Taxes going up

[Frequent Flyer]

Bend over, here it comes again.... Right out the gate deduct (at least)another $1,000 bucks (I think it's safe to assume we are all making more than 50 grand a year) confiscated from your paycheck to be pissed away by the federales

WASHINGTON (AP) — While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.

That's because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring. In 2012, that 2-percentage-point cut in the payroll tax was worth about $1,000 to a worker making $50,000 a year.

More


Read more: http://www.nydailynews.com/news/nati...#ixzz2H1ITi1kG

[parafly]

The payroll tax cut from a couple of years ago was always meant to be temporary.

My biggest issue here is paying more in taxes toward a broken and eventually insolvent Social Security system. Unless we see some fundamental reform, the system is not going to be around during my retirement. All of my hard earned money being funneled into the system will go to waste, and I have very little hope in a dysfunctional Washington fixing it any time soon.

[Axil]

Originally Posted by parafly

The payroll tax cut from a couple of years ago was always meant to be temporary.

Even if that's so, taxes are still increasing for the majority of Americans. Something that both parties in a rare instance of agreement have stated is bad for our economy. I'd laugh if i didn't have to live with the consequences of our governments ineptitude....

[parafly]

Originally Posted by Axil

Even if that's so, taxes are still increasing for the majority of Americans. Something that both parties in a rare instance of agreement have stated is bad for our economy. I'd laugh if i didn't have to live with the consequences of our governments ineptitude....

If we reformed the tax system to something much more sensible and less complicated, we wouldn't run into these issues.

Payroll taxes were reduced to provide a boost to the economy by putting a little extra cash in the pockets of the working class. It wasn't done because Social Security didn't need those funds. At some point, the party has to come to an end. It's mathematically inevitable.

[chiefst2000]

Originally Posted by parafly

If we reformed the tax system to something much more sensible and less complicated, we wouldn't run into these issues.

Payroll taxes were reduced to provide a boost to the economy by putting a little extra cash in the pockets of the working class. It wasn't done because Social Security didn't need those funds. At some point, the party has to come to an end. It's mathematically inevitable.

I don't mind paying FICA and Medicare taxes in full if it means that I will get my money back in retirement. The real screw job is that these pricks in government don't care that the programs will be insolvent by the time I retire. Medicare has 10 years left.

The Democrats are so twisted in their thinking that they wont even agree to means test the programs or raise the age a year or two. One would think they would be all in on means testing since its another way they can soak the wealthy. For some reason they aren't on board even with that basic step.

[parafly]

Originally Posted by chiefst2000

I don't mind paying FICA and Medicare taxes in full if it means that I will get my money back in retirement. The real screw job is that these pricks in government don't care that the programs will be insolvent by the time I retire. Medicare has 10 years left.

The Democrats are so twisted in their thinking that they wont even agree to means test the programs or raise the age a year or two. One would think they would be all in on means testing since its another way they can soak the wealthy. For some reason they aren't on board even with that basic step.

They have to keep the boomers happy. It's an important voting block.

[PlumberKhan]

Originally Posted by parafly

They have to keep the boomers happy. It's an important voting block.

Bingo


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[Axil]

Originally Posted by parafly

If we reformed the tax system to something much more sensible and less complicated, we wouldn't run into these issues.

Agreed.

Originally Posted by parafly

Payroll taxes were reduced to provide a boost to the economy by putting a little extra cash in the pockets of the working class. It wasn't done because Social Security didn't need those funds. At some point, the party has to come to an end. It's mathematically inevitable.

I agree with you here as well. My point is, it doesn't matter what was intended. If increasing taxes will negatively impact the economy. This tax increase will negatively impact the economy. You can argue that it's worth the hit to the economy, but doing so while your simultaneously spouting "The middle class cannot afford to pay any more taxes!" Is hypocritical and stupid.

If you believe that you absolutely must increase payroll taxes back to their previous levels this year. And you absolutely must not raise taxes on the middle class, it seems obvious the only thing you can do is lower taxes elsewhere to wash with the increased payroll tax.

[JetPotato]

This is a pretty good thread except for the fact that there's no one to argue with.

[parafly]

Originally Posted by Axil

My point is, it doesn't matter what was intended. If increasing taxes will negatively impact the economy. This tax increase will negatively impact the economy. You can argue that it's worth the hit to the economy, but doing so while your simultaneously spouting "The middle class cannot afford to pay any more taxes!" Is hypocritical and stupid.

If you believe that you absolutely must increase payroll taxes back to their previous levels this year. And you absolutely must not raise taxes on the middle class, it seems obvious the only thing you can do is lower taxes elsewhere to wash with the increased payroll tax.

