2013 huge tax increases loom, Typical middle income family $2000 increase, Bush tax cuts not just for wealthy, Obama lies exposed, 90 percent of households tax increase

2013 huge tax increases loom, Typical middle income family $2000 increase, Bush tax cuts not just for wealthy, Obama lies exposed, 90 percent of households tax increase

“I would not increase taxes for middle class Americans and in fact I want to….provide a tax cut for people who are making $75,000 a year or less,” “For those folks, I want an offset on the payroll tax that would be worth as much as $1,000 for a family.”…Barack Obama March 27, 2008

“Obama’s completely disingenuous dodge on whether he would raise taxes during a time of economic slowdown is belied by his vote earlier this month,” “Obama’s claims to the contrary, his votes to raise taxes on people earning as little as $31,850 are straight from the Democrats’ tax-and-spend playbook.”…Alex Conant, RNC spokesman March 27, 2008

“It is time for the Obama campaign to retire this talking point, no matter how much it seems to resonate with voters. The financial crisis of 2008 stemmed from a variety of complex factors, in particular the bubble in housing prices and the rise of exotic financial instruments. Deregulation was certainly an important factor, but as the government commission concluded, the blame for that lies across administrations, not just in the last Republican one.
In any case, the Bush tax cuts belong at the bottom of the list — if at all. Moreover, it is rather strange for the campaign to cite as its source an article that, according to the author, does not support this assertion.”…Washington Post October 1, 2012

First of all, I would like to thank and congratulate the Washington Post for awarding Obama 3 Pinochios for blaming the Bush Tax Cuts for the economic crisis.

Second. As you will see below, the Bush tax cuts were not just for the wealthy.

From the Telegraph Herald October 2, 2012.

“Tax increase looms at year-end ‘fiscal cliff’

A typical family could see its taxes go up by $2,000 next year if lawmakers fail to renew cuts set to expire at the end of the year.”

“A typical middle-income family making $40,000 to $64,000 per year could see its taxes go up by $2,000 next year if lawmakers fail to renew a lengthy roster of tax cuts set to expire at the end of the year, according to a new report Monday

Taxpayers across the income spectrum would be hit with large tax hikes, the Tax Policy Center said in its study, with households in the top 1 percent income range seeing an average tax increase of more than $120,000, while a family making between $110,000 to $140,000 could see a tax hike in the $6,000 range.

Taxpayers across the income spectrum will get slammed with increases totaling more than $500 billion — a more than 20 percent increase — with nine out of 10 households being affected by the expiration of tax cuts enacted under both President Obama and his predecessor, George W. Bush.

The expiring provisions include Bush-era cuts on wage and investment income and cuts for married couples and families with children, among others. Also expiring is a 2 percentage point temporary payroll tax cut championed by Obama.

The looming expiration of the large roster of tax cuts is one of the issues confronting voters in November, with the chief difference between Obama and GOP candidate Mitt Romney being the tax treatment of wealthier earners. Obama is calling for permitting rates on individual income exceeding $200,000 and family incoming over $250,000 to go back to Clinton-era rates of as much as 39.6 percent.

Both candidates call for rewriting the tax code next year, but any such effort promises to be difficult and could take considerable time.

Monday’s study, by the independent Tax Policy Center, deals with the immediate increases set to slap taxpayers in January under the existing framework of the tax code.

Few are talking of renewing Obama’s payroll tax cut, even though that would mean a tax increase for working people. Working families with modest incomes would be hit hard as the child tax credit would shrink from a maximum of $1,000 per child to $500.

As a result, a married couple earning $50,000 with three dependent children that currently receives an almost $1,500 income tax refund largely due to the child tax credit would see their fortunes reversed by more than $3,000 next year and pay more than $1,500 in income taxes while seeing their payroll taxes go up by $1,000 if the full menu of tax cuts expire.

Economists warn that the looming tax hikes, combined with $109 billion in automatic spending cuts scheduled to take effect in January, could throw the fragile economy back into recession if Washington doesn’t act. The automatic spending cuts are coming due because of the failure of last year’s deficit “supercommittee” to strike a bargain.

The combination of the sharp tax hikes and spending cuts has been dubbed a “fiscal cliff.”

