What (if any cuts) will you make after your taxes go up?

[Matthanuf06]

The payroll tax is going to have a huge impact on my family. I wouldn't mind if it was going to pay the debt, but it goes to people who failed to bust their butt of like my wife and I so they can live like my wife and I.

[g8orbill]

matt- it is all about supporting the 47%ers with the 53%ers money

[Row6]

Originally Posted by g8orbill

row- I was against the tax holiday in the beginning as it was merely a ploy by the 47%ers prez to fulfill his campaign promise-

I love how they are upset about getting paid less and the fact that their and your beloved 47%ers prez agreed to the rise- I plan on telling them everytime they complain that they can thank the 47%ers prez

I wanted the pubs to stand firm and demand real cuts and get real cuts before they caved on this deal

there will be no real cuts and I will surprised if Harry Reid passes a budget-this is what the 47%ers wanted- let them reap what they have sewn

bill you don't have your facts straight. The SS tax holiday was not part of any Obama campaign promise and was not even enacted until Jan 2011 when it was part of what Obama asked for from Republicans in order to sign off on extending the Bush tax cuts for another 2 years (or until now). They were not in favor but gave in as a concession. Perhaps you are confusing it with the income tax break 95% of Americans received on their 2009 and 2010 taxes as part of the original stimulus.

[Row6]

Originally Posted by Matthanuf06

The payroll tax is going to have a huge impact on my family. I wouldn't mind if it was going to pay the debt, but it goes to people who failed to bust their butt of like my wife and I so they can live like my wife and I.

Your wife is back to where she was before Obama got the SS tax holiday in a trade off with Republicans on the Bush tax cuts in Jan 2011. If he totally had his way in the recent agreement she would still have it.

[g8orbill]

it seems we were both off a bit

http://www.toledoblade.com/Economy/2...paychecks.html

from the article:
At Mr. Obama’s urging, Congress passed a temporary measure in 2010 to reduce the rate workers pay into Social Security from 6.2 percent to 4.2 percent. Though never meant to be permanent, the cut was extended twice to last through the end of 2012.

[AustinGator1]

Originally Posted by Row6

Yes paying an extra 4% on income above $450k is causing some serious belt tightening. Poor Biff will have to settle for an Acura instead of a Beamer for his senior year at Choate. And to hell with the new 1/4 mile boxwood hedge maze in the french gardens. It's worth it for the country and you know, the debt.

Anyone who really believes the only thing happening this year is 'an extra 4% on income above $450k' then they are more a fool than an apologist.

[g8orbill]

Originally Posted by AustinGator1

Anyone who really believes the only thing happening this year is 'an extra 4% on income above $450k' then they are more a fool than an apologist.

+1

[Matthanuf06]

Originally Posted by Row6

Your wife is back to where she was before Obama got the SS tax holiday in a trade off with Republicans on the Bush tax cuts in Jan 2011. If he totally had his way in the recent agreement she would still have it.

Being "back" to where we were? What type of logic is that? It's a tax increase, no matter how you slice it.

And we aren't where we were a couple years ago given the crappy dollar and crazy debt. We are going to need all the tax breaks we can get to pay for the coming inflation

[g8orbill]

the 47%ers and their prez want theirs and yours too Matt

[gatordowneast]

Originally Posted by Row6

Yes paying an extra 4% on income above $450k is causing some serious belt tightening. Poor Biff will have to settle for an Acura instead of a Beamer for his senior year at Choate. And to hell with the new 1/4 mile boxwood hedge maze in the french gardens. It's worth it for the country and you know, the debt.

More typical envy. I would much rather the extra 4%, for those in that category, (and I hope to be in that category in 2013) keep the extra money, spend it locally or invest it to create more opportunity. Much better than giving it to Harry Reid and Obama who will not use it for deficit reduction, but will in fact attempt to leverage it for more spending, most likely with union involvement.

Democrats realize that the more money in the people's pockets, the better for the economy, right? If not, why did they vote to make the Bush tax cuts permanent? So if it works for some, why would it not work for all?

[Row6]

Originally Posted by g8orbill

it seems we were both off a bit

http://www.toledoblade.com/Economy/2...paychecks.html

from the article:
At Mr. Obama’s urging, Congress passed a temporary measure in 2010 to reduce the rate workers pay into Social Security from 6.2 percent to 4.2 percent. Though never meant to be permanent, the cut was extended twice to last through the end of 2012.

The measure was negotiated in very late 2010 (after the midterms) and did not take effect until Jan 2011.

[Row6]

Originally Posted by Matthanuf06

Being "back" to where we were? What type of logic is that? It's a tax increase, no matter how you slice it.

And we aren't where we were a couple years ago given the crappy dollar and crazy debt. We are going to need all the tax breaks we can get to pay for the coming inflation

Back to where we had been for well over 30 years, which is how long I have been writing pay checks. The tax holiday on SS was never intended to be permanent by anyone and republicans would just as soon not have passed it. If you favored prolonging it I hope you voted for Obama because he would have liked to have extended it another year or two.

