Republicans want to raise taxes on those making less than 106K a year

[thereisnospoon]

Social Security payroll taxes apply only to the first $106,800 of a worker's wages. Therefore, $2,136 is the biggest benefit anyone can gain from the one-year reduction.

The great majority of Americans make less than $106,800 a year. Millions of workers pay more in payroll taxes than in federal income taxes.

The 12-month tax reduction will cost the government about $120 billion this year, and a similar amount next year if it's renewed.

That worries Rep. David Camp, R-Mich., chairman of the tax-writing Ways and Means Committee, and a member of the House-Senate supercommittee tasked with finding new deficit cuts. Tax reductions, "no matter how well-intended," will push the deficit higher, making the panel's task that much harder, Camp's office said.

But Republican lawmakers haven't always worried about tax cuts increasing the deficit. They led the fight to extend the life of a much bigger tax break: the major 2001 income tax reduction enacted under Bush. It was scheduled to expire at the start of this year. Obama campaigned on a pledge to end the tax break only for the richest Americans, but solid GOP opposition forced him to back down.

Many Republicans are adamant about not raising taxes but largely silent on what it would mean to let the payroll tax break expire.

Republicans cite key differences between the two "temporary" taxes, starting with the fact that the Bush measure had a 10-year life from the start. To stimulate job growth, these lawmakers say, it's better to reduce income tax rates for people and for companies than to extend the payroll tax break.

The Associated Press: GOP may OK tax increase that Obama hopes to block

Umm... exasperated look upon your face as you are caught looking at an 0-2 curve ball right over the heart of the plate. FAIL!!!!
Grab some pine, Pal.
Fact is too many people have zero net federal income tax liability. That has to change.
There should be a movement toward a flat tax. Everyone pays the same percentage of their income whether is be from labor, investments, dividends, etc. Eliminate all deductions for individuals. Cap all small business taxes at 20% of gross income. Cap all capital gains taxes at 15%. Eliminate all escape routes ( loopholes). No federal tax breaks of any kind to business(incentives). Eliminate the federal taxes on motor fuels. Eliminate federal taxes on communications devices and accounts( cell service/internet).
Pass a constitutional amendment barring federal spending from exceeding revenues except in times of emergency or insurgency.
Eliminate the Internal Revenue Service and place the authority to lay and collect taxes under the Dept of Treasury.

 

[thereisnospoon]

they are getting tripped up pretty good with this one.


Maybe Obama has finnally out manuvered them

Yes yes yes..On your side it is all about politics and ZERO to do with leadership.

 

[Quantum Windbag]

Social Security payroll taxes apply only to the first $106,800 of a worker's wages. Therefore, $2,136 is the biggest benefit anyone can gain from the one-year reduction.

The great majority of Americans make less than $106,800 a year. Millions of workers pay more in payroll taxes than in federal income taxes.

The 12-month tax reduction will cost the government about $120 billion this year, and a similar amount next year if it's renewed.

That worries Rep. David Camp, R-Mich., chairman of the tax-writing Ways and Means Committee, and a member of the House-Senate supercommittee tasked with finding new deficit cuts. Tax reductions, "no matter how well-intended," will push the deficit higher, making the panel's task that much harder, Camp's office said.

But Republican lawmakers haven't always worried about tax cuts increasing the deficit. They led the fight to extend the life of a much bigger tax break: the major 2001 income tax reduction enacted under Bush. It was scheduled to expire at the start of this year. Obama campaigned on a pledge to end the tax break only for the richest Americans, but solid GOP opposition forced him to back down.

Many Republicans are adamant about not raising taxes but largely silent on what it would mean to let the payroll tax break expire.

Republicans cite key differences between the two "temporary" taxes, starting with the fact that the Bush measure had a 10-year life from the start. To stimulate job growth, these lawmakers say, it's better to reduce income tax rates for people and for companies than to extend the payroll tax break.

The Associated Press: GOP may OK tax increase that Obama hopes to block

I see you bought the talking point.

 

[Quantum Windbag]

Yes we do, eventually anyways. Everyone should share the burden of supporting the thieves in Washington. Currently the bottom half pay nothing to DC. I fail to see the controversy. Even Obama says everyone should pay their fair share.

Actually that's inconsistent with the specific increase being discussed.

Everyone who makes even a dollar in wages pays into FICA, and it's the FICA holiday expiry that's being considered.

Memes notwithstanding.

That particular "tax break" is actually bad fiscal policy.

 

[thereisnospoon]

You can't keep cutting taxes to stimulate the economy if you're not willing to raise them when the economy heats up in order to pay off what you borrowed.

