Families Will Pay Dearly If America G...

Families Will Pay Dearly If America Goes Over Fiscal Cliff

Posted in the Cookeville Forum

Yeswecan

Cookeville, TN

#1 Nov 24, 2012
Thereís been a lot of talk, again, about the fiscal cliff and what its effects would be if allowed to happen. Most people I know have no real idea of just what it all means except that Americans will have to pay more federal income tax.
Allowing the Bush-era tax cuts to expire would mean that the 10% tax bracket would go back to the 15% tax bracket, reduced deduction for married tax filers, 2 % increase in what employees pay into Social Security and the elimination of the Alternative Minimum Tax. The net result would be an excess of over $3,000 in additional taxes for the average family.
Based on the median family income by state, it just so happens that the five states that will get hit the hardest if the fiscal cliff is not avoided are blue states. New Jersey will see the highest percentage increase in additional taxes. They have a median family income of $101,682. Going over the fiscal cliff would result in 6.82% higher taxes equating to $6,933 in additional taxes. Maryland is second with a median family income of $106,707 and a pending tax increase of 6.74%, equating to $7,194 in additional taxes.
According to figures released by the Tax Foundation, the amount of additional taxes paid based upon median family income by state would range from $3,000 to $7,000 accordingly:
$7,000+Ė 1 state (Maryland)
$6,000 to $6,999 Ė 3 states
$5,000 to $5,999 Ė 1 state
$4,000 to $4,999 Ė 6 states
$3,000 to $3,999 Ė 40 states
Now realize that both political parties are holding all of us as hostages in the negotiations to avoid falling over the fiscal cliff. The Democrats are saying that they will not accept any plan that does not include raising the taxes on everyone making $250,000 or more. The Republicans are saying that they will not accept any plan that does not include keeping the tax cuts on all Americans.
I donít know about you, but I canít afford another $3,000 in federal taxes, especially when Iím going to have to pay an additional $2,400 to $3,000 in taxes due to Obamacare. Yeah, thatís right. None of the fiscal cliff figures take into account the additional Obamacare tax increases that we are all going to face.
If we teeter over the fiscal cliff, Iím facing about $2,500 in additional taxes from Obamacare,$3,500 in federal taxes from the fiscal cliff and I am being forced to purchase health insurance that looks like it will cost me around an additional $4,000 to $5,000 a year. The net result will be a loss of $10,000 to $11,000 a year out of my pocket.
I also donít want to see a tax increase on the wealthy as that will result in a loss of thousands of jobs and a worse economy than we have now. I canít afford to lose another $10,000 from my budget, can you?
buffalo-bill

Cookeville, TN

#2 Nov 24, 2012
Maybe we canít
Carlos

Cookeville, TN

#3 Nov 24, 2012
No affect me everything free for us

Since: Nov 12

Location hidden

#4 Nov 25, 2012
Yes its too bad you're being forced to provide your own insurance. I was having fun paying for your free medical care.
Beddy Tonkers

Cookeville, TN

#5 Nov 25, 2012
Teddy Bonkers wrote:
Yes its too bad you're being forced to provide your own insurance. I was having fun paying for your free medical care.
How did you manage that Teddy when you donít work and draw off the government? Nice try sad lie. Get real
Rebel

Cookeville, TN

#6 Nov 25, 2012
We are already bankrupt. With "$138 Trillion" in debt and unfunded obligations it is impossible for us "ever" to pay it off. Plus we are going further into debt by $4 Billion a day. That is completely unsustainable. The only reason we haven't begun to default on payments is because the Federal Reserve has been buying our own Treasury Notes for the last 3 years. It's like using one credit card to pay off another and then claiming we're solvent. Therefore, it's now just a waiting game until total economic collapse comes. And I mean "total"... it will be really bad! Everyone better be getting ready! We had a chance with a good man to slow the demise of our republic, but the ignorant electorate chose an evil Marxist instead. Now we're history. Good job fellow citizens!
Edsel Herman

