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  • spartacus67517 spartacus67517 Dec 31, 2012 9:25 AM Flag

    Happy New Year Middle Class: The Fiscal Cliff Is Going To Rip You To Shreds

     

    Happy New Year Middle Class: The Fiscal Cliff Is Going To Rip You To Shreds

    Michael Snyder
    The Economic Collapse
    December 31, 2012

    The middle class has quite a gift welcoming them as the calendar flips over to 2013. Their payroll taxes are going to go up, their income taxes are going to go up, and approximately 28 million households are going to be hit with a huge, unexpected AMT tax bill on their 2012 earnings. So happy New Year middle class! You are about to be ripped to shreds. In addition to the tax increases that I just mentioned, approximately two million unemployed Americans will instantly lose their extended unemployment benefits when 2013 begins, and new Obamacare tax hikes which will cost American taxpayers about a trillion dollars over the next decade will start to go into effect. If Congress is not able to come to some sort of a deal, all middle class families in America will be sending thousands more dollars to Uncle Sam next year than they were previously. And considering the fact that the middle class is already steadily shrinkingand that the U.S. economy is already in an advanced state of decline, that is not good news. You would think that both major political parties would want to do something to keep the middle class from being hit with this kind of tax sledgehammer. Unfortunately, at this point it appears that our “leaders” in Washington D.C. are incapable of getting anything done. So get ready for much smaller paychecks and much larger tax bills. What is coming is not going to be pleasant.

    So what happened?

    Weren’t the tax increases only supposed to be for the wealthy?

    Well, that is what the politicians always promise, but it is always the middle class that ends up getting hit the hardest.

    In this day and age, the big corporations and the ultra-wealthy are absolute masters at avoiding taxes.

    For example, Facebook paid approximately $4.64 million in taxes on their entire foreign profits of $1.344 billion for 2011.

    That comes out to a tax rate of about 0.3 percent.

    Overall, the global elite have approximately 18 trillion dollarsparked in offshore tax havens such as the Cayman Islands.

    Keep in mind that U.S. GDP for 2011 was only slightly above 15 trillion dollars.

    So the global elite have an amount of money parked in offshore banks that is substantially larger than the total value of all goods and services produced in the United States each year.

    According to one estimate, a third of all the wealth in the entire world is stationed in offshore banks. Our politicians are playing checkers and the global elite are playing chess when it comes to taxes. Our current system of taxation is irreversibly broken and should be entirely thrown out and replaced with something else.

    And of course under our current system those that are poor don’t pay much in taxes because they are just trying to survive.

    So who always ends up getting the painful end of the hammer?

    The middle class does, and that really stinks.

    This topic is deleted.
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    • The cliff was agreed to by Republicans in order to get their "supercommittee" that would give them 50 percent of the say -- instead of the real ratio -- in hacking government benefits. The GOP brought the cliff into being and the GOP's suicidal intransigence will drive us over it. Voters will remember. The GOP brand isn't worth snot. A bucket of snot.

    • The middle class ALWAYS GET SCREWED the govt debt, and then higher taxes. When is a braindead libtard going to understand it is on the SPENDING SIDE that needs to be lowered not raising taxes. The rich do no pay taxes! Our tax system is based on taxing the WORKING PERSON! The wealthy draw from their wealth, and expense their incomes. Obama is screwing the middle class!

    • So the impasse is because the Repubs want those making $400k a yr to pay more instead of the $250k mark........OK, and when they do pay more they insist it's only 2% more instead of 4.5%?! And the repubs are holding firm on estate taxes only apply above $5M vs $3M.......that's what they're digging in for and if those aren't met the REST of the country has to...........

      We'll see you in 2014 and get this straightened out - boot the Repubs out and let's vote in some sanity

 
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