If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(The New York Times)   Regardless of who wins in November, prepare to say goodbye to the payroll tax cut   (nytimes.com) divider line 164
    More: Sad, fragile state, Senate Budget Committee, tax cuts, Capitol Hill, Christine Lagarde, wage earners  
•       •       •

2845 clicks; posted to Politics » on 01 Oct 2012 at 11:24 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



164 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread

First | « | 1 | 2 | 3 | 4 | » | Last | Show all
 
2012-10-01 10:22:45 AM  
b.b.b.b you get to keep it if you make under 250k right?!?!
 
2012-10-01 10:39:36 AM  
"Presidebt" OBrokenpromises once again lives up to his name. On one hand he says taxes won't go up... and then he SIMPLY NEGLECTS TO MENTION THAT A TEMPORARY TAX HOLIDAY IS EXPIRING under HIS WATCH.
 
2012-10-01 10:44:08 AM  
Good. It should go too.
 
2012-10-01 10:46:05 AM  
mlkshk.com
 
2012-10-01 11:08:51 AM  
Why does Obama want to shrink the 47%?
 
2012-10-01 11:09:17 AM  
hillbillypharmacist

TEMPORARY TAX HOLIDAY IS EXPIRING under HIS WATCH (lots of drool and babbling edited).



What part of temporary is so hard to understand, shiatforbrains?
 
2012-10-01 11:11:14 AM  

Lurking Fear: hillbillypharmacist

TEMPORARY TAX HOLIDAY IS EXPIRING under HIS WATCH (lots of drool and babbling edited).


What part of temporary is so hard to understand, shiatforbrains?


Damn do you suck at snark.
 
2012-10-01 11:13:21 AM  
I'm ok with this. The extra funds gained were never going to be enough to provide effective economic stimulus for most people, and the potential long term damage to the SS trust fund was huge.
 
2012-10-01 11:19:55 AM  

Grand_Moff_Joseph: and the potential long term damage to the SS trust fund was huge.


SS trust fund didn't lose a dime.

As with the provision that is currently in effect for 2011, the amount of revenue that is foregone to the Social Security Trust Funds because of the extension of this payroll tax reduction will be replaced with General Fund transfers of the same amount. Thus, the projected level of OASI and DI Trust Funds will be unaffected by the enactment of this bill. Link
 
2012-10-01 11:26:33 AM  

Dusk-You-n-Me: Grand_Moff_Joseph: and the potential long term damage to the SS trust fund was huge.

SS trust fund didn't lose a dime.

As with the provision that is currently in effect for 2011, the amount of revenue that is foregone to the Social Security Trust Funds because of the extension of this payroll tax reduction will be replaced with General Fund transfers of the same amount. Thus, the projected level of OASI and DI Trust Funds will be unaffected by the enactment of this bill. Link


Which really doesn't make things that much better.
 
2012-10-01 11:27:10 AM  

GAT_00: Which really doesn't make things that much better.


Just making sure we're all on the same page.
 
2012-10-01 11:28:00 AM  
Boo.
 
2012-10-01 11:28:09 AM  
I'll survive somehow, what with being employed and all.
 
2012-10-01 11:28:55 AM  

mrshowrules: Why does Obama want to shrink the 47%?


Actually, Mitt's "47%" comment only refers to people who don't pay the federal income tax -- a lot of them still pay the payroll tax.
 
2012-10-01 11:28:57 AM  
For the love of christ, let the tax cuts die. I'm in my last semester for my degree and working and even I know that the only way this country is going to get back economically, you need to let the tax cuts die.

/electrical engineering student, not doing electrical engineering
//still end up paying me for the degree
///still not as great as getting paid incredibly well for tech support :D
 
2012-10-01 11:29:01 AM  
I read this to say Obama wants to tax the middle class more.

Thanks, Obummer.
 
2012-10-01 11:29:33 AM  
Remember how they all said it was temporary when it was passed?

This isn't new. It sucks, but it isn't new.
 
2012-10-01 11:29:44 AM  
Regardless of who wins in November, be prepared to say goodby to a lot of things.
 
2012-10-01 11:30:45 AM  

Cletus C.: I read this to say Obama wants to tax the middle class more.

Thanks, Obummer.


I read this to say that you're a moron

Thanks, Cletus
 
2012-10-01 11:31:47 AM  
silly me, I thought the constitution said only the house could tax.
 
2012-10-01 11:31:58 AM  
It sucks for me personally, but it is clearly the right thing to do from a policy perspective.
 
