Skip to comments.Taxmageddon on the Working Poor
Posted on 10/01/2012 6:40:25 AM PDT by sr4402
The Democratic US Senate left two huge tax increases on the working poor in its haste to tax the rich. Left on the table was a 50 percent federal tax increase (10% to 15%) on the working poor and a 30 percent increase in the social security tax (4.2% to 6.2%) upon them as well.
A family with a taxable income of only 17,399 will see a federal tax increase of $869 dollars. Not only that but their social security tax will go up by $425. These immoral tax increases will hit many the working poor just crawling out of poverty.
It will also hit those just getting their first jobs as so many new jobs are low wage these days.
If President Obama were half as concerned for the working poor as he says, he would recall the Senate and prevent this taxmegeddon upon the working poor and those struggling in this economy just to make ends meet.
“”It is for this year, but not in 2013 and thereafter. See this article.””
That was always the rate before the tax cut holiday so it can hardly be called an increase. I would say most people were used to paying the combined rate of 7.65% before that.
Businesses also get massive tax hits next year. The business taxes as a result of Obamacare also takes effect next year (2013), and the individual mandate in 2014.
Well, if you work and don't feel lighter in the wallet next year I will be amazed.
Bookmarked for later
“”Well, if you work and don’t feel lighter in the wallet next year I will be amazed.””
After 55 years of working, I decided I needed some time to enjoy life. For much of that time my husband and I were self employed so we paid at double the rate of the payroll tax deduction.
I don’t know anyone now working who expected the decrease in the payroll tax rate to last so that’s why I don’t feel that going “back to original rates” (at least since 1990) is a tax increase.
I imagine the Democrat scheme is to block any extension of the Bush tax cuts. Then on day one of the new session they’ll submit their own tax plan that’ll include all the Bush cuts but only for those income levels the Democrats want them for, and dare the GOP to filibuster it.
I’m supporting Romney, but let’s be realistic, no one is going to do the right thing and throw out the tax code and start over. Everyone knows that it is a maze of influence peddling, carve outs for swells, and protection rackets.
“”Medicare Tax Increase: The Medicare tax is currently being withheld at the rate of 1.45% from all employees. However, beginning in 2013, an additional 0.9% will be added to the income in excess of the threshold; the threshold amount for 2013 is $200,000 for single filers and $250,000 for joint filers. As a result, the tax rate will be 1.45% for wages up to the threshold amount and 2.35% for wages above the threshold amount. For self-employed taxpayers, the tax rate will be 2.9% for income up to the threshold amount and 3.8% for income above the threshold amount.””
Medicare payroll tax deduction will definitely be an INCREASE over 2012 within the above guidelines and the self-employed will also get hit. As if that makes any sense with our unemployment rate!
Thank you obozo!
In other words, you don't think the working poor will feel it. How tender your feelings must be for them.
“”In other words, you don’t think the working poor will feel it. How tender your feelings must be for them.””
Good grief! You sound like a bleeding heart liberal.
Yes, but the working poor will really thank Obozo when they feel their wallets that much lighter or go back into poverty.
Keep on Track, this thread is about the Democrats letting the tax rate increases hit the working poor (those with a taxable income under $17,400) and what it will mean to them.
No, we conservatives do really care about the poor. We want them to have jobs and to be able to care for themselves and support their own families. This thread is about a travesty upon the working poor and those struggling the worst in this economy.
Many are ignoring it and can only think in terms of their own situations.