12/6/12
Republicans lie about tax cuts
Well when Mitt Romney was running for president his entire campaign was about middle class tax cuts. Middle class build America all that good stuff right ? Well my question is that Obama agreed with Mitt Romney tax cuts for the middle class and raise them for the wealthy.
Now that Obama has won their going to do everything in there power to make sure Obama doesn't succeed with the middle class tax cuts. After the last months of their campaign focus on middle class tax cuts relief. Obama ready to go with the plan but once again John Boehner speaker of the house is holding everyone back. Like the liar he is. John kick 4 people out of the republican congress because they agreed with Obama tax cuts. John Banor said the fiscal cliff will put America in deeper debt.
This is for the people that don't know what Fiscal Cliff
Definition
The fiscal cliff isn’t just about taxes. But for the average American, higher taxes will be the most salient impact if Congress allows spending cuts and tax increases to kick in with the new year. Economic analysts anticipate that the economy will take a hit if the country goes over the fiscal cliff, which could mean shaky financial markets and another recession. That’s a shift that will affect everyone.
How much of a tax hike an individual will see will depend on marital status, number of dependent children, number of deductions typically claimed, and the taxpayer's mix of wage and investment income. With that caveat, here’s a primer on what’s beyond the cliff and what it could mean for certain groups.
What’s in the cliff?
There are three basic components of the fiscal cliff: expiring Bush-era tax cuts, x cuts,expiring Obama-era tax and spending cuts to some federal programs.
The expiration of the Bush-era tax changes would mean higher income taxes, reduced tax benefits for families with children, increased marriage penalties, a higher estate tax, and higher taxes on some investment income. The most pressing Obama-era tax hike would be the expiration of the payroll-tax cut. The payroll-tax cut was always meant to be temporary, but a return to higher Social Security payments would mean less money in everyone’s paychecks.
Other Obama-era tax cuts included in the stimulus package are also expiring, including tax credits for families with children and a credit to help students pay for college. Higher earners would see an additional bump in their income and capital-gains taxes next year because of new taxes included in the 2010 health care. And then there’s the alternative minimum tax, a cumbersome income tax that has to be periodically adjusted to track inflation. If Congress doesn’t do so this year, it could hit individuals making as little as $33,750, raising taxes on millions of Americans.
Spending cuts are the final component. Certain domestic federal programs—but not Medicare or Medicaid—would see reduced funding as a result of spending cuts known as "sequestration." Funding for unemployment insurance is scheduled to drop, as are Medicare payments to doctors.
http://www.nationaljournal.com/domesticpolicy/what-will-the-fiscal-cliff-mean-for-me-20121205
Speaker of the house John Boner plan
The $2.2 trillion blueprint extends Bush tax cuts for all Americans, including the wealthiest two percent, but finds $800 billion in revenue from “tax reform” by limiting or closing unspecified tax loopholes, deductions, and lowering tax rates. Significantly, the higher revenues will be identified by the relevant House committees next year, and will not be included in the immediate down payment. The plan also enacts an array of mandatory and discretionary spending cuts:
– $600 billion in health savings, including raising the Medicare eligibility age from 65 to 67.John Boner plan is House Speaker John Boehner (R-OH) reiterated the GOP’s support for Rep. Paul Ryan’s (R-WI) reforms to Medicare and Medicaid, which would shift health care costs to seniors and lower-income Americans. The letter does not, mention raising the debt ceiling — for which Boehner has pledged to extract a concession — extending the payroll tax cut or unemployment benefits.
– $300 billion from savings in other mandatory programs.
– $200 billion by applying a less generous measure of inflation to Social Security and Medicare benefits.
– $300 billion in cuts to agency budgets.
Here is the probable of this it actually promises to lower rates for the wealthy and sticks the middle class with the bill. Their plan includes nothing new and provides no details on which deductions they would eliminate, which loopholes they will close or which Medicare savings they would achieve. Independent analysts who have looked at plans like this one have concluded that middle class taxes will have to go up to pay for lower rates for millionaires and billionaires. “
http://thinkprogress.org/economy/2012/12/03/1275261/republicans-revert-to-pre-election-tax-plan-promise-to-raise-revenue-by-magic/
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