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The Biggest Middle Class Tax Increase In History Will Come In Five Months
Business, Insider ^ | 8/2/11 | Bruce Krasting

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.

(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: class; increase; middle; tax
Elections have consequences
1 posted on 08/02/2011 1:41:27 PM PDT by Nachum
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


2 posted on 08/02/2011 1:42:53 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum

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?”


3 posted on 08/02/2011 1:44:02 PM PDT by SkyDancer (You know, they invented wheelbarrows to teach government employees how to walk on their hind legs.)
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To: Nachum

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!


4 posted on 08/02/2011 1:46:20 PM PDT by brownsfan (I miss the America I grew up in.)
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To: SkyDancer

“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.


5 posted on 08/02/2011 1:48:15 PM PDT by brownsfan (I miss the America I grew up in.)
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To: brownsfan

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.


6 posted on 08/02/2011 1:50:21 PM PDT by RummyChick (It's a Satan Sandwich with Satan Fries on the side - perfect for Obama 666)
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To: Nachum
I watched a couple minutes of Bamster's speech today. In that couple of minutes, I heard him use the word "fair" at least a half dozen times in reference to his desire for tax increases. Class warfare is our future and Obama is the general leading that fight.

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.

7 posted on 08/02/2011 1:52:15 PM PDT by SaveTheChief
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To: brownsfan

“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.”

http://mises.org/Community/forums/t/18470.aspx


8 posted on 08/02/2011 1:54:54 PM PDT by BlatherNaut
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To: brownsfan

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!


There are some 25 million un/under employed put them back earning money, paying taxes and buying things and the economy will be back to the way it used to be.


9 posted on 08/02/2011 2:01:21 PM PDT by ex-snook ("Above all things, truth beareth away the victory")
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To: Nachum

And if people get out of hand in 5 months, the potential for draconian push back is possible....for the children.

Could be sporty.


10 posted on 08/02/2011 2:01:31 PM PDT by petro45acp (NO good endeavour survives an excess of "adult supervision" (hence the American experiment))
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To: Nachum

Bookmarked.


11 posted on 08/02/2011 2:03:51 PM PDT by Inyo-Mono (My greatest fear is that when I'm gone my wife will sell my guns for what I told her I paid for them)
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To: Nachum

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.


12 posted on 08/02/2011 2:09:57 PM PDT by kabar
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To: Nachum

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?


13 posted on 08/02/2011 2:14:22 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: SaveTheChief
Class warfare is our future

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.

14 posted on 08/02/2011 2:24:31 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Nachum

If true, I am OK with this.

This will drive the 2012 cycle with regard to ALL incumbents.


15 posted on 08/02/2011 2:30:15 PM PDT by Psalm 144 (Voodoo Republicans: Don't read their lips - watch their hands.)
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To: Terry Mross

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?

********************

Probably.


16 posted on 08/02/2011 2:31:23 PM PDT by Psalm 144 (Voodoo Republicans: Don't read their lips - watch their hands.)
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To: Nachum

Even the Democrats are not dumb enough to raise taxes in an election year.


17 posted on 08/02/2011 2:37:09 PM PDT by TexasFreeper2009 (Obama = Epic Fail)
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To: Terry Mross

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.


18 posted on 08/02/2011 2:51:26 PM PDT by NoGrayZone ("Islamophobia: The irrational fear of being beheaded." Andrew Klavan of PJTV)
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To: Nachum
now don't forget about your company paid insurance added to your W-2 income in 2013 that we will be paying taxes on too...
19 posted on 08/02/2011 3:25:29 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: brownsfan
soon the rich will be anybody left with a job...
20 posted on 08/02/2011 3:30:42 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Chode
"soon the rich will be anybody left with a job..."

...and all driving those government official SUVs.


21 posted on 08/02/2011 4:33:38 PM PDT by familyop (We Baby Boomers are croaking in a thunderous avalanche of rotten politics smelled around the planet.)
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To: familyop
no doubt...
22 posted on 08/02/2011 5:34:21 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: ex-snook
There are some 25 million un/under employed put them back earning money, paying taxes and buying things and the economy will be back to the way it used to be.

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.

23 posted on 08/02/2011 5:48:07 PM PDT by ecomcon
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