What does the expiration of the Bush Tax Cuts mean to you?

[maxiep]

Find out: http://mytaxburden.org/

I calculated it and was shocked at how much more I had to pay.

 

[barfo]

Thanks, that's a nice link.

barfo

 

[JfizzleBlazer]

It's pretty cool.

Unfortunately the accountant in me sees a lot of things missing that can affect your taxes out of there. Still gets the point across though and it's going to be hell for us dealing with people freaking out about having to pay.

And we thought this years tax season was bad.....

 

[Sug]

You choose to pay your taxes.

 

[BLAZER PROPHET]

This Obama tax hike raises my taxes 36% on $60K per year.

Wonderful.

That may be enough to give up the house.

 

[EL PRESIDENTE]

It means start slacking off and enjoy life instead of going for dat money!

 

[BLAZER PROPHET]

It means start slacking off and enjoy life instead of going for dat money!

No kidding. Time to quit and go work as a greeter at WalMart.

 

[barfo]

This Obama tax hike raises my taxes 36% on $60K per year.

Wonderful.

That may be enough to give up the house.

Huh? 36% as compared to what?

barfo

 

[EL PRESIDENTE]

Re: Re: What does the expiration of the Bush Tax Cuts mean to you?

This Obama tax hike raises my taxes 36% on $60K per year.

Wonderful.

That may be enough to give up the house.

0 / 10

Only those making over 250k a year will be affectes. The messiah says so

 

[EL PRESIDENTE]

Re: Re: What does the expiration of the Bush Tax Cuts mean to you?

No kidding. Time to quit and go work as a greeter at WalMart.

No. Just get unemployment and work as a landscaper in Arizona for 10 bucks an hour since the Mexicans are leaving

 

[bluefrog]

If Congress fails to act to extend the
Bush tax cuts, your income tax burden
will be $1,509 higher in 2011.

I did really well under "Obama`s Budget" though

 

[BlazerCaravan]

My taxes will be $800 less under Obama's proposal than Bush's extended plan, and $4800 less than no plan at all. Of course, I did check the "Did you give fellatio to Obama in 2010?" checkbox...

 

[PtldPlatypus]

I did really well under "Obama`s Budget" though

No kidding--under Obama's budget, I will (allegedly) have no tax liabiilty. And that's pre-fellatio, too.

 

[EL PRESIDENTE]

Income Tax if All Bush Tax Cuts Expire:
$39,600,000,169,121
Income Tax if Bush Tax Cuts are Extended:
$34,999,999,813,781
Income Tax under Obama's Tax Proposals:
$39,600,000,176,021

If Congress fails to act to extend the
Bush tax cuts, your income tax burden
will be $4,600,000,355,340 higher in 2011.

 

[barfo]

Income Tax if All Bush Tax Cuts Expire:
$39,600,000,169,121
Income Tax if Bush Tax Cuts are Extended:
$34,999,999,813,781
Income Tax under Obama's Tax Proposals:
$39,600,000,176,021

If Congress fails to act to extend the
Bush tax cuts, your income tax burden
will be $4,600,000,355,340 higher in 2011.

Tell you what. Just go ahead and pay the $34,999,999,813,781 and we'll call it good.

barfo

 

[BLAZER PROPHET]

No kidding--under Obama's budget, I will (allegedly) have no tax liabiilty. And that's pre-fellatio, too.

That's a slick trick.

 

[OSUBlazerfan]

Damn, seems like its a even worse hit if you are married

doesnt look like thats a smart decision now....

 

[Paxil]

What does the expiration of the Bush Tax Cuts mean to you?

To me it means people making over $250,000 will be paying more taxes.

 

[maxiep]

To me it means people making over $250,000 will be paying more taxes.

Run a scenario where you make less than $250K as a married couple or $200K as an individual. Those people will be paying more too.

My point is, don't believe everything you hear.

 

[maxiep]

Damn, seems like its a even worse hit if you are married

doesnt look like thats a smart decision now....

The marriage "penalty" is returning to the tax system. Cue the jokes for how marriage is a penalty in and of itself.

 

[barfo]

Run a scenario where you make less than $250K as a married couple or $200K as an individual. Those people will be paying more too.

My point is, don't believe everything you hear.

I took your advice and didn't believe you.
I only tried 6 or 8 such scenarios, but every one came back with either equal or lower taxes under Obama's proposal than for the extended Bush cuts.

barfo

 

[maxiep]

I only tried 6 or 8 such scenarios, but every one came back with either equal or lower taxes under Obama's proposal than for the extended Bush cuts.

barfo

That's a proposal and not what's on the table to happen. Under the "maxiep proposal" my taxes go down much more than any of the existing scenarios, but it's still fantasy.

