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Obama’s $264 Billion Tax Bill for 2013 May Spark New Recession
Newsmax ^ | Monday, 07 Jan 2013 10:18 PM | David A. Patten

Posted on 01/07/2013 8:44:45 PM PST by Olog-hai

With the fiscal cliff deal and many Obamacare taxes taking effect, Americans will be slammed with an estimated $264 billion in new taxes this year alone—making 2013 memorable for delivering one of the largest one-year tax increases in American history.

The math breakdown of the new taxes is simple: Key parts of the Bush tax cuts will expire as a result of the new fiscal cliff legislation, hitting American taxpayers with a tax bill of about $39.5 billion each year for the next decade. …

Moody’s chief economist Mark Zandi issued a projection that the tax burden will cut GDP growth by three-quarters of 1 percent, causing the creation of 600,000 fewer jobs in 2013. But the general consensus among economists is that the impact will be much worse—about a 1.5 percent loss of GDP growth. Such a serious dip could push an already lackluster economy close to the brink of actual contraction.

But the impact of the fiscal-cliff taxes are only part of the story. That’s because several of the taxes that Congress approved as part of the Patient Protection and Affordable Care Act, dubbed Obamacare, are also kicking in this year. …

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


TOPICS: News/Current Events
KEYWORDS: 2013; bhofascism; democrats; fiscalabyss; obama; obamacare; obamatax; recession; redistribution; socialism; socialistdemocrats; spreadthewealth; stealthewealth; taxes; taxincreases; tyranny

1 posted on 01/07/2013 8:44:57 PM PST by Olog-hai
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To: Olog-hai

Recession atop recession!


2 posted on 01/07/2013 8:46:36 PM PST by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: Olog-hai

“NEW” recession? When did the last one end?!


3 posted on 01/07/2013 8:46:51 PM PST by 2ndDivisionVet (I'll raise $2million for Sarah Palin's presidential run. What'll you do?)
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To: Olog-hai

What happened? Did I miss the recovery while I was in the bathroom?


4 posted on 01/07/2013 8:47:27 PM PST by Tzimisce (The American Revolution began when the British attempted to disarm the Colonists.)
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To: Olog-hai

Soon we’ll all look back at 2012 as the good old days.


5 posted on 01/07/2013 8:56:11 PM PST by Huskrrrr
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To: 2ndDivisionVet; Olog-hai

The payroll tax change hit us about $20.00 per week.

That’s substantial “discretionary income”.


6 posted on 01/07/2013 8:57:09 PM PST by lightman (If the Patriarchate of the East held a state like the Vatican I would apply for political asylum.)
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To: 2ndDivisionVet
“NEW” recession? When did the last one end?!

Whenever it was the media "claimed." LOL.

7 posted on 01/07/2013 9:03:18 PM PST by onyx (FREE REPUBLIC IS HERE TO STAY! DONATE MONTHLY! IF YOU WANT ON SARAH PALIN''S PING LIST, LET ME KNOW)
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To: lightman

The payroll tax change hit us about $20.00 per week.

That’s substantial “discretionary income”.

I don’t remember the Republicans fighting to keep the payroll tax cut from ending. In fact, on FR in 2011, freepers were arguing AGAINST the payroll tax holiday.


8 posted on 01/07/2013 9:13:53 PM PST by WilliamIII
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To: Olog-hai

Raise taxes, ban guns, flood the nation with illegal immigrants, spend more money than drunken sailors (apologies to drunken sailors, no slight intended). What could possibly go wrong with such a social experiment?


9 posted on 01/07/2013 9:18:38 PM PST by FlyingEagle
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To: Olog-hai

I’m sure this will be blamed on Bush.


10 posted on 01/07/2013 9:31:13 PM PST by I Drive Too Fast
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To: FlyingEagle
As a former drunken sailor, I must point out two differences:

1. We were spending our own money.

2. We would stop when we ran out.

11 posted on 01/07/2013 9:50:01 PM PST by Bob
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To: WilliamIII
I don’t remember the Republicans fighting to keep the payroll tax cut from ending. In fact, on FR in 2011, freepers were arguing AGAINST the payroll tax holiday.

The payroll tax holiday was a scam. It was just another stimulus package that added to our debt and deficit. The SSTF was held harmless as Treasury issued non- market, interest bearing T-bills in the amount of the lost revenue and deposited them into the SSTF. They are just another increase in our debt. SS is a pay as you go program. It has been running in the red since 2010, which means it must redeem its T-bills to fund the shortfall. The tax holiday increased the existing shortfall. The General Fund must redeem the T-bills with 42 cents being borrowed.

The tax holiday cost us over $130 billion a year. SS was just used as a stimulus vehicle in much the same way as a tax rebate would. In this case, more people receive money from the payroll tax holiday than an income tax rebate.

12 posted on 01/07/2013 9:52:30 PM PST by kabar
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To: Bob

I daresay that “What shall we do with the lefty politicians . . . ear-lye in the morning” doesn’t have the same ring to it.


13 posted on 01/07/2013 10:17:25 PM PST by Olog-hai
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To: Olog-hai

!


14 posted on 01/07/2013 11:31:23 PM PST by skinkinthegrass (who'll take tomorrow,spend it all today;who can take your income,tax it all away..0'Bozo man can :-)
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To: Tzimisce

“What happened? Did I miss the recovery while I was in the bathroom?”