We're in a tax cut death spiral.

Unadulterated BS. Were in a Over Spending Death Spiral. Obama increased Discretionary Spending by 80% and now wants to use those new levels as the Bench Mark to cut from.

You Guys are unbelievable.

Tax Cut Death Spiral. LOL I have heard it all now.

You wanna run with them numbers?

For gawd's sake you people are starting to bore the hell out of me.

Then don't read or post here.
No one wants to deal with a complainer.

 

[Toddsterpatriot]

Everyone should be paying their fair share, not just the rich.

The lowest quintile of households pay 8.8% in payroll taxes. The top 1% pay 1.6%

What would make that fair? Both pay 5.2% ?

The payroll tax is 6.2%, how does the lowest quintile pay 8.8%?

 

[Trajan]

this graphic is for all those who think that the middle class will escape a rise in their taxes, they won't, not only has their power to use their here to fore and most secure asset, their home, has been truncated, the 3 year malaise we have been in and that will go on for at least several more years will sap this generations ability to finance their retirement outside small means.

With exactly next to zero return offered for those with disposable income outside 10 year windows, they are, via inflation being forced to spend, I mean why not? where are they going to see a return?

the middle class is where the money is, whether they opt for a VAT they won't call a VAT or just allow the bush cuts to expire, the tax man cometh.....and he cometh for us all.

 

[Toddsterpatriot]

The "starving" don't pay taxes, stupid.

Show us where they do.

Every working person in the country pays payroll taxes. Everyone who buys stuff pays sales taxes. Everyone who has property pays property taxes.

Not to mention their $400 added to the rest gets interest which is the real money the government uses. Everybody pays, it is long past time to be drooling over your neighbors piece of the pie. I do not even understand how it is helpful.

What's the interest on $400 for 6 or 8 months?

 

[Maple]

Social Security payroll taxes apply only to the first $106,800 of a worker's wages. Therefore, $2,136 is the biggest benefit anyone can gain from the one-year reduction.

The great majority of Americans make less than $106,800 a year. Millions of workers pay more in payroll taxes than in federal income taxes.

The 12-month tax reduction will cost the government about $120 billion this year, and a similar amount next year if it's renewed.

That worries Rep. David Camp, R-Mich., chairman of the tax-writing Ways and Means Committee, and a member of the House-Senate supercommittee tasked with finding new deficit cuts. Tax reductions, "no matter how well-intended," will push the deficit higher, making the panel's task that much harder, Camp's office said.

But Republican lawmakers haven't always worried about tax cuts increasing the deficit. They led the fight to extend the life of a much bigger tax break: the major 2001 income tax reduction enacted under Bush. It was scheduled to expire at the start of this year. Obama campaigned on a pledge to end the tax break only for the richest Americans, but solid GOP opposition forced him to back down.

Many Republicans are adamant about not raising taxes but largely silent on what it would mean to let the payroll tax break expire.

Republicans cite key differences between the two "temporary" taxes, starting with the fact that the Bush measure had a 10-year life from the start. To stimulate job growth, these lawmakers say, it's better to reduce income tax rates for people and for companies than to extend the payroll tax break.

The Associated Press: GOP may OK tax increase that Obama hopes to block

47% of Americans pay no federal income tax at all, yet they vote. Pretty scary considering that they have absolutely no skin in the game. A flat tax is in order, if you make a dollar you pay .10 if you make a 1,000 you pay one hundred, that is the only fair way. It's also simple and uncomplicated.If you live in this country you should be required to pull your weight.

 

[Immanuel]

Republicans will defend to the death tax breaks for the rich, but don't care about raising taxes on working people.

Its not called a death tax.

that is a republican talking point.

Its inheritance tax.

they wanted to make it sound like people were being taxed to die.

Its actually not taxing dead people.

its taxing people who have inherited like five million or more.

That means you can leave millions to a kid without a dime of tax.

Unless I have it wrong the "Death tax" starts after 10 thousand dollars, not 5 million. Then that means the money that was already taxed once gets taxed again... Wow, that's fair lolz! That means that if you paid 25% through your life you could be taxed again on that same dollar after you die by another 25 or so %.... Meaning you lost HALF of what you earned before you spent it… then when you spend it you get hit by another 10ish %.

TM loves it lol!

I am pretty sure that you have it wrong and maybe someone has covered this later. If so, my apologies.

The Ten Thousand you are thinking of is the gift tax. I person can give $10,000 away to anyone they want every year. Any more than 10k gets taxed.

The Inheritance tax is different and in 2010 there was no inheritance tax at all.

