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 $5 Trillion Tax Hike Coming

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PostSubject: $5 Trillion Tax Hike Coming   Sat Apr 07, 2012 1:13 pm

$5 Trillion Tax Hike Coming

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FRIDAY, 06 APRIL 2012 12:31

Back in February when the Congress voted to extend the payroll tax “holiday” to the end of the year, the Washington Post was the first to notice the tsunami of tax increases coming next year. But then Lori Montgomery began to add up all the other taxes that will increase on January 1, 2013, and called it “Taxmageddon.”

Here is a partial list of taxes that will increase unless Congress intervenes:

The 2001 and 2003 Bush “tax cuts” expire
Taxes on investment income
Estate and gift taxes
Income taxes
Marriage penalty returns
Child credit drops
Taxes on first $8700 of wages increase by 50 percent
Payroll taxes go from 4.2 percent back to 6.2 percent
But that is only a start. The Heritage Foundation did an in-depth analysis of all the tax increases scheduled for next year and found that Lori forgot some:

The Alternative Minimum Tax (AMT) will increase in size and reach
Five new Obamacare taxes will start
Some 50 “tax extenders” will go away
Small business owners can no longer write off business equipment purchases immediately
Adding them all together, the total is $500 billion. And that’s just in 2013. Over the next decade, the tax increases will exceed $5 trillion.

The effect of this tidal wave is already having a dampening effect on the economy. Curtis Dubay, the author of the Heritage study, wrote:

Families, businesses, and investors need to know how much tax they will pay in the future before making important economic decisions. The uncertainty caused by Taxmageddon means they are stuck in neutral while they wait for President Obama and Congress to act. This is slowing job creation and stopping many of the millions of unemployed Americans from going back to work.

Sucking half a trillion dollars out of the economy is going to have a severe negative impact on growth. Mark Zandi of Moody’s Analytics estimates that the nation’s GDP (Gross Domestic Product) would be reduced by at least three percent. Considering that current estimates of growth are less than that, these tax hikes could push the economy back into recession.

And then there’s the IRS and its problems. If Congress changes nothing, the IRS is fully prepared with the new rules and rates and forms. But if Congress waits until the last possible moment to address the issue, then, according to IRS Commissioner Douglas Shulman, “you could have a real disaster in the filing season where there’s total confusion.” Few have much sympathy for any problems the IRS might have, but it’s possible that the tax filing date scheduled for April of 2013 might have to be pushed back, exacerbating the deficit because of the delay in collecting the taxes.

Politically, President Obama thinks he is holding the ace of spades: He has said he will veto any bill that extends the Bush tax cuts unless those cuts are eliminated for the highest income earners. White House Deputy Press Secretary Amy Brundage said, “The president has made clear that he will veto any bill that extends the Bush-era tax rates for the wealthiest 2 percent of individuals.” Liberal Senator Charles Shumer (D-N.Y.) said that “politically it’s going to be very harmful [for the Republicans] to say, ‘I’m not for something like the Buffet Rule’, when even 60 percent of Republicans are for it.”

And then there’s the debt ceiling, currently at $16.4 trillion. With government spending continuing out of control, that limit could be reached before November, forcing Congress to address the issue. The last time Congress extended the debt ceiling it almost shut down the government before a spending-cut compromise was enacted at the last minute.

If the issue can be delayed until after the election, then a “lame duck” Congress will be forced to deal with it. And if the President is reelected, then he holds all the cards: no more pressure from citizens to get in his way and a Congress stymied in its ability to bring sanity and respect for the Constitution back into play. If the President isn’t reelected, he has little motivation to make things easier for the incoming Congress or for the taxpayer.

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PostSubject: Re: $5 Trillion Tax Hike Coming   Sun Apr 08, 2012 11:27 am

Same old shit. Hey barry....go to hell you piece of dog crap!!!!!
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PostSubject: Re: $5 Trillion Tax Hike Coming   Mon Apr 09, 2012 6:30 am

This is not a tax raise!!! It is only the tax breaks that have been put on hold for so long it will seem like a tax increase!!! BS!! It is a tax increase and they will try to spin it any way to make them look as if they did not do it!!! JMHO!! Regardless of how you classify it the taxes coming out of your disposable income will be larger and larger as we try to correct the years of wasteful spending!!! JMHO!!

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PostSubject: Re: $5 Trillion Tax Hike Coming   Mon Apr 09, 2012 3:41 pm

Let them tax their selves. Maybe we all should just stop working and not earn any $$$. Where would they be then? I'll go fishing, and hunt squirrel.
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PostSubject: Re: $5 Trillion Tax Hike Coming   Mon Apr 09, 2012 4:53 pm

Worse comes to worse I and family will be among the ones that have water and food to eat! Might just be able to hold out for a long long time!!! Might have to also!!! JMHO!!

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PostSubject: Re: $5 Trillion Tax Hike Coming   Tue Apr 10, 2012 3:06 pm

Yep might not have any other choice.
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PostSubject: Re: $5 Trillion Tax Hike Coming   Tue Apr 10, 2012 7:09 pm

Do not want to see those days come but just not smart to ignore that possibility!!! JMHO!!

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PostSubject: Re: $5 Trillion Tax Hike Coming   Wed Apr 11, 2012 4:37 pm

That would be foolish at best.
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