Recalling the sharp rhetoric of the presidential campaign, one would have assumed that only the 2 percenters were going to be hit by the recently settled fight between the House of Representatives and the White House.
To the contrary. Anyone earning a paycheck will be slammed by the bill. Here are a few examples of how the middle class will be impacted by the new tax law:
If one makes $25,000 a year as a single taxpayer, one’s income tax will fall by $48 in 2013 from what that wage earner made in 2012. However, payroll taxes will increase by $500 in 2013 over 2012. That’s a net tax increase of $452.
If one is married and makes $65,000 a year and files a joint tax return, income taxation on that filing will decline by $98. However, one should expect to pay a total of $10,828 to the federal government. That married couple will have a net tax increase of $1,202 in 2013.
So far, the 2 percenters haven’t even made a blip on the radar screen.
If one is single and earns $140,000 a year, and claims $15,000 mortgage interest, gives $2,000 to charity, declares $2,500 in dividend earnings and $2,500 long-term gains on investments, one should expect to pay $36,469 in federal taxes. That’s an increase of $2,230 over last year.
If one is married and has two children living at home, and is paid $240,000, claims $25,000 in mortgage interest, shells out $5,000 to charity, claims $5,000 in dividends, and claims $5,000 in long-term gains, expect to pay $60,974 to the federal government.
For a married couple with two dependents making $500,000 (that’s $50,000 more than the $450,000 base line agreed to by the White House and Congress) expect to pay $160,343. That’s $16,645 more than the same couple with dependents paid in 2012. These numbers were furnished by the Tax Foundation.
Now, it’s clear that the higher 39.6 percent rate for those earning over $450,000 is a huge increase. However, when one evaluates the tax bill of guys that are wealthy — the super rich as the president described them during his campaign — they will not pay more in income taxes because most super rich don’t have income. They derive their wealth from assets they already possess or they have dividend income which is still taxed at a lower rate of just 20 percent.
Warren Buffett, a staunch supporter of increasing taxing the rich, will continue to pay less than his secretary because he is in that elite class that only has dividend income.
Smoke and mirrors anyone? It’s a big sham and our Congress is fully on board with this charade promoted by the president.
Keith Hansen
Comments (31)
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Just figuring this smoke and mirror thing out Hansen??? Newsflash, it's been going on for a long time, under every administration.
Wrong, Keith
"Warren Buffett, a staunch supporter of increasing taxing the rich, will continue to pay less than his secretary because he is in that elite class that only has dividend income."
His cash salary is $100,000 a year according to sources.
http://www.bloomberg.com/news/2011-03-11/buffett-retains-his-100-000-ber...
His secretary earns $200,000 a year which is why she pays more in taxes.
southie
Yep. you are right. Keith needs to delete the word "only".
Tax shelters-- check
Trust - check
Municipal bonds -- check
Tax free munis --check
Most expenses are covered by write-off to company.
We can take Warren off our prayer list.
Dayton is moving his
trust back to Minnesota so he can help the state's taxpayers, right?????
Correction Southie...Balance is Good...Fair n Balanced...
To keep discussions and dialogue...
Fair n Balanced...
:o)
...
_______
Not fair.......
I have no weapon! And....................... she's fatter than me!
Fair...The Moment you don't Comment...Sunshine...
Disappears...
Update...Why I do what I do...HTML skills since 1993...
20 years now...
Long time...
Many folks would say...
Why bother...
I respond...
Why not.!.
Hint...
Who I am.?.
Brainerd High School Graduate of 1979...
HTML...HyperText Markup Language...
A Tag Language, I can type anytime, anywhere, any...
NOW...device...
Enjoy...Fair n Balanced gave me a voice and name...
I will contribute, and Share.!.
....Scribbles...
So, let me get this right......
are you a child of mine?
My children scribbled
on everything they could reach!
I don't tink so...Rainbow isn't Thy Name...
Datz a Tuf Sel.
- Scribz
Darn,
I wuz hoping to sue your momma for molesting me!
Okay
Now I'm scared.
Yet another classic "audience development" piece
Same old Kietho. Full of just enough info to make the partisan point, while ignoring the true facts of the story.
Like avoiding mentioning that the payroll tax decrease implemented a few years back--with bipartisan support--as a measure to help stimulate the economy--had a sunset come up. Or that those temporary cuts were not intended to permanent.
and the new 39.6% rate increase for top income earners amounts to a rise from 35%.
ProudRINO...You just described Michele Bachmann...
Close Second...
Paul Gazelka...
Oral Roberts University in Tulsa Oklahoma has some distinguished folks in these here parts...
Knowledge Share...
Oral Roberts
Granville "Oral" Roberts was an American Methodist-Pentecostal televangelist and a Christian charismatic. He founded the Oral Roberts Evangelistic Association and Oral Roberts University.
Born: January 24, 1918, Ada
Died: December 15, 2009, Newport Beach
Education: Oklahoma Baptist University
Spouse: Evelyn Roberts (m. 1938–2005)
Books: Still doing the impossible, Expect a miracle, More
Children: Richard Roberts, Roberta Potts, Ronald Roberts, Rebecca Roberts
Oral Roberts University
Directions
Oral Roberts University, based in Tulsa, Oklahoma, in the United States, is an interdenominational, Charismatic Christian, comprehensive university with an enrollment of about 3,259 students from 50 states.
