WatchFrom Bloomberg Jan. 1, 2013:
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.
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Now, from Obama Nov. 14, 2012
The President said there's one thing we can do right now to provide a foundation for a solution that helps the economy and gives middle-class families more certainty in the coming weeks. And it's something that everyone agrees on: pass a law that would prevent any tax hike whatsoever on the first $250,000 of everybody’s income.
"That means every American, including the wealthiest Americans, get a tax cut," he said. "It means that 98 percent of all Americans, and 97 percent of all small businesses won’t see their taxes go up a single dime."
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Yep, we should believe everything else he tells us going forward...
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I can't tell if you're intentionally misrepresenting what happened here or if you're just an idiot (if not you, then Bloomberg at any rate)
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It's him, not Bloomberg. The juxtaposition is misleading because the WH promise was about income taxes, and payroll taxes are what went up, but Bloomberg didn't bring the WH into it at all.
No one ever doubted that the payroll taxes were intended to be temporary stimulus, and Obama never represented that they would be permanent. Though I can understand why people might expect that when politicians say a stimulus tax cut is temporary, they are actually angling for it to eventually be made permanent. That has certainly happened, in the past. But Obama's never done that.
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Well, they also lied and pretended that the expiring *temporary* bush tax cuts were a tax increase.
Thanks to Republican whining and moving the bar, everyone is now pretending that making what were supposed to be temporary tax cuts permanent was some sort of victory for the left.
It will now be more or less impossible to restore the pre-bush tax rates in the next decade, which means that the only possible solution to balance the budget is going to be massive spending cuts, period.
Basically, the Republicans got exactly what they wanted, all the while making it look like Obama managed to "win" something.
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msilenus says
Try re-reading that and tell me the common word- "taxes"...
Now, re-read Obama's statement:
Call it Crazy says
Now, if you went out on the street and asked 100 people what that sentence means to them, what would be the answer??
When Joesixpack gets his paycheck in two weeks and sees the reduced amount in the check, will he be "thinking" he's paying more taxes or not??
I bet you would be hard pressed to get 1 out of that 100 that "remembers" that it was a "temporary" payroll tax cut. The majority of people will be pissed that their taxes "increased" and their paychecks got smaller. They won't differentiate if it is income tax or payroll tax, just that's its less money to them.
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They accomplished nothing with this deal really.
They did of course extend the tax forgiveness on short sales for another year for those who couldn't make it by the 2012 year ends deadline.
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msilenus says
One plus one is two. If I have two and now I have one, then I now have less and that is what happened.
When a president tells you "your taxes wont go up, nothing changes, and everything will stay the same"(as Obama most certainly did on every occasion he got, to mask his incompetency) Then people hold him to the letter of what was said. When a LEADER speaks, you shouldn't need a lawyer to extrapolate the validity of what was said.
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47 male
Lafayette, CA
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Republicans 2011: Mitt Romney did NOT pay a lower tax rate than a WalMart greeter because payroll taxes are benefit programs to fund Social Security and Medicare.
Republicans 2012: Obama raised taxes for the middle class!!!!!
Just more brainwashed stupidity from the party who thought Sarah Palin was a good executive leader. Pure idiocy. Good job Obama! Republican drones will be crying about this for months.
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iwog says
Is that what you call 77% of the tax paying public.
Let's hope your right for the future sakes of this once great nation.
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47 male
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CaptainShuddup says
No, just you and the minority who think like you. You're getting more and more marginalized every day and you don't even realize it.
More Republicans in the House voted against the fiscal cliff bill than voted for it. How long until this new coalition of Democrats and moderate Republicans effectively kills your radical psycho arm of the GOP?
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My point is 77% of the tax paying public was lied to.
This is not about me. Quit being so mellow dramatic and take your medicine. This will come at a price.
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iwog says
Wow how can you continue to be wretchedly disingenuous?
Romney did NOT pay a lower effective federal tax rate than a Walmart greeter.
$8/hr at 40 hrs per week is $16640($8x40x52).
Standard deduction plus personal exemption is around $8500-9k. I forget but it won't matter. So lets say $7k of taxable income at 10%. So $700 in Federal taxes. 4.2% of gross income, yes yes? Even if you factor in SSI and Medicare, you don't approach 10% of gross. Add in kids or another exemption and it goes down even more.
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Dublin, CA
We can lower our social security tax rate to 0 by shipping all of the old folks to greenland and letting them fend for themselves. To finance this project, we can always sell bonds to international investors and then do another QE which will lower the interest rate.
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male
The House Republicans raised taxes
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male
Make the payroll tax cut permanent on incomes under $40k a year!
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Dublin, CA
121212 says
I would be OK with that if they were mandated to invest that difference in a IRA account.
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dublin hillz says
That's a great idea for the poor, especially the Rethugs would like that. They like telling the poor how to live. My only issue is it would never be proposed to to the rich. You cannot tell the rich what to do with their money!
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FortWayne says
They kicked the can down the road by 2 months. In another 2 months they will probably kick the can down the road again by a couple of months. Rinse repeat.
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CaptainShuddup says
LOL. "mellow dramatic". You are the real life Archie Bunker, malapropisms and everything.
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dodgerfanjohn says
If you factor in SSI and Medicare the total would be 11.85%.
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CaptainShuddup says
Your wrong as usual, the House Republicans lied! They said they would not raise taxes. It was the House Republicans who raised taxes. They refused to negotiate on the payroll tax cut.
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dodgerfanjohn says
Okay how about Denny's waitress or an overworked nurse at a hospital?
How come payroll taxes don't count when calculating how much rich versus poor pay into the government yet they totally count when it comes time to bitch about the temporary emergency stimulus measure expiring?
Hypocrisy much?
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male
Payroll cut should be permanent under $40k