Skip to comments.What happens with the Fiscal Cliff legislation?
Posted on 01/02/2013 6:01:58 PM PST by ProudFossil
What happens to the legislation set up last year to impose the fiscal cliff impact?
The spending cuts have been pushed out 2 months which means they will never happen. Everyone is paying 2% more in SSI. Make over 400k single or 450k married and pay Clinton rate of 39 and some odd percent or so. Under 400k/450k stays same.
All of these phony crises, are designed to raise taxes, and nothing else.
Obama said they weren’t raising taxes on the middle class. Therefore, the middle class is now defined as a single person making between $113,000 and $400,000 with no assets.
1) You are subject to the payroll tax (social security) increase up to $113,000 of income.
2) Tax rates increase for those making over $400,000. Note the marriage tax penalty on a husband and wife with combined income of > $450,000.
3) You have no assets/investments on which you are subject to increased capital gains/dividend rate.
Yeah, check back in 2 months.
It will happen all over again with more flaccid GOP politicians caving to the Dims
None of the above, they always scare people to get more power and control, So they are now able to print unlimited money!
This will get ugly, long term!
This is a farce.
The Republicans by allowing the tax portion to pass have zero leverage on the spending negotiations that follow now.
Every congressional vote gas become just another political expediency for most of the congress critters. They’ve become highly predictable: predictably slimy.
Freudian slip... “gas” = has