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Thread: How the Fiscal Cliff May Affect Your Taxes

  1. #12
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    Who is facing the fiscal cliff?? Certainly not the President (nor Congress - if we get honest)

    http://news.investors.com/politics-a...ve.htm?ven=rss
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  3. #13
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    Beautiful: Senator McConnell Brings Obama’s Fiscal Cliff Plan to the Floor for a Vote –
    Reid Objects, Calls it a Stunt

    December, 5, 2012 — nicedeb


    Was Obama’s offer serious? No, of course not, nor was Obama’s last budget which got defeated 99- 0 on the Senate floor, last May.
    http://www.washingtontimes.com/blog/...d-99-0-senate/

    And so on the Senate floor, Wednesday, Senate Minority Leader Mitch McConnell proved it by offering to give Democrats a chance to vote on Obama’s joke of a proposal: http://www.youtube.com/watch?feature...&v=JHQFe1qrxSo

    Reid called McConnell’s offer a Republican “stunt,” http://hotair.com/archives/2012/12/0...as-cliff-plan/ but how is bringing Obama’s supposedly serious proposal to the floor a “stunt”? Is not the proposal itself, with it’s tax hikes, increased spending, and elimination of the debt ceiling a stunt, or a really bad joke?(even though McConnell did laugh at it.) Isn’t Reid really objecting to the exposure of the President’s bad joke and bad faith to the public, (even though the MSM will do its best to bury the news of it?)

    Guy Benson of Townhall writes: http://townhall.com/tipsheet/guybens...n_reid_objects

    Think about that. The President of the United States, a Democrat, crafted a fiscal cliff package that would give him everything he wants. It has tax hikes on the rich. It has huge tax hikes on investments and estates. It has more stimulus spending. It has no meaningful, specific, or guaranteed spending cuts. And it compels Congress to cede control of the debt ceiling to him. This is “fairness” on steroids. The Senate’s top Republican proposed an up-or-down vote on everything the president wants, yet Democrats, who control the upper chamber, instantly blocked it. By what definition is it a “stunt” to hold a vote on the president’s full, public plan? The White House has insisted it’s a serious document, yet Hill Democrats don’t want it to see the light of day.
    Gee, is it possible these morons want to go over the fiscal cliff so they can get everything they want (higher taxes on everyone, gut the military) and blame it on the Republicans? Is it possible that virtually everything these pathetic, perennially projecting reprobates do is a politically calculated “stunt”?

    Don’t worry, Reid’s discomfort was only temporary. He’ll be back tomorrow to talk about how serious the President’s plan is, and how the Republicans are just playing games and holding the middle class hostage – more dangerous than al Qaeda, they are..

    I still can’t believe America voted for four more years of this ...

    Krauthammer says Obama Already has U.S. more than Halfway to Collapse of Dollar and the Economy: http://noisyroom.net/blog/2012/12/05...d-the-economy/

    http://www.youtube.com/watch?feature...&v=UN5JD9-y0TA

    How do you not see a Cloward-Piven strategy at play, here, at this point? http://www.discoverthenetworks.org/A...rategypoe.html



    http://nicedeb.wordpress.com/2012/12...a-stunt-video/
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  4. #14
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    Last edited by Jolie Rouge; 12-06-2012 at 12:19 PM.
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  5. #15
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  6. #16
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    #FiscalCliff: The entitlement explosion in must-see charts
    Posted by: ST on December 6, 2012


    Ok, so I’m officially depressed now after seeing this. http://www.aei-ideas.org/2012/12/ame...just-1-charts/ I knew it was really bad, but seriously underestimated the level.



    Most Republicans understand this and know tough choices need to be made. Nearly all Democrats, on the other hand, think most entitlements should remain untouched and that instead we should just gut the defense budget. That always seems to be their default answer. In essence, they’re choosing to weaken our military over gradually but necessarily weaning the American people off of the safety net and in turn promoting individual/personal responsibility.

    Big government is destroying this country – both literally and figuratively. And I blame Democrats for most of that.

    http://sistertoldjah.com/archives/20...st-see-charts/
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  7. #17
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    Bobby Jindal: Ideas for staving off the fiscal Armageddon
    posted at 6:21 pm on December 6, 2012 by Erika Johnsen

    Congressional Republicans are in a pretty rough position right now, to put it lightly; at every turn, the Democrats and the media are painting the GOP as the party merely trying to preserve tax loopholes for their billionaire buddies (nevermind that every dollar spent by the government is a dollar not spend much more effectively in the private sector, coming at the opportunity cost of economic growth) and callously cut off benefits for seniors and the poor, all on the backs of the middle class (forget that the Republicans’ real goal is to engender a free, robust economy in which people don’t need to be dependent on such programs). The Democrats are winning the PR battle on that one, as we clearly saw with the results of the November election, and Republicans may find themselves in the position of ceding on the fiscal cliff.

