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allrevvedup

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Member since: Wed Oct 3, 2012, 09:48 PM
Number of posts: 408

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Let's see, end of Bush tax cuts, new capital gains tax, defense cuts...

are we sure this "fiscal cliff" isn't just a little spanking for the 1%ers? Potential changes:

Letís take a look at what may happen January 1st should congress and the president fail to reach a new agreement on taxes and spending: *

1. End of 2% Payroll Tax Cut in place for past 2 years.

2. New 3.8% Tax on Dividends, Capital Gains & Interest.

3. 0.9% Medicare Tax increase on earning above $200k ($250 for married filing jointly).

4. Lower Threshold for Alternative Minimum Tax (resulting in $100 billion increase in taxes).

5. Return to 2000 ordinary income tax rates. Eliminates 10% income bracket and increases other tax brackets. Highest marginal tax rate goes back to 39.5%.

6. Increase in Long Term Capital Gains tax rate. Lower income earners move from 0% to 10% and higher income earners move from 15% to 20%.

7. Qualified Dividends no longer taxed at Long Term Capital Gain rate but at higher ordinary income rate.

8. Child Tax Credit goes from $1,000 per child to $500 per child.

9. Estate Tax Exemption lowered from $5.12 million to $1million. Top marginal rate goes back to 55%.

10. Automatic $70 billion mandatory spending cut across Defense, Social Services, Infrastructure and Medicare.

Potential year-over-year impact from Congressional Budget Office: $400-$600 Billion
*Congressional Budget Office

from: http://berkeleycp.com/content/defining-fiscal-cliff


If we're going to get stuck with middle class "austerity" measures anyway, and we are, why not just go home and let the economy go over the cliff, which looks a lot more to me like a speed bump for the Romney class?

p.s. And no, I don't believe it will have any measurable effect on job growth.
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