2012-10-01 11:32:03 AM  
Protect the job creators tax cuts at all cost.

Aarontology: Remember how they all said it was temporary when it was passed?

This isn't new. It sucks, but it isn't new.


The Bush Tax Cuts?
 
2012-10-01 11:32:09 AM  

Cletus C.: I read this to say Obama wants to tax the middle class more.

Thanks, Obummer.


Look at how stupid you are.
 
2012-10-01 11:35:25 AM  

somedude210: For the love of christ, let the tax cuts die. I'm in my last semester for my degree and working and even I know that the only way this country is going to get back economically, you need to let the tax cuts die.

/electrical engineering student, not doing electrical engineering
//still end up paying me for the degree
///still not as great as getting paid incredibly well for tech support :D


The bush income tax cuts? Sure. Even below 250k if that's the only practical way. But not all taxes are created equal.

The payroll tax is regressive, hard on small buisnesses, AND is one of the very few taxes that does directly impact job creation. Cut it more!
 
2012-10-01 11:35:50 AM  

BMulligan: It sucks for me personally, but it is clearly the right thing to do from a policy perspective.


My family will pay probably 3-4K more next year from this. Good. I want to receive SS when I retire.

The one thing I hope Obama does begin to tackle is spending cuts, militarily and domestically, and getting rid of tax loopholes, both corporate and personal. We really need to get this debt down. I think people will be surprised by how much lower the deficit is in a few years, if the US economy recovers this year and the next.
 
2012-10-01 11:36:26 AM  
What we really need is a capital gains tax cut. That way the job creators can create more jobs.
 
2012-10-01 11:36:56 AM  

Cyclometh: Cletus C.: I read this to say Obama wants to tax the middle class more.

Thanks, Obummer.

Look at how stupid you are.


Actually according to what we've been told about both tax policy plans both parties want to tax the middle class more.......yay me!
 
2012-10-01 11:37:49 AM  
It was nice while it lasted, but it needs to go.

Plus we need to raise the cap on contributions.
 
2012-10-01 11:38:05 AM  

somedude210: For the love of christ, let the tax cuts die.


There are a lot of arguments that low payrolls taxes CAN create jobs. Low income taxes on the other hand have little to do with job creation at all.
 
2012-10-01 11:39:08 AM  

Cyclometh: Cletus C.: I read this to say Obama wants to tax the middle class more.

Thanks, Obummer.

Look at how stupid you are.


True. I was stupid to believe Romney was the only one who wanted to tax the middle class more. Stupid me.
 
2012-10-01 11:40:30 AM  
I'm OK with this. If you only consider federal income tax, I only pay something like 10% due to deductions, exemptions, and credits. Which is crazy considering I'm above median household income and a single-income household.

Next year, I won't be paying quite so little thanks to a successful business venture which, thanks to the tax cycle, is going to result in having about $20,000 extra in income to tax, but hell, I'm even OK with that, because it'll be my first time making six figures a year and I'm only in my 30s.

I don't mind spending an extra $4,000 to help out the less fortunate when I'm making bank.

/and said DEMAND has resulted in me hiring people - contract work, admittedly, but still work and money in the pockets of others
//fark supply side economics
 
2012-10-01 11:41:51 AM  
We're going from 4% to 6.2% (and the self-employeds are going from 10% to 12.2%) IIRC. And because we were all paying attention, we know that the payroll tax only applies to income up to $110k. So that 2.2% means a maximum additional yearly payment of $2,420. ~$120/month. If you make $50k, it's $1,100 even (almost $100/month).

And none of that figures in the part you get back from Uncle Sam (because now you paid an extra bunch in payroll taxes, you owe less in income taxes). Does anyone have good numbers?
 
2012-10-01 11:42:27 AM  

bdub77: BMulligan: It sucks for me personally, but it is clearly the right thing to do from a policy perspective.

My family will pay probably 3-4K more next year from this. Good. I want to receive SS when I retire.

The one thing I hope Obama does begin to tackle is spending cuts, militarily and domestically, and getting rid of tax loopholes, both corporate and personal. We really need to get this debt down. I think people will be surprised by how much lower the deficit is in a few years, if the US economy recovers this year and the next.


Will there be real, measurable economic effects from lowering the deficit? Probably not. I think people will be annoyed in a few years, when we've slashed spending and raised taxes and have nothing to show for it.

Deficit reduction is not where the focus should be.
 
2012-10-01 11:42:55 AM  
The payroll witholding tax cut will expire. What is the payroll witholding tax? The income tax. So now, we will get bigger refunds, except that the Bush income tax cuts will expire too. Now that means you will pay more income tax. if you are a 47%, get ready to take home less money and give the USA less of an interest free loan.
 
