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Grey Squirrel
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Discussion Starter #1
That's what the average family making $80,000 will see in increased withholding taxes each month should the tax cuts be allowed to expire on December 31. Just remember though, you don't have to worry about paying your mortgage anymore of putting gas in your car because the savior is among us. Isn't change great? :laughing:

For a married couple with an income of $80,000, that would drain an extra $221.48 in withholding from a semi-monthly paycheck, according to calculations by the Tax Institute at H&R Block.
http://www.bloomberg.com/news/2010-...-u-s-preparing-for-smaller-take-home-pay.html
 

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$443 per month???? How about $5316 per year. :down:

A new car?
A nice family vacation?
Money invested toward your retirement?
Money invested for your kid's college education?
etc etc etc ....

No worries! Barry knows how to spend it! :thumbsup:
 

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Remind me again who wants to continue the tax brake for families making less than $250,000 a year?
 

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And those on the left defend Obama by asking if your lot in life has changed. Well, it takes a while to get the changes in motion, and that time is near. 2012 can't come soon enough.
 

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Grey Squirrel
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Discussion Starter #7
Remind me again who wants to continue the tax brake for families making less than $250,000 a year?
The democratically controlled Congress has no plans to address this issue until after the elections. If they pass the extensions by December 1, which is highly unlikely, you'll still see your withholding increase because employers set their payrolls early in order to be ready for January 1. So you'll still see the increase for several pay periods even if the cuts are extended. I think they should be extended across the board.

BTW, $443 was the monthly payment on my 04 corvette. :thud:
 

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Grey Squirrel
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Discussion Starter #9
Don't worry, you're unemployment won't be affected...it's up to 99 weeks now.

Remond me again why Congress hasn't addressed this issue yet?
 

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Don't worry, you're unemployment won't be affected...it's up to 99 weeks now.

Remond me again why Congress hasn't addressed this issue yet?
Simple... fear of retribution at the polls. Gotta keep them votes!
 

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Any party in power tends to hold off on unpleasant legislation until after a mid-term election. If they get voted out of power - which the Dems will in the House - they tend to push every unpopular idea they can come up with through Congress before they are booted in January. Nov-Dec could be holy hell in this country this year.
 

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The democratically controlled Congress has no plans to address this issue until after the elections. If they pass the extensions by December 1, which is highly unlikely, you'll still see your withholding increase because employers set their payrolls early in order to be ready for January 1. So you'll still see the increase for several pay periods even if the cuts are extended. I think they should be extended across the board.

BTW, $443 was the monthly payment on my 04 corvette. :thud:
It was pushed back after the Senate R's and a few blue dogs refused to extend the cuts for everyone.

One would think that tax cuts for 75+% of the population would be a political winner entering the elections. But since corporations and rich people finance our politicians, increased taxes for the rich equals less campaign contributions. It makes you wonder who they are working for.
 

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It was pushed back after the Senate R's and a few blue dogs refused to extend the cuts for everyone.

One would think that tax cuts for 75+% of the population would be a political winner entering the elections. But since corporations and rich people finance our politicians, increased taxes for the rich equals less campaign contributions. It makes you wonder who they are working for.
Actually, I believe it was pushed back because the pubs wanted the Bush Tax cuts extended to everyone and Obama's plan did not extend it to the $200K+ people. Obama's Tax plan actually only extended the cuts to the under $200K crowd. Also capital gains taxes increase under the Obama plan. Obama's tax plan is actually a tax increase.

Of course, Congress could not keep it a simple vote to just extend the current tax plan in place. They had to add more confusion into it.

The proof is in the pudding.

http://personalmoneystore.com/moneyblog/2010/09/23/bush-tax-cuts-obama-tax-plan/
 

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Grey Squirrel
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Discussion Starter #16
Well that would be a kick in the nuts. I hope that doesn't happen.:thud:
Don't worry, the expert here said this thread is all trash so you have absolutely nothing to worry about. :laughing:
 

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It was pushed back after the Senate R's and a few blue dogs refused to extend the cuts for everyone.

One would think that tax cuts for 75+% of the population would be a political winner entering the elections.
It was a couple hundred dollars a year. That's not a tax cut... that's a maneuver for political gain... and allows those championing this administrations policies -a talking point, as they lack any other point to draw attention to... other then six-hirb.

(Sexist, intolerant, xenophobic, homophobic, Islamophobic, racist, bigoted.)
 

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My fiirst post

Thanks to The Junkman i am now a member.
What a resource he is.
Please Go Right!
We need no more taxes.
Thank you and glad to meet you all.
 

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:laughing: Welcome...
 
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