But those who do not pay taxes will not be affected at all. You know the 47% who automaticly vote for more from the taxpayer.did anybody notice obama's talk yesterday on the tax rate?
during the election he said that the top 1% would get a tax hike.....yesterday he amended it to include the top 2%. what the liberals haven't figured out is that everybody will be getting a tax hike. dependent allowance is going down to $500/child instead of $1000. nominal tax rate will go up 25 or 30% higher for the middle class and the 47% that pay taxes will be paying for the 53% that don't. so...let's say you make $50k....a single filer is paying 25% now...next year 28%. the payroll tax rate temporarily lowered in to the employee side by 2% from 4.2% will go back to 6.2% for social security contributions. estate tax rate which is now at 35% for anything over $5.12M will go to 55% for anything you own worth over $1M. capital gains rate is now 15% will go back to 20%. PEP and Pease exemptions will totally phase out which will now limit exemptions, medicare tax will increase, as it stands now 1.45% is paid by you and 1.45% is paid by your employer...it will increase by 1% for everybody and there is no cap so any money you make as far as a salary will be taxed at that rate, unlike social security that has a cap. medical expenses which are reported on schedule A of your 1040 are deductible in 2012 to the extent that they exceed 7.5% of your adjusted gross income (AGI). Beginning in 2013, taxpayers who itemize their deductions can only deduct those medical expenses which exceed 10% of AGI. which means....if you make $100k you cannot deduct unless you spend over 10k in medical expenses. in other words if you spend $12k you can only claim a deduction on $2000.
welcome you our new reality.......see...and you said your vote didn't count.
Join the discussion below, or Read more at The Wall Street Journal.
#24 Nov 15, 2012
#25 Nov 15, 2012
#26 Nov 15, 2012
when i said everybody will be affected.......i mean everybody. those that pay no income tax will have to pay the same rate as everybody else when it comes to ssa and medicare. that fee is assessed on salary and not considered in income tax. anybody that makes a salary will pay more for those benefits.
so......thinking about romney and what he said prior the election about the 47% he could not change......he was right wasn't he? those 47% did just as he said they would........and they got all indignant about him saying it.......too bad romney lost.....he is so much more intelligent and a better manager than obama could ever be.
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