Already Looking forward to 2011!!!

[Boghie]

As unexpected as the weekly/monthly jobless rate numbers during the Summer of Recovery

Yes, CongressCritter Pelosi and Senator Reid have delayed action on the tax code till 'after the election'.

Just a bit too charged for them, eh.

And those nasty Republicans - outvoted in the House by by 75 Democrats - stop everything. Just everything. And, obviously, it is simply impossible to poach a single valiant, rock ribbed conservative from the likes of Olympia Snowe or Susan Collins or Scott Brown. The LibTard ideas must be mainstream.

Enjoy the schadenfreude

Don't hold your breath in the Lame LibTard Session.

 

[Silverbird]

Ok want to go more into debt and look like you aren't doing anything? Just renew the tax cuts. Maybe the other countries will finally wise up and stop buying our bonds. No, they don't really care about us freezing our Government pay and employment, debt still goes up.

Oh, look at what that does to the Deficit! Let's play let's pretend, and do it for a couple years, let's see, how about until 2014 for a November Surpise for the next midterm House election?

Ok, want to actually be financially responsible? Rather late, you are supposed to give tax breaks when things are bad. Do what the legislation said, the tax breaks sunset. Bye! And you all get voted out of office in 2012.

Ok, what about only the rich getting their taxes back up? Well, looks better than cutting all taxes and being totally irresponsible but that still adds to the deficit.

At least we aren't as badly off in debt as Japan. They are beyond 200% but no one really cares.
:toung:

 

[Boghie]

Fiscal Responsability

Another reason to look forward to 2011...

This Congress and this Administration will have stimulated the deficit in 22 months by more than the previous occupant did in 96 months.

Imagine what he could have done if the nation was still in recession!!!

 

[Frixxxx]

Looks like a few constituents don't want higher taxes on the democrat's side either!

Voting on Bush Tax Cuts Divides Democrats Before Election Day
By James Rowley - Sep 29, 2010 12:20 PM PT

Democrats worried about defending congressional majorities and divided over extending income-tax cuts are delaying a vote on the issue until after Election Day. Party strategists warn they are missing an opportunity to define themselves against Republicans.

more

 

[Boghie]

The problem, Frixxxx, is...

That it is now too late to adjust the tax code.

All of us will feel the pain for at least some period of time.

That is the best we can hope for - a little less take home pay in January.

But, if President Obama 'pocket vetoes' a bill to extend or make permanent the Bush tax code than we will feel the change for years.

Looks like a few constituents don't want higher taxes on the democrat's side either!

Voting on Bush Tax Cuts Divides Democrats Before Election Day
By James Rowley - Sep 29, 2010 12:20 PM PT

Democrats worried about defending congressional majorities and divided over extending income-tax cuts are delaying a vote on the issue until after Election Day. Party strategists warn they are missing an opportunity to define themselves against Republicans.

more

 

[Boghie]

Ouch...

One of the problems is that if Treasury based the withholding tables on current law, under which the Bush tax cuts would expire, millions of low- and middle-income taxpayers would see significant tax increases.

For example, a family with two children and income of $40,000 could see the amount withheld rise by as much as $165 monthly, according to calculations by Roberton Williams of the Tax Policy Center.​

To be honest, however, I bet this number includes a reduction in the child tax credit and student loan interest deduction that would be mandated if we fell back to the Clinton era tax code.

This Administration and these CongressCritters can't even figure out that employers need tax withholding schedules before January 1, 2011. Can there be more proof that this bunch of morons is economically ignorant. Pelosi and Reid could have shoved Obama's tax code adjustments through over a year ago. They could even now. They would just have to accept that there is a bit less money to spend. Can't do that, now can we.

This is going to hurt - and it will hurt a lot.

Hey folks, welcome to being rich

 

[Boghie]

The 'Ultra-Rich Married Couple' making $80K in taxable income will see their take home pay reduced by $220.

Personally, I think this is probably incorrect.

Hopefully


I mean, losing $440/month would be rather devestating wouldn't it.

For us that means losing a mere $200 per pay period.

I never knew I was in the Top 2%.


Then again, $440 a month is just gas and food. I think I can cut those out of my budget

 

[Birchtree]

Man wake up - just stop paying your mortgage and see how much more spending power you'll have. You can afford to eat out without coupons and get all the premium channels. Just be irresponsible - if you don't make you auto payment however the repo man will visit. But no one will throw you out of your house - just tell'em you support Obama.

 

[Steadygain]

I never knew I was in the Top 2%.

