirety.
  4. PatriotsReign

    PatriotsReign Rookie

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    What Mitt Romney was "going to do" is irrelevant to this discussion. We're discussing what president Obama PROMISED he would not do.
  5. PatriotsReign

    PatriotsReign Rookie

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    Well, we're all back to paying 6.125% (or whatever the number is) for social security. So that should be the only change in your wife's paycheck. 11% sounds way too high.

    Now you got me wondering if something slipped through the cracks....guess I'll find out when I get paid on the 15th!
    Last edited: Jan 10, 2013
  6. Drewski

    Drewski Rookie

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    Ya I knew some of the inputs into what we all pay did adjust, but I haven't really dug into it. I just know what our checks were last week vs end of 2012.

    I guess I just find it an exercise in futility....not like whatever I find can be changed :)
  7. IllegalContact

    IllegalContact On the Roster

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    I was ready for it.......

    but romney is irrelevant......Obama is the biggest liar around
  8. PatriotsReign

    PatriotsReign Rookie

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    It would be nice to see someone in the media ask our president,

    "Mr President...are you telling Americans that you lied to them?"

    That would be a nice start, wouldn't it?
  9. PatriotsReign

    PatriotsReign Rookie

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    I know, but it is nice to understand it and not just accept it as "ce la vie". Otherwise, our taxes could go up every year and we just accept it?

    If everyone will be seeing 11% less take home pay, that will translate into a LOT less consumer spending in 2013. ELEVEN PERCENT is a LOT!
    Last edited: Jan 10, 2013
  10. IllegalContact

    IllegalContact On the Roster

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    honestly, why would he give a crap? he's done getting reelected anyway.....by the time he and biden are done, libbies will be hated more than tea partiers
  11. Hamar

    Hamar Rookie

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    I read an article about letting the Bush tax cuts expire (I can't find it now). The basic point of the article was that the Bush tax cuts would not really make the rich pay more because they have not closed any of the tax loop holes.
  12. Drewski

    Drewski Rookie

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    I agree - Mrs.Drewski was pretty shocked at the decrease in her paycheck.

    Thankfully we are in a position where her paycheck is supplemental (in terms of bill paying/living) to mine.
  13. PatriotsReign

    PatriotsReign Rookie

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    Does your wife have any older, single sisters?:D
  14. Drewski

    Drewski Rookie

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    Sorry she does not. Older sister yes. Single, no. :(
  15. JackBauer

    JackBauer On the Roster

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    Well, that was a delightfully vague article.
  16. PatriotsReign

    PatriotsReign Rookie

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    Have you received a paycheck in 2013 yet Jack?

    Just wondering what you're seeing...the only increase those under $250k are supposed to see the expiration of the social security 2% cut we had last year. That shouldn't amount to that much difference in take home pay.

    But then again, maybe Drewski's wife's company made a mistake!
  17. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    Yeah ... let's just keep printing money as our country circles round the drain.

    Seriously ... fixing the debt problem will require some pain ... i say we start the pain now.

    How many triple bypasses can one country take before it implodes - time for a new heart.
    Last edited: Jan 10, 2013
  18. Drewski

    Drewski Rookie

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    Had a much long post written out but who needs fluff. Nice post Icy. I concur
    Last edited: Jan 10, 2013
  19. PatriotsReign

    PatriotsReign Rookie

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    But we're not Europe and Americans don't want to pay Euro-level tax rates.

    And even if you're right, that is not what Obama just promised Americans 2 months ago and 4+ years ago, is it?

    Let's just take a person/family making $100,000/yr for example. Say they're currently paying around $18k/year in federal taxes when all is said & done not counting SS/Fica. How much can we raise that person/family's tax without making our economy tank worse than 4 years ago? Maybe $2k/year?

    This REALLY is one of the most difficult problems America has faced in history. Every single change has a benefit and a consequence. Get rid of the mortgage/interest deduction and home values immediatey dip and probably sales along with it.

    Say it's our 401k's they decide to tax. They're SUPPOSED to be taxed when the $$ is withdrawn. So how would they tax that money? Just a one-time deal or are they gonna tax the earnings each year? And if they do that, what affect will that have upon working Americans? Will we end up with the same amount at the end had there been no tax on 401k's? Heck, if they tax them next year, wouldn't that mean we'd earn far less interest/shares and thus end up with less $$ when we retire? Will it mean people will have to work additional years to make up for it?

    Ying & Yang....glad it's not a project I have to work on!:eek:
    Last edited: Jan 10, 2013
  20. Drewski

    Drewski Rookie

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    I didn't necessarily see Icy saying this pain would only be through raising taxes, but maybe it was implied.

    I am ok with some pain on my end. Tighten the belt or whatever.

    But to your point, spending has to be cut... definitely augmented.


    And new revenue streams should be looked at while we at it (looking at you WA and CO).
    Last edited: Jan 10, 2013

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