Skip to comments.The Fiscal Responsibility Cliff
Posted on 12/06/2012 11:52:42 PM PST by NaturalBornConservative
Talk About Crazy Bastards...
- By: Larry Walker, II -
Hiking tax rates now, in advance of the pending 2013 Medicare Tax Increase from 2.9% to 3.8% on those making $200K ($250K if married), the new 3.8% Medicare Tax on Investment Income including capital gains, the 2014 health insurance tax on individuals of $695 to $2,085 (plus inflation) depending on family size, and the 2014 shared responsibility penalty of $2,000 per employee on companies with 50 or more part-time employees (working 30 hours or more), probably isnt wise. Legislator's must pare any further tax increases with the hikes already baked in the cake.
Many of the provisions commonly referred to as the Bush Tax Cuts were phased in gradually between 2003 and 2010 culminating in maximum favorability in 2010. Since Congress has already extended these temporary provisions for two years, I would have no problem with returning to the pre-2008 tax law right now (i.e. the laws in effect prior to the Stimulus package which only added to the current morass). I would hesitate to call removing the 2010 concessions and Stimulus subsidies a tax hike, because each were designed to be temporary in nature, not extended ad infinitum. However, if Congress insists on raising income tax rates, then any such increases should be gradual (i.e. phased in over a 7 to 10-year period), not jammed in all at once.
Lawmakers should be careful not to turn a blind eye to whats already beneath the icing while cooking up the next barrage of tax law changes. In my opinion, the Obama Administration is not qualified to address income tax matters; it lacks mathematical fortitude. Its words are mere noise, good for little more than forefinger exercise in locating the mute button, at least for me. You crazy bastards have already screwed up everything for three years in a row. We really don't have the time or patience for anymore of this nonsense. You've talked enough. It's time to get off the T.V. shows and do some work. Step one should be a mandatory crash course in income tax law for all legislators and the White House. You really should take a timeout to contemplate the monstrosity you've already created before making another move.
Under Obamacare, Medicare Double Taxation Begins in 2013
Obamacares Effect on Small Business
Get ready to fill out Obamacares individual mandate tax form
IRS issues proposed regs. on 3.8% net investment income tax
Proposed regulations - Net investment tax
It is not a cliff. It is the Clinton taxes and everything will be rosy as soon as they go back in place. The president told us so all through the election.
Listen to perhaps the smartest legislator on Capitol Hill..Rand Paul..He wants the Republicans to let the Democrats have their beloved tax increases..He recommends that the GOPers should vote present and let them own their folly without any contest. Otherwise they will hang their sins, with the help of a vile media, around the necks of the Republicans..They won, Republicans..Let them own those consequences. A backlash is brewing. I totally agree with Rand Paul..I hope he will be President one day.
Rand Paul has lost his mind. Sometimes you have to lay your life down for the common good.
Sent to my Congressman and Senator last week.
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