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Thread: How the Fiscal Cliff May Affect Your Taxes

  1. #34
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    What does President Obama do after he raises taxes on us and signs an EO to give himself and others in Gov. a pay raise??!! He's back to Hawaii at a total cost of $7million to us!!! Whoohoooo - it's great being King, isn't it??!!

    http://www.whitehousedossier.com/201...ost-3-million/

    In a move that is rich in irony, President Obama agreed Tuesday night to sign an emergency deficit reduction bill that does almost nothing to rein in spending and then jetted out to Hawaii to resume his vacation at an extra cost of more than $3 million to taxpayers.

    The price tag is in addition to more than $4 million that is already being spent on the Obamas’ Hawaii idyll, bringing the total cost of the excursion to well over $7 million.

    The added cost was incurred because by the time the Obamas return from Hawaii – whenever that is – the president will have used Air Force One to travel to Honolulu and back twice.

    Obama was forced to return from Hawaii just after Christmas to complete negotiations to avoid the Fiscal Cliff, talks resulting in the bill that was passed by Congress last night. Obama resisted significant spending cuts throughout the negotiations, and the final legislation relies almost solely a new taxes to reduce the deficit.

    Air Force One is known to cost about $180,000 an hour to fly. Based on an estimated 18 hours roundtrip flying time for the jet between Washington and Honolulu, the travel cost alone of Obama’s decision to return to Hawaii amounts to around $3.24 million. And that doesn’t include the price tag for the massive security operation required to move the president or the cost of the cargo plane that follows Air Force One around.

    The Obamas could have saved taxpayers millions by returning from Hawaii together after Christmas and then resuming their vacation at one of the many ritzy resorts that lie outside of Washington. If the beach is a must, even a trip to Florida would have been far less expensive.

    Or they could have simply stayed at the White House or Camp David, each a luxurious government-run installation, billing taxpayers a relative pittance.

    Obama will get a full day of vacation in today, landing in Hawaii early in the morning.
    Last edited by Jolie Rouge; 01-02-2013 at 10:57 AM.
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  3. #35
    C & P Queen Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute
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    January 1, 2013, 1:55 PM ~ By Sudeep Reddy
    Payroll Tax Cut Expires; How Much More Will You Pay?

    The fiscal cliff deal reached by the White House and Senate Republicans wouldn’t extend the payroll-tax holiday. The biggest hit to 2013 growth appears likely to come from this tax break’s expiration on Monday.


    The workers’ share of the Social Security payroll tax had been lowered by two percentage points for the past two years, to 4.2% from 6.2%, amounting to an annual income boost of $1,000 for a typical U.S. family earning $50,000 a year. It provided an increase of as much as $2,202 this year for a worker earning $110,100, the maximum wage subject to the payroll tax.

    The end of the tax break would effectively raise taxes for all wage earners next year, a potential surprise for many despite the expected extension of most individual income-tax rates. That would mean the highest tax burdens since 2008 for most U.S. households, before the Obama administration pushed a tax credit in the 2009 stimulus law and the payroll-tax break.

    http://blogs.wsj.com/economics/2013/...ction_ref_map=[]

    How Much More Will You Pay in Taxes?
    Enter Your Annual Pretax Income:
    $ 45,899
    CALCULATED $917.98 Additional amount you'll pay next year if payroll-tax holiday expires.
    Link has a app to calculate ... dare you ?
    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 ?

  4. #36
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    Heckuva job, Barry! Obama ‘signs’ fiscal cliff bill from Hawaii via Autopen sparking auto-mockery
    Posted at 7:58 am on January 3, 2013 by Twitchy Staff

    http://twitchy.com/2013/01/03/heckuv...-auto-mockery/

    Zing! As Twitchy reported, President Obama headed back to finish up his fancy pants Hawaiian vacation at an additional cost to taxpayers and without signing the oh-so-urgent fiscal cliff crapwich bill. Last night, use of the Autopen was authorized. Journalist Mark Knoller tweets out some background.
    Last edited by Jolie Rouge; 04-25-2013 at 10:00 PM.
    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 ?

  5. #37
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    Obama’s Tax Evaders of the Year; Update: Add Al Gore to the list
    By Michelle Malkin • January 1, 2013 08:54 AM

    http://michellemalkin.com/2013/01/01...s-of-the-year/
    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 ?

  6. #38
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    As the first pay period of 2013 comes to a close, employers are being forced to ring in the new year by explaining why their employees’ checks are smaller.

