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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on January 03, 2013, 03:06:22 AM
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The 11th-hour deal to avert the so-called fiscal cliff preserved billions of dollars in corporate tax giveaways even as it slashed take-home pay for millions of American workers.
Tucked inside the last-minute fiscal cliff package were more than a dozen tax loopholes, many of which will benefit Wall Street financial firms and some of the nation's biggest corporations. These breaks will cost hundreds of billions of dollars in the coming year, underscoring the lobbying power of corporate interests.
The deal was less kind to the middle class. Congress permitted a cut in the payroll tax to expire, meaning that the tax burden for the average worker will increase about $1,000 in 2013.
"This shows that the lobbyists are able to get what they want even when everyone else is starving," said Phineas Baxandall, senior analyst for tax and budget policy at the U.S. Public Interest Research Group. "It also shows they are best able to get what they want when no one else is paying attention."
The corporate loopholes were part of a package of so-called tax extenders tacked onto the main bill. The extenders package, first approved by the Senate in early August, mixes popular benefits, like a deduction for teachers who buy classroom supplies, with corporate-friendly carve-outs, such as the "active financing" exception that permits businesses earning interest on overseas lending to defer U.S. taxes on that income indefinitely. There is even a tax break for construction of new racetracks.
The tax extenders were passed for only one year, and they still need to clear another potential hurdle: upcoming negotiations over mandated spending cuts and the debt ceiling. President Barack Obama and congressional leaders have indicated they'd like to see a "grand bargain" on taxes, which would feature lower overall rates but close a slew of loopholes.
The financial services industry, whose leaders had earlier joined a group of other corporate executives pushing for a "fair" solution to the fiscal crisis, is one of the primary beneficiaries of special-interest tax breaks. The active-financing exception, for example, permits banks like Morgan Stanley to avoid the 35 percent U.S. corporate tax rate on interest income from money lent overseas. A handful of other U.S.-based multinational companies with financing arms, such as Ford Motor Co. and General Electric, also use that exemption to lower their tax bills. The two-year cost to taxpayers is an estimated $11.2 billion, according to the congressional Joint Committee on Taxation.
cont... http://www.huffingtonpost.com/2013/01/02/fiscal-cliff-wall-street_n_2397933.html
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FACT: Tom porked Jenny.
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Don't listen to what Obama says watch what he does.
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HUFFPOST SUPER USER
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What a waste of Obama's talents. We only get him for 8 years and he's up against so much CR_P he can't do his best. GOP leave him alone!
________________________ ______________
LOL!!!!!
From HP
Typical delusonial obama slave
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http://washingtonexaminer.com/obama-we-raised-taxes-but-the-rich-still-arent-paying-their-fair-share/article/2517443#.UOWqhG_AexV
LOL!!!!
O-TWINK is still talking about new taxes on the rich.
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LOL!!!!!
From HP
Typical delusonial obama slave
You do realize this is was a (drawn-out) negotiation. As much as you'd like to try to put the blame at Obama's feet, a lot of this crap is likely GOP pork. Prior to the budget being voted through, I didn't hear any rumors about Boehner objecting to NASCAR subsidies.
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http://washingtonexaminer.com/obama-we-raised-taxes-but-the-rich-still-arent-paying-their-fair-share/article/2517443#.UOWqhG_AexV
LOL!!!!
O-TWINK is still talking about new taxes on the rich.
The taxes weren't new. They were already in place.
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http://www.dailymail.co.uk/guy-hit-earning-500-000-new-fiscal-deal.html
LOL!!!!
O-TWINK fucking over the little guy again.
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Workers making $30,000 will take a bigger hit on their pay than those earning $500,000 under new fiscal dealBy Hayley Peterson
PUBLISHED: 00:00 EST, 3 January 2013 | UPDATED: 06:25 EST, 4 January 2013
Comments (196) Share
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.
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.
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.
While the lower brackets will take a bigger hit to their paychecks than those in the $200,000 to $500,000 bucket, their overall federal tax rate will remain smaller. And the biggest hit of all will still be felt by the nation's top income earners.
Obama made a tax hike on the nation's wealthiest central to his campaign for re-election.
The federal tax rate will be roughly 39 percent for that group, compared to 26 percent for those earning between $200,000 and $500,000 and 14 percent for those making between $40,000 and $50,000.
Read more: http://www.dailymail.co.uk/guy-hit-earning-500-000-new-fiscal-deal.html#ixzz2H25xBSMj
Follow us: @MailOnline on Twitter | DailyMail on Facebook
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Workers making $30,000 will take a bigger hit on their pay than those earning $500,000 under new fiscal dealBy Hayley Peterson
PUBLISHED: 00:00 EST, 3 January 2013 | UPDATED: 06:25 EST, 4 January 2013
Comments (196) Share
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.
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.
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.
While the lower brackets will take a bigger hit to their paychecks than those in the $200,000 to $500,000 bucket, their overall federal tax rate will remain smaller. And the biggest hit of all will still be felt by the nation's top income earners.
Obama made a tax hike on the nation's wealthiest central to his campaign for re-election.
The federal tax rate will be roughly 39 percent for that group, compared to 26 percent for those earning between $200,000 and $500,000 and 14 percent for those making between $40,000 and $50,000.
Read more: http://www.dailymail.co.uk/guy-hit-earning-500-000-new-fiscal-deal.html#ixzz2H25xBSMj
Follow us: @MailOnline on Twitter | DailyMail on Facebook
That's like saying you really didn't get robbed if the thieves just took your TV, but left your furniture.
But, but, but.....Obama is sticking it to those EEEEEEEEEEVVVVVIIIILLLLL rich people. So, Obama worshippers will never have to worry about paying their mortgages, never have to worry about gas in their cars, etc.
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you should see all the obama morons on facebook acting surprised. LOL!!!
Fuck em! Every last one of these communist a-holes
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you should see all the obama morons on facebook acting surprised. LOL!!!
Fuck em! Every last one of these communist a-holes
In one word:
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http://dailycaller.com/2013/01/04/obama-voters-stunned-to-discover-that-they-too-are-millionaires-and-billionaires
LOL!!!!
suckers!
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HAHAHAHAHAHA!!!
THE FOOLS!!
http://twitchy.com/2013/01/04/hope-and-less-change-americans-cringe-at-first-paychecks-of-2013-stunned-lib-asks-what-happened/
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HAHAHAHAHAHA!!!
THE FOOLS!!
http://twitchy.com/2013/01/04/hope-and-less-change-americans-cringe-at-first-paychecks-of-2013-stunned-lib-asks-what-happened/
Funny. Ha HA HA HA HA
F all the libs