So how do you people feel about the tax increases?

[Phinatic8u]

So, as we started a fresh new year, we all learned something valuable.

Were all losing money from our paychecks. All hail the glorious Obama..
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Oh, and just wait until NEXT new year when the Obamacare taxes kick in, oh yeah that's gonna be a joyous ride my friends.

[MoFinz]

LOL...you're late to the ship, but welcome aboard. Be prepared to defend your statements intelligently and vigorously.


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[Eshlemon]

There needed to be some tax increases. How much and from where was going to dictate necessary future spending cuts as the projected debt by 2022 is 21.6 trillion if all tax cuts and legislative spending expires and no new revenue or spending, with the sequestration cuts and significant economic improvement.

The fiscal cliff deal now adds 3.3 trillion to the debt. If DC gets around the delayed sequestration cuts as part of this deal and are not implemented or are only partially implemented as required by current law these will be added to debt, increases discretionary spending 12.6 trillion by around 1.2 trillion. Plus whatever interest is in there.

For the payroll tax, continuing the 2% cut out of the 12 % payroll would take out about 1/6 of the of the 12.3 trillion expected to be collected for payroll tax's over the next 10 years with 27.3 trillion in mandatory entitlements. And with the choice to not raise the tax on middle/lower income, a bigger "sequestration" in entitlements needed. This is in addition to changes already needed such as raising the retirement age to 67.

Note this is from January 2012 for 2013-2022 and does not include any spending increases between now and then.


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[Locke]

You realize that even had Romney been elected, taxes would have increased, correct? They had to...

[Phinatic8u]

You realize that even had Romney been elected, taxes would have increased, correct? They had to...

I know, never liked Romney. Freaky ****
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Actually taxes don't have to increase, we don't need to be ****ed because of Washington.

[MiZFiT]

Rand Paul 2016

[EvilDylan]

feels like taxes went back to the Bush era tax rates. which is what they did.

[jared81]

feels like taxes went back to the Bush era tax rates. which is what they did.

techically no, taxes stay the same unless you make over 400k. The problem is the spending.

[EvilDylan]

techically no, taxes stay the same unless you make over 400k. The pto allis applicableroblem is the spending.

social security taxes were cut 2 percent by the Obama admin set to expire at the end of 2012, that tax cut expired and we are now back to the previous rate. this tax brackets.

[TheMageGandalf]

I don't understand what the payroll tax issue has to do with Obama regardless of whether you like him as president or not.

That is a Social Security deal which was meant to be a temporary stimulus ala the Bush tax rebate checks that people got back then. Only instead of a lump check like Bush gave out, you had to have a job so you would get it throughout the year in small sums in your paycheck.

BTW the Republicans wanted no part of it, and for the most part, the Dems wanted it out as well so if anything could be said was a bipartisan deal, this was it.