On Jan. 1st 2013 Americans will be faced with a tax increase of about $500 billion dollars.

These tax increase will fall 70% on the middle class.

These increases will be:

>cutting of the child credit
>return of the marriage penalty
>tax on dividends from 15% to as high as 39.6%
>end of 124 million dollar payroll tax cut.
>end of temporary alternative minimum tax fix which may may it hit 34 million taxpayers with provision originally meant for millionaires.

"The expiring cuts would hit all income groups but those at low and middle incomes the hardest."

“Taxmageddon falls 70 percent on middle and low income families. That’s because 60 percent of the Bush tax cuts were for middle- and low-income taxpayers,” Dubay said. The payroll tax cut was aimed at the same taxpayers.

“No American will be unscathed at the end of this year,” says Scott Hodge of the Tax Foundation. “Taxmageddon hits all of us.”

The American Spectator : Marching Toward Taxmageddon

Taxmageddon coming? Answer could cost Americans $500 billion | Fox News

The Onslaught of Taxmageddon « Conservatives Under 30

Originally Posted by RichieLion

On Jan. 1st 2013 Americans will be faced with a tax increase of about $500 billion dollars.

These tax increase will fall 70% on the middle class.

These increases will be:

>cutting of the child credit
>return of the marriage penalty
>tax on dividends from 15% to as high as 39.6%
>end of 124 million dollar payroll tax cut.
>end of temporary alternative minimum tax fix which may may it hit 34 million taxpayers with provision originally meant for millionaires.

"The expiring cuts would hit all income groups but those at low and middle incomes the hardest."

“Taxmageddon falls 70 percent on middle and low income families. That’s because 60 percent of the Bush tax cuts were for middle- and low-income taxpayers,” Dubay said. The payroll tax cut was aimed at the same taxpayers.

“No American will be unscathed at the end of this year,” says Scott Hodge of the Tax Foundation. “Taxmageddon hits all of us.”

The American Spectator : Marching Toward Taxmageddon

Taxmageddon coming? Answer could cost Americans $500 billion | Fox News

The Onslaught of Taxmageddon « Conservatives Under 30

The chances of this being stopped are probably nil. Get your wallets ready.

Originally Posted by Posh 08

The chances of this being stopped are probably nil. Get your wallets ready.

You are right...been coming but nobody wants to listen. Why NO BUDGET for 3 years ? Hmmmmmmm

Originally Posted by Bucco

You are right...been coming but nobody wants to listen. Why NO BUDGET for 3 years ? Hmmmmmmm

You'd have to ask that question of Harry Reid.

These guys will whine, cry, bitch and moan and blame the other side and then at the last minute they will extend the cuts with no possible to get the revenue from another source. It is the way they did it for the past two years.

I'm tempted to say that the GOP should use the opportunity, the obvious outrage that will occur, to negotiate for some balanced fiscal reforms. But I don't think there's enough well-organized political will on the right to pull it off. If there was, here's what I think such reforms should include...

• Some serious cuts in discretionary spending, but not including cuts that would affect our long-term economic strength. That means not cutting education, infrastructure repairs and improvements, research...those kinds of things. Stuff like unemployment benefits, narrowly-focused social programs, etc. Less critical government-funded programs that are " nice", but not critical, should be hit hard. I'll you figure out what that might include, but certainly they'd be things we all like and enjoy, and even depend on.

• The beginning of some serious discussions on re-forming and cutting the benefits and the costs of Social Security and Medicare.

• A more measured set of cuts to the defense budget, ones that get rid of strategically unnecessary spending without weakening our fundamental military strength.

• And yes, a trade off of who will bear the brunt of tax increases. The wealthiest should pay more, not the middle class. And the well-lobbied system of corporate tax breaks and loopholes should be fundamentally eliminated.

So what do I think will happen...even though by the end of the year the results of the 2012 election will be known? Like previous posters have suggested, probably nothing. Again, America will be left by its broken and politicized government awaiting direction from our creditors, probably China.

Originally Posted by Villages Kahuna

I'm tempted to say that the GOP should use the opportunity, the obvious outrage that will occur, to negotiate for some balanced fiscal reforms. But I don't think there's enough well-organized political will on the right to pull it off. If there was, here's what I think such reforms should include...

• Some serious cuts in discretionary spending, but not including cuts that would affect our long-term economic strength. That means not cutting education, infrastructure repairs and improvements, research...those kinds of things. Stuff like unemployment benefits, narrowly-focused social programs, etc. Less critical government-funded programs that are " nice", but not critical, should be hit hard. I'll you figure out what that might include, but certainly they'd be things we all like and enjoy, and even depend on.

• The beginning of some serious discussions on re-forming and cutting the benefits and the costs of Social Security and Medicare.

• A more measured set of cuts to the defense budget, ones that get rid of strategically unnecessary spending without weakening our fundamental military strength.

• And yes, a trade off of who will bear the brunt of tax increases. The wealthiest should pay more, not the middle class. And the well-lobbied system of corporate tax breaks and loopholes should be fundamentally eliminated.

So what do I think will happen...even though by the end of the year the results of the 2012 election will be known? Like previous posters have suggested, probably nothing. Again, America will be left by its broken and politicized government awaiting direction from our creditors, probably China.

Why is not the Ryan budget a great jumping off point for discussion on what you say ?

Why dismiss it....there is NO OTHER budget to discuss as the President and Senat dont want one.

Oh my gosh! How am I going to be able to afford that second ice-cold Yeungling at the watering hole? I guess my uber-rich friend, RichieLion, will have to buy my seconds from now on. Thanks, pal.

Originally Posted by buggyone

Oh my gosh! How am I going to be able to afford that second ice-cold Yeungling at the watering hole? I guess my uber-rich friend, RichieLion, will have to buy my seconds from now on. Thanks, pal.

Don't count your Yeunglings before they're poured.

Correct me if I'm wrong but aren't these the consequences of the failed budget meetings - the ones that had the 'automatic' budget cuts and expiring tax breaks as an incentive to get Congress to do their job?

Originally Posted by djplong

Correct me if I'm wrong but aren't these the consequences of the failed budget meetings - the ones that had the 'automatic' budget cuts and expiring tax breaks as an incentive to get Congress to do their job?

Yep...the Senate has voted down by wide margins every budget...they dont want one thus they need not address the issues.

The Ryan budget while it has a lot of work to refine, is at least a budget to talk about. The Democratic senate doesn't like ANY budget including the one from the WH.

Somebody has to grow up and address the issues