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

[bigtree]

The December Tax Deal

Tax Cut Calculator: http://www.whitehouse.gov/issues/taxes/tax-cut-calculator

At the end of last year, the President signed a law that kept the 2001 and 2003 middle-class tax cuts from expiring - preventing the typical working family from facing a tax increase - and extended unemployment insurance to ensure at least 7 million Americans don't lose their benefits as they search for jobs. In addition, the President fought for and passed a payroll tax cut that is already showing up in paychecks and additional tax cuts that apply to taxes for 2011 - these are the focus of this calculator.

The savings from the middle class tax cuts that the President kept from expiring beyond this calculator shouldn't be overlooked, though. Those benefits require more detail about your individual tax liabilities to determine precisely, but to give a sense of the tax cuts received by a typical family just by extending those tax cuts:

A typical married couple with two kids earning $40,000 received an additional $2,640
A typical single mother with one kid earning $30,000 received an additional $1,110
A typical married couple with three kids earning $75,000 received an additional $2,640
A typical married couple with no children earning $50,000 received an additional $1,140

And extending these middle class tax cuts was only part of what the December tax deal did for middle-class families to help provide a boost to their pocketbooks.

Click on text box to learn more about which of these tax cuts you might be receiving . . .

http://www.whitehouse.gov/issues/taxes/tax-cut-calculator

[MadHound]

1. Good, this country needs more revenue coming in to solve its long term economic problems

Hopefully the Bush era tax cuts, all of them, will be allowed to expire as well. Get more revenue coming in, rather than continuing to cut and gut more and more social services.

[geckosfeet]

4. I agree. As long as defense spending decreases and social benefit spending increases.

[TBF]

5. Same here - I'm willing to put our 2000+ towards social benefit spending.

And we can balance the rest of the budget by cutting defense. Enough with the "democratizing" oil-rich countries ...

[bigtree]

9. In a world where everything is equal

You do realize that just allowing the Bush cuts to expire won't level the field regarding tax breaks for the rich vs. the rest of us?

[MadHound]

11. D'uh, of course I realize that

But I also realize that this country needs revenue, badly, and the Bush tax cuts are a large chunk of revenue to bring in. Tell me, when we were being taxed under the Clinton rate, was our debt larger than it is now? Were we cutting and gutting social programs? Oh, that right, we had tax revenue coming in, so we didn't have a huge debt, we weren't cutting and gutting.

Yes, we need to make the rich pay even more of their fair share, and we should indeed address that, in addition to letting all of the Bush tax cuts expire. I'm willing to do my patriotic duty and pay a bit more in taxes so that those who need help can get it. Are you?

[bigtree]

16. In my view, your position holds middle class tax relief hostage

. . .to Congress' refusal to set the right priorities for spending our money.

I love how you equate my relinquishing what I regard as tax fairness to patriotism, as if my forgoing that tax break would automatically mean Congress will then make reasonable, equitable, and fair spending choices.

You do your 'patriotic duty' to Congress with your own money. You can always send it back. How 'bout starting a DU movement to get folks' to return the tax money they don't want back to the treasury?

[MadHound]

18. Wow, you are good at regurgitating those RW memes,

"If you think we should be paying more in taxes, then send in the extra yourself, don't raise my taxes." Sounds like it is straight from Limbaugh/Hannity/Beck's mouth.

I'm not looking at spending priorities, I'm looking at the simple fact that we've got to have more revenue coming into government in order to deal with this debt and other economic problems without taking the Norquist solution. Apparently you're more than willing to shrink government to the point where it can be drowned in a bathtub, just so long as you get your precious, precious tax cuts.

[bigtree]

20. you have a different point of view. That doesn't make mine republican

Government only shrinks if Congress acquiesces to it. The fact that the middle class got and support tax relief that supplements their income doesn't make them republicans or make them accessories to ANYTHING the republicans ultimately do.

The fact that I think you should put YOUR money where your mouth is doesn't make me Limbaugh or any other republican.

