- Government Should Have Gone Over the Cliff (lewrockwell.com)
- Peter Schiff Update On Fiscal Cliff (ampgoldportfolio.com)
- Congress Avoids the Cliff by Selling Us Down the River (businessinsider.com)
Essentially, if you make less than $30K a year, you took a bigger hit from the recent fiscal cliff deal than those making over $500K a year.
Via The Daily Mail
Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.
Earners in the latter group will pay an average 1.3 percent more – or an additional $2,711 – in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent – or up to $1,784 – the D.C.-based think tank reported.
Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.
‘The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 – not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut,’ said William G. Gale, co-director of the Tax Policy Center.
‘For most households, the payroll tax takes a far bigger bite than the income tax does, and the payroll tax cut therefore – as [the Congressional Budget Office] and others have shown – was a more effective stimulus than income tax cuts were, because the payroll tax cuts hit lower in the income distribution and hence were more likely to be spent,’ he added.
(Cross posted @ The Alexandrian)
“I would raise the debt ceiling on one condition and that would be a balanced budget amendment to the Constitution. Barring that, people in Congress, those who I’ve met up here they don’t deserve to manage any more money. They’re doing a bad job managing the money they have. We should not send them any more money. They’re not to be trusted with money.“
Great new video from the folks at Bankrupting America as they check in with Santa Clause who was in D.C. recently and asked him how his business was fairing during these uncertain economic times.
Great new video from the always awesome Steven Crowder as folks on the street realize they are secretly Republicans.
Via CNSNews.com (audio at link)
On his radio program Wednesday, Levin said:
“[President Obama] says he wants to take – and this is his starting point – $1.6 trillion dollars out of the hands of the private sector. And the private sector is what hires and employs most people in this country, and creates wealth in this country. Not Obama.
“$1.6 trillion dollars over 10 years out of the private sector and give it to the government. In addition to the every year, almost $1 trillion dollars in that stimulus bill that just goes on each year. In addition to the increases across the budgets- the nonexistent budgets, but the budgets for the different departments- every single year.“We’re gonna collapse. We won’t have to worry about the rich; we won’t have to worry about the middle-class. There’ll be no class, because there’ll be no wealth.
The great Marc Faber has come out and said the global markets are going to collapse in 5-10 years. If you care at all about your kids future, you better wake up.
“The wise and correct course to follow in taxation is not to destroy those who have already secured success but to create conditions under which everyone will have a better chance to be successful.” – Calvin Coolidge
(Via the U.S. Chamber of Commerce on Facebook)
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