Twinsdad 13 hours ago
http://www.cbo.gov/publication/43262
Policymakers are facing difficult trade-offs in formulating the nation’s fiscal policies. On the one hand, if the fiscal policies currently in place are continued in coming years, the revenues collected by the federal government will fall far short of federal spending, putting the budget on an unsustainable path. On the other hand, immediate spending cuts or tax increases would represent an added drag on the weak economic expansion
Twinsdad 13 hours ago
+2 Votes
A new government study released Tuesday says that allowing Bush-era tax cuts to expire and a scheduled round of automatic spending cuts to take effect would probably throw the economy into a recession.
The Congressional Budget Office report says that the economy would shrink by 1.3 percent in the first half of next year if the government is allowed to fall off this so-called "fiscal cliff" on Jan. 1 -- and that the higher tax rates and more than $100 billion in automatic cuts to the Pentagon and domestic agencies are kept in place
soccermon 9 hours ago
+1 Vote
You didn't eve change the FAUX headline.
http://www.foxnews.com/politics/2012/05/22/cbo-says-us-likely-to-fall-fiscal-cliff-if-bush-era-tax-cuts-allowed-to-expire/
http://www.foxnews.com/politics/2012/05/22/cbo-says-us-likely-to-fall-fiscal-cliff-if-bush-era-tax-cuts-allowed-to-expire/
Rojayalso 1 hour ago
+1 Vote
succermon............You don't believe what the CBO is stating because Fox news is currently the only one reporting "The Facts"
How sad,but then liberals only hear and read what they want to believe and your fellow Liberals say everything is OK.
How sad,but then liberals only hear and read what they want to believe and your fellow Liberals say everything is OK.
soccermon 12 minutes ago
The CBO clearly says it the whole package of taxes and austerity service cuts that will hurt us.
louman 2 minutes ago
So we can do the tax cuts and everything will be peachy. No wait a minute only for the middle class and everything will be peachy, wait a minute, can't cut spending and everything will be peachy.
No matter what the maroons in Washington do it will be disastrous as proven in the last 3 years. But it will have to wait until after O finishes campaigning as we have priorities in this country and it isn't the country.
No matter what the maroons in Washington do it will be disastrous as proven in the last 3 years. But it will have to wait until after O finishes campaigning as we have priorities in this country and it isn't the country.
Twinsdad 13 hours ago
+1 Vote
In fact, under current law, increases in taxes and, to a lesser extent, reductions in spending will reduce the federal budget deficit dramatically between 2012 and 2013—a development that some observers have referred to as a “fiscal cliff”—and will dampen economic growth in the short term. CBO has analyzed the economic effects of reducing that fiscal restraint. It finds that reducing or eliminating the fiscal restraint would boost economic growth in 2013, but that adopting such a policy without imposing comparable restraint in future years would have substantial economic costs over the longer run.
Maxyasgur 11 hours ago
+1 Vote
At this point, it really doesn't matter. Though most of you suggest that Obama's 4 trillion represents an abuse of power, the Republicans have not backed down on any of their rhetoric. Paul D bag Ryan IS going to get his cuts to social programs and the Republicans WILL get their stupid broadened base to make up for their policies having pushed so many people off the tax rolls because they don't make enough money. Pain is irrelevant when the monied class that people like Ryan belong to have an objective(ism)
louman 13 hours ago
+3 Votes
Should be an interesting time at the end of the year. O doesn't get re-elected he's likely to let the economy implode by doing nothing. If he is re-elected, he will not sign off on another extension of the above 250K cuts. Once again he lets the economy implode to make his point and he doesn't care about re-election.
Personal taxes affected:
Personal credits allowed against regular tax and AMT (Sec. 26(a))
Increased AMT exemption (Sec. 55(d)).
Deductibility of state and local sales tax instead of state income taxes on Schedule A (Sec. 164(b));
The expanded adoption credit (Sec. 36C) and adoption assistance program (Sec. 137) amounts;
Deductibility of mortgage insurance premiums as interest (Sec. 163(h));
The above-the-line deduction of up to $4,000 for qualified tuition and related expenses (Sec. 222)
The tax-free treatment of charitable distributions from IRAs (Sec. 408(d)(8))
Full list of Business taxes:
http://www.journalofaccountancy.com/Web/20114945.htmless
Personal taxes affected:
Personal credits allowed against regular tax and AMT (Sec. 26(a))
Increased AMT exemption (Sec. 55(d)).
Deductibility of state and local sales tax instead of state income taxes on Schedule A (Sec. 164(b));
The expanded adoption credit (Sec. 36C) and adoption assistance program (Sec. 137) amounts;
Deductibility of mortgage insurance premiums as interest (Sec. 163(h));
The above-the-line deduction of up to $4,000 for qualified tuition and related expenses (Sec. 222)
The tax-free treatment of charitable distributions from IRAs (Sec. 408(d)(8))
Full list of Business taxes:
http://www.journalofaccountancy.com/Web/20114945.htmless
Maxyasgur 11 hours ago
+1 Vote
"The resulting weakening of the economy will lower taxable incomes and raise unemployment, generating a reduction in tax revenues and an increase in spending on such items as unemployment insurance."
Let's hope they broaden the base enough to catch the slackers who will try to escape taxation by making less money, we already have too many deadbeats who don't pay federal tax and who think that since they make less money then they used to, this is somehow ok.
