Thu
Jan 3 2013
08:32 am
By: R. Neal
The "fiscal cliff" tax deal has some interesting provisions beyond extending lower tax rates for people making less than $400K.
There are a few hidden features such as subsidies for NASCAR tracks and goodies for Wall Street. It's not all corporate welfare, though. There are also tax breaks to promote public transportation and electric bicycles.
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To date, the failure to expand Medicaid/TennCare has cost the State of Tennessee ? in lost federal funding. (Source)
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One thing I'm happy about is
One thing I'm happy about is the return of the Social Security paryoll tax rate to 6.2%. Lowering that tax for any amount of time was not a good idea.
In 1970 the SSI payroll tax rate was 4.2%. It was raised to 5.35% in 1981 and to 6.2% in 1990. If anything, we should continue to slowly increase this tax rate. It has been over 2 decades since there has been an increase.
The Medicare payroll tax was 1% in 1973. Forty years later the rate is 1.45%.
We're willing to pay much more for so many other things but not these two important programs.
I totally agree. Thank you
I totally agree. Thank you for saying this.
Here's something that was
Here's something that was way, way below the radar. Reid was able to get a bunch of senate confirmations that had been held up for months as part of the deal.
Ried and Obama are sometimes more effective than is than we think...
But then, there's the dark
But then, there's the dark side:
The house GOP wouldn't reauthorize the Violence Against Women Act after years of support:
even though there's bi-partisan support:
because of:
but they could find a few million to deny equal marriage rights:
and they didn't forget to stick it to small farmers:
courtesy of Mr McConnell:
How nice.
failing government
a perfect tax bill. It would not take more than several pages. Do away with all deductions and give every one a 15% tax bill yearly. One flat rate for everyone. You want to fix the budget, get the silver spoons out of Washington DC and put practical,hard working people who know what it means to work for a honest day's pay. Do away with the lobbies and the fluff bills, and get politics out of the way. For once in the political realm do what is best for the country. Nero fiddled while Rome burned. Face the fact that the trickle down theory does not work. The money trickles down as far as the suit's pocket and that is where it stays. Cut something that was not worked for and paid in by the working people. Social Security would be alright if the government had not pumped so much money into the welfare system. Pay a woman to have one child a quantity of money for the one child and no more. In some cases, one woman will rack up 12 to 15 hundred dollars for many children conceived by different men. Often these children are given to relatives and in a great many cases abused. I am willing for my taxes to pay for one mistake but a 2nd,3rd,4th is not mistakes and the woman needs to have the responsibility for those. THEY HAVE MEDICAL CARDS THAT WILL PAY FOR PERMANENT BIRTH CONTROL. (GET FIXED) If you can't afford five or six children why have them. It is not my place to pay for your little indiscretions.
Well,this was predictable.
Well,this was predictable.
SS tax rate
The Social Security tax rate should never have been adjusted downward. But, it was, and restoring the tax rate causes an effective 2% pay cut for all working Americans. That hurts!
Yes it does but not having SS
Yes it does but not having SS hurts too.
we will see
Yes, that would hurt, but we will see, won't we about the future of SS? There is still a lot of talk that the next congress will attempt to convert SS from a trust to a free market fund.
On another note, I am glad to know that the state and local sales tax deduction was extended for another year.
(link...)
Yeah, the future of SS is not
Yeah, the future of SS is not looking bright and Obama is doing nothing to prevent the SS payroll tax increase from subsidizing private financial investment.
As for the itemized sales tax deduction, I don't buy enough stuff for it to have much of an effect on me.
It is based on income
You can take sales tax on big ticket items or an amount based on your income. I think you have to itemize deductions in order to take this, but if you do, it certainly helps.
I use the free downloadable version of TaxAct to do my taxes each year and it walks you through all potential tax breaks.
The SS tax needed to come
The SS tax needed to come back. I'm not totally thrilled about the spouse's take home going down by 2%, but it needed to happen.
And no, SS won't be converted to a "free market" system as long as Obama is in the White House. It might get fiddled with, but not to that extent.
If you as a Republican come
-William K Black
Obama is laying the foundation for the privatization of Social Security. Believe Dat.
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That deduction for state and local sales taxes was a joke from Day One, given how few filers can itemize deductions.
According to The Tax Foundation, fewer that 36% of Americans can itemize deductions--and fewer than 26% of Tennesseans can. Other reports I've read in recent years pegged the percent of filers who can itemize at even lower rates.
The deduction was little more than a ploy on the part of a handful of Congressional folk in non-income tax states, conceived to keep state income taxes out of their districts.
And it worked.