Another Obama Lie … Workers making $30,000 will take a Bigger Hit on their Pay than those Earning $500,000 under New Obama Fiscal Cliff Deal
RETURN OF THE
LION LYING KING … If his lips are moving, you can bank on the fact that he is lying. Barack Obama lies again to the American people about “paying their fair share”.
Remember when President Barack Obama said repeatedly in his “class warfare” talking points that every American must pay their fair share? Then he stated that the new fiscal cliff deal was a win for the middle class and a tax on those evil, greedy rich. Au contraire mon frere, as reported at the Daily Mail, under Obama’s new fiscal cliff plan workers making less than $30,000 a year will take a bigger hit than those making $500,000 a year. For those who were once again duped by Obama, this means that the middle class will be hit harder to their income proportionately than those earning between $200,000 and $500,000.
Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.
Earners in the latter group will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent – or up to $1,784 – the D.C.-based think tank reported.
Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.
‘The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 – not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut,’ said William G. Gale, co-director of the Tax Policy Center.
‘For most households, the payroll tax takes a far bigger bite than the income tax does, and the payroll tax cut therefore – as [the Congressional Budget Office] and others have shown – was a more effective stimulus than income tax cuts were, because the payroll tax cuts hit lower in the income distribution and hence were more likely to be spent,’ he added.
Just curious, where is the MSM informing the middle class of this Obama lie? This is what happens why you reelect an already known “misrepresenter” to a second term when a president is accountable to no one.
Who is to blame for this America, Republican politicians, Democrats, Independents? No … you are America, you were foolish enough to reelect Obama and create a czar.
The fiscal cliff bill was supposed to save the middle class from tax hikes and was supposed to only punish the so-called rich. At least that is what was said by Obama and Democrats. Since when has Obama ever told America the truth? As reported at Bloomberg, the bill that passed the US Senate today will increase taxes on 77.1% of American households.
The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington.
More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A 2 percent payroll tax cut, enacted during the economic slowdown, is being allowed to expire as of yesterday.
The heaviest new burdens in 2013, compared with 2012, would fall on top earners, who would face higher rates on income, capital gains, dividends and estates. The top 1 percent of taxpayers, or those with incomes over $506,210, would pay an average of $73,633 more in taxes.
Much of that burden is concentrated at the very top of the income scale.
The top 0.1 percent of taxpayers, those with incomes over about $2.7 million, would pay an average of $443,910 more, reducing their after-tax incomes by 8.4 percent. They would pay 26 percent of the additional taxes imposed by the legislation.
Among households with incomes between $500,000 and $1 million, taxes would go up by an average of $14,812.
Another Obamaination … Wasn’t the point of passing a bill to save us from the fiscal cliff supposed to lower federal deficits and the national debt?
As reported at The Hill, the US Senate deal to avoid the “fiscal cliff” will add roughly $4 trillion to the deficit when compared to current law, according to new numbers from the Congressional Budget Office (CBO). What a complete an utter joke. The CBO says the Senate budget agreement will lead to an overall increase in spending of about $330 billion over 10 years. How does this save us from the fiscal cliff? This is what happens when you add a tax on the so-called rich as some means of fixing the problem, when it was nothing more than a lie from Obama and Democrats. Spending cuts need to be made and changes in SS, Medicare/Medicaid and other entitlement programs..
The CBO determined Tuesday that the package, hammered out late Monday evening by Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.) would — over the next decade — come with a $3.9 trillion price tag.
The agreement, which is pending before the House after passing in a 89-8 Senate vote early Tuesday, would extend lower tax rates on annual household income under $450,000 and postpone automatic spending cuts for two months.
The extension of lower tax rates for a bulk of the nation’s taxpayers and the addition of a permanent patch to the alternative minimum tax would add roughly $3.6 trillion to the deficit over the next decade, the CBO said. Other individual, business, and energy tax extenders would add another $76 billion.
Any Republican who votes for this needs to be primary challenged in 2014. This is all just a bad joke and you made it happen America last November by reelection Barack Obama. I hope you are proud of yourselves.
Early this morning the US Senate passed a “fiscal cliff” plan that was all tax kikes and no spending cuts by a vote of 89-8. The only nay votes were Bennet (D-CO), Carper (D-DE), Grassley (R-IA), Harkin (D-IA), Lee (R-UT), Paul (R-KY), Rubio (R-FL), Shelby (R-AL). The following did not vote, DeMint (R-SC), Kirk (R-IL), Lautenberg (D-NJ). This bill was all taxes and no spending cuts. Hardly a balanced approach that was claimed by Obama. As reported at Breitbart, FISCAL CLIFF DEAL: $1 IN SPENDING CUTS FOR EVERY $41 IN TAX INCREASES!!!
According to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion—a 41:1 ratio of tax increases to spending cuts.
The grossly imperfect bill was supposed to prevent the US from going over the so-called fiscal cliff; however, it does not grow the economy, lower the debt or prevent taxes on the middle class. Get ready middle class for an increase in taxes as the final deal did not include an extension of the payroll tax holiday.
Under the compromise arrangement, taxes would rise on income above $400,000 for individuals and $450,000 for households, while exemptions and deductions the wealthiest Americans use to reduce their tax bill would face new limits. The accord would also raise the taxes paid on large inheritances from 35% to 40% for estates over $5 million. And it would extend by one year unemployment benefits for some two million Americans. It would also prevent cuts in payments to doctors who treat Medicare patients and spare tens of millions of Americans who otherwise would have been hit with the Alternative Minimum Tax.
The middle class will still see its taxes go up: The final deal did not include an extension of the payroll tax holiday. And the overall package will deepen the deficit by hundreds of billions of dollars by extending the overwhelming majority of the Bush tax cuts. Many Democrats had opposed those measures in 2001 and 2003. Obama agreed to extend them in 2010.
AMERICA, GET READY TO GET TAXED TO DEATH.
Principled Republican Rand Paul (KY-R) on Senate’s Fiscal Cliff Plan with Obama WH: You May Not Get Any More Revenue But You Can Say “I Stuck It to the Rich People”
Believe it or not there are still some principled Republicans left in the GOP.
Last night after the US Senate and Republicans “stuck it to the rich people” last night, Senator Rand Paul (KY-R) delivered the speech below in the following video on the floor of the US Senate. Rand Paul, the conscience of the GOP stated the obvious what sadly Barack Obama and Democrats campaigned on and even more sadly an envious, jealous and misguided America bought into. Obama campaigned on class warfare as for the reason for America’s economic ills and “and you got enough envy whipped up in the country”. Now you have gotten your chance to stick it to the rich. I will say this America, don’t ask for things it just might come true.
“Mark my word, you’ll raise tax rates and you feel good because you went out there and you got those rich people. You said you were. You campaigned against rich people. And you got enough envy whipped up in the country. And you’re going to stick it to those rich people. But guess what? You may not get any more revenue. You may not get anymore economic growth. But you can say, “I stuck it to the rich people.””