Cookeville, TN

#7 Nov 25, 2012
Rebel wrote:
We are already bankrupt. With "$138 Trillion" in debt and unfunded obligations it is impossible for us "ever" to pay it off. Plus we are going further into debt by $4 Billion a day. That is completely unsustainable. The only reason we haven't begun to default on payments is because the Federal Reserve has been buying our own Treasury Notes for the last 3 years. It's like using one credit card to pay off another and then claiming we're solvent. Therefore, it's now just a waiting game until total economic collapse comes. And I mean "total"... it will be really bad! Everyone better be getting ready! We had a chance with a good man to slow the demise of our republic, but the ignorant electorate chose an evil Marxist instead. Now we're history. Good job fellow citizens!
If only Romney were elected all of our debt would have magically disappeared. Lol

Since: Nov 12

Location hidden

#8 Nov 25, 2012
Lol Mitt old boy would have spoken magic mormon words and made the bush debt disappear. Hocus pocus my magic underwear is in focus.......
What

Cookeville, TN

#9 Nov 25, 2012
Teddy Bonkers wrote:
Lol Mitt old boy would have spoken magic mormon words and made the bush debt disappear. Hocus pocus my magic underwear is in focus.......
Huh?
quastor

Cookeville, TN

#10 Nov 25, 2012
Learn to shout Geronimo and grit your teeth and hang-on and let her rip.
Yeah I said that

Fort Myers, FL

#11 Nov 26, 2012
Spread the wealth, squelch the people, it will continue to go down hill. Also, our debt is just over $16 trillion, not $138 trillion. You readnecks kill me. Keep the people dumb and numb and, this bullshit will continue.
Well

Cookeville, TN

#12 Nov 26, 2012
If they was dumb enough to vote for Obama bring it! Only way he won he had the support of the Moochers Like bonkers EBT Queen
Lol

Cookeville, TN

#13 Nov 26, 2012
quastor wrote:
Learn to shout Geronimo and grit your teeth and hang-on and let her rip.
What?
Lol

Cookeville, TN

#14 Nov 26, 2012
Who?
umm

Cookeville, TN

#15 Nov 28, 2012
Teddy Bonkers wrote:
Lol Mitt old boy would have spoken magic mormon words and made the bush debt disappear. Hocus pocus my magic underwear is in focus.......
Hmmmm didn't Obama say he would cut our debt in half? Did he? Be honest now.
old prune

Cookeville, TN

#16 Nov 28, 2012
Obama's "tax the rich" is just a feel good slogan for his kool-aid drinking sheeple! I guess they think they're going to get some of that "tax the rich" money! Wonder how big the crowds are going to be at these "tax the rich" rallies???? You can be sure the lame stream media will pump it up!
waitasec

United States

#17 Nov 28, 2012
old prune wrote:
Obama's "tax the rich" is just a feel good slogan for his kool-aid drinking sheeple! I guess they think they're going to get some of that "tax the rich" money! Wonder how big the crowds are going to be at these "tax the rich" rallies???? You can be sure the lame stream media will pump it up!
You OD'd of the Kool-Aid yourself.
waitasec

Cookeville, TN

#18 Nov 28, 2012
waitasec wrote:
<quoted text>
You OD'd of the Kool-Aid yourself.
Have another drank it will make you feel better Ok old prune lol
Sammy Tonkers

Cookeville, TN

#19 Nov 28, 2012
waitasec wrote:
<quoted text>Have another drank it will make you feel better Ok old prune lol
Every time you post, you look "more stupider" than before. Take a week off. By then there will be hundreds more doom and gloom posts for you to rant about. Sometimes I think the admin at topix posts all this crap just to keep people arguing. Keeps the advertisers happy. Surely, there can't be this many doom and gloomers in cookeville. Plenty of idiots here but damn, not as stupid as these threads have been lately. All 50 States Seceding!(face plant) I think Glenn Beck may have invested in Topix. Now that would explain it all. If advertisements for gold start appearing, I will know exactly why. LOL
What

Cookeville, TN

#20 Nov 28, 2012
Sammy Tonkers wrote:
<quoted text>
Every time you post, you look "more stupider" than before. Take a week off. By then there will be hundreds more doom and gloom posts for you to rant about. Sometimes I think the admin at topix posts all this crap just to keep people arguing. Keeps the advertisers happy. Surely, there can't be this many doom and gloomers in cookeville. Plenty of idiots here but damn, not as stupid as these threads have been lately. All 50 States Seceding!(face plant) I think Glenn Beck may have invested in Topix. Now that would explain it all. If advertisements for gold start appearing, I will know exactly why. LOL
HuH?

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