Yeah, I know what you mean. I guess in the biggest way it's a very sad reflection on the population at large.

The truth of the matter is -- you're talking about us 'average' folks that have been working for years and made quite a few jumps over the years.

In all sincerity - the REAL Top 2% - would easily have $10,000 for every dollar we have. The distance between them and 'us' would be like the Grand Canyon -- or the worldest highest building - but I'm happy for them -- I mean they are totally in a class of their own.


Well anyway -- then the devision between 'us' and say 50% - 75% would be like a flight of stairs or 2.

 

[Boghie]

Re(1): 'Deal or punt decision on Bush tax cuts is Obama's', Associated Press, Andrew Taylor

Are you ready!!!

If the tax cuts were allowed to expire indefinitely, a typical family of four with a household income of $50,000 a year would face $2,900 more in taxes in 2011, according to Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.​

So, the category of wealthy kleptocrats include families of four making $50K.

Nice, very nice



And,

Making all the tax cuts permanent would add about $3.9 trillion to the national debt over the next decade. Obama's plan to make the wealthy pay more would reduce that added debt by about $700 billion.​

The impoverished 95% of taxpayers that President Obama wants to exclude from his tax increase will result in a deficit increase of just $3.2 Trillion over the next ten years. That is a cost of $320 Billion per year. The corpulant 5% will 'cost' us $70 Billion a year - and they own or invest in the businesses that employ us.

Is it just coincidence that the market really started tanking when 'Decision 2008' became a contest between two economic idiots - McCain and Obama?

Right about now I want folks to feel the pain of what the Libs desire. A couple of weeks living the Clinton era tax dream would do many of us good

Feel the schadenfreude

 

[Boghie]

The ‘Summer of Wreckovery In Review’…

My January 10, 2010 post:

Everyone, the Administration included, claims the recession is over. FY2010 should be a normal recovery year. The stock market leads main street. The stock market corrected from a stupid crash and leveled off at -28%. My guess is that the economy will adjust similarly over the next few months. Now, it is President Obama and the Liberal Congress that define the framework of our economy. If neither the market nor the economy as a whole grow at a sustainable rate (see other recoveries) than one can presume that framework changes are having a detrimental effect. If the growth is statistically more vibrant than one can presume that framework changes are having a beneficial effect. We can look at Federal tax revenue as a proxy. The revenue growth from FY2003 (September 2002 – September 2003) to FY2004 was 5.44%. That was pre-Bush tax code modification – but folks were beginning to expect change and adjust to projected change. The revenue growth from FY2004 to FY2005 was 14.63%. The revenue growth so far from FY2009 to FY2010 has been -13.15%. That does not bode well. Folks (you and me and businesses) are moving numbers around in an effort to adjust to the new framework.

My money is on the bet that the President Obama/Congress economic framework (projected and actual) will result in a miserable Federal revenue growth rate This stuff is easy to predict. Fish in a barrel.​

So, scoreboard for the two recoveries:

The Evil One’s Recovery:
Revenue Growth

FY2003: -3.98% (Bush Tax Code passed May 23, 2003 - Libs, don't look at an S&P500 chart)
FY2004: +5.44%
FY2005: +14.63%​

The One’s Wrecovery:
Revenue Growth

FY2009: -19.91% (Stimulus, but no extension of Bush Tax Code)
FY2010: +2.73% (ObamaCare and Tea Party Activism - Libs, don't look at an S&P500 chart)​

And, let us not forget the shriking GDP growth...

Now, that is some Wreckovery. Why don’t we raise some taxes? That will do it!!!

The market is still discounted by 25% from the market high. But, it will adjust on clipping 'The Black Swan's' wings

 

[burrocrat]

preach it brother, amen.

 

[Boghie]

So sad...
All that hope and change...
Then, a bunch of fat cats (you and I) show up...
And, want something completely different - like no tax increases...

From 'The Huffington Post':

“President Barack Obama’s top adviser suggested to The Huffington Post late Wednesday that the administration is ready to accept an across-the-board continuation of steep Bush-era tax cuts, including those for the wealthiest taxpayers.”​

And, Glenn Reynolds (Instapundit):

Can We Start Calling Them the Obama Tax Cuts Now?

Of course we can’t call them that. The Bush tax cuts were an irresponsible giveaway to the very wealthy. The Obama tax cuts will be an essential tool to save the middle class. In fact, note this: “That appears to be the only way, said David Axelrod, that middle-class taxpayers can keep their tax cuts, given the legislative and political realities facing Obama in the aftermath of last week’s electoral defeat.” I don’t think we’d ever been told before that Bush gave any tax cuts to the middle class. I thought they all went to fat guys in three-piece suits who lit cigars with hundred-dollar bills.​

So much snark.

