Fiscal Cliff ... Here it comes!

Jason P

I wonder if we can pump the yodeler music into the Capital Building during the votes?

:think:

vant0037

Jason P wrote:

I wonder if we can pump the yodeler music into the Capital Building during the votes?

:think:

I didn't know Larry David was on The Price Is Right!

Jason P

:shock:

That's funny ... I was just watching a clip from Curb Your Enthusiasm where Rob Corddry plays the sex offender that helps out Larry's golf game and he invites him over to a celebration dinner.

hedonist

Love that episode! And the dude DOES look like Larry - good call, vant.

Reminds me of that Sopranos when Uncle Junior was watching Curb and thought a scene with Larry and Jeff was him and Bobby

vant0037

Jason P wrote:

:shock:

That's funny ... I was just watching a clip from Curb Your Enthusiasm where Rob Corddry plays the sex offender that helps out Larry's golf game and he invites him over to a celebration dinner.

Haha! I won't spoil the rest of it, but its hilarious...

JC29856

althou i understand most dont care to read it or the ones that do wouldnt understand it, here is good write up on the fallacy cliff...just easier to turn on the tube and watch the democratic and republican end of year 11th hour circle jerk...let me know who comes first!


http://michael-hudson.com/2012/12/ameri ... cal-cliff/

SPEEDY MCCREADY

This little tidbit, might effect a few people here.

Child Tax Credit: Families that had been able to claim a $1,000-per-child credit on their taxes will see this fall to $500 per child if the cliff happens. So a family with three children, for example, will get a $1,500 credit rather than a $3,000 credit. The Child Tax Credit is available to taxpayers with dependent children age 16 or younger and begins phasing out at modified adjusted gross incomes of for joint filers and $75,000 for single filers. Also, families who owe less in taxes than the credit is worth will no longer be eligible to have the excess credit refunded to them in most cases.

gimmesometruth27

SPEEDY MCCREADY wrote:

This little tidbit, might effect a few people here.

Child Tax Credit: Families that had been able to claim a $1,000-per-child credit on their taxes will see this fall to $500 per child if the cliff happens. So a family with three children, for example, will get a $1,500 credit rather than a $3,000 credit. The Child Tax Credit is available to taxpayers with dependent children age 16 or younger and begins phasing out at modified adjusted gross incomes of for joint filers and $75,000 for single filers. Also, families who owe less in taxes than the credit is worth will no longer be eligible to have the excess credit refunded to them in most cases.

and this will have an effect on the middle and lower classes.

but the people in congress do not fall into those categories so they don't give a shit.

SPEEDY MCCREADY

And this might effect a few people here...

Student Loan Interest Deduction: An annual deduction of up to $2,500 in interest paid on student loans will be limited to the first five years of interest payments. Income eligibility thresholds will drop from $155,000 for joint filers and $75,000 for single filers in 2012 to $75,000 for joint filers and $55,000 for single filers (with those amounts then adjusted for inflation since 2002).

SPEEDY MCCREADY

gimmesometruth27 wrote:

SPEEDY MCCREADY wrote:

This little tidbit, might effect a few people here.

Child Tax Credit: Families that had been able to claim a $1,000-per-child credit on their taxes will see this fall to $500 per child if the cliff happens. So a family with three children, for example, will get a $1,500 credit rather than a $3,000 credit. The Child Tax Credit is available to taxpayers with dependent children age 16 or younger and begins phasing out at modified adjusted gross incomes of for joint filers and $75,000 for single filers. Also, families who owe less in taxes than the credit is worth will no longer be eligible to have the excess credit refunded to them in most cases.

and this will have an effect on the middle and lower classes.

but the people in congress do not fall into those categories so they don't give a shit.

Having that child tax-credit cut in half, is going to kick people right in the fucking balls!

Thats HUGE money! To the average family.
HUGE MONEY!

gimmesometruth27

SPEEDY MCCREADY wrote:

Having that child tax-credit cut in half, is going to kick people right in the fucking balls!

Thats HUGE money! To the average family.
HUGE MONEY!

i completely agree Speedy, Just like how the mortgage interest deduction is a huge amount of money for the average family. that is going away too :fp:

JC29856

SPEEDY MCCREADY wrote:

gimmesometruth27 wrote:

SPEEDY MCCREADY wrote:

This little tidbit, might effect a few people here.

