Thanks to the overwhelming support of Democrats in the House of Representatives, income taxes for the vast majority of Americans will not go up.
At 2:00 a.m. this morning, the U.S. Senate voted overwhelmingly 89 to 8 to keep income taxes at their current levels, except for individuals making more than $400,000.00 per year or households making $450,000.00 per year. Then, at 11:00 p.m. this evening, the House of Representatives voted 257 to 167.
172 Democrats voted to keep taxes the same, and only 16 voted against. Only 85 Republicans voted to keep taxes the same, and the vast majority of Republicans, 151, voted against, which would have raised income taxes [so much for Republicans being against tax increases].
The bill which avoids the fiscal cliff at least as to income taxes now goes to President Barrack Obama for his signature.
Even though income taxes will not be raised, Social Security (FICA) taxes will go back to their 2010 levels, which will be a two percent increase on incomes up to $113,700.00.
ReplyDeleteActually the overwhelming support of the democrats in congress was to raise taxes on everyone as the 2% reduction social security tax lapsed and totally ignore the out of control spending in by our nation's federal government. The nation's tax burden just increased over 600 billion dollars with only a 15 billion dollar reduction in spending. By the way the cut in spending was on future spending increases not an actual cut to current spending levels. This leaves the country facing another 1 trillion dollar deficit in 2013 despite laying another 600 billion in taxes on the country's citizens.
We yet again as a nation just passed the current statutory borrowing limit of 16.4 trillion dollars. The treasury department is taking steps to prevent default by using book keeping maneuvers which will buy a couple of months time. Of course this sets up another fight over raising the debt ceiling and hopefully the Republicans will do then the necessary thing of walking away from talks if the serious issues of spending and entitlement reform are not dealt with which is what they should have done with the new tax deal which heaped more taxes on Americans but allows 2013 spending to exceed 2012 spending. This country can no longer afford to keep raising the borrowing limit 2 trillion a pop and hitting the new limit every 18 months with no change to our federal government or entitlement system.
Most Americans were irate over some of the deficits under President George w. Bush which reached a peak in 2004 and 2005 respectively at 470 billion and 501 billion dollars. These were horrendous but keep in mind the US was fully engaged at its highest levels in both the military operations of Iraq and Afghanistan and was recovering from the blow of the terrorist attacks of 9/11/2001. As we all know the congress has the sole power to appropriate and pass budgets. The final two budgets of the Republican led congress chaired by Dennis Hassert in the House of Representatives and Mitch McConnell in the Senate were for the fiscal years 2006 and 2007 which respectively ran 282 billion and 178 billion. Nothing to write home about but annual deficits most Americans would yearn for in these time. Now enter Nancy Pelosi and Harry Reid and beginning with the first Democratic controlled congress budget in 2008 proceeding through 2012 and projection for 2013 are 488 billion, 1.5 trillion, 1.36 trillion, 1.32 trillion, 1.1 trillion and yes 884 billion in 2013 even though raising the tax burden on US taxpayers by 620 billion.
So while we still run 7.8% national unemployment and have 23 million Americans out of work or underemployed and the National Median Income has declined 13% and energy and food price inflation is up over 30% in the last 4 years lets not be so quick to congratulate the accomplishments of the deal congress brokered by Democrats just passed. Lets keep in mind what it actually did and what it actually ignored and the real record Barrack Obamma and Harry Reid have delivered over the last 4 years.
Ugh, the above long-winded Republican talking points sounds like someone has been glued to Fox News for too long. The article clearly and correctly says Democrats are to thank for preventing an income tax increase. The article also says that the FICA tax holiday is over and folks would see that increase. Apparently Mr. Long Winded didn't read that part. And that was not a "tax increase" as suggested by the above post. Democrats and Obama pushed the 2% reduction as a one year temporary measure to help the recovery--everyone knew it would expire. And anyone who thinks we can pay all the promised Social Security benefits without FICA returning to its 2010 levels is not dealing with reality--oh, I know, too much spending--well, the above poster just needs to convince all his/her Republican friends to give up their SS benefits.
ReplyDeleteHere is a nice short 5 minute video produced by an accountant that articulates the budget issues facing the country.
ReplyDeletehttp://www.youtube.com/watch?v=EW5IdwltaAc
Dear "Anonymous",
ReplyDeleteWhy do you think you can use phony numbers to change the truth. You use all these made-up numbers that are meant to just scare us citizens of this great nation. Well, you can take your debts, your deficits, your unemployment numbers and go buy an island with them (I'm sure you already own a couple!)
Us Americans just voted for the greatest President that these United States will ever have. We believe in Barack. He will not lead us over any 'cliff'; in fact, he will take us all under his wings and fly right over your numbers cliff. I know I get my check from the U.S. Treasury and nothing changed ever since Barack became President.
Maybe you should quit reading about math and your billions and trillions and start reading your History books. You'll see that ever since Kennedy was president, the Democrats have been taking care of me and the Republicans been trying to get me to do some job that I don't even want. As long as Barack is President, I know I got a good life and that will never, never change. I am free at last!
Dear MichelleObamma2016,
ReplyDeleteYou share a universal sentiment when you express not doing a job that you don't want to. A few in this life are blessed with loving what they do but most of the rest work hard and do what they want some of the time and what they have to do the rest of the time. Even then, you still can be in pursuit of whatever you personally consider the brass ring. If you look to others for your care and well being you are in for disappointment. Especially when your benefactor is the government or a political party who seeks to solicit your loyalty and keep you in your place for your support. The relationship with the government at its core when a person or persons become accepting of the victim mentality is no different that a battered spouse or partner. A complete lack of independence, accompanied by co-dependence that is dysfunctional because the person believes their safety, security, or happiness can only be derived by submission to whom they perceive as their benefactor.
An unwillingness to deal with debt and deficits is spending your children and/or grand children's future and crippling the country they will grow up in. An unnatural and spiritually damaging sense of wanting to punish someone with success disproportionately, the sin of envy can only create a divided house. A wise leader in this country once said a house divided against itself cannot stand. Republicans and Democrats alike are the issue because of their subservience to special interest, the entrenched ideological positions they stake out, and the government corruption and the politics of division it creates. No society that has tolerated corruption has ever stood and that is exactly where we are at. Maybe you should think about being independent which is the true party of logic and problem solving.
Take five minutes to watch the video posted in the responses to this article. You might not have so much faith and confidence that the check that says Treasure of the United states will always be there. There are millions of Greeks who can personally attest to the fact that yes a government can run out of money and renege on its promises.
Dr. Carson,
ReplyDeleteAre you really a doctor or do you just get one of those degrees honorarily for talking on the Fox News?
I really don't think you know what your saying because I sure don't understand it. Speak english please.
One thing I do know is that you quoted the great Democrat president--Abraham Lincoln; and I know you know that he would be voting for Obama (and Michelle in 2016)!!! Lincoln knew that the government needed to repair the south after the war and Obama knows that he needs to help pay for all the destruction that Bush left us. It's a long cleanup process after that disaster.
Again, take your big words and numbers and speak english. We are Americans! (not Republicans!)