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Yo_Mama

(8,303 posts)
48. There will be extremely high tax increases on a lot of lower-income families
Thu Dec 27, 2012, 03:47 PM
Dec 2012

Seriously, it would be an utter disaster for many moderate income families with children.

http://www.whitehouse.gov//sites/default/files/docs/state-reports/Hispanic-Fact-Sheet.pdf

Please take a look at this fact sheet, which is billed as being for Hispanics but applies to all families in this position. The tax increases given don't account for the expiration of the payroll tax cut. For a family with two kids earning about 50K, the total tax increase would be over $2,500 of income. That's increase, not total taxes.

The lower earning heads of households would be hit the worse - the example given of the mother of three may be a bit extreme, but it is factually correct. In addition, she would also pay an additional $290 in extra FICA, so that woman would face a total lost income (in the form of extra taxes and lost rebates) of $2,685.

With tax increases like this, massive defaults on rent and mortgages and car loans are expected. We would have an increase in homeless families, a huge increase of mortgage delinquencies (which are already rising rapidly, despite what you read in the news).

We would have rapidly tightened home loan standards, a big drop in retail employment and all sorts of ancillary problems.

Ouch, the truth, it hurts. [View all] MadHound Dec 2012 OP
Off the cliff. JEB Dec 2012 #1
You're right. mbperrin Dec 2012 #2
Agreed haydukelives Dec 2012 #3
This. Jamaal510 Dec 2012 #6
spot on. nashville_brook Dec 2012 #24
You realize republicans didnt even accept this right? thebeast Dec 2012 #4
this is just a step, the CPI affects more than just SS thebeast Dec 2012 #5
SS is paid for and has nothing to do with the deficit newfie11 Dec 2012 #15
cut the war budget and eliminate the cap - leftyohiolib Dec 2012 #17
you know the BS is starting to flow when it's described as "just common sense" nashville_brook Dec 2012 #26
Thanks for the link and the graphic! LongTomH Dec 2012 #58
The practical v. idealistic JReed Dec 2012 #7
Cutting Social Security is the LIBERAL thing to do! Or it will be very soon. (nt) Demo_Chris Dec 2012 #8
No, it is the dmocratic thing to do... awoke_in_2003 Dec 2012 #11
LMAO...the idea that Obama is "consistently conservative" is one of the most laughable NYC Liberal Dec 2012 #9
This message was self-deleted by its author kickysnana Dec 2012 #10
Take a look at Obama's record, MadHound Dec 2012 #16
so much care and concern from you for those folks who benefited from the Obama stimulus bill bigtree Dec 2012 #19
Nobody in my huge family has "benefitted" and the downsides are still to be felt. kickysnana Dec 2012 #20
what a ridiculous response bigtree Dec 2012 #21
Thank you ... 1StrongBlackMan Dec 2012 #30
They don't want a dictatorship. ronnie624 Dec 2012 #38
progressives have and voted for him overwhelmingly uponit7771 Dec 2012 #27
"progressives have and voted for him overwhelmingly" 3 Different Times in Contested Elections Yavin4 Dec 2012 #34
Well, you agree with the Tea Party in your opposition to the stimulus and the ACA, so geek tragedy Dec 2012 #42
Well, first of all, I didn't say I was opposed to the stimulus, MadHound Dec 2012 #45
So, you favor repeal of the ACA like the Tea party does, and thus geek tragedy Dec 2012 #46
Wow, you just don't listen to those who disagree with you, do you? MadHound Dec 2012 #49
You said you oppose (present tense) Obamacare. Single payer was never geek tragedy Dec 2012 #52
Well said...nt SidDithers Dec 2012 #23
When I see Ceo's and military contractor's JEB Dec 2012 #12
Damn I love purist liberalism in its raw form. Buzz Clik Dec 2012 #13
No kidding. Kicking the poor and unemployed to the curb in the middle of winter. NYC Liberal Dec 2012 #14
I think your posts are designed to misinform. n/t ronnie624 Dec 2012 #32
Think all you want. NYC Liberal Dec 2012 #36
The OP is nothing more than a load of claptrap RomneyLies Dec 2012 #18
the truth is very hard for some to accept. nashville_brook Dec 2012 #22
Who is the real Progressive candidate we should be supporting for 2016. JoePhilly Dec 2012 #25
Everyone cries out for this mythical ... 1StrongBlackMan Dec 2012 #29
Our pseudo-progressives excel at message board snark and rec cing each other's posts alcibiades_mystery Dec 2012 #40
Why is it so difficult ... 1StrongBlackMan Dec 2012 #28
What are these exceptions? MadHound Dec 2012 #31
Here ya go ... 1StrongBlackMan Dec 2012 #33
It doesn't matter. ronnie624 Dec 2012 #35
why not? It is not means tested. treestar Dec 2012 #41
So long as we have a divided government ... 1StrongBlackMan Dec 2012 #63
I see. ronnie624 Dec 2012 #67
That's my impression. backscatter712 Dec 2012 #60
Well ... 1StrongBlackMan Dec 2012 #64
The more I think about what happens if we go over the Cliff, the better I like sabrina 1 Dec 2012 #37
So, extending unemployment benefits and preventing a massive cut to geek tragedy Dec 2012 #43
So cutting SS and allowing some of the Bush tax cuts to be extended is okay sabrina 1 Dec 2012 #51
Who is Speaker of the House again? nt geek tragedy Dec 2012 #53
Who controls the Senate and the WH again? sabrina 1 Dec 2012 #54
We have the upper hand, but they also have considerable power. geek tragedy Dec 2012 #56
I agree. And if Dems play their cards right they can blame Republicans for sabrina 1 Dec 2012 #57
Higher taxes on the wealthy are going to happen, guaranteed. geek tragedy Dec 2012 #59
There will be extremely high tax increases on a lot of lower-income families Yo_Mama Dec 2012 #48
Yes, but the thing is, these tax increases won't necessarily take effect if we go over the cliff. MadHound Dec 2012 #50
The pain for many will be immediate and the economic effects won't be pretty Yo_Mama Dec 2012 #66
Well, it is nice to see someone finally mention the increase in homeless families sabrina 1 Dec 2012 #55
I'm all for the Thelma and Louise Plan! backscatter712 Dec 2012 #62
Make a deal = Obama sucks; Don't make a deal = Obama sucks alcibiades_mystery Dec 2012 #39
Thank you. Skidmore Dec 2012 #65
Well - I think President Obama is a better campaigner than Leader. Off the cliff we go... jillan Dec 2012 #44
Now is not the time to point fingers. Our president can do no wrong. n/t Hotler Dec 2012 #47
Whose truth? Your jaundiced version? great white snark Dec 2012 #61
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