    Fiscal cliff deal socks it to the rich — middle class hardest hit
    By Doug Powers • January 4, 2013 11:29 AM

    A couple of days ago I advised http://michellemalkin.com/2013/01/02/reminder-taxes/ the pro “tax the rich” crowd to put away the party hats and kazoos after the fiscal cliff deal passed, because middle class taxes would still be going up. Not only that, but according to the Tax Policy Center, as a percentage, people earning between $30k and $200k will be taking a bigger tax hit than those making between $200k and $500k: http://www.dailymail.co.uk/news/arti...scal-deal.html ''
    Earners in the latter group [$200,000-$500,000] will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent – or up to $1,784 – the D.C.-based think tank reported.

    Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.

    ‘The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 – not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut,’ said William G. Gale, co-director of the Tax Policy Center.

    ‘For most households, the payroll tax takes a far bigger bite than the income tax does, and the payroll tax cut therefore – as [the Congressional Budget Office] and others have shown – was a more effective stimulus than income tax cuts were, because the payroll tax cuts hit lower in the income distribution and hence were more likely to be spent,’ he added.
    According to Debbie Wasserman Schultz, the fiscal cliff deal that Autopen signed yesterday http://michellemalkin.com/2013/01/04...-middle-class/ is “a big gift-wrapped present of certainty to the middle class” http://usnews.nbcnews.com/_news/2013...interests?lite (notice how George W. Bush’s income tax cuts Dems said were “for the wealthy” have now morphed into Debbie’s “present of certainty” to the middle class).

    What DWS didn’t mention was that, thanks to the schadenfreude stimulus included in the fiscal cliff deal, http://pjmedia.com/instapundit/160876/ even Obama supporters are now realizing they’ve been duped into playing a role in The Incredible Shrinking Paycheck. http://twitchy.com/2013/01/04/hope-a...what-happened/



    **Written by Doug Powers http://michellemalkin.com/2013/01/04...-middle-class/
    Last edited by Jolie Rouge; 01-05-2013 at 07:22 PM.
    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 ?

  7. #39
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    Fiscal cliff deal includes at least $67.9 billion for special interests
    By M. Alex Johnson, NBC News

    Taxpayers aren't the only ones who won't be flying off the fiscal cliff — this year, at least. Add race cars, movies and asparagus to the list.

    As part of their last-second deal to slam the brakes on an economy racing toward the so-called fiscal cliff, lawmakers gave the green light this week to extending dozens of business and industry tax breaks, like a cost-recovery program that will save the owners of "motorsports entertainment complexes" (that is, racetracks) about $70 million over the next two years.

    Much of the compromise agreement that President Barack Obama's autopen signed into law Thursday was targeted at individuals and families, notably preserving most of the tax cuts that passed under President George W. Bush, which were set to expire Monday. Rep. Debbie Wasserman Schultz of Florida, chairwoman of the Democratic National Committee, told MSNBC that the deal was "a big gift-wrapped present of certainty to the middle class."

    But the agreement also came loaded with extensions of separate existing tax breaks for businesses and industries, many of which had expired in the past year — about $67.9 billion in all in 2013, as tabulated by Congress' Joint Committee on Taxation.

    (The extensions will actually cost much more: Not only were they made retroactive to cover 2012, but some of the breaks and credits would be in effect for 10 years if left in place. Many cover only one or two years, however.)

    In addition to extending tax breaks for racing moguls, the legislation also extended:

    • A tax credit for construction of renewable energy projects, like wind turbines and biomass, geothermal and hydropower generation, for one year. It's projected to cost about $116 million, the committee said.

    That may seem like a drop in the bucket, but here's the kicker: While the extension to qualify for new projects covers only 2013, the actual tax credit itself is good for 10 years. That means new projects that break ground in 2013 will be able to claim the credit for the next decade, at an overall price tag the committee put at slightly less than $12.2 billion.

    • An arcane provision of corporate tax law, called active financing income, that lets U.S. corporations defer taxes on some income they earn from their overseas subsidiaries. That provision will cost the U.S. Treasury more than $9 billion this year and $1.8 billion next year.

    • Tax breaks for Hollywood producers who shoot their movies and TV shows in the U.S., at a cost of about $430 million through 2014.

    • A program that sends most federal taxes collected on rum produced in Puerto Rico and the U.S. Virgin Islands back to those territories to subsidize domestic production. Bar tab: $222 million over two years.

    • A tax break worth about $15 million a year for asparagus growers hit hard by cheap asparagus imported from Peru.