    But beyond the fiscal cliff, there are even deeper and more systemic problems that will come to fruition in the all-too-foreseeable future (hint: the entitlement explosion and our tens of trillions in unfunded liabilities), and Louisiana Governor Bobby Jindal makes the case for some ideas for long-term reform in an op-ed today:

    Today it’s the fiscal cliff, but that surely will not be the end of it; next year it will be the fiscal mountain, after that the fiscal black hole, and after that fiscal Armageddon. But the truth is Washington already drove us off the fiscal cliff while no one was looking. A nation that has a $16.3 trillion debt, a debt that is larger than our entire economy, has already driven through the guard rail and is in free fall with the cliff somewhere in the rear view mirror. …

    Here are a few structural reforms, any one of which would be worth fighting for in this fiscal cliff diving exercise:

    • A federal balanced budget amendment. States have balanced budget laws, small businesses have to balance their budgets, and families have to do the same. This is an idea that is supported by virtually every American who does not live in the 202 area code. It’s common sense. It is also laughed at in Washington. When you mention the BBA as a solution, they roll their eyes and write you off as a non-serious person. But the American public is dead serious about it, and they should be.

    • Place a cap on discretionary and mandatory federal spending by fixing a limit on it tied to a percentage of GDP. Eighteen percent is a reasonable number in my book, but almost any number would be a victory at this point. Require a super majority vote to over-ride this limit, which would allow for recourse in a time of war or other national emergency. Again, this solution makes far too much sense to be taken seriously in Washington, a sure sign that it’s a good idea. This president is rapidly making a permanently higher level of government spending the new normal. …
    A balanced-budget amendment? Quelle horreur! But as Jindal says in his piece, it is all too apparent that “Congress and this administration are psychologically incapable of getting our fiscal house in order without laws that give them no other alternative” — which pretty adequately explains why President Obama is asking to wield a credit card in the United States’ name with no credit limit to speak of. Actually having to have a plan to eventually correct the balance sheet and abide by a mechanism that forces us to have politically difficult conversations? Now, that’s just crazy talk.

    http://hotair.com/archives/2012/12/0...al-armageddon/
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  8. #18
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    New plan. We just won’t collect the taxes
    posted at 12:31 pm on December 9, 2012 by Jazz Shaw

    There’s a new bit of creative thinking making the rounds in DC this weekend, proving yet again that not all ideas wind up being good ones. According to this line of thought, assuming no deal is reached to prevent tax rates from going up on the middle class, Timothy Geithner has certain, hidden superpowers which will save the day. If the tax rates go up, people won’t need to worry about it because we just won’t withhold the extra money from their paychecks. http://thehill.com/blogs/on-the-mone...from-tax-hikes

    The White House has the power to temporarily protect taxpayers from middle-class tax hikes even as upper income rates rise if Congress does nothing and all of the Bush-era tax rates expire in January.

    Experts and lawmakers alike agree that Treasury Secretary Timothy Geithner has the power to adjust how much is withheld from paychecks for tax purposes — for all taxpayers or just for some.

    By doing so, Geithner could ensure paychecks reflect the White House position that wealthier taxpayers with annual income higher than $250,000 see their taxes rise. Geithner at the same time could leave withholding tables where they are for the middle class, ensuring those workers don’t see a higher cut from their paychecks.
    I’ve noticed a bit of confusion out there, particularly given some of the comments popping up on Twitter, so we should first identify what this doesn’t mean. The White House can not simply ignore the tax laws put in place by Congress and collect a different amount of tax than what is due, and this proposal isn’t suggesting that. If the tax rate goes up, you’re still going to owe more money.

    But what they’re talking about is the fact that Treasury is responsible for publishing the withholding tables which employers use to determine how much to deduct from workers’ paychecks for their taxes. In theory, Geithner could leave the withholding tables the same for lower income workers, effectively making it seem as if their taxes haven’t gone up. But this is a pretty dangerous game to play unless you’re very sure you know what the eventual tax rate is going to be and when it will go into effect. If you guess wrong and fail to withhold the correct amount, tens of millions of people will find themselves owing a big ole’ check to the IRS when tax day rolls around and you’ll find yourself about as popular as a skunk at a garden party.

