Total Posts:19|Showing Posts:1-19
Jump to topic:

Taxmageddon Coming January 2013

GeoLaureate8
Posts: 12,252
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 9:26:24 AM
Posted: 4 years ago
The Bush tax cuts expire and Obama will add 20 new taxes coming January first.

How many of you have an income and will you survive this devastating taxmageddon? What percent increase will this bring?
"We must raise the standard of the Old, free, decentralized, and strictly limited Republic."
-- Murray Rothbard

"The worst thing that can happen to a good cause is, not to be skillfully attacked, but to be ineptly defended."
-- Frederic Bastiat
AlwaysMoreThanYou
Posts: 2,900
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 9:27:19 AM
Posted: 4 years ago
At 9/26/2012 9:26:24 AM, GeoLaureate8 wrote:
The Bush tax cuts expire and Obama will add 20 new taxes coming January first.

How many of you have an income and will you survive this devastating taxmageddon? What percent increase will this bring?

I will survive because my income is so small the US government doesn't care about it :D
'When the Spirit of truth comes, he will guide you into all the truth; for he will not speak on his own authority, but whatever he hears he will speak, and he will declare to you the things that are to come.' - John 16:13
bossyburrito
Posts: 14,075
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 10:26:49 AM
Posted: 4 years ago
I just want capitalism to crumble.
#UnbanTheMadman

"Some will sell their dreams for small desires
Or lose the race to rats
Get caught in ticking traps
And start to dream of somewhere
To relax their restless flight
Somewhere out of a memory of lighted streets on quiet nights..."

~ Rush
Stephen_Hawkins
Posts: 5,316
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 10:31:22 AM
Posted: 4 years ago
All my post-tax income says that this rise is so small no-one notices it, short of the anti-tax-regardless-of-consequence brigade.
Give a man a fish, he'll eat for a day. Teach him how to be Gay, he'll positively influence the GDP.

Social Contract Theory debate: http://www.debate.org...
johnnyboy54
Posts: 6,362
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 11:55:40 AM
Posted: 4 years ago
At 9/26/2012 10:26:49 AM, bossyburrito wrote:
I just want capitalism to crumble.

Some people just want to watch the world burn.
I didn't order assholes with my whiskey.
johnnyboy54
Posts: 6,362
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 11:56:27 AM
Posted: 4 years ago
I'm a student who doesn't have any taxable income anyway. I will likely be hit on any increases in sales, payroll, and interest taxes though.
I didn't order assholes with my whiskey.
imabench
Posts: 21,206
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 12:20:32 PM
Posted: 4 years ago
At 9/26/2012 10:31:22 AM, Stephen_Hawkins wrote:
All my post-tax income says that this rise is so small no-one notices it, short of the anti-tax-regardless-of-consequence brigade.

+1 that no one will notice it
Kevin24018 : "He's just so mean it makes me want to ball up my fists and stamp on the ground"

7/14/16 = The Presidency Dies

DDO: THE MOVIE = http://www.debate.org...
http://www.debate.org...

VP of DDO from Dec 14th 2014 to Jan 1st 2015
GeoLaureate8
Posts: 12,252
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 12:39:03 PM
Posted: 4 years ago
At 9/26/2012 10:31:22 AM, Stephen_Hawkins wrote:
All my post-tax income says that this rise is so small no-one notices it, short of the anti-tax-regardless-of-consequence brigade.

I hope youre right. I'm a tax supporter, but I don't support taxmageddon.
"We must raise the standard of the Old, free, decentralized, and strictly limited Republic."
-- Murray Rothbard

"The worst thing that can happen to a good cause is, not to be skillfully attacked, but to be ineptly defended."
-- Frederic Bastiat
Microsuck
Posts: 1,562
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 12:41:26 PM
Posted: 4 years ago
At 9/26/2012 10:26:49 AM, bossyburrito wrote:
I just want capitalism to crumble.

I just want government to crumble.
Wall of Fail

Devil worship much? - SD
Newsflash: Atheists do not believe in the Devil! - Me
Newsflash: I doesnt matter if you think you do or not.....You do - SD

"you [imabench] are very naive and so i do not consider your opinions as having any merit. you must still be in highschool" - falconduler
johnnyboy54
Posts: 6,362
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 12:45:19 PM
Posted: 4 years ago
At 9/26/2012 12:41:26 PM, Microsuck wrote:
At 9/26/2012 10:26:49 AM, bossyburrito wrote:
I just want capitalism to crumble.

