Skip to comments.The Biggest Middle Class Tax Increase In History Will Come In Five Months
Posted on 08/02/2011 1:41:15 PM PDT by Nachum
There is one aspect of the final debt deal from DC that took me by surprise. I was convinced the 2% reduction in payroll taxes would be extended through 2012. On July 12th I wrote about this and got it completely wrong. Not only did I think there would be a one year extension of the existing holiday; I forecast that the subsidy would actually be increased.
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So when is this Obama going to be called on all his promises during the presidential race? His lies? “Not one dime of tax on people making $250,000 or less?”
The liberal rhetoric says they want to tax the rich. However, there aren’t enough “rich” to fill the coffers. The real money is made by taxing the middle class.
All the liberals will do is adjust the meaning of rich. If 50% of America doesn’t pay taxes, those that do pay taxes must be rich. Tax them!
“So when is this Obama going to be called on all his promises during the presidential race? ... “
Never. Pravda is all in with this guy, no matter what.
markknoller Mark Knoller
Even with $2-trillion in debt reduction over 10 years from today’s bill, National Debt still estimated to grow to $24-trillion in 2021.
Unless the American people truly wake up, we're all screwed. But it may already be too late. If the results of the debt limit battle is any indication, Republicans don't have the integrity or the stamina to put up a fight in any meaningful way.
And we all sit here like rubes, allowing them to take our liberty away, piece by piece.
“The real money is made by taxing the middle class.”
Not for much longer.
“The 22 statistics detailed here prove beyond a shadow of a doubt that the middle class is being systematically wiped out of existence in America.”
All the liberals will do is adjust the meaning of rich. If 50% of America doesnt pay taxes, those that do pay taxes must be rich. Tax them!
And if people get out of hand in 5 months, the potential for draconian push back is possible....for the children.
Could be sporty.
The 2% loss in revenue to SS, which is already in the red and cashing in its IOUs to cover the shortfall, means that more General Fund money will be needed to redeem the IOUs thereby increasing our borrowing and deficits. And the law that allowed the 2% to be waived requires that the government pay back the SSTF with interest. The bottom line is that we are borrowing money from SS by increasing our publicly held debt. This is a stimulus using more borrowed money.
Wow! The people lucky enough to have a job probably won’t see any kind of raise. Then a tax hike and they start bringing home less. Will that make us tip over?
It's not just Obama pushing this.
Ya see tens of millions of Americans lost their jobs, careers, homes, businesses, investments, all while being forced to bail out wall street and fat corps like AIG to the tune of trillions. On top of this, fat corps have off shored tens of thousands of American jobs and companies, to Communist countries no less to increase their own profits.
For private sector middle class, every thing is going up except their wages, if they still have jobs, and their home values.
The middle class has been decimated, brought on by corrupt government, lack of economic leadership, over spending etc. This is no secret. People are pissed.
For the private sector, it's boiling down to them VS the government employee sector, which for the most part are protected, their jobs secure, they're way over paid with generous lottery style tax paid retirement pensions and medical benefits for life.
If true, I am OK with this.
This will drive the 2012 cycle with regard to ALL incumbents.
Wow! The people lucky enough to have a job probably wont see any kind of raise. Then a tax hike and they start bringing home less. Will that make us tip over?
Even the Democrats are not dumb enough to raise taxes in an election year.
I haven’t had a raise in 4 years....but I have had my hours reduced, as well as the rest of us in our small office.
It's not going to happen. The end game is equalization of global workforce wages.
Between 2002 and 2008, Chinese manufacturing workers saw their wages rise 250%. Real wage growth averaging 10% per year. Our wages stagnate and decline, even in the face of still improving productivity.