Child Tax Credit: Families that had been able to claim a $1,000-per-child credit on their taxes will see this fall to $500 per child if the cliff happens. So a family with three children, for example, will get a $1,500 credit rather than a $3,000 credit. The Child Tax Credit is available to taxpayers with dependent children age 16 or younger and begins phasing out at modified adjusted gross incomes of for joint filers and $75,000 for single filers. Also, families who owe less in taxes than the credit is worth will no longer be eligible to have the excess credit refunded to them in most cases.

and this will have an effect on the middle and lower classes.

but the people in congress do not fall into those categories so they don't give a shit.

Having that child tax-credit cut in half, is going to kick people right in the fucking balls!

Thats HUGE money! To the average family.
HUGE MONEY!

when should i expect the kick? now or next feb?

JC29856

how many people will this effect??

The inheritance tax would go from 35 percent for estates valued over $5.12 million to 55 percent for estates valued over $1 million.

JC29856

how bad will this kick in the balls hurt?

The tax rate on capital gains — the profit realized from the sale of capital assets such as stocks, bonds and real estate — would go from 15 percent to 20 percent for most taxpayers.

JC29856

how many people will pay 39% on dividends?? wow this will really hurt most people!!!!


Dividends, which are currently treated like capital gains and usually taxed at 15 percent, would be treated as regular income, subject to tax rates as high as 39.6 percent.

SPEEDY MCCREADY

Hello!



Established in 2007 with the onslaught of the foreclosure crisis, the Mortgage Forgiveness Debt Relief Act grants distressed homeowners an exemption from paying federal taxes on forgiven mortgage principals. So if, say, a homeowner facing foreclosure offloads his underwater home with a $295,000 mortgage attached in a short sale for $200,000, he would not have to pay federal taxes on that $95,000 forgiven principal amount that neither he nor the lender will ever see again.

Come January, this is set to change. That homeowner who has been forgiven $95,000 in mortgage principal could owe as much as $33,000 in taxes. That’s tens of thousands in taxes on so-called “earned income” that no longer exists anywhere but in the loss column of a bank’s balance sheet.

JC29856

SPEEDY MCCREADY wrote:

Hello!



Established in 2007 with the onslaught of the foreclosure crisis, the Mortgage Forgiveness Debt Relief Act grants distressed homeowners an exemption from paying federal taxes on forgiven mortgage principals. So if, say, a homeowner facing foreclosure offloads his underwater home with a $295,000 mortgage attached in a short sale for $200,000, he would not have to pay federal taxes on that $95,000 forgiven principal amount that neither he nor the lender will ever see again.

Come January, this is set to change. That homeowner who has been forgiven $95,000 in mortgage principal could owe as much as $33,000 in taxes. That’s tens of thousands in taxes on so-called “earned income” that no longer exists anywhere but in the loss column of a bank’s balance sheet.

I wonder how many fraudulent foreclosures would not have happened if the MFDRA was never enacted??? nice little nugget the government threw the "homeowners" while there homes were being stolen from them buy the bail-out banks.

SPEEDY MCCREADY

Here is a nice kick to the balls!!!

Low- to middle-income earners. People at these income levels would lose the Earned Income Tax Credit, along with a temporary cut in payroll taxes. For the past two tax years, employee contributions to the Social Security program was 4.2 percent, down from the usual rate of 6.2 percent (this comes on the FICA line item of a paystub) on earnings of up to $110,100 in 2012 and up to $113,700 in 2013. That 2 percent rise in payroll taxes would result in 160 million American wage earners seeing their tax bills increase by an average of $1,000.


The Internal Revenue Service has delayed releasing income tax withholding tables for 2013. That suggests employers are planning to withhold income taxes at the 2012 rates, at least for the first couple of pay periods of the new year. If Washington leaders fail to arrange a deal by the middle of January, employers will have to increase withholding to make up the difference.




Annual income of $20,000 to $30,000: $1,064 average tax increase


Annual income of $40,000 to $50,000: $1,729 average tax increase

unsung

You guys wanted big government, here it comes.

gimmesometruth27

unsung wrote:

You guys wanted big government, here it comes.

how is it big government when sequestration is going to cut a lot of spending? especially on "entitlements"..

Jason P

gimmesometruth27 wrote:

unsung wrote:

You guys wanted big government, here it comes.

how is it big government when sequestration is going to cut a lot of spending? especially on "entitlements"..

My money (less the new tax increases) says the govt. will find a way to stop the spending cuts.