There you are on your high horse looking down on folks who say they appreciate and need the money. And you posture as a 'PATRIOT' willing to forgo your tax break and MINE as well.

But you don't stop there. You insinuate that I'm less than patriotic for supporting, accepting, and defending my share of middle-class tax relief. There's nothing more republican than questioning folks' patriotism because they disagree with you.

[MadHound]

37. No, what makes your view very RW is the fact that

You are whining about doing your duty as an American citizen and paying your taxes, at a point in time when the tax burden for everybody is at the lowest point ever. Yet you continue to whine like a right winger that you are paying too much in taxes, despite the completely obvious need for more revenue to get this country out of the economic mess we're in.

Did you also whine about the tax rates under Clinton? If not, then why are you whining when people suggest we go back to those same tax rates?

[bigtree]

38. what don't you understand about fuck off

asshole (And I didn't even realize this was a different thread. same asshole, same sentiment, fuck off)

By the way, I'm not just ignoring you, I really can't tell whether you're posting or not.

[MadHound]

39. Ah, there it is,

Can't argue the merits of a position, get called out on the truth about your indefensible position, and thus you result to cursing insults. Stay classy there.

[bigtree]

40. until you chose to insult me . . . now I'm through with you

[LanternWaste]

25. I'd be more than willing to pay additional taxes to assist

I'd be more than willing to pay additional taxes to assist in paying for the maintenance of the national infrastructure, R&D, social safety nets, etc.

Having said that though, it certainly does not imply my unwillingness to see the one-percenters pay more also, much as your post too did not imply that.

[Tatiana]

2. I honestly, even in these tough economic times, would be willing to have my taxes increased

If we got a serious non-tax cut, public works/WPA-style JOBS PROGRAM.

We need to EMPLOY people. If the private sector cannot provide enough jobs (or is deliberately cutting back in order to sabotage the President), it is up to the government to (at least temporarily) directly employ people in order to provide a bigger economic stimulus.

[mmonk]

3. I don't mind my tax rate going back to where it was.

It's not like my life is better now without government spending.

[sinkingfeeling]

6. OK with me as long as all the tax cuts expire.

[dennis4868]

10. This is the payroll tax...

not the Bush tax cuts which don't expire now...this is going to hurt the middle class, not the super wealthy.

[sinkingfeeling]

13. We were paying the full payroll tax before and I have no problem with paying it again. It funds SS.

[Bandit]

15. What is going to hurt the workers is not funding Social Security adequately..

I was opposed to reducing payroll taxes and I am in favor of re-instating them immediately.. I am a firm believer in the benefits of Social Security and reducing money to it for basically peanuts to the individual is not wise..

[dennis4868]

34. What you say is simply not true but...

a DU myth...not going to hurt SS. Hate the hyperspeculation on this stupid site.

[Bandit]

36. What the hell are you talking about?

Payroll taxes are Social Security and Medicare Monies... When you reduce those taxes you reduce the amount going to pay for those services..How can you say any different?

[doc03]

7. Fine with me we need to cut the deficit n/t

[dennis4868]

8. I'm happy all of you....

can pay more in taxes but I can't. I will be in big trouble if I have to pay the extra taxes...I love my country and would love to be in a position to pay more now but I am not...I am scared.

[bigtree]

12. I hear you

I'm looking for any advantage. I've watched as the wealthy have cleaned up at my expense. Now, when it's my turn to benefit, when it's my turn to have my taxes reduced, supposedly progressive folks want to preach austerity to me.

[knitter4democracy]

14. Me too. I have to pay taxes on the alimony I need to survive.

He gets a tax break, and I have to pay all the taxes on it. My tax burden as a single mom trying to make it on a substitute's salary with no benefits is massive.

[Modern_Matthew]

24. +1 I am disgusted by the cheerleaders for REGRESSIVE taxation here. nt

[ileus]

17. I'd rather keep my potential tax dollars, than buy them more pepper spray.

what do you think they'd really do with more tax money? Increase spending on education? Fuck no...