 

[barfo]

That's a proposal and not what's on the table to happen. Under the "maxiep proposal" my taxes go down much more than any of the existing scenarios, but it's still fantasy.

So what exactly did you mean by "run a scenario", then?

barfo

 

[EL PRESIDENTE]

http://www.businessinsider.com/deut...thanks-to-the-end-of-the-bush-tax-cuts-2010-7

Peter Hooper at Deutsche believes that an end of the Bush tax cuts could remove a full 2.5% form U.S. GDP in 2011. This could be enough to kill the economic recovery:

Deutsche Bank:

We assess the potential for fiscal drag over the year ahead based on (1) an update of the impending unwinding of the Obama stimulus program (ARRA), and (2) alternative scenarios for extension of the Bush tax cuts. If a political stalemate in Washington results in no extension, fiscal drag could reach 2.5% of GDP next year, enough to bring a sluggish recovery to the stalling point. This includes 1% drag from unwinding of ARRA, 1% from scheduled tax increases as the cuts expire at the end of 2010, and 0.5% from failure to pass a fix for the Alternative Minimum Tax.

If the Administration’s tax extension package is passed, the drag in 2011 will fall to a bit less than 1.5%, and if the Republican across-the-board extension passes, it will fall to around 1%. Either way, we think that pent-up private demand would be sufficient to keep a moderate recovery going.

Read more: http://www.businessinsider.com/deut...end-of-the-bush-tax-cuts-2010-7#ixzz0v7DEJDDE

 

[barfo]

http://www.businessinsider.com/deut...thanks-to-the-end-of-the-bush-tax-cuts-2010-7

That can't possibly be right. You and several others here have repeatedly said the stimulus had no effect. Therefore, how can the expiration of the stimulus possibly cause a decline in GDP?

I'll also note that the summary is quite misleading when it says "Peter Hooper at Deutsche believes that an end of the Bush tax cuts could remove a full 2.5% form U.S. GDP in 2011."
The quoted text shows that Deutsche said the tax cut expiration would cause a 1% decline.

barfo

 

[EL PRESIDENTE]

Not saying the stimulus had "no effect". Its just borrowing almost a trillion dollars for things that may or may not do much at all really. Wow. Road construction. yay.

 

[maxiep]

So what exactly did you mean by "run a scenario", then?

barfo

There's one current tax policy, which is due to expire at the end of the year. January 1, 2011 there will be a new tax policy if nothing is done. Anything else is a scenario until something is negotiated. For the record, I think it's dangerous to only increase taxes on the wealthy. If you get to a point where less than 50% of people who are eligable to pay taxes are actually paying them, then they form a natural bloc which votes in representatives that only continue to tax the minority. IMO if there's a tax increase, everyone should have their taxes raised, even if it's only a few dollars. With tax policy, everyone should have skin in the game.

 

[Denny Crane]

That can't possibly be right. You and several others here have repeatedly said the stimulus had no effect. Therefore, how can the expiration of the stimulus possibly cause a decline in GDP?

I'll also note that the summary is quite misleading when it says "Peter Hooper at Deutsche believes that an end of the Bush tax cuts could remove a full 2.5% form U.S. GDP in 2011."
The quoted text shows that Deutsche said the tax cut expiration would cause a 1% decline.

barfo

That $800B stimulus package was 6% of our $14T GDP, yet produced 1% of GDP. You really want to go there?

 

[barfo]

There's one current tax policy, which is due to expire at the end of the year. January 1, 2011 there will be a new tax policy if nothing is done. Anything else is a scenario until something is negotiated. For the record, I think it's dangerous to only increase taxes on the wealthy. If you get to a point where less than 50% of people who are eligable to pay taxes are actually paying them, then they form a natural bloc which votes in representatives that only continue to tax the minority. IMO if there's a tax increase, everyone should have their taxes raised, even if it's only a few dollars. With tax policy, everyone should have skin in the game.

Run a scenario where you make less than $250K as a married couple or $200K as an individual. Those people will be paying more too.

My point is, don't believe everything you hear.

So, anything other than the tax cut expiration is a scenario. Obama's proposal is such a scenario. However, what you said about people under $200K paying more is not true in that scenario.

So, my point is, don't believe everything you hear.

barfo

 

[barfo]

That $800B stimulus package was 6% of our $14T GDP, yet produced 1% of GDP. You really want to go there?

More DennyMath. The stimulus package wasn't spent all in one year, so it doesn't make sense to compare it one year of GDP.

As for the 1%, that apparently is one guys opinion. I'm sure there are other guys with other opinions, too. No reason to take it as gospel.

barfo