“The fiscal cliff threatens an unprecedented tax increase at year end,” says the report. “Taxes would rise by more than $500 billion in 2013 — an average of almost $3,500 per household — as almost every tax cuts enacted since 2001 would expire.”

Cumulatively, the country would see a 5 percentage point jump in its average tax rate, which works out to taxes on the top 1 percent jumping by more than 7 percentage points and about 4 percentage points for most people earning below $100,000 per year.

Put another way, people in the $40,000-$64,000 income range would see their average federal tax rate jump from 14 percent to 17.8 percent — or an increase in their overall federal bill of 27 percent.

All told, almost 90 percent of all households would face a tax increase, though the top 20 percent of earners would bear 60 percent of the overall cost. Across all households the tax increases would average almost $3,500.

The expiration of cuts on capital gains and stock dividends is a key reason why wealthier people would see a higher increase in their tax burdens.

Republicans controlling the House have also called for the expiration of Obama-backed tax cuts for the working poor, including expansions of the earned income and child tax credits.

But all sides are calling for the renewal of Bush-era tax rates for everyone else. Without a renewal of those rates, a married couple would pay a 28 percent rate on taxable income exceeding $72,300 instead of the 25 percent rate they now pay. And the 10 percent rate paid on the first $8,900 of income would jump to 15 percent.

The new top rate of 39.6 percent would kick in for income over $397,000. The current top rate is 35 percent rate.

The Tax Policy Center is a joint project of the Urban Institute and the Brookings Institution.”

http://www.thonline.com/news/national_world/article_19fc291b-ce3c-5667-ad9b-875019eeac09.html

43 responses to “2013 huge tax increases loom, Typical middle income family $2000 increase, Bush tax cuts not just for wealthy, Obama lies exposed, 90 percent of households tax increase

  1. Mr. Bill(ms. helga)

    “The last act of any government is to loot the treasury” – General George Washington

  2. Alan Keyes points out the idiocy of the lesser of two evils argument

    Election 2012
    Video
    Alan Keyes…

    Keyes to the Republic Vol. 1 President Obama and Mitt Romney

    Keyes to the Republic Vol. 2 The Electoral Process

  3. Philo-Publius

    Biden tells audience middle class has been ‘buried’ last four years
    http://thehill.com/homenews/administration/259741-biden-middle-class-has-been-buried

  4. Philo-Publius

    Obama Campaign: ‘Vote Like Your Lady Parts Depend On It’
    “Because they kinda do.”
    http://www.weeklystandard.com/blogs/obama-campaign-website-vote-your-lady-parts-depend-it_653393.html

  5. “Vote Like Your Lady Parts Depend On It”……well, if that’s the advice they give then stay far far away from Democratic healthcare policies since the push of the strongest kind of chemical abortifacients is causing an increase in all types of cancer within these “body parts”….esp. breast cancer…..along with causing embolisms and therefore strokes. And where are the environmentalists when it comes to these particular questions??? ….when the waterways are filling more and more with these heavy hormones causing very weird kinds of aquatic changes in such creatures that must live in that environment. Nature in so many ways is trying to teach us about such crazy chemical promotions….again, that natural law will have its way!

  6. Benghazi Consulate was ‘Attacked and threatened 13 times’ prior to 9/11

    Two House Republicans say they have been informed by whistleblowers that the U.S. Consulate in Benghazi was attacked and threatened 13 times before the incident last month that killed four Americans.

    Reps. Darrell Issa (R-Calif.) and Jason Chaffetz (R-Utah) sent Secretary of State Hillary Clinton a letter on Tuesday that detailed the whistleblowers’ allegations.
    This worse than previously thought)
    http://patriotsforamerica.ning.com/forum/topic/show?id=2734278%3ATopic%3A411386&xgs=1&xg_source=msg_share_topic

  7. Major Drudge Tease…
    This is on Drudge right now:

    CAMPAIGN DRAMA: VIDEO MADE 6 YEARS AGO SURFACES ON EVE OF FIRST PRESIDENTIAL DEBATE… DEVELOPING TONIGHT…

    He gives two hints via Twitter:

    MATT DRUDGE
    ✔@DRUDGE Curious tape dropping tonight. NOT from MOTHERJONES. Will cause controversy, ignite accusations of racism — in both directions!
    2 Oct 12 ReplyRetweetFavorite

    MATT DRUDGE
    ✔@DRUDGE Internal debate at news network about airing tape tonight, on eve of debate… MORE
    2 Oct 12 ReplyRetweetFavorite
    Any guesses?

    http://weaselzippers.us/2012/10/02/major-drudge-tease/#disqus_thread

  8. One way to fulfill one of the three requirements of him by his Saudi promoters…..bring more and more Muslims into the country (while appointing Muslim sympathizers into gov.)

