Tax Hikes Coming in 2011

[Will E Worm]

Lots of Tax Hikes Coming in 2011.

Tax increases will hit businesses and individuals, and don’t think for a minute that only the wealthy will feel the pain.

Think taxes are too high now? Just wait: Congress is all but certain to raise them a couple of years from now. Tax increases will hit both businesses and individuals -- and not just singles making more than $200,000 a year and married couples over $250,000 a year. They’ll be the first to get pinched, but not the last. There’s just not enough revenue that can be drawn from the wealthy without crippling the economy, so in time, middle incomers will feel a bigger bite, too.

Article

The change you wanted. :hatsoff:

 

[thebear247]

we all knew this was coming some time

 

[gunslingingbird]

Gawd bless Obama and the socialist congress! :thefinger

 

[Hot Mega]

I just checked and what I found is that Joan Pryde is neither a member of the Obama administration nor a member of either houses of Congress.

My question is, when did she get to decide that taxes were going up?

 

[Friday on my mind]

Click the link,they only speculate that taxes for people below $250,000 (single) $200,000 (couples) will rise and even their speculation (not ppoposed by Obama) is the hikes will get down to people making slightly over 100K.Did you know that people at those incomes range stop paying the social security type payroll tax? How is it fair that most pay tax on 100% of wages but higher earners stop paying at the $106,800 level,it isn't fair in any way.So that increase is more than warranted IMO.



"Longer term, tax hikes will go even further and hit more people and businesses. The only other option is deep cuts in spending, including Social Security, Medicare and defense, and the public won’t buy that. As a result, anyone making more than $100,000 a year will be at risk for higher taxes. The most likely option is to raise the cap on income subject to payroll taxes. It now stands at $106,800."

 

[D-rock]

People want it both ways. They want protection and services from their government, and they want to keep their money. The world just doesn't work that way. As long as they try to keep the poorest amount the country from suffering from tax hikes as much as practical I'm alright with it. Taxes are the price of civilization and sometimes it can't be all about people just getting everything for themselves.

 

[Legzman]

Fuck. Bad enough we already have our money taxed twice. Fuck we pay tax on what we make and then when we buy something we pay fucking taxes again. Over taxing is NOT the way to fix the economy.

Tax us more and we have that much less money to put back into the economy. Brilliant fucking idea

 

[GiannaIsMyGod]

People want it both ways. They want protection and services from their government, and they want to keep their money. The world just doesn't work that way. As long as they try to keep the poorest amount the country from suffering from tax hikes as much as practical I'm alright with it. Taxes are the price of civilization and sometimes it can't be all about people just getting everything for themselves.

You hit it right on the spot. I love listening to people not wanting to pay taxes but then collect Social Security, Medicare, Medicaid, send their kids to public school, call 911 for help, complain when potholes needs to be fix, and are the first to want to go to war thinking War is free ie. Neo-Cons.

*Boosts in top marginal rates from 33% and 35% to 36% and 39.6%. No change in the other marginal rates seems likely.

So let me guess all this bitching and crying is over an increase in 1% to 3.6% increase. Hahahahaha losers.

 

[Rod Hugo]

People want it both ways. They want protection and services from their government, and they want to keep their money. The world just doesn't work that way. As long as they try to keep the poorest amount the country from suffering from tax hikes as much as practical I'm alright with it. Taxes are the price of civilization and sometimes it can't be all about people just getting everything for themselves.

:bowdown:

 

[stanleykup]

I think taxes are necessary to pay for the government. I don't think most people, even the wealthy have a problem paying a reasonable amount of taxes. The government is too big and run inefficiently. There main focus should be on reducing government to what is necessary to protect and maintain necessary public services.

My personal opinion is that an 80/20 rule should be applied. Everyone should keep 80% of what they earn and 20% could be taxed. That means within that 20% the fed, state/local, FICA, etc get their cut. What ever the government does they need to do it within that 20%. If the government wants to raise more taxes revenue, their activities need support profits and creation of jobs.

I've argued this with many of my more liberal relatives. I don't care if someone make $1 Billion, they should not be expected to pay 40-50% of that in taxes.

 

[calpoon]

love listening to people not wanting to pay taxes but ...are the first to want to go to war thinking War is free ie. Neo-Cons.

you are so right. What the government spends on the military each day surpasses it's spending on social services for the entire year, yet these so called conservatives shit a brick when the idea ever comes up of slashing that budget. Which it really never does, not even under fascist Obama who barely touched it.

we'd rather spend money to kill kids in the middle east then spend it to take care of our own, and crucify anyone as a parasite and a commie who dares to ask for it. God bless America.