Here is a good explanation.

Federal Estate Tax Update 2002-2010

And even a better page:

Estate Tax Rate Table - Exemption From Estate Taxes: 1997 - 2013, Estate Tax Exemption

Hope that helps.

Immie

 

[NYcarbineer]

When you are in a deflationary spiral, the government has to create demand.

One of the best ways is tax cuts and government spending.

Simple economics.

You can't keep cutting taxes to stimulate the economy if you're not willing to raise them when the economy heats up in order to pay off what you borrowed.

We're in a tax cut death spiral.

Unadulterated BS. Were in a Over Spending Death Spiral. Obama increased Discretionary Spending by 80% and now wants to use those new levels as the Bench Mark to cut from.

You Guys are unbelievable.

Tax Cut Death Spiral. LOL I have heard it all now.

The US budget has doubled just over 10 Years. We are SPENDING TO MUCH!!!

Wake up Idiots.

With the tax revenues we are currently collecting,

we couldn't balance the 2007 budget.

 

[NYcarbineer]

That 47% of households pay no federal income tax is a direct result of the Bush tax cuts, that every one of you conservatards supported,

so quit crying about it.

 

[Immanuel]

It was a bad idea to cut the tax in the first place.

But, I am amazed that the Republicans are stepping into Obama's trap on this. Nothing like adding fuel to TDM's fire.

Let's see, how many weeks ago were they crying about tax cuts for the wealthy and today they have the gall to stand up and demand a tax increase for the poor and middle class?

Let's see where can I find a good picture of /facepalm?

Immie

 

[Full-Auto]

Every working person in the country pays payroll taxes. Everyone who buys stuff pays sales taxes. Everyone who has property pays property taxes.

Not to mention their $400 added to the rest gets interest which is the real money the government uses. Everybody pays, it is long past time to be drooling over your neighbors piece of the pie. I do not even understand how it is helpful.

What's the interest on $400 for 6 or 8 months?

With a generous bank, 2 or 3 cents.

 

[hortysir]

How'd all that government spending in the stimulus work out?

Dip shit.

It worked out great!

It saved the country from a second Great Depression.

The problem was that the stimulus was too small.

thus proving my comment of 'dip shit'. Allow me to add 'monumental' in front of it to complete the picture.

Actually, in this economy, "double-dip"-shit would be more appropriate

 

[Conservative]

It worked out great!

It saved the country from a second Great Depression.

The problem was that the stimulus was too small.

thus proving my comment of 'dip shit'. Allow me to add 'monumental' in front of it to complete the picture.

Actually, in this economy, "double-dip"-shit would be more appropriate

I don't think he can count to two for the 'double'.

 

[Cuyo]

The "starving" don't pay taxes, stupid.

Show us where they do.

Every working person in the country pays payroll taxes. Everyone who buys stuff pays sales taxes. Everyone who has property pays property taxes.

Number 1 is False. Everyone who is working does not Pay Federal Income Tax. Everyone pays FICA and MC. 51% of them however get all, or more of the money withheld for Federal Income Taxes back in their Tax Return.

That's factually incorrect.

So is most of the stuff you say.

Maybe you just shouldn't say stuff.

 

[hortysir]

thus proving my comment of 'dip shit'. Allow me to add 'monumental' in front of it to complete the picture.

Actually, in this economy, "double-dip"-shit would be more appropriate

I don't think he can count to two for the 'double'.

Especially since he thinks Barry saved us, I don't think he believes there's going to be a double-dip

 

[Google]

Republicans will defend to the death tax breaks for the rich, but don't care about raising taxes on working people.

If it weren't for the exploitation of such primitive emotional responses like envy and jealousy the Democrat Party would lose the majority of its' base.

How will increasing taxes help you? How will it spur economic growth? Why are you so envious and seething with resentment against a portion of the population that already pays the overwhelming majority of the tax burden?

 

[Google]

That 47% of households pay no federal income tax is a direct result of the Bush tax cuts, that every one of you conservatards supported,

so quit crying about it.

The current tax rates would be fine if deficit spending hadn't growth at unprecedented rates under this administration.

Even fixing these tax loopholes, requiring more Americans to pay income taxes, and increasing taxes on those god damned rich people--all that would still fall far short of bridging the ever expanding national debt.

But hey, the left has constantly preached about the incredible benefits of deficit spending on the economy, so let's double down and have Stimulus Act II.

Acting like the economic problems facing this country are the result of tax cuts demonstrates an incredibly lack of understanding, and harping on about the need for more debt is the reason only 11% of Americans are satisfied with the direction of this country.