    Obama Regime Buys Illinois Prison Once Considered To House Gitmo Detainees…

    Another run around Congress to do it by fiat.

    http://weaselzippers.us/2012/10/02/obama-regime-buys-illinois-prison-once-considered-to-house-gitmo-detainees/

    Well, they may fit right into his regime’s state without much adjustment!

  9. fox news tonight….the accent, the anger, the accusations..Obama’s other race speech

  10. Flashing headline on Drudge now:

    FOXNEWS TONIGHT: OBAMA’S OTHER RACE SPEECH

  11. So, if the White House and State Department KNEW Benghazi was very dangerous…The Jihadis even posted threats on Facebook before the attack…then WHY was an unprotected Ambassador sent there in an UNarmoured vehicle? I hate to be conspiratorial, but what did he know and why was he ultimately silenced. And, the ever so important investigation via FBI has now been called off….everything neat and tidy cleaned up the chicago way

  12. Just when we think we’ve seen the worst:
    OBAMA ‘DESTROYING RECORDS’ IN ‘CYBER BONFIRE’
    by Christopher Horner

    (quote)
    “I’ve got an affidavit, which I reveal in the book for the first time, from an official in the government acknowledging that they’ve got essentially a cyber bonfire going on at all times in the administration,” said Horner, who said the “bonfire” is tasked with “destroying records, using nongovernmental computers to access governmental servers.”

    He explained, “They’ve got this system rigged whereby that destroys all traces of the record on the government system, and because they’re using a private computer very deliberately there’s no government computer you can then find the trace of the record on.  If they did what they were supposed to do, you would leave these electronic footprints everywhere.  It’s a very organized government-wide systemic effort to avoid leaving any trails.  The problem is, that’s against the law.”

    http://www.wnd.com/2012/10/obama-destroying-records-in-cyber-bonfire/

  13. The October surprise???….The setup in Benghazi gives Obama the go ahead for retaliation? No wonder they’re over confident in the polls. Hey lets just ‘wag the dog”
    http://wp.wnd.com/2012/10/whats-up-special-ops-on-move/?cat_orig=world

  14. Daily Caller is to have complete damaging Obama tape….to be revealed at 9:00 as reported….possibly too on Hannity.

  15. Hannity is showing Obama video.

  16. Jerome Corsi:

    “Trinity Church members reveal Obama shocker!”

    “After nearly four years in office, many Americans still express frustration that much about Barack Obama remains a mystery as establishment media remain incurious about the Democratic president, while seemingly ready to dispatch crack investigative teams at a moment’s notice to probe into the personal lives of Republican figures such as Sarah Palin. Largely ignored in 2008 was research by the Hillary Clinton campaign based on contacts developed with members of the church Obama attended for two decades, Trinity United Church of Christ in Chicago. This is the first of a series of articles WND has developed from months of in-person interviews with church members who have known Barack and Michelle Obama over many years. The sources requested that their identities not be published because they believe their disclosures would put their security at risk.”

    http://www.wnd.com/2012/10/trinity-church-members-reveal-obama-shocker/

  17. Chief Walking Eagle (Mr. Obama) speaks with heap forked- tongue……

    He was given that name recently by an Indian tribe. After Obama had left the reservation, a reporter ask the Tribal Council why they gave Obama the honorary name of “Chief Walking Eagle”.

    The Council Leader replied, “Because Obama is so full of crap he can’t fly”

  18. Good article at WND now.

    Trinity Church members reveal Obama shocker!

    http://www.wnd.com/2012/10/trinity-church-members-reveal-obama-shocker/

    Tell Larry now!!!

