Fiscal cliff and financial hit

Fiscal cliff and financial hit

Posted in the Morehead Forum

Wisdom

Jeffersonville, IN

#1 Jan 4, 2013
So have you gotten a paycheck yet? Howz it look, soak the rich huh?

Workers making $30,000 will take a bigger hit on their pay than those earning $500,000 under new fiscal deal
By HAYLEY PETERSON
PUBLISHED: 00:00 EST, 3 January 2013 | UPDATED: 06:25 EST, 4 January 2013


->->Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.
Earners in the latter group will pay an average 1.3 percent more - or an additional $2,711 - in taxes this year, while->-> workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent - or up to $1,784 - the D.C.-based think tank reported.
->->Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.

>>>Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal,

Nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal
'The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 - not only on high-income households, as widely discussed, but***->-> also on every working man and woman in the country, via the>>> end of the payroll tax cut,' said William G. Gale, co-director of the Tax Policy Center.
'For most households, the payroll tax takes a far bigger bite than the income tax does, and the payroll tax cut therefore - as [the Congressional Budget Office] and others have shown - was a more effective stimulus than income tax cuts were, because the payroll tax cuts hit lower in the income distribution and hence were more likely to be spent,' he added.

More...
Wish you were here, John! Jubilant Obama relaxes on Hawaiian beach while arch rival Boehner fights for his political life after fiscal cliff 'surrender'

When the deal was passed by Congress late Tuesday, President Obama said it prevented 'a middle class take hike that could have sent the economy back into recession' and have a 'severe impact' on American families.
'Under this law, more than 98 percent of Americans and 97 percent of small businesses will not see their income taxes go up,' he said.
->->To the contrary, the Tax Policy Center says roughly >>>70 percent of Americans will see their income taxes rise as a result of the deal. They won't rise as much as they would have if no deal had been reached and the fiscal cliff was triggered, but they will go up nonetheless.

Read more: http://www.dailymail.co.uk/news/article-22569...

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yep

Hillsboro, KY

#2 Jan 4, 2013
Hate to bust your bubble but middle class has always been the ones who carried the biggest load and always will no matter who is President. Middle-class is the backbone of this country. No Republican President would make it any different. They always find a way to screw the working man.
Best

United States

#3 Jan 4, 2013
yep wrote:
Hate to bust your bubble but middle class has always been the ones who carried the biggest load and always will no matter who is President. Middle-class is the backbone of this country. No Republican President would make it any different. They always find a way to screw the working man.
Yep, this working man got screwed today as my paycheck went down over $50! That means over $100 for the month & $1200 for the year then multiply by 2 for the same from my wife. Mr Obama will get over $3000 more from family this year so he can vacation in Hawaii more often.

“What happened to self reliance”

Since: Jul 11

Los Altos Hills, CA

#4 Jan 5, 2013
More like... $ 0.000001 cents of it goes to his vacation.
Best

United States

#5 Jan 5, 2013
Dr Moonshine wrote:
More like...$ 0.000001 cents of it goes to his vacation.
You people are so pathetic when it comes to this man. It cost over 4 million for this 3 week vacation & now that will increase since he flew back to twist arms for a day. He's the worst since Carter. This country is going to be a Socialist heaven soon.
heard

Ardsley, NY

#7 Jan 6, 2013
Best wrote:
<quoted text>You people are so pathetic when it comes to this man. It cost over 4 million for this 3 week vacation & now that will increase since he flew back to twist arms for a day. He's the worst since Carter. This country is going to be a Socialist heaven soon.
amen!! I agree!!!

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