Hidden in the Details… Fiscal Cliff Bill Raises Taxes on Middle Class – $2,000 For Those Making $100,000 a Year (Video)

During the 2008 campaign Barack Obama promised not to raise taxes on anyone making less than $250,000 a year.
He lied. Obamacare created seven new taxes on those making less than $250,000 a year.

And, then there’s this.
The fiscal cliff bill that passed the US Senate and the US House will raise payroll taxes from 4.2% to 6.2%. In other words those making $100,000 a year will see their taxes increase by $2,000.
Obama needs the money.

Via FOX News:


Meanwhile…
Hollywood gets a tax incentive extension.

More… Here’s more on what the middle class can expect:
Via KRMG:

The average family making $50,000 per year will see their paychecks drop by $83.33 per month ($1,000/year).

The average family making $75,000 per year will see their paychecks drop by $125.00 per month ($1,500/year).

The average family making $100,000 per year will see their paychecks drop by $166.67 per month ($2,000/year).

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  • SeniorD

    Dear Leader Maobama lied???!!!! Say it ain’t so!

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  • ★FALCON★

    Tar, Feathers, and Rails just seems to touchy-feely and kind. But that’s just me. And just about everyone else.

  • Granny

    Gotta pay for F16s for the Muslim Brotherhood, fund Union activities in Haiti and keep ponying up for those $4 million dollar vacations for Dear Leader you know!

  • Mad Hatter

    A Democrat lied and the Alinsky Media is covering for him??

    Never.

  • Oliver
  • Ghost
  • AnnaS

    I expected Obama to be a snake–did not expect same from the Republicans. NO MORE of my votes or my money to the GOP!Those folks haven’t a clue–they want to be seen as nice folks rather than fighters!

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  • john b

    The 2K is the pizza money Obama claimed he was giving every family — and I’m not sure it is 2K — I think it is 1K: $40 every 2 weeks out of the paycheck for Social Security ($40*25 = $1000. It was this “tax reduction” that the Repubs should never have agreed to as it was tied at the time to a spike in gasoline prices. It was nice visibility for the regime as thhe major news stations kept saying people would get $2K more — but it was really only “up to $2K more” as most people would not mkae enough bi-weekly to see the full $40 extra in their paychecks. Further, it left S.S underfunded AGAIN for this time period.

  • Highlander

    From what I understand, the bill restores SS WITHHOLDING to 6.2 %, so it’s technically not a TAX INCREASE on anyone, unless we don’t get out money back. THEN, it becomes a tax. Don’t get me wrong either … I’m not arguing in favor of any tax increases, but I think it’s important to be accurate and honest when discussing these matters. Social Security withholding is NOT supposed to be treated as a TAX! Treating it as a tax plays right into the hands of those who would have us forget that it’s OUR MONEY …

    Personally, I thought reducing the SS withholding rates was a HUGE mistake in the first place. Social Security is insolvent. Reducing the withholding rates was nothing but a political ploy designed to make Obama look good. We shouldn’t be screwing with the withholding rates. We should be doing whatever is necessary to restore the plan to what it was intended to be, and making sure that the people who’ve paid in to the fund get THEIR MONEY BACK.

    As far as the rest of the bill is concerned, I’ll reserve judgement until I see all the details … but I’m guessing we aren’t going to like what we see.

  • Highlander

    john b – exactly

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  • Economan

    They will never get the revenues they seek to fund their atrocities which will mean they will borrow even more. In addition, more people will abuse the system when it’s “free” so it will be even more expensive. This will lead to rationing and fraud. This is a monster within a monster and it will ruin us.

  • J. Ewing

    Highlander, it is NOT “your money” in any sense except that you were the one that earned it, only to have it taxed away for the politician’s promise of Social Security benefits IF you live long enough and IF they somehow find the $20 TRILLION or so dollars of promises that the SS taxes will not cover. And you don’t have an “account,” because the Supreme Court has ruled you have NO “rights” to any benefits. Congress can at any time cut or eliminate benefits, to anybody, and if you die before age 67 you get zilch! It’s a LOUSY “investment” any way you look at it, but a pretty good tax because it screws everybody equally.

