Will a FAM of 4 making $60k

[LukeFL]

A year have their taxes increased to 2000k more? Is this true or is another scare tactics of the media and some members of our own party?

Also, why is President Obama being blamed as a devil for killing innocent people with Drones and the responsible for the deaths of many Mexicans with his "fast and the furious".?

I thought BOTH of these happened just the same under bush. I have friends on FB using these two things against the Predident. I would like sone of DUers intake on this.

Thanks.

[geckosfeet]

1. 2000k more? WTF. SSI deductions will go up to previous (normal) levels.

Don't know of any other direct impact to 60k or less earners.

As I always say, having some fundamental understanding of the number system goes a long long way towards helping one sift through the chaff.

[Dirty Socialist]

2. I Hear The Child Tax Credit would Be Reduced by Half

But I could be wrong.

[Indydem]

3. If they go over the cliff.

I would say $2k sounds low.

There are a lot of penalty eliminations and credits in the Bush tax cuts that are going away if they aren't extended.

It is going to hurt a lot of people.

[lunasun]

4. the media is putting out a lot of scare numbers today

Obama is mentioned, but never congress every time I hear the sky is falling today

[unblock]

5. if there's zero congressional action, yeah, that sounds about right.

the expiration of the 2% payroll tax break means that $1,200 right there.

then the expiration of ALL the shrub cuts means all that family's taxable income is in the 15% bracket, as the 10% bracket will go away. that extra 5% on the first 17,900 of taxable income comes to another $895.

so that's a $2,095 tax hike in total.

there may be other factors i'm missing as well.


personally, i think congress is likely (though not until perhaps around to the time of the state of the union speech in late january) to patch at least the expiration of the shrub cuts for those under at least $250,000 (perhaps a higher number). so it wouldn't expect that $895 part to stick, though the $1,200 payroll tax expiration will stick.

[Warpy]

6. The amount withheld will likely go up a few dollars a week

but you'll get most of it back at tax time.

It all depends whether or not Obama realizes the cut to the Pentagon is his biggest bargaining chip in getting the deductions and lower withholding for working people back while keeping higher taxes on the richest. If he does, then your withholding will go back down. If not, then it won't.

Just make sure that all the grumbling people you know and work with are aware that the Republicans are the ones who made their taxes go up.

[liberal_at_heart]

7. this is the first year we will have to pay at the end of the year

because taxes are not being taken out of our disability. I've been saving, but with all the insurance premiums we have to pay I don't know if I'm going to have enough. I'm worried.

[southernyankeebelle]

8. I have come to the conclusion we get screwed no matter what happens. People making

less then the middle class will hurt the worst. I know my daughter-in-law use to make out on the deal with 2 kids. This will hurt her for sure. I don't know if they will be eligable because she married my son and they have a daughter and he got a new job and he makes $40,000 (appx) so I don't know if they would get that much. She has a son from another relationship and they claim the boy every other year. All I know they will be struggling and I know there will be people in worse shape then them. I fear for this country. Republicans seem to hate america and it's people. Unless you are rich or a teabagger.

[Cleita]

9. Lower middle income earners, it seems, have always been the most taxed

demographic in this country. They seem to prop up the rest of the nation both wealthy and poor. However, since we always had a strong manufacturing base, that same lower middle class had enough of a wage base so that the taxes coming in were sufficient to keep all of us in a lulled state of seeming plenty. Since we no longer have the national income from that strong manufacturing base to tax in the middle, I think it shows in the increasing lack of money to keep the cogs and wheels of our society turning. Of course instead of taxing those who have the money, which is what we want, they want to make sure it comes from the lower 50% somehow, whether increasing taxes on lower middle class families or taking away benefits from the poor and elderly. Someone with better knowledge of compiling stats and making graphs should do something like this starting with the end of WWII or 1945 to the present.

[Nikia]

10. While in some ways it won't be fun with more taken out

If it reduces the deficit and/or prevents more cuts to basic services, infrastructure, and or basic help for the disabled and very poor, I guess that I'll consider it a good thing that we are all paying it.
It would be nice if the rich paid more taxes since they are the ones with all the money since there is more and more income inequality. It seems that Republicans would rather us all pay more, including the rich rather than giving poorer people a break. It's a bit of a reversal from the party that is supposedly anti tax. It will help with the revenue problem though.