    So what does this plan actually “solve” in terms of the ongoing tax debate? In reality… nothing.

    http://hotair.com/archives/2012/12/0...ect-the-taxes/

    comments

    If they go through with this, it will deny Obama his chance to blame Republicans for middle class tax increases
    Don’t count on it. His 51% will believe whatever the MSM tells them. YES, the Republicans will stil be blamed.

    ..

    “If you guess wrong and taxpayers have to write checks next April…they’re not going to be happy.”
    Ask the residents of Staten Island how well the government works…

    ..

    Now let’s see . . . if Obama wins, tax rates on the “rich” go up and the middle class tax rates stay the same; If we go over the “cliff”, tax rates on the “rich” and the middle class go up but the middle class will continue on their present withholding tables, therefore their tax liability remains unchanged. If the Republicans win, all tax rates stay the some and do not go up. This is a no win game for the Republicans and a win-win game for Obama because Obama can win even if we go over the cliff. It’s time to stop this nonsense and let those politicos try to find something constructive to do.

    ..

    There is no more rule of law. The Federal Government, under the Progressives (read Socialists) have thrown it out long ago. They make things up as they go along, they interpret things as they like and they decide which laws to enforce and then selectively enforce them. Without the rule of law, there is only tyranny and we are there.
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  9. #19
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    Washington Post pays 2013 dividends now
    so investors can avoid tax increases championed by president the paper endorsed
    By Doug Powers • December 8, 2012 12:20 AM

    In October, the Washington Post backed President Obama for re-election, praising his proposed “balance of entitlement reform and revenue [tax] increases” that could take effect in January of 2013. Obama may well get his way and taxes could soon go up on $250k and up earners (and maybe everybody). http://articles.washingtonpost.com/2...t-barack-obama

    With that in mind, the Washington Post Company can now be added to the list of those who are paying 2013 dividends in 2012 so their investors won’t get nailed by the possible tax increases the paper endorsed as a terrific way for the government to cull additional revenue. Proof positive that no matter what happens in the negotiations, the country is definitely going off the irony cliff: http://www.boston.com/business/news/...xoL/story.html

    The media and education company said Friday that its dividend of $9.80 per share is payable Dec. 27 to shareholders of record as of Dec. 17. The payout is instead of regular quarterly dividends next year.

    Washington Post is the latest company to move up its quarterly payout or issue a special end-of-year payment to protect investors from potentially having to pay higher taxes on dividend income starting in January.
    The business arm of a publishing conglomerate contradicting and rebutting an endorsement from its media arm is not uncommon. In the universe of corporate MSM, the WaPo is serving as another nice example of self-contained point/counterpoint — cause & effect rolled up neatly in one newspaper.

    Related story: In September, Costco’s founder said that Obama would be better for business than Romney. http://www.bloomberg.com/news/2012-0...an-romney.html This month, Costco borrowed billions to pay out in special dividends to investors before the tax increases Obama wants will more than likely hit next month. http://finance.fortune.cnn.com/2012/...liff-dividend/ Joe Biden recently offered personal thanks for the former. http://twitchy.com/2012/11/29/dunce-...larity-ensues/




    **Written by Doug Powers http://michellemalkin.com/2012/12/08...ost-dividends/
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  10. #20
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    Last edited by Jolie Rouge; 12-11-2012 at 09:34 AM.
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  11. #21
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    Obama to Charities: Bite the Hand that Feeds You, or Else!
    By Mary Theroux | Wednesday December 12, 2012 at 5:30 PM PST

    Does President Obama hate private charity, or does he think only the government should take care of people? Does he just hate the idea of anyone directing their own money as they choose, or what?

    For whatever reason, for now the fifth time in his administration, he’s proposing eliminating or limiting the tax deductibility of charitable contributions.

    This time around he’s using some interesting tactics, and charities caught in the cross-fire might do well to learn from church leaders who helped push Obamacare to their congregations what happens to amateurs who play politics with the big boys. http://philanthropy.com/article/Whit...rofits/136155/ (Hint: they may find themselves badly burned in the process.)

    In the current campaign to get more tax revenue from “the rich,” the White House called in the heads of various charities for a little gentle arm-twisting: http://philanthropy.com/article/Whit...rofits/136155/

    Senior Obama administration officials invited nonprofit leaders to the White House this week to enlist them to push for increased taxes on the wealthy...