  • bigL

    I don’t ever recall that the American peoples tax returns were subject to such scrutiny in the public discussion. what people earned was none of any ones business.
    But no one discusses the abuse of our collective children and grand children by these scalawags.
    I all the tears for Nwton but none for how the next two generations get the shaft.
    If the publc discourse is on peoples taxes and what they earn , then why isn’t public discourse on how destructive the spending and taxing is.
    Even egypt cut its coporate tax from 40% to 20% and revenue has soared…that was from
    Wikipedia, I think for 2010.

  • Highlander

    J. Ewing, yes, we’re getting screwed and that’s my point. Because we’ve allowed them to CALL it a tax, and TREAT it like a tax, it has BECOME a tax. If we continue to join these thieves in calling it a tax, and don’t start demanding that it be treated like the investment that it was supposed to be, we’ll have nobody to blame but ourselves when they steal it …

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  • Blacque Jacques Shellacque

    If we continue to join these thieves in calling it a tax,…

    Ponzi Scheme would probably be more appropriate…

  • shadow

    WOW – must see graph on fiscal cliff bill:

    So this bill simultaneously raises taxes so much that it will inevitably lead to another recession, but increases revenue so little that it won’t even put a dent in the deficit. Interesting.

  • Highlander

    Blacque, S/S is clearly a ponzi scheme now.

    It wasn’t originally, but just as our founders warned, when you give your representatives the power to tax the people and amass wealth and power, the potential for greed corruption is just too great. Once they got a taste of the unfathomable power that comes with a fund of that size, the beast was unleashed. Now, that beast threatens to devour everything in it’s path …

    It’s a damn shame that this society turned a blind eye to the founders’ warnings and let this happen, but what’s done is done, and I’m afraid I can’t even begin to imagine a peaceful way out of this now…

  • shadow

    From what I understand, the bill restores SS WITHHOLDING to 6.2 %, so it’s technically not a TAX INCREASE on anyone, unless we don’t get out money back.

    The bill had nothing to do with restoring the withholding rate. The reduction was temporary and scheduled to expire on the first, just like the income tax cuts. By doing nothing to stop it, the rate reverted back to what it was prior to the reduction.

  • Bigkahuna

    Screw those arseholes. I guess the GOP does need gun control. They keep shooting themselves n the foot and stabbing us in the back

  • shadow

    The fiscal cliff bill that passed the US Senate and is likely to pass the US House will raise taxes on those making $100,000 a year by $2,000.

    Only an idiot would consider the expiration of a temporary tax cut, a tax increase, particularly when the person you are trying to blame it on was responsible for the cut.

  • Blacque Jacques Shellacque

    So this bill simultaneously raises taxes so much that it will inevitably lead to another recession, but increases revenue so little that it won’t even put a dent in the deficit.

    For just one split second, I thought you finally got it, but apparently that was just wishful thinking.

  • Blacque Jacques Shellacque

    It’s a damn shame that this society turned a blind eye to the founders’ warnings and let this happen, but…

    It brings to mind the saying again about democracy unable to exist as a permanent form of government, that it will only exist until the majority discovers it can vote itself largess out of the public treasury, whereupon the majority will continue to vote for the politicians promising the most benefits until it collapses.

    I’m sure you know as well as I how the rest of it goes…

  • http://www.warroom.com David Ross

    Simple one for you STARBUCKS people: $3 a cup X 5 days a week X 50 weeks a year (assuming you have 2 weeks vacation time and don’t have one daily then)= $750/year. And we wonder why millions of people have given up on STARBUCKS after the “re-election” of the Marxist-communist-that THEY HELPED MAKE HAPPEN?

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  • shadow

    For just one split second, I thought you finally got it, but apparently that was just wishful thinking.

    No, I don’t have IT, and I’m not in fear of catching IT, even though IT appears here in epidemic numbers. You see, I’ve been inoculated against IT with an education and an IQ.