 

[Hot Mega]

My personal opinion is that an 80/20 rule should be applied. Everyone should keep 80% of what they earn and 20% could be taxed. That means within that 20% the fed, state/local, FICA, etc get their cut. What ever the government does they need to do it within that 20%. If the government wants to raise more taxes revenue, their activities need support profits and creation of jobs.

The notion of fixed, flat rates is not new. It sounds logical until the question of what should happen in the event revenues from taxes drop or government expenditures need to increase. The natural response is raise tax rates equally on everyone....Increase after increase occurs until there's time to cut. This is where the fun begins. You have 3 groups; One group believes the decrease ought extend to those who earn the most under the belief that if they have more money, they'll use it to create more jobs. The other group believes you extend cuts to those who do the most consuming under the belief they will have more money to spend on goods and services. The last group are those who don't know or care.

In my honest opinion, those who think the wealthy or business owners take tax breaks and create new jobs are pretty naive or have never operated a business. Business owners hire workers in most cases for one reason, to help them meet a demand. Not because they have more cash. And more often than not, more cash is just reflected as a bigger bottom line (profits)..not jobs. Especially in cases of publicly traded cooperations where earnings can mean more investments.

It is reasonable to assume that if you cut taxes on the largest block of consumers it will have a greater impact on growth. If consumers have more income their consumption creates more demand on goods and services. That increased demand on goods and services usually spurs business to meet it and in order to do so they usually hire...creating more consumers.

Now if the effect of the model where consumer have more disposable income in the above example works that way...It certainly works in the reverse...which is why we're in the recession we find ourselves. Most average consumers instead spreading their disposable income around to various business sectors they normally would...were funneled to one business sector..the oil industry over the past 5 yrs.

Not surprising, the oil industry enjoyed record profits...while other industries suffered and many businesses within those industries now no longer operate.

 

[Facetious]

Re: Tax Hikes Coming in 2011

Gives a whole new meaning to the Obama campaign slogan
"Yes We Can", doesn't it.

you are so right. What the government spends on the military each day . .

makes for better sleep each night.

Not surprising, the oil industry enjoyed record profits..

As did Microsoft among others :dunno:

 

[Skyraider22]

Mkes me glad I hold on to my spare change.:glugglug:

 

[Hot Mega]

As did Microsoft among others :dunno:

In terms of industries, the tech industry suffered overall..Microsoft to the degree they were survived in all of this..it is primarily due to licensing sales to retailers before their product is ever sold to the end user...i.e. Microsoft was already paid for all of those products that sat on the shelves of now defunct electronics and computer stores that never made their way via normal retail to the consumer.

Never mind the bulk Enterprise Licenses that are prepaid by businesses and corporations. When a business in possession of an MEL, already has a bulk license they've paid for but when they buy a new machine, Microsoft gets paid for the license again because the wholesaler has purchased the computer with the licensing fee padding in by the manufacturer.

Microsoft..even though they're hurting now too....is a bad example.

 

[Torre82]

Re: Tax Hikes Coming in 2011

Gives a whole new meaning to the Obama campaign slogan
"Yes We Can", doesn't it.


makes for better sleep each night.




As did Microsoft among others :dunno:

Now in case this comes true, it's not unexpected at all. Since when did the usual Obama voter expect anything outrageous from government? The only constants in life are change, taxes and death.

Change we've hard. Taxes are just government-as-usual, and death.. well shit happens.

While you're busy pointing out the obvious shit that governments will tax us... (really, what are you trying to derive a smile from? Someone who expects this depression to end overnight and the government to walk away without taxation? Honestly.. noone with half a brain expects that, and we voted for the guy that will stab us in the front. Or at least say it in a way nice enough to hear. "This is my knife, it's heading toward your stomach at a fast speed. Prepare yourself. *UNGH!*) That's life.

 

[titsrock]

The Bush tax cuts of 01 and 03 were immoral and I seem to remember that famous letter form advertisement taken out by 18 Nobel winning economists who all opposed those tax cuts and that was before anyone knew anything about the sham war evidence or the housing *bubble* that was about to blow up larger than A-roid's physique.

The sooner these tax cuts are overturned the better...

 

[Will E Worm]

I think taxes are necessary to pay for the government.

Since when? Federal Income Tax is not needed at all. It is illegal.

 

[titsrock]

It is not illegal. It's useful. All taxes are useful.

 

[Hot Mega]

Since when? Federal Income Tax is not needed at all. It is illegal.

The first 10 words of Art. I Sect. 8 of the US constitution;

"The Congress shall have Power To lay and collect Taxes"