Whoever wins, taxes are going up for 163 million Americans.

G

Grandluxe

Psst, taxes go up in 2013 for 163 million workers
By STEPHEN OHLEMACHER | Associated Press – 3 hrs ago

WASHINGTON (AP) — President Barack Obama isn't talking about it and neither is Mitt Romney. But come January, 163 million workers can expect to feel the pinch of a big tax increase regardless of who wins the election.

A temporary reduction in Social Security payroll taxes is due to expire at the end of the year and hardly anyone in Washington is pushing to extend it. Neither Obama nor Romney has proposed an extension, and it probably wouldn't get through Congress anyway, with lawmakers in both parties down on the idea.

Even Republicans who have sworn off tax increases have little appetite to prevent one that will cost a typical worker about $1,000 a year, and two-earner family with six-figure incomes as much as $4,500.

http://news.yahoo.com/psst-taxes-2013-163-million-workers-134512956--election.html
 
Yep , after considering all the options last night I decided the only thing to do is move my residency to florida and just work in alabama.
That way I should only be taxed on w-2 wages at 5-6% and zero state tax on my unearned income.

New tax on net investment income
In the past, taxpayers weren’t required to pay Medicare tax on income generated from investments such as capital gains, dividends, and taxable interest. Starting in 2013, however, you could owe a 3.8% Medicare tax on some or all of your net investment income.

Pasted from <https://www.fidelity.com/viewpoints/personal-finance/new-medicare-taxes>
Inflation indexing._Unlike many other tax provisions, including the estate-tax exemption, the $250,000/$200,000 threshold for these two new taxes isn't adjusted for inflation, according to Congress's Joint Committee on Taxation. This means lawmakers likely will face a dilemma—either pass an expensive "patch" every year or two or let the taxes apply to thousands of additional taxpayers because of inflation.

Pasted from <http://online.wsj.com/article/SB10001424052702303684004577509112641512828.html>
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First, it's not really a tax increase. It is allowing a temporary suspension to expire. It has already been extended at least once, which was itself a bad idea.

Second, this is called a payroll tax, but it is more in the nature of an insurance and pension contribution, since it funds Social Security. The money that is being foregone has to come from somewhere, unless promised benefts are cut.
 
Quote from AAAintheBeltway:

First, it's not really a tax increase. It is allowing a temporary suspension to expire. It has already been extended at least once, which was itself a bad idea.

Second, this is called a payroll tax, but it is more in the nature of an insurance and pension contribution, since it funds Social Security. The money that is being foregone has to come from somewhere, unless promised benefts are cut.
More...

Couldn't this be said about all the Bush tax cuts? An argument, with which I happen to agree with. Allowing a temporary tax cut to expire is not a tax increase.
 
Quote from AAAintheBeltway:

First, it's not really a tax increase. It is allowing a temporary suspension to expire. It has already been extended at least once, which was itself a bad idea.

Second, this is called a payroll tax, but it is more in the nature of an insurance and pension contribution, since it funds Social Security. The money that is being foregone has to come from somewhere, unless promised benefts are cut.
More...

Hell YES! The program was already running in deficit... and then they suspend the tax... putting the program further into the hole.

The only political leadership we have in Washington is the BAD kind... Odumbo doing everything he can get away with to DESTROY AMERICA... and, WORSE TO COME!


:mad:
 
Quote from PHOENIX TRADING:

Yep , after considering all the options last night I decided the only thing to do is move my residency to florida and just work in alabama.
That way I should only be taxed on w-2 wages at 5-6% and zero state tax on my unearned income.
More...

Come on down. It's lovely down here.
 
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