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  • valerie

    #30 January 2, 2013 at 8:33 am
    shadow commented:

    incomplete education, effective IQ at 10 percentile.

  • http://none tommy mc donnell

    #30shadow…education bad, iq low

  • west1890

    The “increase” in payroll tax is NOT an increase. The payroll tax will just revert back to what it was before they gave wage earners the TEMPORARY reduction, which they should never have done in the first place. All the TEMPORARY reduction did was hasten the collapse of Social Security. I’m sure not a supporter of this administration by any means, but let’s at least make it clear that it’s not an “increase”. The only time anything temporary is really temporary with this government is when it’s in their favor. How many times have you seen local/state income taxes touted as temporary? It’s never temporary- once it goes up it never goes down. They raised cigarette taxes in Arizona “for the children” for their healthcare. Now we have Obamacare. You think that added tax will go away now that their socialist healthcare BS is in place? Nope….never.

  • Blacque Jacques Shellacque

    You see, I’ve been inoculated against IT..

    That means then you’re just going to spend the rest of your life in a fantasy world of numbers and two-dimensional thinking, until reality catches up with you.

    That’s fine, if you want to stay stupid, that’s your choice.

  • Mannie

    There is gambling in this casino. I am shocked. Shocked, I tell you.

    BOHICA

  • http://bud-meyers.blogspot.com/ Bud Meyers

    50% of all American workers net less than $27,000 a year.
    http://www.ssa.gov/cgi-bin/netcomp.cgi?year=2011

    Capital gains and dividends should be taxed at the regular marginal income tax rate.

    The $112,000 cap on Social Security taxes should be eliminated, almost everyone else pays this tax on 100% of their earnings.

    All “investment income” should be taxed for Social Security and Medicare.

    Loopholes should be eliminated and deductions capped (like Mitt Romney’s show horse as a medical expense)

    Bankers, CEOs and hedge fund managers will pay a 20% capital gains tax (before deductions) on their stocks, but working Americans who have their pensions, IRAs and 401k plans invested in stocks are taxed at the regular marginal tax rate.

    The top 1% doesn’t want to help fund our Medicare and Social Security; and I don’t want to subsidize their big oil companies (making record profits), their bloated defense contractors (who outsource jobs), their unnecessary wars, their big pharmas (who over charge us) and corporate agri-businesses (such as tobacco).

  • bill

    So what…they should never have been cut to start with…these are Social Security taxes and is already going broke…..will have to be even larger and then cut benefits to remain in existence when the baby boomers hit it big time. We are already retirning at the rate of 10,000 per day.

  • Patty

    Why the Obama tax hikes have only just begun

    How much more “balance” does Obama want?

    1. Well, the fiscal cliff deal is a $620 billion tax hike, according to the Congressional Budget Office. Obama’s original offer to House Speaker John Boehner called for $1.6 trillion in tax hikes, including a) $960 billion in higher tax rates and higher taxes on investment income along with b) $600 billion in additional taxes, such as limiting tax breaks for wealthier Americans.

    2. In a November policy memo, White House economists thought a tax hike of around $500 billion was doable via broadening the tax base.

    3. Also recall that the president’s 2013 budget called for a $300 billion corporate tax hike.

    So adding it all up, it would seem the president’s second term goal is for roughly $2 trillion in new taxes. We’re only one-third of the way there.

    But what leverage will Obama have to make good on his tax-hike threats? As The Wall Street Journal editorial page notes today, “The President has had unusual leverage over Republicans because he just won re-election and because taxes were going to go up even if they did nothing.”

    One potential Obama bargaining chip is the sequester, particularly the $500 billion in defense cuts that many GOPers loathe. So perhaps Obama can offer to turn off the defense cuts in exchange for $500 billion from limiting tax breaks for the rich. And then maybe another $300 billion in corporate tax hikes for agreeing to change how Social Security benefits are calculated. Many scenarios are possible. What’s for sure is that the Obama desires vastly higher taxes to pay for his expanded welfare state. Desires and needs them. And it’s now Democrat economic theology that tax rates could return to pre-Reagan levels without hurting growth.