BTW, inflation is almost non-existent over the last 4 years since the crash - though righties are constantly warning it's about to begin - and a bigger concern was deflation.

[gatordowneast]

Originally Posted by Row6

Back to where we had been for well over 30 years, which is how long I have been writing pay checks. The tax holiday on SS was never intended to be permanent by anyone and republicans would just as soon not have passed it. If you favored prolonging it I hope you voted for Obama because he would have liked to have extended it another year or two.

BTW, inflation is almost non-existent over the last 4 years since the crash - though righties are constantly warning it's about to begin - and a bigger concern was deflation.

Inflation is almost non-existent since the crash? Tell my wife that as she is constantly remarking about food prices increasing. Tell JEA that as my electric/water/irrigation bills do not reflect "non existent" inflation. Tell United Health Care that as our Health Insurance costs are sure going up. I do agree that from a labor standpoint, there has been little inflation in salaries or compensation costs as the Obama economy remains stuck on a treadmill.

[Matthanuf06]

Originally Posted by Row6

Back to where we had been for well over 30 years, which is how long I have been writing pay checks. The tax holiday on SS was never intended to be permanent by anyone and republicans would just as soon not have passed it. If you favored prolonging it I hope you voted for Obama because he would have liked to have extended it another year or two.

BTW, inflation is almost non-existent over the last 4 years since the crash - though righties are constantly warning it's about to begin - and a bigger concern was deflation.

CPI isn't the best measure for inflation. And while food/gas inflation is here I wasn't talking about current, but rather future.

Look, it's obvious what the debt strategy is. Debase the currency and inflate. The printing press is going nonstop. Do you think this money will stay on the sideline forever and ever? At some point they'll hit the economy, rates will rise, creditors will step back, big inflation will hit, and that's that. Frankly it's the consensus view. The question has always been about timing.

You can easily argue deflation was the bigger issue than debt/inflation so the printing press was an ok strategy, and from an economic viewpoint in our political system I would agree. But actions have consequences, and ours are dire if we do not fix the problem at hand.

Nobody knows exactly when the velocity of money picks up and it comes off the sideline, and nobody knows exactly when our creditors step back. But it will happen, it's 100% guaranteed unless we fix the problem.

[philnotfil]

Originally Posted by gatordowneast

Inflation is almost non-existent since the crash? Tell my wife that as she is constantly remarking about food prices increasing. Tell JEA that as my electric/water/irrigation bills do not reflect "non existent" inflation. Tell United Health Care that as our Health Insurance costs are sure going up. I do agree that from a labor standpoint, there has been little inflation in salaries or compensation costs as the Obama economy remains stuck on a treadmill.

Inflation is over the last four years is not out of the ordinary for inflation since the 70's, if anything it is a little lower. 2010 was the first year since 1955 to average deflation for the year, or even to have deflation for a single month.

[Matthanuf06]

Originally Posted by philnotfil

Inflation is over the last four years is not out of the ordinary for inflation since the 70's, if anything it is a little lower. 2010 was the first year since 1955 to average deflation for the year, or even to have deflation for a single month.

Using what measure? Do you understand what that measure includes?

[philnotfil]

Originally Posted by Matthanuf06

CPI isn't the best measure for inflation. And while food/gas inflation is here I wasn't talking about current, but rather future.

Look, it's obvious what the debt strategy is. Debase the currency and inflate. The printing press is going nonstop. Do you think this money will stay on the sideline forever and ever? At some point they'll hit the economy, rates will rise, creditors will step back, big inflation will hit, and that's that. Frankly it's the consensus view. The question has always been about timing.

You can easily argue deflation was the bigger issue than debt/inflation so the printing press was an ok strategy, and from an economic viewpoint in our political system I would agree. But actions have consequences, and ours are dire if we do not fix the problem at hand.

Nobody knows exactly when the velocity of money picks up and it comes off the sideline, and nobody knows exactly when our creditors step back. But it will happen, it's 100% guaranteed unless we fix the problem.

What measure would you like to use for inflation?

[Dreamliner]

I'm going to take my own advice and make as little money as I need to make while doing the things I enjoy. I'm going to strive to live *beneath* my means. With so many millions of Americans trained on mine and your money, there's very little incentive to make much of it.

[PSGator66]

Zombie Obama Voters! I love it! Those folks will be wondering where their tax returns are going when the IRS deems them to have insuffiicient Health Care Coverage under Obama Care. Ignorance is not a bliss!

[Dreamliner]

Originally Posted by PSGator66

Zombie Obama Voters! I love it! Those folks will be wondering where their tax returns are going when the IRS deems them to have insuffiicient Health Care Coverage under Obama Care. Ignorance is not a bliss!

They'll find a way to blame it on the Republicans.