2012-10-01 11:43:19 AM  
I'm ok with this.
 
2012-10-01 11:43:33 AM  

Arkanaut: mrshowrules: Why does Obama want to shrink the 47%?

Actually, Mitt's "47%" comment only refers to people who don't pay the federal income tax -- a lot of them still pay the payroll tax.


I realized that shortly after posting and was hoping nobody noticed. I assure you it seemed very clever when I posted it.
 
2012-10-01 11:43:34 AM  

Dusk-You-n-Me: GAT_00: Which really doesn't make things that much better.

Just making sure we're all on the same page.


Oh it's a good thing to point out. But while it is good that the trust fund isn't being cratered more, the loss to the general fund isn't exactly good either.
 
2012-10-01 11:44:23 AM  

GAT_00: Dusk-You-n-Me: GAT_00: Which really doesn't make things that much better.

Just making sure we're all on the same page.

Oh it's a good thing to point out. But while it is good that the trust fund isn't being cratered more, the loss to the general fund isn't exactly good either.


Why?
 
2012-10-01 11:45:34 AM  
The GOP will hold the debt ceil hostage to get bush tax cuts for upper incomes renewed. They are willing to default the country over this issue.
 
2012-10-01 11:47:56 AM  
As long as we don't raise taxes on job creators I'm OK with this.
 
2012-10-01 11:48:09 AM  
Why not just lift the Social Security Wage Base from $110100 to all payroll like medicare??? Everybody gets 4.2% including employers.
 
2012-10-01 11:48:57 AM  
As long as the income tax rates for the wealthy go back to pre-2001 levels, I will be ok paying more in payroll tax. Deal, Republicans?
 
2012-10-01 11:51:57 AM  

Holocaust Agnostic: GAT_00: Dusk-You-n-Me: GAT_00: Which really doesn't make things that much better.

Just making sure we're all on the same page.

Oh it's a good thing to point out. But while it is good that the trust fund isn't being cratered more, the loss to the general fund isn't exactly good either.

Why?


Tax cuts don't stimulate much growth. You get much better returns on investment by creating projects and deficit spending that way, rather than handing back money to people who probably already had money in the first place. You get more by moving people from not spending to spending than by getting spenders to spend a little more.
 
2012-10-01 11:52:08 AM  
Tax the rich, feed the poor.
 
2012-10-01 11:52:33 AM  

Boxcutta: As long as the income tax rates for the wealthy go back to pre-2001 levels, I will be ok paying more in payroll tax. Deal, Republicans?


you won't be paying more. Just the same as you were previously. Temporary tax cuts and all that.
 
2012-10-01 11:52:33 AM  

mrshowrules: Arkanaut: mrshowrules: Why does Obama want to shrink the 47%?

Actually, Mitt's "47%" comment only refers to people who don't pay the federal income tax -- a lot of them still pay the payroll tax.

I realized that shortly after posting and was hoping nobody noticed. I assure you it seemed very clever when I posted it.


Happens to the best of us.
 
2012-10-01 11:52:46 AM  
I really wouldn't give a shiat if wages ever went upwards instead of mimicking Abe Vigoda's EKG or if gas prices could be tamed for more than tiny stretches at a time.

So I guess I do give a shiat and hope that Congress can work with the President to come up with a plan that keeps us off of the financial fiscal cliff and addresses all of this so that we don't stall this recovery any more than we already have.

(What the hell is in this coffee?)
 
2012-10-01 11:52:51 AM  
Most of the mouth-breathers in this country are completely oblivious to the fact that they ever received a tax-cut in the first place and damn near half the country thinks their taxes went up at some unexplained point after Obama was inaugurated. I highly doubt anyone will notice.
 
2012-10-01 11:53:01 AM  
Good. Wouldn't hurt to increase the cap gains tax while we're at it.

And while dropping the Bush tax cuts all at once would be a mess, they should definitely be phased out over the next few years.
 
2012-10-01 11:53:57 AM  

skullkrusher: Boxcutta: As long as the income tax rates for the wealthy go back to pre-2001 levels, I will be ok paying more in payroll tax. Deal, Republicans?

you won't be paying more. Just the same as you were previously. Temporary tax cuts and all that.


But it's more than we're paying now so it's a TAX HIKE
 
Displayed 50 of 164 comments

First | « | 1 | 2 | 3 | 4 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
On Twitter





In Other Media


Report