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Taxmageddon on the Working Poor
Self | Oct. 1 2012 | Self

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.


TOPICS: Your Opinion/Questions
KEYWORDS: taxes; vanity
And don't think, if you are in the next tax bracket you will not pay more. You will still pay the $869 since the taxes on your first $17400 (taxable income married) go from 10% to 15%.

As for social security tax increase it will hit you as well.

Welcome soon to Taxmageddon.

Please thank the Democrats at the polls this November for LESS MONEY IN YOUR POCKETS NEXT YEAR.

1 posted on 10/01/2012 6:40:27 AM PDT by sr4402
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To: sr4402
Cloward-Piven. The goal is to create an economic system that simply does not work for any segment of society.

Then you get to toss out the Constitution and startover with something "better" -- a social system that is not based on private property, because property is "bad".

Obama isn't dumb. He's doing this on purpose.

2 posted on 10/01/2012 6:48:38 AM PDT by ClearCase_guy (ua)
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To: ClearCase_guy

The strategy is working.

So how is the weather in New Zealand these days?


3 posted on 10/01/2012 6:51:30 AM PDT by delapaz
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To: delapaz

“The strategy is working.”

With the willing support of the GOP House Majority and the GOP Senate Minority. So much for the election of “conservatives” in 2010.

Pelosi and Reid know how to fight whether in the majority or minority. Boehner and McConnell only know compromise.


4 posted on 10/01/2012 6:54:50 AM PDT by Soul of the South
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To: delapaz

New Zealand is definitely my destination of choice. Unfortunately, I lack the cash that would cause them to welcome my arrival for an *ahem* extended stay.


5 posted on 10/01/2012 6:55:42 AM PDT by ClearCase_guy (ua)
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To: sr4402
I had a conversation with a Dem friend of mine who said she was going to vote for Obozo. When I asked why, she said because the Dems care more about poor people while Republicans only care about the rich and business people. I pointed out that with the exception of a few years, the Dems controlled the House and Senate since Kennedy. They passed the War on Poverty in the Johnson Administration and have spent trillions on the poor, only to have a report last summer to show there are more in poverty now, both in absolute and relative terms, than ever before. Could it be the Dems design programs that keep the poor dependent on handouts rather than designing programs that end poverty? As to business, how many poor people do you know who hired the poor last year? Doesn't a rising tide lift all boats? Her answer: That may be, but I don't believe it. Jesus! She gets to vote! There ought to be some kind of test to allow people to vote!
6 posted on 10/01/2012 6:56:03 AM PDT by econjack (Some people are as dumb as soup.)
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To: econjack

Wonder what would happen to her if you mentioned these Democratic Tax increases and how she is going to feel next year with $1294 dollars or more less?


7 posted on 10/01/2012 7:00:58 AM PDT by sr4402
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To: Soul of the South

That’s because Boehner and McConnell are not on your side, they do not understand or care about conservatism, and they are quite happy with statist government status quo.

So let’s not kid ourselves. Time to find a plan B.


8 posted on 10/01/2012 7:01:19 AM PDT by delapaz
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To: sr4402

I am surprised they have gotten this far without open revolt-

A pack of cigarettes in NY now costs $10

That’s insane- you can buy them on the local Indian Reservation for less than $3

I am glad I quit when they went up to $5 a pack


9 posted on 10/01/2012 7:01:53 AM PDT by Mr. K ("The only thing the World would hate more than the USA in charge is the USA NOT in charge")
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To: sr4402
A family with a taxable income of only 17,399 will see a federal tax increase of $869 dollars.

That just gives them a bigger tax return, they will love Obama more.

10 posted on 10/01/2012 7:03:13 AM PDT by GeronL (http://asspos.blogspot.com)
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To: delapaz

Boehner passed the House Resolution stopping these tax increase on the working poor. McConnell supported this in the Senate but was blocked by You-Know-Who (not Lord Voldemort).


11 posted on 10/01/2012 7:03:59 AM PDT by sr4402
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To: econjack
she said because the Dems care more about poor people while Republicans only care about the rich and business people.