Agreed.

It's not a logical action. In the end higher taxes are higher taxes. For some reason, federal income taxes carry more weight in terms of political price than other forms of taxes.

It's disingenuous to say that the middle class was spared a rise in taxes, but the politicians will frame it that way regardless, and hope that most people don't see through it.

[Buster]

There needs to be another tax bracket or three.

$1 million+
$5 million+
$10 million +

[detjetsfan]

Originally Posted by Frequent Flyer

Bend over, here it comes again.... Right out the gate deduct (at least)another $1,000 bucks (I think it's safe to assume we are all making more than 50 grand a year) confiscated from your paycheck to be pissed away by the federales

WASHINGTON (AP) — While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.

That's because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring. In 2012, that 2-percentage-point cut in the payroll tax was worth about $1,000 to a worker making $50,000 a year.

More


Read more: http://www.nydailynews.com/news/nati...#ixzz2H1ITi1kG

What do the words "not prevent a temporary reduction in Social Security payroll tax from expiring" mean to you? They're getting rid of a wasteful tax cut. Read the articles you copy and paste.

[detjetsfan]

Originally Posted by Axil

Even if that's so, taxes are still increasing for the majority of Americans. Something that both parties in a rare instance of agreement have stated is bad for our economy. I'd laugh if i didn't have to live with the consequences of our governments ineptitude....

Yeah because raising taxes was so disastrous for our economy in the 1990's. Bush Sr and Clinton both raised taxes back 2 back and all we got as economic growth and a budget surplus by the end of the decade.

[Warfish]

Originally Posted by parafly

In the end higher taxes are higher taxes.

Only part of this thread that matters.

This, combned with now-rising Healthcare Costs, and I'm out a few grand each year. More money paid out I'll never see back in any form.

Such is life.

[Frequent Flyer]

Originally Posted by detjetsfan

Yeah because raising taxes was so disastrous for our economy in the 1990's. Bush Sr and Clinton both raised taxes back 2 back and all we got as economic growth and a budget surplus by the end of the decade.

Go take a look at the spending during those two administrations. It's no where near what the Weimar Republic Burgermeister Barry is spending.

[frostlich]

Originally Posted by parafly

The payroll tax cut from a couple of years ago was always meant to be temporary.

My biggest issue here is paying more in taxes toward a broken and eventually insolvent Social Security system. Unless we see some fundamental reform, the system is not going to be around during my retirement. All of my hard earned money being funneled into the system will go to waste, and I have very little hope in a dysfunctional Washington fixing it any time soon.

Not disagreeing with you but interesting that tax cuts are viewed temporary while taxes (higher) are viewed as inevitable or the norm.

How many "temporary" taxes have you seen expire?

Taxing based on income is bull**** because of an easily manipulated tax code (unless you're a sucker on a payroll). It is not fixed because our elected officials don't want it to be.

[palmetto defender]

Originally Posted by PlumberKhan

Bingo


Sent from a phone using an app

The program was set up and is STAUNCHLY defended by DEMOCRATS who refuse to make changes to SS and Medicare.
God forbid Medicaid (the program for beggars and welfare queens) should ever be adjusted downward.
Raise the age for SS to 70 over the next 20 years. Make Medicare eligibilty the same age as SS effective in a year or 2.
And tighten up on abuse - especially disabilty claims.

[PlumberKhan]

Originally Posted by palmetto defender

The program was set up and is STAUNCHLY defended by DEMOCRATS who refuse to make changes to SS and Medicare.
God forbid Medicaid (the program for beggars and welfare queens) should ever be adjusted downward.
Raise the age for SS to 70 over the next 20 years. Make Medicare eligibilty the same age as SS effective in a year or 2.
And tighten up on abuse - especially disabilty claims.

Old people suck.



Sent from a phone using an app

[palmetto defender]

Originally Posted by PlumberKhan

Old people suck.



Sent from a phone using an app

Plumbers are perverts and thieves.

[detjetsfan]

Originally Posted by Frequent Flyer

Go take a look at the spending during those two administrations. It's no where near what the Weimar Republic Burgermeister Barry is spending.

You mean Barack Hussein Osama the terrorist commie child molester from Kenya who worships the devil and faked his cousin Bin Laden's death to get reelected? The real issue is our spending isn't paid for because silly Reaganite "economists" cut taxes excessively for rich people from 2000-2008. My biggest criticism of Obama is he didn't get rid of those stupid Bush tax cuts quickly enough.




Can you please bother to do some research next time?