I just want government to crumble.

Going full anarchist now?
I didn't order assholes with my whiskey.
Microsuck
Posts: 1,562
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 12:47:38 PM
Posted: 4 years ago
At 9/26/2012 12:45:19 PM, johnnyboy54 wrote:
At 9/26/2012 12:41:26 PM, Microsuck wrote:
At 9/26/2012 10:26:49 AM, bossyburrito wrote:
I just want capitalism to crumble.

I just want government to crumble.

Going full anarchist now?

I'd love the idea of anarcho-capitalist, though I don't think it will work.
Wall of Fail

Devil worship much? - SD
Newsflash: Atheists do not believe in the Devil! - Me
Newsflash: I doesnt matter if you think you do or not.....You do - SD

"you [imabench] are very naive and so i do not consider your opinions as having any merit. you must still be in highschool" - falconduler
Chaos88
Posts: 247
Add as Friend
Challenge to a Debate
Send a Message
9/26/2012 4:20:52 PM
Posted: 4 years ago
At 9/26/2012 10:31:22 AM, Stephen_Hawkins wrote:
All my post-tax income says that this rise is so small no-one notices it, short of the anti-tax-regardless-of-consequence brigade.

People should notice it, regardless of income level. Here are the main increases that I know about:

Affecting the poor/everyone:
-Child tax credit loss of $500/child
-Income tax increase of 50% on those whose taxable income is less than $8,000 (so, if not a dependant, gross of about $17K). This is an increase of about $400 to everyone whose taxable income is over that amout (and the % increase goes down).
-0.9% medicare increase, which will affect everyone except the rich, as it stops at about $250K. This additional medicare tax is not employer matched and has a cap, things that regular medicare tax do not have. This is an Obama tax, part of Obamacare.
-2% payroll tax increase due to the reset of Obama's payroll holiday, it will go back to 6.2%, currently 4.2%
-EIC will be lowered, I believe but I am not sure
-Mortgage insurance is not longer deductable, but that takes effect this year, not next

Taxes affecting mainly the rich:
-Increase of capital gains from 15% to 23.6%
-Increase of top two tax brackets by a few points
-Personal exemption phase out is back, so while a middle class person can exempt $3,700 from taxes per person, a rich person only get to deduct 2/3 of that.
-Dividends will all be taxable

So, someone's federal tax liability, who is single, does not itemize, and has no kids, that makes $20K will go from $2,284 in 2011 to approximately $3,237 in 2012. I would think someone would notice close to a grand in taxes, or 5%.
Now, the middle classes increase won't be as bad, their rate will be in the range of 3-5%.

This is nine tax increases, of the OP's 20. Pretty good if you ask me.

I also think there are business losses, like bonus depreciation, hiring credits, hiring the poor, elderly, and disabled credit goes down, and the loss of green credits for both individuals and businesses. However, I do not know if this is accurate, nor if the OP is including these.
jharry
Posts: 4,984
Add as Friend
Challenge to a Debate
Send a Message
9/28/2012 5:28:26 PM
Posted: 4 years ago
At 9/26/2012 9:26:24 AM, GeoLaureate8 wrote:
The Bush tax cuts expire and Obama will add 20 new taxes coming January first.

How many of you have an income and will you survive this devastating taxmageddon? What percent increase will this bring?

I'm not sure how bad it will affect me. I cleared 100,000.00 last year and will probably do it again this year.

I had to paid more taxes last year, I actually owed. I don't know who changed it and when but I know what you can claim on the W-4 has changed. And that has hurt me significantly.

Before I claimed M-12, the changes require me to claim M-6 which ups the amount of tax I have to pay to the feral government.

With three kids, house, vehicles, gas prices and trying to save for retirement and college it has hurt me.

