IF nothing else, the debate over the “fiscal cliff” has dramatically illustrated the true cost of President Barack Obama's fiscal policies. If the president and Congress don't reach an agreement, roughly $671 billion in tax increases and spending cuts would take effect — yet the nation would still continue to run a deficit nearly twice the size of the pre-recession 2007 deficit.
If the tax cuts first enacted under former President George W. Bush are allowed to expire due to fiscal cliff inaction, the income tax rate will jump from 35 percent to 39.6 percent for top earners (including many small-business owners) while those in the lowest income bracket face a tax increase of 50 percent. The marriage penalty will be reinstated, the child tax credit will be cut in half, the death tax rate will be as high as 55 percent, the capital gains tax rate will rise from 15 percent to 23.8 percent, and the top dividends tax rate will rise from 15 percent to 43.4 percent. In addition, several Obamacare-related taxes take effect next year, further impacting citizens.
Falling over the fiscal cliff also could result in nearly 30 million additional filers being hit by the alternative minimum tax, including some earning as little as $33,750, according to the IRS. The impact of those fiscal cliff tax increases would likely be felt by nearly all Americans in some fashion.
If left in place, the Tax Policy Centers notes, the Bush tax cuts would provide $43 billion to families with children in 2013 that will be eliminated by cliff diving. If the rates and deductions aren't extended, the center predicts that nearly 72 percent of families in the lowest 20 percent of incomes and 89 percent of families in the second income quintile will see their taxes rise, “in many cases by a substantial share of their income.” The center predicts the average increase will exceed $1,400 for families in the lowest quintile and $1,600 for families in the second quintile, due largely to the reduction in the child tax credit.
Now Diane, this confuses me (not really) as I thought that Obama and the liberals were out there promising to share the wealth and help the low and middle class people. If they are going to face higher taxation, where was "sharing the wealth" for them?
Add to this that Obama just signed into affect substantial pay raises for Congressmen/women, Biden and I am sure himself, and the Supreme Court; this does seem to say that "sharing the wealth" is really benefitting this group. This is, if you are to really look close, just what happens in dictatorships and communism. Taking from the wealthy is a means to destroy that group of people and to create a new "wealthy class" that controls the citizens, it never trickles down to those without, just adds numbers to their group.
CNN is playing the most memorable moments of 2012 and they keep going to Bill Clinton's address at the DNC: "We are all in this together" .... and "You are not out there on your own".
I never watched the DNC and I know this line is what puts and keeps democrats in power.
I found this link and there are many more saying same.
I understand why Linda felt Paul Ryan was a poor choice for VP now more clearly.
I think this country is so over the cliff already as Obama went on the spending spree for the past 4 yrs. and keeping him in line is close to impossible now. He makes the matter worse by adding all of these illegals into our country as citizens who will go on social entitlement rolls and there will be no growth and development in economy re: jobs as businesses are hurting as well. The uncertainty of our government is more intense now than ever before and we have a man at the helm who is truly more concerned how he goes down in history than salvaging our country. His bandaid approaches might boost his image but it hurts America in the long run.
this is the link which people do identify with and perhaps is the solid reason why we have Obama for another 4 more years.
Too many people buy into this thinking and it is up to true Conservatives to change it and convince the majority who vote like this all the time that it is not true. There has to be a safety net for people who really need it and I stress really need it.
This post was modified from its original form on 30 Dec, 6:17
This post was modified from its original form on 30 Dec, 6:21
The country went over the real fiscal (and monetary cliff0 when the GOP allowed Dear Leader and his merry band of spendthrifts in the Demagogue Party to borrow more money in 2011 and gave us the stupidity of sequestration and no move to fix the tax increases now pending at that time. All we heard was the administration, the Demagogues, and the press whining about "credit downgrades" (happened anyway) and "government shut down" (happened in the past with nothing fatal to the country) so the GOP caved. Sorry, we're screwed!!!! The Fed has been buying debt like mad while keeping interest rates at zero and the government has been spending like there is no tomorrow (since it appears that there will be no tomorrow for the economy and the country). This farce now will do nothing for the real "fiscal cliff' issues and will hurt the economy badly when coupled with the disasters that are in the ObamaCare bill and its implementation by HHS. Talk about "chickens coming home to roost"!. Now if Ryan's plan that was really moderate and somewhat too little, too late freaked people out where is there any will to do what is needed now? When the excrement suddenly hits the majority of the people in the face, as it will very soon, then let's see what "solutions" we will hear from our government "leaders"!
You are right; we already went over the fiscal cliff and this is a hoax. It is to lighten up the news that much more money is needed for the next 4 yrs.
I watched an excellent internet film on Obama getting a 3rd term and how he may very well do it because of a natural gas and oil boom which will happen very soon. This is why he was in no rush to sign onto the Canadian pipeline, he knew this was going to happen. Oil is going down in price and it will continue to do so and there will be a gigantic economic boom using our natural resources here at home, natural gas and oil. They are already making tankards, etc. to ship out natural gas in liquid form. Many trucks are now operating on gas and these companies spent big $$$ doing so; but in the long range, they don't use oil and save. However, there will be a massive oil boom coming down the road.
This country will be in a positive boom of production and more controls of regulation will be set-up to Obama's favored people. More entitlements will be handed out and they will be able to easily expand the rolls of people getting help. Again, the incentive to work will be diminshed. But, many states will pass Marijuana laws and that just makes it much easier.
All of this information is from a film which I do believe is very reputable.
I heard Obama state repeatedly he did not want Romeny winning and getting credit for the inevitable. Obama knew all along from insiders.
As I read more about this claim, I see Mother Jones is already on top of it as a wild far right wing conspiracy.
This is the internet film by Stansberry on oil and gas boom predictions and he uses past history to point out politics and presidents in power. It is long but informative.
Mother Jones is an excellent magazine even though they are definately left but their investigations are timely and I don't know how much slant or bias they put into their stories.
MJ broke the 47% video of Romney in palm beach, FL and I heard it was selectively edited to make Romney appear bad. If anyone knows further information, pls. share. I would certainly be interested.
This link appears to have all of Stansberry's work collected here.
Again, it is always up to the individual to ascertain the truth in the end.
Even though Mother Jones is highly touted by the MSM as the best of the best, it has been said that they did re-edit the 47% video tape to malign Romney. I don't know.
I think there is always truth on both sides mixed up with lies and we have to sift through it and validate the legitimate information as best we can by verification of facts.