Address: 7777 South Lewis Avenue, Tulsa, OK 74171
Enrollment: 3,212 (April 28, 2011)
Phone: (918) 495-6161
Mascot: Eli
Acceptance rate: 59% (2010)
Colors: Navy Blue, Vegas Gold
Vegas Gold a little odd.
Vegas is a Gamblers Town...
with this charade promoted by
with this charade promoted by the president." Ldt's lighten up on Barry, he had to fly home from Honoluluu at %160,00 per hour and back again to get his picture in the paper and cement this golden flees of he taxpayer.
Sure lot less than Fair n Balanced on the Return Trip...
From Near the Grand Canyon in Arizona back to Warming Up Spring time in the Lakes Region.!.
We NEED 100% public financing
We NEED 100% public financing of elections.
We paid for
435 Congressmen to go home for Christmas and return to vote. That should make you annoyed, too.
fiscal cliff
I believe in peaceful/legal revolt.. I am sick of being overtaxed and having my private property stolen from me... In a few years I will have no monthly bills except my health care(I'll be poor enough by choice then to get that for free) Time to do a little bartering, live poor and be happy.. There is no incentive any more for me to work hard as now after taxes I barely make more than my employee even though my wages are double his and my hrs triple his.. I pay 48% tax rate on my $65K if i include all my self-employment taxes. Im left with about $34K in my pocket.. My employee makes about $25K, gets free health care for his family(12Kyear policy, MN care) pays no federal or state taxes, get 10K back for his 4 kids, get wick for his kids, gets free propane to heat his house and gets rental assistance and only works 800hrs a year but his total takehome benefit package is over $45 k.. I have 34k and have to pay my own bad health care 4k year, dentistry, rent, electicity, my heating bill, my rent, I help my family, I get 0 gov't aid..0.I won't ever take money from a SNAKE... It's just a joke--This country can't be fixed it's gonna take a depression, so that's what I'm preparing
for because now that Ron Paul left, there ain't more than 4 good souls living in DC>. Most of my friends cheat on their taxes, I report all my income still and do want to pay my taxes but it's to the point now that's paying taxes is almost immoral as it's ENABLING bad behavior by power.
Ecocafemx
Gold Star!! I'm in almost the exact same position as a business owner. Kinda makes you wonder why you should try to increase production when all you do is give the money away in higher taxes. Maybe I should just sell the business, take the hit on capital gains and say screw it, let someone else worry about keeping the lights on.
US Rep. Nolan on TV soon
He will be on MSNBC at 12:30 today. And on CBS' "Face the Nation" at 9:30 am tomorrow.
eyolf,
for me it is not wanting to work, I love my work. For me it is having to take all the risks of running your own business and knowing that increasing your business will be taken away in higher taxes. If the incentive isn't there and the condition of my family's life is not going to improve then there is no sense in increasing my work load to just give it away. I've always thrived at running my own business because I loved the challenge of no safety net but in the last 10 to 15 years I just feel like I'm the middle man for the government, the banks, the lawyers ect. ect. ect. I keep increasing my business and everyone seems to be taking a bigger cut but my cut keeps going down. I'm sure there are alot of small businesspeople that feel the same way. It's not a Democrat or Republican thing it's just that no matter who is in office they just keep letting the size of government keep getting bigger and of course more expensive.
Remember...Taxes are paid by consumers...
Who purchase goods and services from businesses...
In general, a business is a for profit concern...
The term non-profit business is an oxymoron...
A non-profit is an organization that provides services and has expenses, which in general are payroll...
Lifelong
I hear you.
LLR,
the thumbs down are from the freeloaders that leach off of your taxes.
LLR
Sales taxes to the State are paid by consumers. The business has to collect the tax, process, fill out the forms,
get payment to the State. Don't be late or there is a penalty.
Don't fill out form wrong or there is a penalty, interest.
Be sure you charge tax for all the appropriate items.
Try not to get audited by the sales tax auditor. They
always find something.
Employers collect Federal withholding, social security,
medicare, unemployment taxes process and fill out paperwork, get the money to the feds. No mistakes or a audit, and fine.
What does the employer get collecting taxes. Nothing but grief. I ditto your comments.
Then there are the regulations.
mav770
post that link again to the video about the federal reserve that you did last week.
Rick Nolan hits the talk shows.
Jason Linkins' comment regarding Rick's appearance on "Face the Nation":
"Nolan says that he's surprised that Congresscritters don't work very hard anymore and then rails about how much our politics is governed by a "toxic" and "obscene" amount of money and I'm thinking, "Holy cow, how did THIS GUY get elected because it sounds like he's actually sane and not some clapped-out cretinous piece of total filth." (Sadly, it will probably be a matter of weeks before K Street sinks their lamprey-tentacle fangs into his husk and drains his soul down to Evan Bayh levels, but I will allow myself to LIVE IN HOPE for this unexpected demonstration of Buddy Roemerism.)"