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Psst: This Tax About to Go Up for 163 Million People
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Psst: This Tax About to Go Up for 163 Million People
<font size="1">Can you take a tax deduction on that recent purchase? Talk to others to get free tax advice and get tips on how to complete your IRS federal tax forms.</font>
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.
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Cat:827966ee-6d39-4ef7-98a5-0157a43092f8Forum:a882faf9-edb3-472d-896c-a5e64a486dfc
Cat:827966ee-6d39-4ef7-98a5-0157a43092f8Forum:a882faf9-edb3-472d-896c-a5e64a486dfcDiscussion:19be9f07-4035-4e87-bd11-10f490581d53
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Psst: This Tax About to Go Up for 163 Million People
posted at October 21, 2012 3:33 PM EDT
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Posts: 340
First: October 13, 2012 Last: May 17, 2013 |
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. Why are so many politicians sour on continuing the payroll tax break? Republicans question whether reducing the tax two years ago has done much to stimulate the sluggish economy. Politicians from both parties say they are concerned that it threatens the independent revenue stream that funds Social Security. (Read More: Presidential Tax Plans Could Bruise US Muni Market) They are backed by powerful advocates for seniors, including AARP, who adamantly oppose any extension. Full Article: http://tinyurl.com/93bzs2e |
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Re: Psst: This Tax About to Go Up for 163 Million People
posted at October 24, 2012 6:32 PM EDT
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Posts: 14574
First: January 28, 2008 Last: May 19, 2013 |
FICA and SS need change. FICA barely covers OA benefits and SSDI and other benefits(entitlements) make SS unsustainable without modification. I think the parts of SS outside of the OA benefit should be part of the overall federal budget paid for by all revenue sources. Simply increasing FICA rates or ceilings adds to the cost for earners and businesses so we're less competitive world-wide and will lose more jobs. Karl |
