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Middle Class will face higher taxes under Republican Plan
Posted: Jun 20, 2012
Those changes would benefit virtually every taxpayer, but they also would reduce federal tax collections by about $4.5 trillion over the next decade, according to the nonpartisan Tax Policy Center. To avoid increasing the national debt by that amount, GOP leaders such as House Budget Committee Chairman Paul Ryan (Wis.) have pledged to get rid of all the special-interest loopholes and tax shelters that litter the code.
Republicans have declined to identify their targets. However, some of the biggest “loopholes” on the books are popular tax breaks for employer-provided health insurance, mortgage interest, state and local taxes, and retirement savings, which disproportionately benefit the upper middle class.
So although households earning $100,000 to $200,000 a year would save about $7,000 from the lower tax rates in the GOP plan, those savings would be swamped by eliminating major deductions, according to the report by the Democratically controlled congressional Joint Economic Committee.
The net result: Married couples in that income range would pay an additional $2,700 annually to the Internal Revenue Service, on top of the tax increases that are scheduled to hit every American household when the George W. Bush-era cuts expire at the end of the year.
Households earning more than $1 million a year, meanwhile, could see a net tax cut of about $300,000 annually.
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middle class - under republicans
[ In Reply To ..]Really? Bias much? Past Lori Montgomery article headlines:
- Middle class would face higher taxes under Republican plan, analysis finds
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- Mark Warner, Chris Coons, Marco Rubio and Jerry Moran unveil a bipartisan job creation plan
- CBO: Taxmageddon would throw U.S. back into recession
- House Republicans call for overhaul of tax code in 2013
- Boehner threatens another debt-ceiling fight
- Boehner sees battle over debt limit as ‘action-forcing event’
- Taxmageddon sparks rising anxiety
- Lawmakers consider changing tax breaks on retirement savings
- Health-care law will add $340 billion to deficit, new study finds
- Tax breaks would be tough to cut, congressional research says
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- Kent Conrad’s last stand on debt
- Boehner tries to keep budget from becoming an election year issue
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- Obama budget: National debt will be $1 trillion higher in a decade than forecast
- Obama budget: National debt will be $1 trillion higher in a decade than previously forecast
- Jacob Lew defends Obama’s spending plan
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- Budget to raise taxes on the rich, hike federal spending
- Frustrated GOP freshmen target gimmicks that make it hard to cut the budget
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- New debt plan gains support in Senate; House passes balanced-budget measure
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- Top lawmakers target ‘grand bargain’ for debt plan
- As White House talks falter, Senate works on agreement to raise debt limit
- Top Republicans clash over debt-limit plan
- McConnell outlines new proposal on debt ceiling
- Partisan divide on debt talks growing deeper; Obama says he won’t accept stopgap plan
- Debt reduction talks in limbo as clock ticks toward Aug. 2 deadline
- Boehner abandons efforts to reach comprehensive debt-reduction deal
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- Obama calls debt talks ‘constructive,’ invites parties to reconvene Sunday
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- Obama calls lawmakers to White House in effort to break debt stalemate
- Debt talks: Congress heads home for holiday after posturing, little progress
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- Congressional Budget Office warns of debt explosion
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- Senate approves cut in ethanol subsidies
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- Top Senate Republican suggests eliminating energy tax breaks to reduce debt
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- What to watch for in today’s Biden-led deficit-reduction talks
- Washington Post-ABC News poll shows Americans torn over raising debt limit
- Among GOP, anti-tax orthodoxy runs deep
- House rejects proposal to raise debt ceiling
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- Senate Democrats won’t release their spending plan
- ‘Gang of Six’ on verge of collapse as Republican Sen. Coburn withdraws
- Sen. Tom Coburn leaves ‘Gang of Six’
- Federal worker pensions emerge as target in debt-reduction talks
- McConnell demands spending cuts, Medicare overhaul for deal on debt limit
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- Boehner declares tax hikes ‘off the table,’ drawing White House rebuke
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- GOP leaders divided on prospects for Medicare deal with Democrats
- Budget talks: Republicans offer to seek common ground with Democrats
- Bipartisan effort to reach deal to control national debt stalls
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- Report: Obama deficit plan ‘falls short’ of fiscal commission, House GOP targets
- Democrats, Republicans choose strong partisans for Obama deficit group
- S&P lowers its outlook on U.S. debt; stocks decline
- S&P lowers its outlook on U.S. debt; stocks decline
- No-tax-hike pledge creates Republican rift, potential roadblock to deficit deal
- Obama address was surprise attack, GOP lawmakers say
- Obama announces framework for cutting deficit by $4 trillion over 12 years
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- Obama turns to his bipartisan deficit commission’s blueprint for reducing debt
- Republicans embrace Rep. Ryan’s government budget plan for 2012
- House Republicans unveil $3.5T budg
Study done by - sm
[ In Reply To ..]Nonpartisan Tax Policy Center. Not Ms. Montgomery.