    • $4 million in tax breaks over the next two years for people who buy "2- or 3-wheeled plug-in electric vehicles" — in other words, electric scooters, Segways and the like.

    The purpose of the deal was to prevent a series of steep spending cuts and tax increases on the middle class from automatically taking effect in the new year. But "we're not making it (the tax system) better or fairer," Rep. Darrell Issa, R-Calif., chairman of the Oversight and Government Reform Committee, said on the House floor Tuesday in explaining why he was voting against the measure.

    "We're not getting rid of the NASCAR loophole. We're not getting rid of the electric motor scooter low-speed loophole. We're not getting rid of a whole lot of tax things that are here," Issa said.

    ther new nor secret
    Although many of the provisions are being characterized as new pork barrel programs that sneaked their way into the bill under cover of darkness, there's nothing new or secret about any of them.

    Most of the tax breaks had been scheduled to expire on Dec. 31, 2011, and as long ago as February, lawmakers were seeking a way to revive them.

    Industries in limbo as Congress mulls expired tax breaks

    Eventually, they were packaged together as the Family and Business Tax Cut Certainty Act of 2012. It was so titled because "people need certainty to plan their finances, and businesses need certainty to hire, invest and grow," as Sen. Max Baucus, D-Mont., chairman of the Finance Committee, said when the committee passed the package in August.

    Once it was out of committee, the measure went nowhere. That is, until this week, when — with a lame-duck Congress just hours away from going home without having addressed the fiscal cliff — it was substituted almost word for word into the deal brokered by Vice President Joe Biden and Senate Republican leader Mitch McConnell of Kentucky.

    It makes up Titles III and IV of the final bill, with many of the alterations reading like this:

    Paragraph (1) of section 7652(f) is amended by striking "January 1, 2012" and inserting "January 1, 2014".

    Former Sens. Alan Simpson, R-Wyo., left, and Erskine Bowles, D-N.C., co-chairman of President Barack Obama's 2010 deficit commission, said Congress missed a 'magic moment' to reform the tax code.

    By taking the clock down to 00:00 and backing itself into a corner, Congress "missed this magic moment to do something big to reduce the deficit, reform our tax code and fix our entitlement programs," said former Sens. Erskine Bowles, D-N.C., and Alan Simpson, R-Wyo., the co-chairmen of Obama's 2010 commission responsible for finding a way out of the country's economic morass. "We have all known for over a year that this fiscal cliff was coming," they said in a joint statement Tuesday, adding: "Yet even after taking the country to the brink of economic disaster, Washington still could not forge a common sense bipartisan consensus on a plan that stabilizes the debt."

    Sen. John McCain, R-Ariz., was less diplomatic. "It's so incredibly disappointing that members of Congress saw fit to add hundreds of millions of dollars in special-interest handouts to the recently passed 'fiscal cliff' bill, which had the simple purpose of avoiding massive tax rate increases on average Americans," McCain said Thursday. "It's hard to think of anything that could feed the cynicism of the American people more than larding up must-pass emergency legislation with giveaways to special interests and campaign contributors," he said. "And this growing cynicism — largely justified in my view — will make it harder for us to deliver the tough medicine needed to address our crushing national debt."

    http://usnews.nbcnews.com/_news/2013...interests?lite

    Read the full 10-year analysis from the Joint Committee on Taxation (.pdf) http://msnbcmedia.msn.com/i/MSNBC/Se...ffAnalysis.pdf
    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 ?

  8. #40
    go ahead....I dare ya pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute
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    Duped, duped, duped....we should have went off the cliff....why prolong the agony? It will be worse.
    Jolie Rouge likes this.
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  9. #41
    C & P Queen Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute
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    By taking the clock down to 00:00 and backing itself into a corner, Congress "missed this magic moment to do something big to reduce the deficit, reform our tax code and fix our entitlement programs," said former Sens. Erskine Bowles, D-N.C., and Alan Simpson, R-Wyo., the co-chairmen of Obama's 2010 commission responsible for finding a way out of the country's economic morass. "We have all known for over a year that this fiscal cliff was coming," they said in a joint statement Tuesday, adding: "Yet even after taking the country to the brink of economic disaster, Washington still could not forge a common sense bipartisan consensus on a plan that stabilizes the debt."