But, we progressives still have hope that we can fight against the millions of bitter clingers who don't want to fund the 21% structural increase in Federal spending that took place over the past 18 months. So many good things that couple Trill went for. How can we possibly survive without that additional Trill of annual spending? It is used for the EPA and Agriculture - damn it!!!

Hope. Our Liberal Caucus can argue and vent for a couple of months and prove to the middle class just how mind numb they really were in throwing us out. They will never miss that $200 bucks in take home pay. At least they won't if they moved to within walking distance of their evil corporate office workspace cubical. Just couple pay periods of delay and the tea party voters will be yelling in town halls to rescind the Evil One's tax code for the corpulent fat cats.

 

[Boghie]

Silverbird found a $30 a pay period 'Making Work Pay' one time tax rebate that is expiring December 31, 2010.

It was a 'One Time Tax Rebate' that was part of the Stimulus.

Kinda like the Bush 'One Time Tax Rebates'

Neither Stimulated.

Yuk, yuk.




But, to demand the $30 and give up $220?

By my math, that leaves us -$190 in take home pay!!!

Personally, if I had the choice, I think I want the 'Bush Tax Cuts to Corpulent Fat Cats' giveaway. That way we little kitties can continue to enjoy that $190 a pay period. I will be magnanimous here and offer that $30 a month to the debt god.

 

[Boghie]

The effect of tax increases on tax revenue.

Let us just say, for every dollar of projected income from a tax increase actually expect about 12 cents of actual revenue.

It happened in Kalefornea too. In fact, a friend of mine - who is a tax collector (yuk, yuk) - informed me that revenue decreased when we jacked stoggie taxes by 1/3. And, it happened this past fiscal year in Kalefornie when they jacked up income tax rates. Revenue actually dropped - and unemployment increased.

I guess I am surprised at the known unexpected outcome - happens every time

 

[Boghie]

Back again folks...

We have two full paychecks left. Then we get our pay cut!!! Yea...

Maybe we can use this thread to see how simulative the tax increase will be for our economy. I mean, we are just heading back to the glorious Clinton era tax code.

So, how will you spend your tax increase.

Go shopping or something.

Schadenfreude.



Here is how I'm planning to spend my take home pay cut.

I am going to have to save a hundred from each of the remaining full paychecks to help me pay my mortgage!!! Then I get to cut back on my debt payments (cr@ppy credit cards - yuk) and extend the debt free timeline. Those are two things that will definitely support the struggling economy. I will be thinking pleasant thoughts all Christmas!!!

 

[jimijr]

The answer is...retire! Earn less, pay less, and SS is hardly taxed at all. Anyway, that's my plan.

 

[alevin]

Well, the good news I learned today is that my home property is no longer included in a mapped FEMA floodzone. flood insurance was already optional since not located in 100year floodplain, but now not even located in a 500-year floodplain, just on the exact edge of the 500.

Of course there are still 100 and 500 yr floodplains would have to drive through to evacuate the neighborhood but that's another story entirely. I just paid another years flood insurance last month, but next year I think I'll tuck it away into my Roth account instead.

 

[Boghie]

Well, the good news I learned today is that my home property is no longer included in a mapped FEMA floodzone. flood insurance was already optional since not located in 100year floodplain, but now not even located in a 500-year floodplain, just on the exact edge of the 500.

Of course there are still 100 and 500 yr floodplains would have to drive through to evacuate the neighborhood but that's another story entirely. I just paid another years flood insurance last month, but next year I think I'll tuck it away into my Roth account instead.

Alevin,
I've got a better idea...

You could use your take home pay cut to fund your Roth and leave your insurance in place.

That way you could sleep comfortably - since we all know what happens the second your insurance lapses - and easily fund your retirement.

Thank you Democrats for prioritizing a take home pay cut.

Never better.

 

[alevin]

Boghie, my plan for the cut in takehome is to start finally contributing catchup contributions for the first time and cut back on the $ amount of essential home improvements I hoped to do next year-I usually plan for a certain $amount and a specific related capital item each year.

this year it was to be carpet-been living with 30 year old carpet inherited from previous owners-pretty yucky but not crucial expenditure like the roof was last year. Maybe I'll get 2 bedrooms done and leave the rest for another year. adapt adapt adapt. the less debt, the more choices, keep going, you'll get there.