Biggest Middle Class Tax Increase In History Will Come In Five Months
There is one aspect of the final debt deal from DC that took me by surprise. I was convinced the 2% reduction in payroll taxes would be extended through 2012. On July 12th I wrote about this and got it completely wrong. Not only did I think there would be a one year extension of the existing holiday; I forecast that the subsidy would actually be increased. I was steered in the wrong direction by the Boss himself. On July 11th Obama stated:
I want to be crystal clear. Nobody has talked about increasing taxes now. Nobody has talked about increasing taxes next year. We’re talking 2013 and the out years.
In the same press conference he added:
(cuts in FICA payroll taxes) would be a component of this overall package.
I don’t think the President said these words without having some sort of understanding with Speaker Boehner. Two weeks ago an economic stimulus was part of the plan. Today there is nothing. I think I understand what may have happened. When push came to shove the FICA holiday got shelved. That had to happen to get a deal done. Why? Because we are so broke we can’t afford the stimulus.
Read more: http://brucekrasting.blogspot.com/2011/08/biggest-middle-class-tax-...
I want to be crystal clear. Nobody has talked about increasing taxes now. Nobody has talked about increasing taxes next year. We’re talking 2013 and the out years.
In the same press conference he added:
(cuts in FICA payroll taxes) would be a component of this overall package.
I don’t think the President said these words without having some sort of understanding with Speaker Boehner. Two weeks ago an economic stimulus was part of the plan. Today there is nothing. I think I understand what may have happened. When push came to shove the FICA holiday got shelved. That had to happen to get a deal done. Why? Because we are so broke we can’t afford the stimulus.
Read more: http://brucekrasting.blogspot.com/2011/08/biggest-middle-class-tax-...
Replies to This Discussion
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Permalink Reply by M. Wilson on
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End the senseless wars, bring the Troops home, and take care of our OWN.
Ok, now that I have that out of my system,,, Fat chance! Apocalypse will get here first!
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Permalink Reply by truth on
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New transfers of wealth from the middle class go directly to French...
American taxpayers have been freshly liberated of hundreds of billions more dollars as part of the IMF’s new bailout package which is principally going straight to European banks, in addition to the Federal Reserve program to ship U.S. dollars to Europe, in a move that represents little more than a desperate effort to save the Euro and rescue the credibility of economic global governance.
“The Federal Reserve late Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent,” reports the Associated Press.
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Permalink Reply by Cryptocurrency on
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Lol Obama is a liar
"Destroying the New World Order"
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