Shooting each other in the foot is NO different than shooting ourselves in the foot. Oh sure, we may feel different, i.e., we feel like victims, rather than idiots but I assure you, the out come is exactly the same.

Kip

For the average person there won't be much change...just plan on having a new insurance bill to deal with.

Originally Posted by SKYPILEIT

For the average person there won't be much change...just plan on having a new insurance bill to deal with.

Uh, yeah, right...NOT!


"For starters, the so-called Bush tax cuts will expire on December 31 -- all of them, not just the tax cuts for the wealthy. That will mean across-the-board tax increases for most taxpayers. The capital gains tax will rise and the special break for dividends will end entirely. Also set to expire are key provisions in the economic stimulus bill of early 2009. As a result, taxpayers will see reductions in the child credit, earned income tax credit and American opportunity tax credit. The estate and gift tax rules return to where they were in 2001, and married couples will see a tax increase.

On top of this, the payroll tax holiday and 67 other tax provisions will expire this year, including a deduction for elementary and secondary school teacher expenses, a deduction for qualified tuition expenses and more. Already gone is protection from the effects of the Alternative Minimum Tax for millions of taxpayers. Without new legislation, millions of middle-class taxpayers will see their 2012 income taxes rise by thousands of dollars."


http://www.huffingtonpost.com/christ...b_1593148.html




"TOPPLING OFF THE FISCAL CLIFF:
WHOSE TAXES RISE AND HOW MUCH?

To provide context for these policy discussions, this report provides a detailed look at the pending tax increases and documents their potential effects on federal revenue, the distribution of the tax burden, and economic incentives. Our findings are as follows:

Absent legislative action, most tax cuts enacted since 2001 will expire on January 1, 2013, raising tax rates, reducing deductions and credits, and throwing millions of taxpayers onto the alternative minimum tax (AMT). The estate tax would hit more than ten times as many estates as in 2012. The 2 percentage point cut in the payroll tax rate would lapse, raising taxes on more
than 120 million households with workers.2 Short-term tax breaks that Congress regularly renews, some of which have already lapsed, would disappear, boosting taxes for both individuals and businesses. And the 2010 healthcare legislation would impose new taxes on high-income taxpayers.

Federal tax collections would jump by more than $500 billion in 2013, more than 20 percent above what they would be without the cliff. Nearly 90 percent of all households would face tax increases averaging nearly $3,500. Middle-income taxpayers would see an average increase of almost $2,000."


http://www.taxpolicycenter.org/Uploa...scal-cliff.pdf

So, the question is: Will Harry Reid get off his butt and pass a budget, sent over from the House, in the Senate????

Originally Posted by SKYPILEIT

For the average person there won't be much change...just plan on having a new insurance bill to deal with.

oh geez. LOL

My healthcare insurance premiums went up 5% yesterday.

Kip

I kinda thought you guys already factored in the expiration of Bush tax cuts..

..so, now we have higher taxes on our usual income..plus a bigger bite of stock/fund profits & dividends.Plus $2500 (or more) increase in HC insurance.

I don't think he's done...'till maybe CHANGE is all we'll be left with.

Originally Posted by SKYPILEIT

For the average person there won't be much change...just plan on having a new insurance bill to deal with.

Oh, there will be much change. They are the ultimate payers of most tax increases anywhere in the chain.

Originally Posted by P-51C

"For starters, the so-called Bush tax cuts will expire on December 31 -- all of them, not just the tax cuts for the wealthy.

If the GOP-controlled house can pull their heads out of their butts, they can do what the Obama administration is asking, and extend the Bush tax cuts for wage earners under $250k/year.

Deal with it.

Volcker Rule.... Health care reform.... Dodd-Frank....

Love it!!!

Originally Posted by CrazyLittle

If the GOP-controlled house can pull their heads out of their butts, they can do what the Obama administration is asking, and extend the Bush tax cuts for wage earners under $250k/year.

Deal with it.

The GOP controlled house has sent many budgets over to the senate. The question is, will Harry Reid ever get his head of his butt and pass one of them.

That whole Senate needs to pull it's finger out now!

Originally Posted by CrazyLittle

If the GOP-controlled house can pull their heads out of their butts, they can do what the Obama administration is asking, and extend the Bush tax cuts for wage earners under $250k/year.

Deal with it.

sounds good,but don't they get most of their tax revenue from little guys like me that make under $250K.?

Maybe the Senate could actually pass a budget, or even bring one up.

Originally Posted by Dave Barrow

Maybe the Senate could actually pass a budget, or even bring one up.

TThe President initiates the annual budget process by presenting his budget proposal to Congress on or before the first Monday in February of each year.