Taxmageddon

[SubGod22]

Taxmageddon coming? Answer could cost Americans $500 billion

I don't pretend to understand everything about the tax code and how all of this crap works together, but this, if it happens, appears to be a major financial punch in the grapes to Americans everywhere.

[SHOCKvalue]

Removing tax breaks will help get us out of this mess.

When you have someone earning at the 80th percentile, and their overall income tax burden is similar to a McDonald's fry cook, just because the 80th chump has spit out a few kids, bought a house they probably will have no equity on for 10 more years, and got into debt for their education, something is wrong with the system.

Tax breaks need to die a spectacular death, because all they do is shift tax burden around in a terrifically illogical manner.

[SubGod22]

Removing tax breaks will help get us out of this mess.

When you have someone earning at the 80th percentile, and their overall income tax burden is similar to a McDonald's fry cook, just because the 80th chump has spit out a few kids, bought a house they probably will have no equity on for 10 more years, and got into debt for their education, something is wrong with the system.

Tax breaks need to die a spectacular death, because all they do is shift tax burden around in a terrifically illogical manner.

Do they all need to expire at once? According to the article, I believe it was 70% of this effects the middle and low income groups. This is going to lead to even less money spent by individuals and and even higher unemployment rate.

Spending is still the problem. Not taxing.

[SHOCKvalue]

Do they all need to expire at once? According to the article, I believe it was 70% of this effects the middle and low income groups. This is going to lead to even less money spent by individuals and and even higher unemployment rate.

Spending is still the problem. Not taxing.

How is it going to effect the middle and low income groups when only 50% of the populace actually pays federal income tax, after all is said and done with tax breaks and EIC? Sounds to me like it will help right the ship, with respect to that.

The income redistribution that stealthily happens via the income tax code is eye-opening.

[SubGod22]

But the majority of the other half are still low and middle income earners. It still effects them in a major way according to what I've heard and read.

I know I easily fit in that category and have been struggling more than anticipated lately. With a higher tax burden, I'll be screwed. I don't take home enough every month to have more taken away by DC. I'll probably have to put less towards my 401k so I can pay my bills and still buy food.

Before this news, it was pretty obvious that I was going to have to give up my tickets to Shocker Basketball. As it is, that's the only entertainment I really spend money on. I don't go to movies or concerts because it's just not in the budget. I rarely, if ever, eat out. And that includes fast food. I don't travel. I have things around the house that need repaired and a car that could use a few things as well. Not to mention the medical bills I've had to endure and trying to go to school. And going to school has cut into some of my work hours. I think I give up about half a weeks pay every month and that adds up quickly in my situation.

I'm also hoping to find employment elsewhere in the not too distant future. Job security where I'm at is great. The pay is poor compared to others in the same field for other entities. The insurance is appreciated, but not great. If this happens as expected, there will no doubt be even fewer jobs available in the area. And I'd suspect that many places see this and are going to cut back on hiring now as they brace for the ramifications of the coming event.

I do think it's ridiculous that so many don't pay a thing and in some cases, still get money "back". Things can be done in that regard to help the matter. But a huge blow all at once to many who are already paying taxes is what seems to be the concern. Both parties are guilty of putting us in this mess. And the mess will remain until they stop spending so much damn money. Taking more in taxes from those already paying won't accomplish much of anything except slowing down the economy even more.

Maybe I'm misunderstanding what's been said elsewhere. It's possible. I don't spend a ton of time on tax issues as I've said before.

[1979Shocker]

If you go by Paul Ryan's tax plan, here's how everyone's taxes will change. (Negative is worse)

Yearly income < 10,000 10-20,000 20-30,000 30-40,000 40-50,000 50-75,000 75-100,000 100-200,000 200-500,000 500-1,000,000 > 1,000,000

Percent change -2.0% -1.2% -0.2% 0.6% 1.3% 1.8% 2.3% 2.5% 4.8% 8.8% 12.5%

[shox1989]

If you go by Paul Ryan's tax plan, here's how everyone's taxes will change. (Negative is worse)

Yearly income < 10,000 10-20,000 20-30,000 30-40,000 40-50,000 50-75,000 75-100,000 100-200,000 200-500,000 500-1,000,000 > 1,000,000

Percent change -2.0% -1.2% -0.2% 0.6% 1.3% 1.8% 2.3% 2.5% 4.8% 8.8% 12.5%

That chart is pretty bad. I am not one that wants to soak the rich but I don't want to soak the poor either. I can understand keeping the current relatively low taxes on the upper brackets but I can't understand giving millionaires a significant additional tax cut (12.5%) while raising taxes on those making $30,000 or less.