Under Bush I could stand the taxes, it doesn't look like I will be able to stand it under Osama. Good ole liberals, take from the guy that earns and give it to the guy that doesn't.
In nomine Patris, et Filii, et Spiritus Sancti. Amen
socialpinko
Posts: 10,458
Add as Friend
Challenge to a Debate
Send a Message
9/28/2012 5:31:59 PM
Posted: 4 years ago
I'm not sure what percentage I'll have to pay in taxes next year. Does anyone know what the rate is for unemployed college students making $0.00 a year?
: At 9/29/2014 10:55:59 AM, imabench wrote:
: : At 9/29/2014 9:43:46 AM, kbub wrote:
: :
: : DDO should discredit support of sexual violence at any time and in every way.
:
: I disagree.
EvanK
Posts: 599
Add as Friend
Challenge to a Debate
Send a Message
9/28/2012 6:51:57 PM
Posted: 4 years ago
At 9/26/2012 10:26:49 AM, bossyburrito wrote:
I just want capitalism to crumble.

Fvck socialism. :P
The problem with socialism is that, sooner or later, you run out of people's money."_Margaret Thatcher

"The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government."_Thomas Jefferson

"The beauty of the Second Amendment is that it will not be needed until they try to take it."_Thomas Jefferson

"It is easier to fool someone than to convince them that they have been fooled."-Mark Twain
socialpinko
Posts: 10,458
Add as Friend
Challenge to a Debate
Send a Message
9/28/2012 6:56:04 PM
Posted: 4 years ago
At 9/28/2012 6:51:57 PM, EvanK wrote:
At 9/26/2012 10:26:49 AM, bossyburrito wrote:
I just want capitalism to crumble.

Fvck socialism. :P

It would appear I agree with both sentiments.
: At 9/29/2014 10:55:59 AM, imabench wrote:
: : At 9/29/2014 9:43:46 AM, kbub wrote:
: :
: : DDO should discredit support of sexual violence at any time and in every way.
:
: I disagree.
Wallstreetatheist
Posts: 7,132
Add as Friend
Challenge to a Debate
Send a Message
9/29/2012 3:34:25 AM
Posted: 4 years ago
At 9/28/2012 6:56:04 PM, socialpinko wrote:
At 9/28/2012 6:51:57 PM, EvanK wrote:
At 9/26/2012 10:26:49 AM, bossyburrito wrote:
I just want capitalism to crumble.

Fvck socialism. :P

It would appear I agree with both sentiments.

Don't you believe in both as long as they are voluntary?
DRUG HARM: http://imgur.com...
Primal Diet. Lifting. Reading. Psychedelics. Cold-Approach Pickup. Music.
Chaos88
Posts: 247
Add as Friend
Challenge to a Debate
Send a Message
9/29/2012 4:34:50 AM
Posted: 4 years ago
At 9/28/2012 5:28:26 PM, jharry wrote:
At 9/26/2012 9:26:24 AM, GeoLaureate8 wrote:
The Bush tax cuts expire and Obama will add 20 new taxes coming January first.

How many of you have an income and will you survive this devastating taxmageddon? What percent increase will this bring?

I'm not sure how bad it will affect me. I cleared 100,000.00 last year and will probably do it again this year.

I had to paid more taxes last year, I actually owed. I don't know who changed it and when but I know what you can claim on the W-4 has changed. And that has hurt me significantly.

Before I claimed M-12, the changes require me to claim M-6 which ups the amount of tax I have to pay to the feral government.

With three kids, house, vehicles, gas prices and trying to save for retirement and college it has hurt me.

Under Bush I could stand the taxes, it doesn't look like I will be able to stand it under Osama. Good ole liberals, take from the guy that earns and give it to the guy that doesn't.

I am not sure what M-12 or M-6 is, but if you are talking about what your withholdings on your W-4, that has NOTHING to do with how much federal taxes you pay. It affects how much taxes are withheld from your paychecks and nothing more.

Just because you get a refund one year and not the next, doesn't mean you paid more or less in taxes, it only means the year you got a refund you overpaid, probably withheld from your check, and the next year, you didn't have enough withheld.

To beat a dead horse:
If I had $2,000 withheld from my paychecks in 2011, and I owed $1,500 in taxes, my refund would be $500. However, if I owed $1,500 in taxes, and I only had $1,200 withheld, then I would owe $300. Regardless, I paid the same amount in taxes.