    Tax hikes? Obama is only just getting started.

    http://www.aei-ideas.org/2013/01/why-the-obama-tax-hikes-have-only-just-begun/

  • Patty

    Obama and his gang have to take from us. We are broke, why? because they spent it all. And now they want to continue to spend our money. We were not the reason for this disaster, THEY WERE.

    Seems they always want to go after the little guy. Well, if they continue like this we are doomed.
    Personally, we are already.

  • Blacque Jacques Shellacque

    they should never have been cut to start with…these are Social Security taxes and is already going broke…

    You know what’s funny? The Republicans opposed this at the outset, citing it to be bad policy. Then they ended up supporting it, likely in an effort to curry favor voters.

    So much for principle.

  • Mike in VA

    @ Blacque Jacques Shellacque– The The Social Security payroll tax cut was passed in 2010 by the Democrat majority house and senate. the SS trust fund has run a deficit since 2010.
    the measure didn’t stimulate anything. major fail as all Democrat policies are

  • Highlander

    Why ANYONE would support a reduction in SS withholding when the plan is already grossly underfunded is beyond me. What I do understand is that everyone from the Democrats to Jim Hoft to Fox News is calling this a TAX increase, encouraging the further blurring of the line between INCOME TAX and Social Security WITHHOLDING. Anyone who doesn’t see a problem with that is either not real sharp, has already been brainwashed, or is complicit in the plan to steal our retirement money …

  • shadow

    That means then you’re just going to spend the rest of your life in a fantasy world of numbers and two-dimensional thinking, until reality catches up with you.

    OK, Mr. Deep Thinker, you have yet to explain how “this bill simultaneously raises taxes so much that it will inevitably lead to another recession, but increases revenue so little that it won’t even put a dent in the deficit.” Not that I expect you have one to offer.

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  • denbon

    That doesn’t include how much more a family has to pay for health insurance. The government keeps taking and taking more of our hard earn money. By the time I retire Social Security will be totaling bankrupt. The government needs to give us half of what they have taken from us and our employer and lets us invest it in what we want that way our money will be actually making money for us, instead of going to the cesspool of government.

  • shadow

    incomplete education, effective IQ at 10 percentile.

    Yeah, they just don’t make those MSEE degrees like they used to.

  • shadow

    You know what’s funny? The Republicans opposed this at the outset, citing it to be bad policy. Then they ended up supporting it, likely in an effort to curry favor voters.

    When you run on being against tax increases for anyone at any time for any reason, it’s hard to follow that up with, except for the one that affects people at the lower end of the income spectrum the most.

  • Patty

    OT

    WATCH: GOP Activist Group Spokesperson Cites ‘Senior Sources’ That John Boehner Will Resign Speakership Tonight

    http://patdollard.com/2013/01/watch-gop-activist-group-spokesperson-cites-senior-sources-that-john-boehner-will-resign-speakership-tonight/

  • SayItIsn’tSo

    Bahaha to all you Muther Fockers blaming the Republicans, as if THEY created this bill. You anointed, uh, voted O’vomit back in office, as well as Harry Peed and Piglosi back in office, too. Be careful what ya ask for. Gonna be a bumpy ride the next 4 yrs……….just sayin.

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  • John

    OBAMA is to blame or his AUTO PEN. HE IS A JOKE! WE ALL KNOW WHY HE GOT ELECTED!!!!! RACE had everything to do with it…….Sad. Allen West, Alan Keyes, Herman Cain and many other AFrican Americans would have been perfect as President. Oh well!!!!! U.S will go down. Who cares? Wait Nobody cares everyone wants their ass wiped.

  • Les

    Referenced 2% Payroll Tax Holiday was a temporary TAX cut that Republican Congress ALLOWED to expire, but of course you all know that, just want to bitch. Anyway Congress passes bills, not a president.