  19. RMinNC,
    Good one!! If you are watching Hannity now, you’ll be sicker than you were. It is unbelievable how hopeless Juan Williams is. He is willfully blind.

  20. Must tell Larry Sinclair about that WND piece. It talks about the “down low club” and Obama being there. The Rev. Wright stuff. So sick.

  21. Cabbyaz…

    Yes I was watching Hannity….poor ole Juan …he sure was doing some backpaddling wasn’t he..the other black man seem to have his facts in order. He made Juan look silly defending the “loud-mouth”.

    Everyone in America should watch this and then tell me Obama isn’t a natural- born RACIST. He was one in 2007, he is one now.

    At times, I just wanted to throw up all over my TV..

  22. In heated ’07 speech, Obama lavishes praise on Wright

  23. dailycaller.com/…/as-college-sophomore-eric-holder-participated-in-armed-takeover-of-former-columbia-university-rotc-office

    Published: 11:56 PM 09/30/2012

    By Charles C. Johnson and Ryan Girdusky

    As college student, Eric Holder participated in ‘armed’ takeover of former Columbia University ROTC office

    As a freshman at Columbia University in 1970, future Attorney General Eric Holder participated in a five-day occupation of an abandoned Naval Reserve Officer Training Corps (ROTC) headquarters with a group of black students later described by the university’s Black Students’ Organization as “armed,” The Daily Caller has learned.

    Department of Justice spokeswoman Tracy Schmaler has not responded to questions from The Daily Caller about whether Holder himself was armed — and if so, with what sort of weapon.

    Holder was then among the leaders of the Student Afro-American Society (SAAS), which demanded that the former ROTC office be renamed the “Malcolm X Lounge.” The change, the group insisted, was to be made “in honor of a man who recognized the importance of territory as a basis for nationhood.”

  24. cabbyaz | October 2, 2012 at 9:37 pm |
    RMinNC,
    Good one!! If you are watching Hannity now, you’ll be sicker than you were. It is unbelievable how hopeless Juan Williams is. He is willfully blind.
    +++++++++++++++++++++++++++++
    And yet his kids are Republicans!

  25. I just heard the blip where Joe Biden when he was talking to an audience of middle class people. He said ” you people have been buried for the past four years”….the first time Joe has told the truth ! He must have been hitting the bottle again today

    Good old Joe. I have often wondered why Obama kept the “village idiot” around, but now I think I have figured that puzzle out.

    Obama couldn’t have a vice- president who was smarter than he was…that wouldn’t make him look presidential……so old Joe was the only one around that was just a little dumber than Obama was.

    It is true Biden makes Obama look like a genius……well at least someone with an IQ of at least 65.

  26. In Obama’s 2007 hate speech which is now all over the internet and television, Mr Obama said,
    “The solution, Obama says, is a series of new federal programs, including one to teach punctuality to the poor: “We can’t expect them to have all the skills they need to work. They may need help with basic skills, how to shop, how to show up for work on time, how to wear the right clothes, how to act appropriately in an office. We have to help them get there.”
    ***********************************************************************************************

    To that I will say;

    Perhaps we should teach them how to read, write and do math before we put them into offices, or behind a cash register…..then we can teach them how to show up for work on time, how to shop, how to dress, and how to act properly in an office, but first let’s do the REAL basics…….

    READING…WRITING…and …….MATH…….proper SPEAKING would be a nice virtue too.

  27. Obama’s DOJ over-riding Congressional Appropriations Committee opposition and buying Thomson Prison (IL) for 75% of appraised value. Promise not to move Gitmo detainees there. Payback for cronies in IL. Did they pull the chain for a 2012 closing because they fear not being around in 2013? Congressmen promise to resist by any legal means available.

  28. If Obama steals election, this will be a good place to detain Patriots rounded up by TSA.

  29. I think that old prison that Barry just bought might be a nice place for him and most of his administration, starting 1/20/13. But maybe Gitmo would be even better.

