Skip to comments.CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years
Posted on 01/31/2012 9:42:21 AM PST by Sub-Driver
CBO: Taxes Will Shoot Up by More Than 30 Percent Over Next 2 Years By Terence P. Jeffrey January 31, 2012
(CNSNews.com) - The amount of money the federal government takes out of the U.S. economy in taxes will increase by more than 30 percent between 2012 and 2014, according to the Budget and Economic Outlook published today by the CBO.
At the same time, according to CBO, the economy will remain sluggish, partly because of higher taxes.
In particular, between 2012 and 2014, revenues in CBOs baseline shoot up by more than 30 percent, said CBO, mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect.
The U.S. economy, CBO projects, will perform below its potential for another six years and unemployment will remain above 7 percent for another three.
The pace of the economic recovery has been slow since the recession ended in June 2009, and the Congressional Budget Office (CBO) expects that, under current laws governing taxes and spending, the economy will continue to grow at a sluggish pace over the next two years, said CBO. That pace of growth partly reflects the dampening effect on economic activity from the higher tax rates and curbs on spending scheduled to occur this year and especially next. Although CBO projects that growth will pick up after 2013, the agency expects that the economys output will remain below its potential until 2018 and that the unemployment rate will remain above 7 percent until 2015.
(Excerpt) Read more at cnsnews.com ...
or spending will go down
So far, at least, they can’t tax what I don’t earn or spend.
Dosn’t Greece have a gray market problem?
This needs to be headline on CBSnews and the rest of the MSM.
Having just finished an IRS audit, I don't recommend going there or even hinting in that direction. I report all income properly, report all charitable contributions and other deductions properly, and document everything. The IRS was a bit curious about my 88% drop in income over a three year period (a choice to go Galt, lay off all employees, and simplify my life), and they were quite enthusiastic about checking everything. I don't recommend stealing from those thieves! I assume you mean that you will "do it yourself" for repairs and for growing food (both tax-free, for now), not that you will barter or deal in cash (which is taxable!).
Really? Even if we elect Willard?
The recession ended in 2009? I didn’t know that. Still don’t believe it.
—Having just finished an IRS audit, I don’t recommend going there or even hinting in that direction. I report all income properly, report all charitable contributions and other deductions properly, and document everything.—
Me too. I’ve been phasing in “going galt” for a couple of years now. I’m not talking about fabricating how much I make or spend. I’m talking about reducing both. I moved from a six figure job in Seattle to central Kentucky where I now have a five figure income, but with a MUCH lower cost of living. Heck, my annual real estate taxes are 60% of my best friend in Seattle’s MONTHLY real estate taxes. And he’s on a lot in a neighborhood while I own 13 spectacularly beautiful acres where I can watch both sunrises and sunsets from my front porch or living room!
And we’re getting ready for a huge garden, chickens and a couple of beef calves this month. Most of my discretionary income goes into improving the property and/or precious metals. We have no need to do vacations. It’s too beautiful here.
In fact, they can and do. Inflation is a tax and if you exist you pay it. The Fed was designed as an institution for the purpose of exacting this tax from the populus.
Taxes will go up by 30% but we’ll still recovery, albeit slowly? Plus unemployment will shrink to 7% and not rise? Taxes being raised should cause more harm...I mean those numbers are not good, but still better than they are now.
So what you're basically saying is that not only does .gov own your real property (try doing major stuff on your paid-off house without a permit, and you'll find out right quick who REALLY owns the house), but it owns "your" income, too.
You're lucky you didn't get fined for reducing their income stream...
Of course, you DID get fined your time, and having to grovel like a good little peasant. At least they didn't force you to perform oral sex on them...
When you see freepers demanding cuts to every program except their cash troughs, and you see no one respond that EVERY SINGLE on budget and off budget line item in the Federal budget must be reduced by 40% just to stop increasing the national debt, and the amount that needs to be cut goes up by 3% a year if no action is taken.... you know that the fools in the Rockefeller Wing of the Republican party have already won the battle for the 2012 general election.
The US Federal Government has already failed, until the folks who are paying attention but are not suckling at the FedGov teet can come to terms with these new circumstances, there is little to no chance there will be an ‘Awakening’ of the general population.
The US Federal Government has already failed.
The pace of the economic recovery has been slow since the recession ended in June 2009,”
Makes as much sense to me as saying the Unicorns have been walking slowly ever since they started pooping Skittles.
In other words, THERE AIN’T NO DAMNED RECOVERY AND THERE AIN’T AGONNA BE NO RECOVERY NO TIME SOON, I WISH THEY WOULD QUIT LYIN’ ABOUT IT!
Those numbers are purely imaginary as are the reported inflation figures. The only thing real is the increase in taxes which will wind up much worse than what they predict.
But Obama says that the government can tax, borrow and spend our way to prosperity!