re: What is this "cliff" about?

<blockquote><b>Quoting ☮ Phuket:</b>" either way its gonna happen in the next few years.. tax increase is the only way we can hopefully ... [snip!] ... which is like a never ending budget... they need to fix some smurf here before they go building a bunch of billion dollar things"</blockquote>




They could...hm mmm...cut spending. It's really a novel idea but no one wants to give up anything.

<blockquote><b>Quoting momento mori:</b>" I hope a recession doesn't happen. America has so much influence over the world it will bring everyone down with them. I agree with what you're saying."</blockquote>




We have been in a recession for awhile. We are heading for a depression.

Quoting Click Me Click Me!!!:" My uncle is a high income earner and was fine with paying more taxes but i agree."

I'm a high-income earner and I'm not fine with paying more taxes ESPECIALLY since our federal government is so irresponsible about spending.

our taxes were already raised. DH got paid today and his check had $20 extra going towards taxes. and he makes well UNDER 450,000. they said only above 450,000 will be raised

Quoting Amy {OneGirl, TwoBoys}:" our taxes were already raised. DH got paid today and his check had $20 extra going towards taxes. and he makes well UNDER 450,000. they said only above 450,000 will be raised"

Above 450,000 had their taxes raised, yes. But, there was a 2% working tax cut that expired for everyone Dec 31st, across the board.

Quoting momento mori:" The BBC worldnews are saying that if the States didn't come up with such a deal it would face a recession."

We're already in a recession.  

Quoting Amy {OneGirl, TwoBoys}:" our taxes were already raised. DH got paid today and his check had $20 extra going towards taxes. and he makes well UNDER 450,000. they said only above 450,000 will be raised"

Yup.. 77% of americans will see the taxes increased in their paychecks.
The rest will just suffer from reduced job creation and malaise.

Quoting TheNuge:" Yup.. 77% of americans will see the taxes increased in their paychecks. The rest will just suffer from reduced job creation and malaise."

http://www.foxnews.com/politics/2013/01/02/despite-deal-taxes-on-most-americans-will-go-up/

If you make 400K, you will now be taxed at a 39.3% (I believe) rate.

In other words, if you make 400K a year, the government (JUST THE FED, this does not count state and local tax) will now take $157,200.

Are you freaking kidding me?

If someone was making $40K and the government took $15,720 of it, people would be screaming at the top of their lungs, revolting...the whole none.

But.

It's just "The rich". They can afford it. Ugh. Pisses me off.

Quoting ~Julie Blue Eyes~:" http://www.foxnews.com/politics/2013/01/02/despite-deal-taxes-on-most-americans-will-go-up/ If you ... [snip!] ... at the top of their lungs, revolting...the whole none. But. It's just "The rich". They can afford it. Ugh. Pisses me off."

What? That doesnt seem fair? :-)

What happened to "equal treatment under the law?"

Quoting ~Julie Blue Eyes~:" http://www.foxnews.com/politics/2013/01/02/despite-deal-taxes-on-most-americans-will-go-up/ If you ... [snip!] ... at the top of their lungs, revolting...the whole none. But. It's just "The rich". They can afford it. Ugh. Pisses me off."

I have never understood this mindset. I would think that most high income earners are business owners, yes? So we tax the smurf out of them and that creates less jobs, yes? Someone can correct me if I am wrong because I will admit that I am not very educated on the subject, but it all seems very simple. I do not see how this is helping the US.

Quoting 624582:" I have never understood this mindset. I would think that most high income earners are business owners, ... [snip!] ... I will admit that I am not very educated on the subject, but it all seems very simple. I do not see how this is helping the US."

Od course is DOES NOT make ann ounce of sense. People who think that this will help our economy and job creation are just plain stupid. They have their heads so far up Oblahblahs damn butt, they can't see clearly.

Quoting 624582:" I have never understood this mindset. I would think that most high income earners are business owners, ... [snip!] ... I will admit that I am not very educated on the subject, but it all seems very simple. I do not see how this is helping the US."

You are correct.
Not only will they potentially reduce or not add jobs to their businesses, they will decide to just paint and move furniture around rather than put a new addition on their home(s), not go on the big ski vacation, delay re-doing the driveway and a zillion other things that their money USED to do in their local businesses. So, i suppose we shall see more "for rent" signs in empty store windows.

Quoting TheNuge:" You are correct. Not only will they potentially reduce or not add jobs to their businesses, they ... [snip!] ... that their money USED to do in their local businesses. So, i suppose we shall see more "for rent" signs in empty store windows."

That is all that I see when I hear about raising taxes. DH isn't a high income earner, this year he made around 60k. Well, more than that, but thankfully all that we will need to include for his income when it comes time to file. We/he will owe taxes at the end of this year because of a screw up on his W-4, no other fault than our own, but he will owe around $2,600. Which is chump change in comparison to what high income earners have to pay, but it just makes me think about how much money is being thrown into the pile for politicians to disburse into what they see fit. There is so much talk about how to fix our economy, but it seems that the US is doing much to run it into the ground. I just do not understand how raising taxes will stimulate our economy. Taxing the rich leads to less job, which leads to more people on unemployment, which leads to more taxing. Until what? We have nothing left? How long can the "rich" afford to carry most of the weight until we completely collapse? Who will we have then? Will we begin to heavily tax the middle income earners because we can't tax those who earn little to nothing? Are we just headed in the direction to pay for everyone? Smurf the American dream, it's dwindling away at the rate we are going. DH and I want another child and we can financially afford another right now, but what about in the future? There are times when I feel selfish for even bringing my son into this mess.

Quoting 624582:" That is all that I see when I hear about raising taxes. DH isn't a high income earner, this year he ... [snip!] ... another right now, but what about in the future? There are times when I feel selfish for even bringing my son into this mess."

Clearly, you get it. I wish more people would understand AND take action.

Quoting TheNuge:" Clearly, you get it. I wish more people would understand AND take action."

As I stated earlier I am not very educated when it comes to politics, but how are we supposed to take action? I know this may seem like a stupid question, but I am genuinely curious.