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.

gimmesometruth27

Jason P wrote:

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

months ago the gop tried to stop the military cuts. even after the supercommittee agreed to them.

SPEEDY MCCREADY

An emergency unemployment-compensation program is expiring, which would save $26 billion but end payments to millions of Americans who remain jobless and have exhausted state benefits. Medicare payments to doctors would be reduced 27 percent, or $11 billion, because this year Congress has not passed the usual so-called “doc fix” to block the cuts, which otherwise are required by a 1990s cost-control law.

No more unemployment checks.

gimmesometruth27

SPEEDY MCCREADY wrote:

An emergency unemployment-compensation program is expiring, which would save $26 billion but end payments to millions of Americans who remain jobless and have exhausted state benefits. Medicare payments to doctors would be reduced 27 percent, or $11 billion, because this year Congress has not passed the usual so-called “doc fix” to block the cuts, which otherwise are required by a 1990s cost-control law.

No more unemployment checks.

doctors will stop taking medicare eventually with those reimbursement cuts. i know the docs i work with have stated they will consider cutting back on the amount of medicare they see.

SPEEDY MCCREADY

gimmesometruth27 wrote:

SPEEDY MCCREADY wrote:

An emergency unemployment-compensation program is expiring, which would save $26 billion but end payments to millions of Americans who remain jobless and have exhausted state benefits. Medicare payments to doctors would be reduced 27 percent, or $11 billion, because this year Congress has not passed the usual so-called “doc fix” to block the cuts, which otherwise are required by a 1990s cost-control law.

No more unemployment checks.

doctors will stop taking medicare eventually with those reimbursement cuts. i know the docs i work with have stated they will consider cutting back on the amount of medicare they see.

Ok gimme.

YOU are one of the FEW people here, who I truly trust. I enjoy reading your posts. I DO NOT always agree with you, but I believe you speak "the truth" as far as YOU see it.

Tell me what you see happening in the next couple of weeks.
How is this situation going to be addressed?
I can not claim to be an expert here, and I am quite sure YOU know more of this situation than I do.
So please educate me here. What can I expect to read/hear in the next couple of weeks?
Thank you.

SPEEDY MCCREADY

SPEEDY MCCREADY wrote:

gimmesometruth27 wrote:

SPEEDY MCCREADY wrote:

An emergency unemployment-compensation program is expiring, which would save $26 billion but end payments to millions of Americans who remain jobless and have exhausted state benefits. Medicare payments to doctors would be reduced 27 percent, or $11 billion, because this year Congress has not passed the usual so-called “doc fix” to block the cuts, which otherwise are required by a 1990s cost-control law.

No more unemployment checks.

doctors will stop taking medicare eventually with those reimbursement cuts. i know the docs i work with have stated they will consider cutting back on the amount of medicare they see.

Ok gimme.

YOU are one of the FEW people here, who I truly trust. I enjoy reading your posts. I DO NOT always agree with you, but I believe you speak "the truth" as far as YOU see it.

Tell me what you see happening in the next couple of weeks.
How is this situation going to be addressed?
I can not claim to be an expert here, and I am quite sure YOU know more of this situation than I do.
So please educate me here. What can I expect to read/hear in the next couple of weeks?
Thank you.

Please explain the WHOLE Fiscal Cliff being addressed.
What will take place the next few days/weeks?

gimmesometruth27

SPEEDY MCCREADY wrote:

Ok gimme.

YOU are one of the FEW people here, who I truly trust. I enjoy reading your posts. I DO NOT always agree with you, but I believe you speak "the truth" as far as YOU see it.

Tell me what you see happening in the next couple of weeks.
How is this situation going to be addressed?
I can not claim to be an expert here, and I am quite sure YOU know more of this situation than I do.
So please educate me here. What can I expect to read/hear in the next couple of weeks?
Thank you.

i am not sure what you are asking. are you talking about medical specifically or are you asking about everything? for the sake of brevity here i will tell you what is going to happen for sure if no agreement is reached. the tax increases and closed tax loopholes that you mentioned are going to happen for sure. the cuts to programs and the military are going to happen for sure. the things that the supercommittee agreed to are going to happen for sure.

regarding taxes, what i see happening is we go over the cliff, everyone gets a tax increase, everyone is going to be fucking pissed and congress will eventually reach a short term scaled back agreement to re-set tax rates to bush levels for those making under $400,000. i think everything else is going to be addressed as individual bills. that way both parties can save a little bit of face by being able to claim that they compromised on some things and blame the other party for not compromising. it is politically expedient.

as far as healthcare goes, doctors on the whole really like medicare. they know that even though they will not get paid very much, they will get paid eventually. with private insurance, collecting money is like pulling teeth. private insurance companies will try to escape with paying for as little as they can and pass the remainder on to the patients. and most of our patients can not afford the remainder so they end up in collections and we never see that money. medicare patients are generally old or disabled and they are not easy patients to care for because they have chronic health conditions that makes standard treatment options less likely to be as effective. for us, an orthopedic practice, it makes them more difficult to treat, more time is required to treat them, more headaches with medicare approval to treat them, and many specialists are going to conclude that treating them with a 27% cut in reimbursement is not worth the effort to treat them.

do you have any specific questions or will that suffice for now?

gimmesometruth27

SPEEDY MCCREADY wrote:

Please explain the WHOLE Fiscal Cliff being addressed.
What will take place the next few days/weeks?

by no means am i an authority on any of this. but given this congress' historical inability to work together, i do not see a huge fiscal cliff deal happening. i see a few minor temporary stopgap measures happening only after the new year, but it is still going to damage our economy. tax increases, unemployment benefits being cut, food costs going up, and no jobs bill being passed is going to hurt us in a big way. if jobs bill had been passed we would not need to pay so much in unemployment, but now that that is going away it is going to hurt a lot of families out there. it is really sad. the american people want compromise, but congress won't.

SPEEDY MCCREADY

Thank You.
Exactly what I was looking for.

JC29856

my prediction

during the 11th hour democratic and republican circle jerk, a simple but temporary tax law will be enacted that restores some of the set to expire tax increases, the who and what specifics will be masturbated over whereby "both" sides will be able to claim "victories"...as a side show personal "entiltements" will be cut...there will be no mention or action taken against corporate "entitlements" or "war" spending

not sure what will be done about underwater homes
not sure what will be done about real unemployment
not sure what will be done about stagnant wages
not sure what will be done about rising costs of living

unsung

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"..

You do realize that these so called cuts are nothing but a reduction to a spending increase, right? There are NO cuts being made.