Let's hope they broaden the base enough to catch the slackers who will try to escape taxation by making less money, we already have too many deadbeats who don't pay federal tax and who think that since they make less money then they used to, this is somehow ok.
stndyogrnd 5 hours ago
+1 Vote
" In fact, under current law, increases in taxes and, to a lesser extent, reductions in spending will reduce the federal budget deficit dramatically between 2012 and 2013—a development that some observers have referred to as a “fiscal cliff”—and will dampen economic growth in the short term. CBO has analyzed the economic effects of reducing that fiscal restraint. It finds that reducing or eliminating the fiscal restraint would boost economic growth in 2013, but that adopting such a policy without imposing comparable restraint in future years would have substantial economic costs over the longer run."
That is saying in the short term austerity is not a good idea, and tax increases, like ending the Bush tax cut will yield better budget deficit results, then cutting spending. less
That is saying in the short term austerity is not a good idea, and tax increases, like ending the Bush tax cut will yield better budget deficit results, then cutting spending. less
TheScott 5 hours ago
+2 Votes
" In fact, under current law, increases in taxes and, to a lesser extent, reductions in spending will reduce the federal budget deficit dramatically between 2012 and 2013—a development that some observers have referred to as a “fiscal cliff”—and will dampen economic growth in the short term. CBO has analyzed the economic effects of reducing that fiscal restraint. It finds that reducing or eliminating the fiscal restraint would boost economic growth in 2013, but that adopting such a policy without imposing comparable restraint in future years would have substantial economic costs over the longer run."
This says, for those who are astute enough to read it, that ' you will pay now or later and the later it is, the worse it will hurt.' Some people like to skew the words.. 'DAMPEN economic growth in the SHORT TERM' (if you do) and SUBSTANTIAL economic costs over the LONGER RUN.. (If you don't) less
This says, for those who are astute enough to read it, that ' you will pay now or later and the later it is, the worse it will hurt.' Some people like to skew the words.. 'DAMPEN economic growth in the SHORT TERM' (if you do) and SUBSTANTIAL economic costs over the LONGER RUN.. (If you don't) less
louman 4 hours ago
+1 Vote
It would be much better to raise the taxes on the rich and cut the rest on the taxes across the board. To save the rest of America from paying for their government.
What a bunch of tripe.
If you end the Obama tax hike, 10 million middle class Americans will begin to pay taxes again. That ought to put people in the poor house.
That means the US government will collect 68 Billion more a year from the wealthy in Federal income taxes. Not to mention the Federal Gov't. will collect 4% more from the wealthy for the fraud called Obamma care.
No Dorthy, no war on the rich here. And the middle class cannot afford to pay to support their Federal Largess. Keep your hands out boys and girls so you can continue to get yours.
less
What a bunch of tripe.
If you end the Obama tax hike, 10 million middle class Americans will begin to pay taxes again. That ought to put people in the poor house.
That means the US government will collect 68 Billion more a year from the wealthy in Federal income taxes. Not to mention the Federal Gov't. will collect 4% more from the wealthy for the fraud called Obamma care.
No Dorthy, no war on the rich here. And the middle class cannot afford to pay to support their Federal Largess. Keep your hands out boys and girls so you can continue to get yours.
less
stndyogrnd 4 hours ago
LOL yes that is the standard bunch of right wing tripe......the usual twisted diatribe of right wing cherrypicked fantasy and bigoted opinion stated as if it were "facts"
TheScott 4 hours ago
+4 Votes
Gezzzzz, cognitive disconnect..... the other day another individual tried to insert the word 'from' into the constitution in relation to 'free of religion' and now we have someone who inserts and 'either/or' into a sentence that clearly says "increases in taxes and, to a lesser extent, reductions in spending ". reading skills.... please note the conjunction 'and'
This is no doubt why we have people giving such broad meaning to the constitution..... insert a word here, alter the definition there....
This is no doubt why we have people giving such broad meaning to the constitution..... insert a word here, alter the definition there....
louman 4 hours ago
+3 Votes
Look at it this way, They will increase payroll taxes at the end of the year even though it's a temporary decrease in collecting SS taxes which is sending SS over the cliff. Not to say it's not over the cliff today with Medicare as both are in the red. It's ok as the bills not due today.
Temporary tax reductions are tax increases when they expire. New government speak to further divide the people.
My suggestion is to lower wealthy to 50K a year and tax them to oblivion. We can all live together with government helping each and everyone of us.
Temporary tax reductions are tax increases when they expire. New government speak to further divide the people.
My suggestion is to lower wealthy to 50K a year and tax them to oblivion. We can all live together with government helping each and everyone of us.
Cougardan 3 hours ago
+3 Votes
LOL.....until we crash like no country has ever seen before.....LOL
......We'd be better off just letting Iran test a few nukes on us and pick up from there...
......We'd be better off just letting Iran test a few nukes on us and pick up from there...
TheScott 3 hours ago
+4 Votes
We are in a pickle for sure.... Their are no easy answers for the mess that our politicians.... well, we have gotten ourselves into...
Joplin 4 hours ago
+5 Votes
IMO it does not matter whether POTUS is re-elected or not, he will allow the tax cuts to expire - cause he's pretty much all about taxes - and he will allow the cuts to happen. If he can't have 4 more years to destroy America, he'll have to use his last few months to do it.
snarking.slug 2 hours ago
Great piece of legislation, those Bush tax cuts and Bush tax increase. Tired of the hangover yet?
louman 2 hours ago
+3 Votes
Are you referring to the Obama tax cuts from 2010???
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Twinsdad 0 second ago
Please, facts aren't his strength, he's more of "I said it so it's a fact" type
LiveStrongest 1 hour ago
+2 Votes
If Obama is re-elected he won't extend the Bush tax cuts. Obama is a very principled man. He just doesn't share the principals of most working Christian Americans.
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