Obama tax deal will INCREASE TAXES ON LOWER INCOME AMERICANS

[bajamary]

The Obama tax deal will INCREASE TAXES ON LOWER INCOME AMERICANS.

According to the nonpartisan Tax Policy Center, the only groups likely to face a tax increase are those near the bottom of the income scale -- individuals who make less than $20,000 and families with earnings below $40,000.

Although the $120 billion payroll tax reduction offers nearly twice the tax savings of the credit it replaces, it will nonetheless lead to higher tax bills for individuals with incomes below $20,000 and families that make less than $40,000. That is because their payroll tax savings are less than the $400 or $800 they will lose from the Making Work Pay credit.

"It will come to a few dollars a week," said Roberton Williams, an analyst at the nonpartisan Tax Policy Center, "but it is an increase."

[qb]

1. In this economy, "a few dollars a week" is a big deal.

But that's okay. As long as the wealthy get their millions, I can scrape by.
:sarcasm:

[Jakes Progress]

7. For those that will pay

those few dollars mean dinner or medicine. To the millionaires who get thousands, their bonus is a pittance - maybe some gold plated fixtures in the guest bathroom at the lake house.

[truedelphi]

2. Thank you. Many of the details of the "Deal"

Are still unknown, and although the rich can tune in to the Money Channel to see what good tidings this Bill brings to them, the poor will not be so lucky.

[katnapped]

3. Better watch out

The cheerleaders will soon call you an Obama hater and say that somebody had to take it up the ass (so why not the po'people?)

[Scurrilous]

4. @#$% Cheerleaders!!1!

:mad: :mad: :mad: :mad: :mad:

[DenverDad]

5. But what about

"to raise taxes in an economic crisis would lead to disaster"?:thumbsdown:

[katnapped]

6. Supposedly po'people don't vote

Obama will be surprised to find out that meme will be proven true!

[Jackpine Radical]

8. But think of all the good that will come of this legislation!

First, the lazy poor will be incentivated (love that word) to increase their income to avoid this penalty.

Second, that 2% "holiday" reduces payroll tax from 6.2 to 4.2%; it is a 32% reduction. That's what the 2% actually means, and it's huge; furthermore, it will be almost impossible to reinstate the old rate--it will be described as a huge rate increase.

As a result, SS will suddenly actually be in almost as bad a shape as the Reptilians have been saying it is for years. That will increase the fervor to cut payments, increase retirement age & privatize the whole show. "It'll be in YOUR account. Nobody can take it away." Except maybe Goldman Sachs, Morgan Stanley and the next Bernie Madoff.

The payroll tax "holiday" is a Trojan horse.

[DenverDad]

9. Well, I guess

this makes him the worst Socialist ever.

[rgbecker]

10. That's not to mention the increase in the future to pay for this...

extension of Bush's Tax Cuts. I can't believe I wasted my time explaining to people that the Bush Tax Cuts brought on the current recession and that the Democrats would turn that around as soon as they got in power. All those nice graphs showing hugh deficit increases during W's term and why Obama was going to bring sanity back to Washington. Hah!