Bend over, the legislature is screwing us again.
Higher taxes for the ‘evil rich’.
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…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.
Higher debt.
The 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).
……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. The extension of unemployment benefits would cost roughly $30 billion, and the so-called “doc fix” would tally another $25 billion through fiscal 2022.
The CBO says the budget agreement will lead to an overall increase in spending of about $330 billion over 10 years.
Obama’s payoff to Hollywood pals.
Section 317 of the freshly approved legislation includes an extension for “special expensing rules for certain film and television productions.” Congress first enacted production tax incentives favorable to the domestic entertainment industry in 2004, and extended them in 2008, but the deal was meant to expire in 2011.
The fiscal cliff deal extends the tax incentives through 2013–even as payroll taxes rise on ordinary Americans.
……Hollywood players routinely beg the government to raise their taxes so they can pay their “fair share.”
Yet the industry moves new productions to places where existing tax breaks help its bottom line.
The provision, under section 168(i)(15) of the federal tax code, allows speedways to write off their costs over seven years. Typically, such expensing occurs over a much longer period of time, from 15 to 39 years. The cost of the NASCAR tax credit to taxpayers has been estimated at some $40 million–over and above any tax incentives provided by state and local authorities.
A redneck past time gets a tax break. That oughta piss off the liberals.
We have a $16 trillion+ debt. The tax/borrow/spend orgy is unsustainable. The great socialist experiment is an Epic Fail. Small business accounts for around half the GDP and more than half the employment. Since the number of wealthy people is shrinking, Obama wants to shake down the Middle Class for more money to use on his spending spree.
Welcome to four more years of “change”, how’s it going for ya?
Related post:
http://sfcmac.wordpress.com/2013/01/01/fiscal-cliff-deal-more-taxes-no-spending-cuts/
Related article:
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