    “The president has been very clear on this: They are looking to increase rates on the wealthiest 2 percent,” said Stacey Stewart, president of United Way USA, who attended the White House meeting. “They were asking us to lend our voice to that.”
    And how did the White House go about trying to persuade these non-profit leaders to “lend their voice”?

    The White House officials said that the charitable deduction is more likely to be altered if the president does not succeed in raising tax rates on the wealthy, according to Ms. Stewart.
    Charity leaders had been very busy on Capitol Hill, urging lawmakers to reject any limitation or elimination of the charitable deduction. The not-so-subtle ploy by the White House to have them add support for taxing the rich more puts them in a delicate position: if their wealthy donors find out they’re also lobbying to raise upper-income tax rates, will they respond by redirecting their giving to causes that didn’t get into bed with the White House? But if the private charities don’t help Obama pass higher tax rates, will he retaliate by yanking or limiting the deductibility of contributions?

    A tricky calculus, indeed.

    And a rare peek at some of the most distasteful gamesmanship imaginable.

    For this is not a political game where all that matters is if the President “wins” or not. It is a game that involves people’s lives.

    Anyone who is familiar with the non-profit sector knows that ever-increasing amounts of federal aid directed to the poor has not decreased poverty, but has, rather, vastly increased the need for more and more private charity.

    Even as the number of American families receiving federal assistance ballooned over the past 4 years, demand for services by agencies such as The Salvation Army increased, for example, by up to 80% for programs serving families with children. My local Salvation Army is serving double the number of children as last Christmas.

    And what’s the projected impact of the president’s proposed change in the charitable deduction?

    Changes in the charitable deduction are conservatively projected to reduce contributions from individuals by 2.5 percent. With individuals contributing $217.79 billion in 2011, that’s a drop of $5,444,750,000, an amount that would run the federal government for 8 hours, but covers nearly two years of budget for the Salvation Army, serving 30 million people annually in need due to poverty, addiction, natural disasters, and just plain bad luck.

    And for the Keynesians in the audience, here’s a real multiplier: for every person employed in the non-profit sector, another 5 people volunteer. You won’t get that when you divert those dollars to your friends in DC. (“Hello, IRS, I’d like to volunteer for a day!”)

    But if numbers leave you cold, just think about who you’d like turning up on your doorstep in the aftermath of a hurricane: FEMA, or the Salvation Army?

    Unfortunately, when only the feds are around to help, it turns out they’re often nowhere to be found.

    Let’s not cut off the lifeline that actually serves those most in need. Surely Washington can learn to live with a little less pork.

    http://blog.independent.org/2012/12/...s-you-or-else/

    Once the Income Tax entered onto the American stage the death of the American Republic was inevitable. For years many patriotic and concerned Americans have been fighting a valiant battle to try and defeat the IRS only to be marginalized and ridiculed. Most people relied on tax accountants and tax lawyers to steer their economic life to “legally” pay the least amount of taxes. People lived with that arrangement for years. They knew,with the right deductions,write offs,trusts etc. and the correct arranging of their economic lives that they could avoid most of the punitive tax damage to their success by keeping most of the wealth they had created in their lifetime. They did this without realizing that sometime in the future the political and fiscal situation would become so desperate for the Political Class that those methods of economic arrangements could change. Today that is what is happening. This lack of deductions for charitable contributions is only the beginning. Soon the Federal Government is going to nationalize the 15 trillion or so dollars that are tied up in 401k and IRA accounts. This will be done as a swap out of the assets in exchange for Treasury Bonds which will pay a paltry 3%. Real inflation today is about 9%. On top of this,the government is setting up an economic police state to make sure that everyone pays their “fair share.” This will be done from cradle to grave by numbering people from birth (Social Security Number) and forcing the people to use that number if they want to work,trade,buy or sell even something as trivial as a pack of gum. There’s even talk of implanting an economic computer chip into every citizen to better follow their activities. The plans for the economic future of Americans has been laid out to the point of making tax serfs out of the population. No economic privacy whatever. Big Brother knows all. There will be no need for tax filing or accountants,the government will take whatever it deems necessary and then tax whatever is left over. All of this stems from the Income Tax that people use to think they could avoid by “smart tax planning.” But no longer. Its either or. No third way. No compromise. Either Americans fight to get rid of the Income Tax,root and branch,or live in a land of servitude and serfdom. The choice is yours.
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  12. #22
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    WOW: Total federal and state welfare spending has increased more than 16-fold since 1964. No wonder we are heading towards a cliff. Please SHARE. From The Heritage Foundation.


    ...


    Spending is the problem!

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