Nearly every household in the United States would pay higher taxes in 2013 unless Congress reaches a compromise on tax, spending, and deficit reduction measures over the next several weeks.
If a host of Bush-era tax cuts expire on Dec. 31 as scheduled, households would see an average increase of $3,500 in their tax bill, according to an analysis by the Tax Policy Center, a nonpartisan think tank in Washington. The increases would vary according to income, but 90 percent of all households would pay more.
Comments
it's up to Obama and the Democrats to fix this. And Obama is already proposing carbon taxes and a Value Added Tax or VAT like Europe does, because the "Middle Class" is where the money REALLY is.
The public will not realize the full impact of all the taxes that will be impossed on them in other forms of regulations etc. This will fall on the working peoples while the "takers" will be awarded more government handouts. Some people need assistance for numerous reasons.......but phones past out really help combat the problem of no jobs and improve the economy at the taxpayers expense??????What other plans does this newly elected Socialistic Liberal Progressive Government in the name of the Democratic Party have in mind to raid our wallets???????? and pay for all those pricy vacations for the next 4 years?????Democrats bring back the days of JFK and real Democrats.
Is America serious about reducing the deficit? Then a balanced approach of cutting spending, much which should come from the military, and tax increases are necessary.
For all the whining righties do about the deficit, surely they realize that both ends of the spectrum need to contribute: return of tax rates to previous levels on everyone, and cuts in spending. Again, the military complex in this Nation is way, way too big.
Righties love to whine about the poor. But far more is lost through other "programs" and lost revenues in the lower tax rates.
Our "lucky" veterans have a
Commander in Chief who HATES the military. That's the ONLY budget he wants to cut. He would cut the military budget even if America had a budget surplus. you wouldn't even have to ask him.
We ALREADY spend that money. The difference is whether we BORROW the $3500 from the Chinese and leave it for our children to repay, or whether we PAY IT OURSELVES now. I'd rather see us pay it now and if you do not like it, then push fo cust in what we spend. When we let the government borrow, we are too numb to feel the pain of what we spend, and we spend too much and wastefully.
“Most households do not understand the full impact,” of the expiring cuts, Stransky said. “All people think about is what they heard in the election — about how millionaires and billionaires should pay more taxes. Sorry, but it’s not just going to affect them.”...I.E. Most households do not understand who they votd for.