When I say relatively low taxes on the upper brackets I am referring to the historically high top brackets. Up until JFK cut taxes, the top bracket for the previous 30 years was 90% or higher and the effective tax rate for the top bracket was in the 60% range. Today the top bracket is 35% and the effective tax rate for the top bracket earners is 16.8%. I really don't think it needs to be any lower on the top end (I am not advocating that it be any higher either).

[SB Shock]

I would propose raising the taxes on the 65% that don't vote. That might get some changes after that happens.

[Wu du Nord]

Isn't the 'both parties caused this' argument getting a little silly?

You've got one party signing strict anti-tax pledges and simultaneously spending crazy?

How is that supposed to work, eh?

I get denouncing 'tax-and-spend' but 'just spend, don't tax'? That's unbelievably stupid.

Also the 'it's not the taxing, it's the spending' arguments don't hunt.

[Kung Wu]

Isn't the 'both parties caused this' argument getting a little silly?

You've got one party signing strict anti-tax pledges and simultaneously spending crazy?

How is that supposed to work, eh?

I get denouncing 'tax-and-spend' but 'just spend, don't tax'? That's unbelievably stupid.

Also the 'it's not the taxing, it's the spending' arguments don't hunt.

Who hijacked your computer?

[Wu du Nord]

Who hijacked your computer?

Hippies, apparently.

Damn.

[60Shock]

From recent publications in the media, our national debt will very soon approach the $16 trillion level, And that by NLT 2016/17, the annual interest on the debt will be over $$1 trillion annually.

Cutting outrageous spending unquestioning will help. But it only helps to the extent that if we cut it to the bare bone, the national debt does not increase any more than what it currently is or will soon be.

Since the only source of revenue the government has is to tax us tax payers, for the government to reduce the national debt will have to result in a tremendous increase in taxes from us, the tax payers.

And personally, I do not see anyway this country can come anywhere near achieving this.

If anyone has a reasonable solution, I sure would love to hear it.

[Wu du Nord]

America could save a ton of money by stopping payment on all those checks that they send to old people, just for being old. Total scam. Is Wal-mart not hiring? Incoming customers aren't going to greet themselves. Fact: if you're not in the hospital, you should be working. America would be a much better place, if old people would spend more time being useful and less time obsessing over cable news programs.

Some people die when they're 50. Some people die when they are 90. That's not fair. Yeah, eventually they both die, but the one who lives to 90 gets paid to sit his/her wrinkly old butt for 25 years. In many cases, the state even has to pay someone else to wipe that wrinkly old butt. And worst of all, that sad sack of bones retains the privilege of voting; a right they regularly exercise to further expand their entitlements.

Women live longer than men, they don't even come close to paying their fair share. Yeah, I hear that women make less money than men for doing the same job, but they live way longer and are generally more complicated (read: expensive) to maintain along the way.

Also, old people spend way too much time worrying about Mexicans.

So there, save America. Stop giving old people a free ride.

Unfortunately, way too many old people have been learning to use computers.

[kcshocker11]

America could save a ton of money by stopping payment on all those checks that they send to old people, just for being old. Total scam. Is Wal-mart not hiring? Incoming customers aren't going to greet themselves. Fact: if you're not in the hospital, you should be working. America would be a much better place, if old people would spend more time being useful and less time obsessing over cable news programs.

Some people die when they're 50. Some people die when they are 90. That's not fair. Yeah, eventually they both die, but the one who lives to 90 gets paid to sit his/her wrinkly old butt for 25 years. In many cases, the state even has to pay someone else to wipe that wrinkly old butt. And worst of all, that sad sack of bones retains the privilege of voting; a right they regularly exercise to further expand their entitlements.

Women live longer than men, they don't even come close to paying their fair share. Yeah, I hear that women make less money than men for doing the same job, but they live way longer and are generally more complicated (read: expensive) to maintain along the way.

Also, old people spend way too much time worrying about Mexicans.

So there, save America. Stop giving old people a free ride.

Unfortunately, way too many old people have been learning to use computers.

Soilent Green!

[Wu du Nord]

Soilent Green!

It's either that or "Take your stinking paws off me, you damn dirty ape."

I foresee only those two possible outcomes. Curiously, both feature Charleston Heston.

That reminds me. Obama is probably trying to take your guns.