  30. Don Fredrick:

    “Coincidences in Obama’s unusual history pile up”

    “As I noted in the introduction to my book, The Obama Timeline, a jury at a murder trial will often find the accumulated circumstantial evidence so overwhelming that a guilty verdict is obvious—even though there may be no witness to the crime. …

    In the four years I have been gathering information about — and evidence against — Barack Hussein Obama, I have encountered hundreds of coincidences that strike me as amazing. …”

    http://times247.com/articles/obama-s-power-doesn-t-come-from-mere-coincidence
    ==========
    “Just Happened…”

    “Posted By Sharon Rondeau On Monday, October 1, 2012 @ 9:08 AM In Blog of the Day”

    http://www.thepostemail.com/2012/10/01/just-happened/print/#comments_controls

  31. I go to bed early and look what happens ‘while I was sleeping’. (good name for a movie) I wake up and Obama’s a gay racist fraud. Oh wait, I knew that.

  32. citizenwells

    Good morning Zach, et al.

  33. Video: Psychopathic Hillary Laughs While Calling for War

    Pure psychopathic evil! These insane comments go hand in hand with Zionist warmonger Patrick Clawson’s. Why is not this psychopathic witch in Guantanamo Bay with the rest of the terrorists? Have our so called ‘leaders’ gone totally insane?

    http://www.liveleak.com/view?i=799_1348921063

  34. Video: Two Obama Race Speeches Side-by-Side

    Hannity Does Devastating Side-By-Side Comparison Of Obama’s Two Race Speeches

  35. Trump Tells Romney: Ask for Obama’s College Records and Passport and Discuss Obama Born in Kenya

    http://obamareleaseyourrecords.blogspot.com/2012/10/trump-on-greta-to-romney-obama-passport.html

  36. Obama’s Mockery of Border Security Leads to Another Dead Border Patrol Agent

    Early yesterday morning,a Border Patrol agent was murdered protecting our border.

    If it is discovered that this agent was murdered with Fast and Furious we
    apons,will Obama’s illegal invocation of executive privilege keep the information from the public’s eyes like he did with the murder of Brian Terry?

    We should demand that Obama release all documents relating to Fast and Furious.

    Not after the election.

    Now.

    Today.

  37. Made a post about these stories elsewhere:

    There are a couple of pieces in the news this morning that might shed a little more light, insight about the current Commander-In-Chief.

    The first up at The American Spectator site is a 2007 speech where Obama was off teleprompter and reveals a bit about his truthiness and the conflict between his media created persona and the reality that he is not bridge builder when it comes to race.

    Hannity, Daily Caller: Bombshell Obama Race Tape

    The second post reveals that there are a few in Obama’s old church who might be coming out to expose a secret aspect that gives a whole new meaning to the church’s name, Trinity – The Man, The Beard, and The Hobby

    Trinity Church members reveal Obama shocker!
    ‘Matchmaker’ Rev. Jeremiah Wright ‘provided cover for gays’

    …The Down Low Club at Trinity “doesn’t have meetings, and it isn’t like the Rotary Club,” a source identified for this article as “Carolyn” explained to a WND investigator in Chicago.

    “It was more that Wright served as a matchmaker,” said Carolyn, a 20-year member of Trinity who has played a role in church administration and knows the Obamas personally.…
    …To Trinity insiders, the Down Low Club was simply known as “the program.”

    “That’s the terminology. At Trinity, you’re urged to ‘get with the program,’” explained a male beneficiary of the Down Low Club. “What that means is it’s OK to go ahead and have sex with men, just as long as you ‘get with the program’ and marry a woman, somebody no straight guy would want to marry.”

    The wife, the Down Low Club member explained, is “your ‘beard,’ your cover – so you can look like you’re living a straight life, even thought your not.”…

  38. Mr. Bill(ms. helga)

    GORDO | October 3, 2012 at 1:39 am |
    Don Fredrick:

    “Coincidences in Obama’s unusual history pile up”

    http://www.thepostemail.com/2012/10/01/just-happened/print/#comments_controls
    _______________________________
    “In 2006 Sarah P. Herlihy, an associate of the Chicago law firm of Kirkland and Ellis, whose employees later contributed $87,722 to Obama’s presidential campaign, and whose partner Bruce I. Ettleson just happened to be a member of Obama’s campaign finance committee, just happened to write a paper calling for the elimination of the “natural born citizen” requirement in the U.S. Constitution.”

    Everybody – Please read “Just Happened”. It’s a Barn-burner!

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