    Sen. John McCain, R-Ariz., was less diplomatic. "It's so incredibly disappointing that members of Congress saw fit to add hundreds of millions of dollars in special-interest handouts to the recently passed 'fiscal cliff' bill, which had the simple purpose of avoiding massive tax rate increases on average Americans," McCain said Thursday. "It's hard to think of anything that could feed the cynicism of the American people more than larding up must-pass emergency legislation with giveaways to special interests and campaign contributors,"
    http://usnews.nbcnews.com/_news/2013...interests?lite

    Read the full 10-year analysis from the Joint Committee on Taxation (.pdf) http://msnbcmedia.msn.com/i/MSNBC/Se...ffAnalysis.pdf
    is there any Libs or Obama-bots here who want to even try to defend this travesty ?
    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. #42
    C & P Queen Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute Jolie Rouge has a reputation beyond repute
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    Having a debt ceiling at all is like having slavery, or something
    Darleen Click

    Oh good lord. http://dailycaller.com/2013/01/04/re...control-video/

    “Sometimes when we’ve gotten great answers is when presidents have had enough authority to take some actions,” Davis told TheDC on Capitol Hill Friday. “I mean, remember that we just celebrate the 150th anniversary of the Emancipation Proclamation, and if Abraham Lincoln had not had the power, authority and the will to make that decision, we may have gone on with the war that was going to last several additional years and much longer, and thousands and thousands of people could have and would have, in all probability, lost their lives.”

    “So, I think that we should have enough faith and confidence in the president and the president ought to have the authority to make that decision without Congress placing limits or determinates or determinations, and so yes, I think the president should have the ability to make that decision.”
    http://proteinwisdom.com/?p=46437

    comments

    It isn’t about slavery, but about the exigent use of a clear Presidential war power under the role of commander-in-chief in the case of the Emancipation Proclamation, a power explicitly granted the Executive in the 2nd Art. of the Constitution (and in the theoretical discussions of the framers prior to the final draft and ratification of the Constitution) vs. a seizure of powers denied the Executive but explicitly granted to Congress in Article 1 of that same Constitution. F@#$, can’t these Congresspeople read?

    And who the hell does he mean by “we” when he says “… an expression of the kind of power that we were willing and are willing to provide the President”?

    ..

    I am just trying to figure out which is more messed up: comparing raising the debt ceiling to abolishing slavery, or thinking the Emancipation Proclamation shortened the war by several years and saved thousands and thousands of lives.

    ..

    Apparently being really f---ing stupid is a lot like slavery.
    I think it’s now blindingly obvious that being really f---ing stupid is no impediment to be elected, and re-elected, to Congress.

    Last edited by Jolie Rouge; 01-06-2013 at 06:04 PM.
    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 ?

  11. #43
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    OBAMA TO BOEHNER: 'WE DON'T HAVE A SPENDING PROBLEM'

    In an interview with Stephen Moore of the Wall Street Journal, newly re-elected House Speaker John Boehner (R-OH) opened up about President Obama’s utter unwillingness to cut a single dollar from federal spending. In a stunning admission, Obama reportedly told Boehner, “We don’t have a spending problem.”

    Boehner added that President Obama continues to maintain that America’s federal deficit is caused not by governmental overspending but by “a health-care problem.” Said Boehner, “They blame all of the fiscal woes on our health-care system.” Boehner told Obama, “Clearly we have a health-care problem, which is about to get worse with Obamacare. But, Mr. President, we have a very serious spending problem.” Obama eventually replied, “I’m getting tired of hearing you say that.”

    Obama may be tired of hearing Boehner talk about a spending problem, particularly when Obama has been re-elected on the basis of ignoring government spending. Nonetheless, America does have a spending problem, which Obama is steadfastly ignoring. “He’s so ideological himself,” Boehner explained, “and he’s unwilling to take on the left of his own party.” That’s why Obama refused to raise the retirement age for Medicare after agreeing to it. “He admitted in meetings that he couldn’t sell things to his own members,” said Boehner. “But he didn’t even want to try … We could never get him to step up.”

    Boehner says that there will be no new tax increases over the debt ceiling. “The tax issue is resolved,” he said. And he said that more closed-door negotiations with Obama would be “futile.” It’s a bit too late to recognize that, but better late than never.

    Obama need not negotiate on spending. He can just continue to bully Republicans by suggesting that they are the party of the rich – and his media lackeys can pretend that it’s fiscally irresponsible to ask the government to live within its means.

    http://www.breitbart.com/Big-Governm...tired-spending
    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 ?

  12. #44
    go ahead....I dare ya pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute pepperpot has a reputation beyond repute
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    Me thinks you deny too much......
    Last edited by pepperpot; 01-07-2013 at 06:45 AM.
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