As Carnac would say -- Two ways to soften the mind : Government schools and a crowbar.

12 posted on 10/01/2012 7:04:10 AM PDT by Cowman (How can the IRS seize property without a warrant if the 4th amendment still stands?)
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To: econjack
Her answer: That may be, but I don't believe it.

I've had many similar conversations with Libs. My all-time favorite was a woman with whom I worked -- as I started to explain some things (very conversationally) she put her hands up and waved them back and forth: "No. No. I live in a happy place. I like my happy place. I'm a good person and I vote for the good people. Don't take away my happy place!"

She really meant it. She knew that she was living a lie but she needed to run away from reality so that she could feel a suitable level of comfort. Reality scared her.

13 posted on 10/01/2012 7:05:58 AM PDT by ClearCase_guy (ua)
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To: sr4402

McCain?


14 posted on 10/01/2012 7:06:25 AM PDT by delapaz
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To: GeronL
That just gives them a bigger tax return, they will love Obama more.

Bigger, no less. And out of pocket $1294 with the social security tax increase.

Remember, I said "taxable income".

DOH

15 posted on 10/01/2012 7:06:35 AM PDT by sr4402
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To: delapaz

"Let Me Suck the Blood of the Working Poor"

16 posted on 10/01/2012 7:09:01 AM PDT by sr4402
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To: sr4402

Did you say Blood of the Working Poor

17 posted on 10/01/2012 7:13:09 AM PDT by sr4402
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To: sr4402

“”30 percent increase in the social security tax (4.2% to 6.2%)””

Come on - when was Social Security (FICA) tax at 4.2%? It’s been at 6.2% plus Medicare of 1.45% for a very long time.


18 posted on 10/01/2012 7:27:23 AM PDT by Thank You Rush
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To: Thank You Rush
Come on - when was Social Security (FICA) tax at 4.2%?

It is for this year, but not in 2013 and thereafter. See this article.

http://taxes.about.com/b/2012/02/21/social-security-tax-rate-to-remain-at-4-2-for-all-of-2012.htm

19 posted on 10/01/2012 7:32:35 AM PDT by sr4402
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To: Thank You Rush
“”30 percent increase in the social security tax (4.2% to 6.2%)””

Oh And: http://www.irs.gov/uac/Payroll-Tax-Cut-Temporarily-Extended-into-2012

20 posted on 10/01/2012 7:41:37 AM PDT by sr4402
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To: sr4402

“”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.


21 posted on 10/01/2012 7:47:05 AM PDT by Thank You Rush
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To: sr4402

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.


22 posted on 10/01/2012 8:00:16 AM PDT by Thunder90 (Kick Obama out of the White House in 2012.)
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To: Thank You Rush
That was always the rate before the tax cut holiday so it can hardly be called an increase.

Well, if you work and don't feel lighter in the wallet next year I will be amazed.

23 posted on 10/01/2012 8:32:12 AM PDT by sr4402
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To: sr4402

Bookmarked for later


24 posted on 10/01/2012 8:33:30 AM PDT by swamprebel (a Constitution once changed from Freedom, can never be restored.)
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To: sr4402

“”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.


25 posted on 10/01/2012 9:45:58 AM PDT by Thank You Rush
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To: sr4402

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.


26 posted on 10/01/2012 9:51:05 AM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: sr4402

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.


27 posted on 10/01/2012 9:53:09 AM PDT by qman (The communist usurper must go!)
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To: sr4402

“”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!


28 posted on 10/01/2012 9:56:21 AM PDT by Thank You Rush
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To: Thank You Rush
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.

In other words, you don't think the working poor will feel it. How tender your feelings must be for them.

29 posted on 10/01/2012 9:58:55 AM PDT by sr4402
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To: sr4402

“”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.


30 posted on 10/01/2012 10:04:03 AM PDT by Thank You Rush
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To: Thank You Rush
Thank you obozo!

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.

31 posted on 10/01/2012 10:04:20 AM PDT by sr4402
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To: Thank You Rush
Good grief! You sound like a bleeding heart liberal.

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.

32 posted on 10/01/2012 10:09:27 AM PDT by sr4402
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