They think the lie has been repeated enough so that everyone now believes it to be true; stop believing your lying eyes. President Foodstamps has fixed everything...


15 posted on 01/08/2013 2:44:09 AM PST by kearnyirish2 (Affirmative action is economic war against white males (and therefore white families).)
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To: Olog-hai

All members of the media and government are liars.


16 posted on 01/08/2013 3:20:18 AM PST by who knows what evil? (G-d saved more animals than people on the ark...www.siameserescue.org.)
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To: kabar

I have this question about the Social Security Holiday, which capped contributions at 4.2 rather than 6.2 per cent and it is this, “Will lower payroll deductions impact future payouts, e.g., will your contributions at 4.2 give you a lesser payout when they calculate future benefits?


17 posted on 01/08/2013 3:58:15 AM PST by Jumper
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To: Bob
As a former drunken sailor, I must point out two differences:

1. We were spending our own money.

2. We would stop when we ran out.

That's funny right there.

18 posted on 01/08/2013 4:06:04 AM PST by IamConservative (The soul of my lifes journey is Liberty!)
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To: Jumper
I have this question about the Social Security Holiday, which capped contributions at 4.2 rather than 6.2 per cent and it is this, “Will lower payroll deductions impact future payouts, e.g., will your contributions at 4.2 give you a lesser payout when they calculate future benefits?

No. SS benefits are not determined by contributions but on lifetime earnings. “Social Security benefits are based on your lifetime earnings. Your actual earnings are adjusted or “indexed” to account for changes in average wages since the year the earnings were received. Then Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most. We apply a formula to these earnings and arrive at your basic benefit, or “primary insurance amount” (PIA). This is how much you would receive at your full retirement age — 65 or older, depending on your date of birth.”

http://www.ssa.gov/pubs/10070.html

And the 2% decrease in employee contributions (employer contribution remained at 6.2% during the “holiday”) was made up by revenue out of the general fund as required by the legislation for 2011 and extended through 2012.

19 posted on 01/08/2013 4:27:58 AM PST by MD Expat in PA
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To: Olog-hai
After the financial crisis hit Europe, Britain raised tax rates in 2009 from 40 to 50 percent on its highest-income earners. But the new taxes raised much less revenue than officials hoped, in part because British citizens voted with their feet and relocated to other countries. The Daily Mail reported that after the tax hike, government revenues from high income earners actually fell by about 50 percent, from 13.4 billion pounds to 6.5 billion pounds in 2010/11.

Its amazing how Obama/Pelosi/Reid et al keep spouting their lies (or display their ignorance) and nobody in the media calls them to the carpet of reality.

20 posted on 01/08/2013 4:44:55 AM PST by Go Gordon (It's barack hussein obama - because he doesn't believe in capitalism.)
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To: FlyingEagle
Raise taxes, ban guns, flood the nation with illegal immigrants, spend more money than drunken sailors (apologies to drunken sailors, no slight intended). What could possibly go wrong with such a social experiment?

You forgot - gut the military, raise the debt ceiling and implement socialized medicine for all!

21 posted on 01/08/2013 4:47:08 AM PST by Go Gordon (It's barack hussein obama - because he doesn't believe in capitalism.)
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To: kabar
Hear! Hear!

Not funding SS makes as much sense as not putting money aside for the car payment or the mortgage.

The bill ain't going away without sever loss.

22 posted on 01/08/2013 4:58:19 AM PST by Aevery_Freeman (The trouble with the "masses" is that they never achieve the "m")
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To: WilliamIII

——freepers were arguing AGAINST the payroll tax holiday.——

As I think on it today, I still can’t grasp why the SS holiday was ever considered, much less implemented. It served no useful purpose and may now be more trouble than it was worth as the money it provided is snatched away


23 posted on 01/08/2013 5:09:17 AM PST by bert ((K.E. N.P. N.C. +12 .....The fairest Deduction to be reduced is the Standard Deduction)
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To: Olog-hai

May? New?


24 posted on 01/08/2013 5:15:35 AM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINE www.fee.org/library/books/economics-in-one-lesson)
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To: Jumper

Benefits are calculated on indexed average earnings, not contributions.


25 posted on 01/08/2013 6:49:56 AM PST by kabar
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To: Jumper

Benefits are calculated on indexed average earnings, not contributions.


26 posted on 01/08/2013 6:49:56 AM PST by kabar
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To: Jumper

Benefits are calculated on indexed average earnings, not contributions.


27 posted on 01/08/2013 6:50:04 AM PST by kabar
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To: bert

if it was a bad idea to lower payroll taxes, then why are freepers criticizing Obama for agreeing to raise them again?

Myself, I agree with Milton Friedman that “any tax cut is good”


28 posted on 01/08/2013 5:47:42 PM PST by WilliamIII
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To: kabar

if cutting payroll taxes was a bad idea, then freepers shouldn’t be criticizing obama for agreeing to raise them again

I believe any tax cut is good. We’re overtaxed, period. Problem with too many freepers is they look at the party affiliation instead of the policy. If obama is for it, must be bad. Well I’m more concerned about my family’s finances - and my take home pay - then scoring political points.

I’m against Obama’s tax hikes on the wealthy - and on the rest of us thru payroll taxes. In contrast, you’re against the hikes on the wealthy - but for tax hikes on us non-wealthy. No wonder the GOP lost


29 posted on 01/08/2013 5:52:08 PM PST by WilliamIII
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