I have held my tongue for awhile but since I am back on the blog… so much for that control…
The election went as we feared. We all voted just enough to maintain the gridlock and give those same idiots hold on our lives for another 4 years. We have all been covered over by the “fiscal cliff”. One piece I read said it will be more a slippery slope not a cliff but in any case I am and all of you will have to adjust to the increase in taxes we will all pay and for what? I am betting nothing new will come of it… Anyway, I wanted to put in what the fiscal cliff is so we can tick off any of these things that they might compromise on and then figure out how we will pay for the others…
The following provisions of current law are most involved in the fiscal cliff:[10][11]
- Expiration of the Obama tax cuts provided for in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010;
- Across-the-board spending cuts ("sequestration") to most discretionary programs as directed by the Budget Control Act of 2011;
- Reversion of the Alternative Minimum Tax thresholds to their 2000 tax year levels;
- Expiration of measures delaying the Medicare Sustainable Growth Rate from going into effect (the "doc fix"), most recently extended by the Middle Class Tax Relief and Job Creation Act of 2012 (MCTRJCA);
- Expiration of the 2% Social Security payroll tax cut, most recently extended by MCTRJCA;
- Expiration of federal unemployment benefits, most recently extended by MCTRJCA and
- New taxes imposed by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.
With that from the WIKI world I have this “cut and paste” from someone more adept at capturing things than I .. Looks like we are all going to pay up at least 5% more in tax??? and you all voted for this?
How the Fiscal Cliff Could Effect Families, By State
from The Reformed Broker by Michael
From the Tax Foundation:
To illustrate the potential impact on typical families, we have used Census and IRS data to estimate income and deductions for the median two-child family in each of the fifty states. We then ran these returns through our online tax calculator under two scenarios—2011 tax law (chosen because it is the latest year that an AMT patch was in effect), and 2013 law, assuming all Bush-era and Obama tax cuts expire and AMT remains unpatched.
Source:
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