White House: If Congress doesn't act, your taxes will go up. Find out how much more you'll pay.

[flpoljunkie]

http://www.whitehouse.gov/economy/jobsact/calculator

[eleny]

1. yikes

[FreakinDJ]

2. Lets give the Wealthy Elite another Tax Cut

that will fix it

[yourout]

3. I'm willing to pay more as long as the Bush cuts expire.

[subterranean]

4. My taxes will go up to what they were last year. I can live with that.

[flpoljunkie]

20. Perhaps you can, but many struggling to make ends meet will notice--and the economy will falter as

this stimulus is withdrawn--altho the economy will suffer the most if Unemployment Insurance Benefits are not extended.

[truedelphi]

5. How muchof the increase will be due to paying back into Social Security

At the usual rate?

[spedtr90]

18. This is all payroll tax for SocSec. Tax increase is never above $2,202

Even if you put a billion dollars as your income. Once again, it favors those who earn the most.
Raise the cap!

[BlueCaliDem]

6. Holy cr%p!

We'll owe Uncle Sam an additional &1,800! Eff that!

[bbinacan]

7. $2136

Screw that noise.

[high density]

8. I don't mind paying money into social security. NM

[JoePhilly]

9. Very smart. Everything the GOP does causes taxes on middle, working and poorer

Americans to go UP, while also allowing the taxes of the super rich to go down.

This is a very simple mechanism to make that point.

[zalinda]

10. So, if you make $19,000 a year, your taxes go up

$380. Small price to pay to get the rich to pay their fair share. Some times it is best to bite the bullet in the short run, to make it pay off in the long run. Doing nothing, does make sense in this case. When tax cuts come up next time, then the dems can negotiate from a position of power, larger tax cuts for the poor, with a very small tax cut (1%) for the rich. And, maybe they could even negotiate a transaction tax for Wall Street.

zalinda

[truedelphi]

28. Totally agree. n/t

[Autumn]

11. My taxes went up when Obama extended tax cuts

for the wealthy and middle class. They will go up again, So fucking what. Everybody's taxes need to go up.

[bhikkhu]

13. The point is that the bush tax cuts will expire

but they were tax cuts across the board affecting everyone. The president is asking for a new tax-cut package to replace them that doesn't favor the rich.

[Autumn]

14. I don't think for one second the pukes will go along with that

unless Obama makes another deal.

[Harmony Blue]

21. Exactly

I know people below the 19k mark that had their taxes go up last year. I don't think they are bothered if everyone's taxes go up this year.

[Autumn]

22. I sure as hell won't lose any sleep over it n/t

[bornskeptic]

27. So a person making $18000 had a $40 tax increase this year,

and that makes you think he or she won't mind a $360 tax increase next year? Then the $400+ increase in 2013 when the Bush tax cuts expire should be a piece of cake too, eh?

[Harmony Blue]

33. It was more than $40 because it was also a loss of credits

so the net result was closer to $360. So, no they will not mind if EVERYONE else pays their fair share. I am middle class, and I want ALL the taxcuts to expire.

All tax cuts must expire. All.

[bornskeptic]

35. Which credits? I think only the making work pay credit wasn't extended.

I think the other credits in the stimulus only affected taxpayers with dependent children. I was considering a single taxpayer with no dependents. As far as the making work pay credit, the person making $18000 lost $400 there, but gained $360 on the payroll tax holiday, resulting in a tax increase of $40.
Independent economists are predicting expiration of the payroll tax cut will subtract at least 1% from growth next year and almost certainly push us into another recession, if coupled with the failure to extend unemployment benefits.

[1StrongBlackMan]

25. Are you SURE ...

your taxes went up for the reason you're stating?

[Autumn]

26. Positive.

Were you not paying attention? Obama extended the tax breaks for the wealthy, middle class in his deal for an unemployment extension. Taxes on the lower class went up when their tax breaks expired.

[mikekohr]

12. Son of a bitch! nt

[NYC_SKP]

15. $3,413 in my pocket if it passes.... $2,202 more taxes for me if it doesn't

It better pass!

:bounce:

[truedelphi]

29. Bu t doesn't it also mean that if you aren't paying that 2K, then

Social Security will not be taking in sufficient monies?

If you' re relying on the fact that someday you will be retiring, and you may then be wishing for Social Security to be there, don't you want it to exist by funding it now?

(Please answer - I am not trying to be snarky, but my computer couldn't deal with the WH site - so I am not sure exactly what is going on. I SUSPECT that where the tax savings will be coming from is the continued Social Security payroll holiday - if I am wrong, it would be great to know.)

[bornskeptic]

30. The payroll tax cut has no effect on the money that goes into Social Security.

The Treasury funds Social Security based on the total amount paid in Social Security eligible wages and salaries, not on the amount collected in payroll taxes. Actually, the Payroll Tax Holiday is a refundable income tax credit. It's represented as a cut in payroll tax because that makes it easier to administer and gets the money into the taxpayers' pockets faster. Perhaps a less confusing way of explaining it is to say that the amount by which payroll tax is reduced is paid into Social Security from the general fund.

[truedelphi]

32. As I read what youa re saying, perhaps you are being a bit ambiguus,

And I am not reading you correctly, This tax "break" is indeed a payroll tax holiday from paying into Social Security.

The Treasury is not supposed to fund Social Security from the General Fund - Social Security is its own fund, and it is supposed to be separate from that General Fund.

That distinction is exactly why some of my friends take the time to go and try and get Congress Man Mike Thompson to listen to them when he hosts a "meet and greet" the voters. Rep. Thompson, a Bluedog, continues to use that pie chart that shows that MediCare and Social Security take up one third of the Annual Budget. Which is misleading and FALSE, because again, Social Security has its own fund. It is not something depriving younger people of their share of government monies - it currently has a 2.1 trillion dollar surplus (Or perhaps even more.)

It is exactly things like a Social Security Payroll Tax Holiday that Thompson says is creating a huge unbearable burden on younger people, and why the Social Security program needs to be altered.

If Obama Administration wanted to help voters making less than 120K a year, he could start seeing to it that entities like Verizon pay at least 15% (Last year, Verizon paid 0% as a tax
to the Feds.) And he could tax the rich. And he could quit with bombing Afghanistan and Pakistan.

[spedtr90]

16. So I'd pay 2% more of my wages to Social Security. Fine by me.

Now raise the cap too and keep it funded.

[spedtr90]

17. $107,000 - pay $2,140 more; $10,000,000 - pay $2,202 more

Raise the cap on Social Security!

[flpoljunkie]

19. There you go! Lift the cap entirely with a donut hole as Reich and President Obama have proposed.

[Bluenorthwest]

23. Ah, the Calculator for Bigot's Law...first question, how will you file?

Single or Married? No place to check 'you claim I'm single according to your religion, and yet we are a couple according to truth, reason, and decency'.
So we will file as single people who have been a couple for years longer than the Obamas have been. Forced to file as singles. Forced to lie. For the sake of straight folk's 'faith'. And yet I look around at all the poverty and need and I wonder what their faith is worth, in the end, as they whine against love and ignore the suffering of the least among us.

[MadHound]

24. So my taxes will go back up to what they were,

I have no problem with that. Nor do I have a problem with all the Bush tax cuts expiring. Because what our government is suffering from is, in part, a lack of revenue. The tax cut mantra has been proven to be wrong, it is time we stopped listening to it.

[TheKentuckian]

31. Good, I want that money invested directly into the trust fund as it belongs.

[jenmito]

34. The DNC should make an ad showing this link, and also explain how the REPUBS., who have

pledged never to raise taxes, want to raise them on the "lower 99%" to protect the top 1%.