Extending all expiring tax provisions other than the cut in the payroll tax and indexing the AMT for inflation- except for allowing the expiration of lower tax rates on income above $250,000 for couples and $200,000 for single taxpayers-would boost real GDP by about 1¼ percent by the end of 2013. That effect is nearly as large as the effect of making all of those changes in law and extending the lower tax rates on higher incomes as well (which CBO estimates to be a little less than 1½ percent)
Matthew Keene: This country is in the tank, and everyone knows it!
HAMMERTOE: The 47% have no problem with it, I suppose.
sycraft: Ya I'm ok with this. While paying higher taxes isn't fun, it is needed. We need to increase the amount we pay. In fact, as in indicated by the temporary nature, we paid this amount not too long ago. I'm fine with my taxes going up.
madgonad: I suppose you are too dumb to realize that the fiscal cliff DOES impact the working poor which pay a higher percentage of their income in payroll taxes than I do.
Prevailing Wind: Upper Middle 20%er here. I'm ok with this. If I wanted to live in a third-world hell hole, I would expatriate. Since I don't, I'm willing to pay what we need to pay in order to keep this collective enterprise we call America on sound financial footing and still providing the protections, services, and opportunities that make this a pretty kick ass place to live.The surreal degree of hypocrisy exhibited by you conservative aholes who constantly want something (a safe and decent country to live in) for nothing (no taxes) just boggles my farking mind.Where's your farking bootstraps people?
Znuh: Do it. The Bush tax-cut programs have been proven not to work. I'm very OK with going back to Clinton-era tax rates. The Repubs are again blowing their own weird brand of unreality:The tax rate under Nixon was 70% for the highest bracket; you did not come under 39% until you made less than $28,000 as a couple or $14,000 individually. Here's some history:Eisenhower 91%Kennedy 91%Johnson 70%Nixon 70%Ford 70%Carter 70%Reagan 28%Bush, G.H.W. 31%Clinton 39.6%Bush, G.W. 35%A whopping 4.6% raise. Fark the House for its fear and doom./do_it.jpg
Thunderpipes: sycraft: Ya I'm ok with this. While paying higher taxes isn't fun, it is needed. We need to increase the amount we pay. In fact, as in indicated by the temporary nature, we paid this amount not too long ago. I'm fine with my taxes going up.Take all the bush tax custs away, we are still not even close to tackling the debt, and all we do is stall growth.
gweilo8888: FTFA: "Top 1% ($506,210 and above) 120,537Unless, of course, you're fiddling it so that you're not actually paying the tax rate you're supposed to, or for that matter, any at all./I'm looking at you, Mittens
madgonad: Thunderpipes: sycraft: Ya I'm ok with this. While paying higher taxes isn't fun, it is needed. We need to increase the amount we pay. In fact, as in indicated by the temporary nature, we paid this amount not too long ago. I'm fine with my taxes going up.Take all the bush tax custs away, we are still not even close to tackling the debt, and all we do is stall growth.You mean 'borrow growth', which is perhaps the dumbest idea ever. Currently, about 7% of our GDP is borrowed, which means if we balanced the budget our GDP would shrink by AT LEAST that much.
Thunderpipes: Take all the bush tax custs away, we are still not even close to tackling the debt, and all we do is stall growth.
TheStag: Who is this 'Fiscal Cliff' and why does he have so much control of my taxes? Can't we just find him and kick his a$$ or something?
Nightsweat: I'm more concerned about the cuts in Pentagon spending. I mean, we're only spending the GDP of Switzerland every year on defense
Amos Quito: I say we impose a 100% tax on everyone and everything, and then create a caring, compassionate government bureaucracy that will fairly distribute to each according to his need.It's the only reasonable solution.
fireclown: I suppose it is now time to throw out my challenge. Any meaningful cuts will have to be significant, and painful. Instead of complaints and snark (our stock in trade, I know), what would we suggest as solutions? I'll start:- Reduce defense spending by 3% across the board.- Move the social security tax cap from 100K to 250K- Allow the Bush Tax Cuts to expire- Decrease the payback rate of SS by 2% for individuals with net worth of over 5M
JackieRabbit: Bullshiat. Here we go with a new media hype-blitz. There's no way my tax is going up $14,173 next year.This is all just political theater, folks. They're gonna strike a back-room deal, the nasty details of which we will not know until it is too late.
Want to see behind the curtain? Try
It's how we feed the squirrel
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