Did they really extend the tax cuts?


#1

Did they really extend the tax cuts? Does it take time to take effect? I thought the middle class wouldn’t see any raise in taxes.
I just got my first check of the new year, and it is 45 dollars less than last year. Nothing else has changed. I know that 45 bucks is a minimal amount, but really?? Obama wouldn’t lie to us, would he??? Did they think no one would notice???


#2

Do you pay into Social Security? I don’t and my pay will go down because the 2% Make Work tax break expired and they it switched to Social Security(FICA). State tax maybe? School?


#3

[quote=“Tiny1, post:1, topic:28840”]
Did they really extend the tax cuts? Does it take time to take effect? I thought the middle class wouldn’t see any raise in taxes.
I just got my first check of the new year, and it is 45 dollars less than last year. Nothing else has changed. I know that 45 bucks is a minimal amount, but really?? Obama wouldn’t lie to us, would he??? Did they think no one would notice???
[/quote]I was reading an article that said because they waited so long to extend the tax cuts the charts had already gone out for Obama’s increases.

Then too, while the tax cuts may have been kept deductions and such were not being allowed that had been previously so in the end you would see an increase. I remember years ago, I forget which politician who promised cuts and when I had to pay taxes they had manipulated the charts so I ended up paying more.


#4

The Bush tax rates were extended, late as Sam said so it will be a month until the IRS updates everything.

However…Obama raised everyone’s taxes in separate legislation (the health care bill) that begins immediately. That was how they showed a “reduction” in the deficit, the tax increases start right away but the payout for the “health care plan” does not start for 3 years.

They claimed that the deficit would be reduced over ten years by setting it up this way, 10 years of taxes and only 7 years of the program.

Just the typical Liberal B.S.


#5

[quote=“RET423, post:4, topic:28840”]
The Bush tax rates were extended, late as Sam said so it will be a month until the IRS updates everything.

However…Obama raised everyone’s taxes in separate legislation (the health care bill) that begins immediately. That was how they showed a “reduction” in the deficit, the tax increases start right away but the payout for the “health care plan” does not start for 3 years.

They claimed that the deficit would be reduced over ten years by setting it up this way, 10 years of taxes and only 7 years of the program.

Just the typical Liberal B.S.
[/quote]I thought it was six years? On top of that millions are still excluded and rules would be put in place that would deny operations to save lives if they are considered to old or not valuable enough.


#6

Yeah all that as well, I was just referencing the tax issue. Although I had not heard that they pushed the implementation back an additional year, I thought it was still 3 years from the signing for services but new taxes for funding scheduled to start immediately.


#7

Thanks, guys. I knew this was coming. I just wanted to give folks a chance to respond. We are all talking about it at work, and our customers,too.


#8

Tiny, for some reason, I thought you were retired, and wondered just from which check this money is being stolen. Okay, your paycheck. Got it.
I can’t WAIT to find out, being self employed, how much the gov. is going to TRY to charge us for not having health insurance.
Might as well try to pull blood out of a turnip because they AIN’T going to get it. I’ll sit in jail first.
I’m sorry you have little to no choice.


#9

Well, 2cent, I wouldn’t mind paying taxes, if they are levied fairly, and equal. When The POTUS says we won’t see an increase, I expect that to be true.
The “Read my lips…” fiasco prevented Bush I form re-election, and I hope this causes Obama much grief.


#10

I was thinking, (hoping?), that once those who were in favor of Oblatacare saw a major reduction in their checks, PLUS no ‘free’ medical care once they got to the doc’s office, that they’d realize they’d gotten screwed.
It will cause him grief if people pay any attention to their paychecks. But how many do? Then, I wonder how many people who voted for him are even earning a paycheck these days. And even so, they’ll get their explanations from MSM in Obama-speak:
“He said he wouldn’t elimnate the Bush tax cuts, and he didn’t. Which is SO good because now we can afford medical care for everybody!”
(Or some such nonsense. Pardon me. I don’t do ‘liberal speak’ very well. My brain simply doesn’t work that way. But I think you get the gist.)


#11

What I don’t get is why the lateness of the extension of the Bush tax rates is causing a delay in anything for this tax season… The tax rates that are affected by the extension are 2011 rates, the returns and filing that is going on now is for 2010. Why would 2010 tax returns be delayed by a late change to 2011 tax rates??


#12

It’s called politics. It’s called Federal job security.


#13

The Bush rates were scheduled to expire for the 2010 tax period. That means all of the pre printed tax booklets and the rates that are published to all the Payroll Companies and small businesses were published and sent out. The 11th hour change came after this so all the material had to re published and sent out so all the tax preparers, payroll companies and small businesses could get their tables corrected.

This will take a month or so.


#14

I’ve had at least 20 people ask me about the decrease in their checks since Friday. I keep asking them the same three questions. Did you vote for the income tax increase? All nodded yes. Did you vote for the school levy? All answered yes. Did you vote for Obama and are happy with Obama Care? All looked at me like I was nuts. My final response, “Elections have consequences, and this one is biting you in the wallet. Thank you very much!”. This fine bunch of idiots included my Sister and a lady that works with my wife that didn’t know she worked within the city limits. It also didn’t dawn on her that she lives within the city limits and that was how she was able to vote for this crap.