Buy more weapons, fund another mortgage lenders bailout, give more cash to israel, start another war.


As for me and my family we can put the money that's already in our pockets to a much better use.

[qb]

19. I would rather sacrifice now & invest for our children than continue to shitcan the entire economy.

[saras]

21. They're EITHER middle-class OR working families. You can't have it both ways.

The middle class is people who are NOT productive workers, but manage others, towards the goals of the 1%. Sorry, but that's always been the only USEFUL definition of middle class. It has to do with what role you play in maintaining the system, not how many dollars you make.

So the more wealthy you are, the more this cut benefits you. If you're married and getting by on less than $20k a year, screw you.

And unemployment benefits aren't to last "while we search for jobs", they are to last "until someone CREATES the fucking jobs". So their purpose has changed. We may as well face that, or we will have riots instead of nonviolent protest.

[bigtree]

22. you're just way off here. These folks WORK for a living.

A typical married couple with two kids earning $40,000 received an additional $2,640
A typical single mother with one kid earning $30,000 received an additional $1,110
A typical married couple with three kids earning $75,000 received an additional $2,640
A typical married couple with no children earning $50,000 received an additional $1,140

[Modern_Matthew]

23. Taxes on people making such low income is REGRESSIVE...

My dad will be affected, who is already beyond stressed living paycheck to paycheck.

He can't lose anymore money from his check.

Fuck anyone that suggests he should.

[SOS]

26. Using the White House calculator at link

A typical single person earning $20,000 received an additional $400.

Wow! An extra $33 an month in my pocket!
Maybe I'll go out to dinner (by myself) in December.

How about no tax for all income under $40,000 and Exxon/Mobil and GE pay more than $0 per year?

[bigtree]

28. sure

I'll just call up my man Barack and get him to punch that in . . . nice to not need $400.

[hobbit709]

27. 0 for me. I don't make enough to worry about it.

[Fumesucker]

29. Obama's last tax cut raised net federal taxes on those making under $20K..

I doubt this one will be any better.

[bigtree]

30. the 'Making Work Pay' incentive expired at the end of 2010.

The new tax cut scheme isn't as beneficial as the last one the President initiated and enacted, but it was the result of a compromise from a lame-duck Congress.

So, in fact, at the end of 2010, there was essentially NO tax cut program in place which would lower middle-class taxes or those below $20,000. On the initiative of the President, most of that tax relief was (temporarily) restored by Congress.

[Fumesucker]

31. You are talking details that people making under $20K care nothing about..

What matters to them is the amount of money they take home at the end of the pay period, all else means nothing.

If the administration gave a damn about those at the bottom end of the income distribution this would not have happened while millionaires and billionaires got a monstrous tax cut.

Your protestations fall on deaf and uncaring ears, just like the protestations of the lowest paid workers do.

[bigtree]

32. I'm just telling you the facts, as opposed to the rhetoric

At the end of 2010* there was NO middle-class tax relief in place. On the president's initiative, Congress agreed to reinstate most of the tax relief. Workers certainly recognize the difference between something and nothing.

If he had his way, he'd likely make the first initiative he proposed and enacted permanent.

You can pretend the President was in complete control of all of that, but most Americans recognize that it's Congress which misers out the tax benefits. Most Americans know well who's really standing in the way of tax fairness and relief for the majority of taxpayers.

edit*

[Fumesucker]

33. And I'm telling you what matters in the end..

It's deeds, not words that count, no matter how pretty the words, no matter how polished the delivery.

We know who Obama fought for, it wasn't those at the bottom of the income distribution.

[bigtree]

35. he fought for the first tax break, and he fought for the second round

The fact that he got less on the second go may well reflect badly on him, but it is, in reality, Congress that bears responsibility for the difference and the shortcoming in the second attempt by the President at providing tax relief for the middle-class.

You've already defended the Making Work Pay credit. That's one example of the President successfully fighting for 'those at the bottom of the income distribution'.