Pretty clear you have no knowledge regarding - Democrat's plan or chose to ignore
[ In Reply To ..]No facts, no credibility. Just DWS on steroids AGAIN!
DWS? - sm
[ In Reply To ..]Dancing with the Stars?
Debbie Wasserman Schultz - nm
[ In Reply To ..]x
Actually I do have knowledge of it - and I know which helps me and which doesnt.
[ In Reply To ..]* The president would increase individual income taxes only for individuals with adjusted gross income over $200,000 and couples with AGI over $250,000 (2009 values, adjusted for inflation).
Obama has already cost the middle class dearly - and set to cost them more
[ In Reply To ..]Anyone that thinks tax increases are going to be held to those in the $200,000 or 250,000 range, let us know when you wake up from the dream state. Obamacare alone, if it stands, has 93+ additional taxes, all geared towards middle class. Not to mention the debt Obama has us mired in...who do you think is paying for that? Forty cents on every dollar to interest; who do you think npays for that? Those that think Obama is out for the middle class need to sign up ASAP for Economics 101.
Exactly! Obama is killing the middle class right now!! - He also thinks he is above the law!! nm
[ In Reply To ..]nm
Obama so out of touch and no respect for MC - and NO respect for rule of law
[ In Reply To ..]Obama is a TOTAL FAILURE. This guy has got to go. Four years of Obama is 4 years and 1 day too many.
I find Obama frightening at this point. Does he - think he is a KING? nm
[ In Reply To ..]nm
Seems so - Obama ego has no room for
[ In Reply To ..]us little peons that serve him and Michelle. His EO proves that beyond all doubt.
a substantive response would be valuable - nm
[ In Reply To ..]
a substantive response would be valuable - Like YOURS "nm"...
[ In Reply To ..]Don't expect from others what you don't do yourself. ***
well, I guess you got me on that one - sm
[ In Reply To ..]I was addressing a poster who provided a rejoinder but no substantive info. Maybe I just should have told her to ***, as you have done here. ***
Yeah - you were "got"... - Now ***
[ In Reply To ..]x
- thank you
[ In Reply To ..]
Thank you - try practicing civility and should not be a problem - Moderator can see where the problem/insults start
[ In Reply To ..]Nobody on this board has to lie down for posters that can't make a simple statement without an insult or rude comment. Moderator can see every post like we do. On top of that, pretty easy for moderator to track emails. Pretty easy to see which posters are regular insulters and where the flaming starts. Don't like the insults you post being handed back to you...stop posting them.
I am extremely civil - thank you - I repeat...
[ In Reply To ..]The post with put up or shut up remains: This has nothing to do with who posts rude comments; it has to do with who whines.
The post you are referring to has been edited - Moderator
[ In Reply To ..]I didn't get a chance earlier to read all posts. I edited the one you are referring to.
I'm trying to get civility to the board. Just trying to stick to issues and leave out personal comments.
Thanks,
Moderator
Thank you Moderator - Maybe if they continue to be "edited"
[ In Reply To ..]they'll understand the process. No reason for any post to be insulting. Just the facts ma'am :)
thanks - nm
[ In Reply To ..]
Nuns on a Bus - Go Sisters!
[ In Reply To ..]CEDAR RAPIDS, Iowa --- A group of Roman Catholic nuns have left Des Moines on a two-week bus tour of nine states to protest Republican federal budget proposals that the group believes hurt the poor and vulnerable.
The primary target of the so-called “nuns on the bus” is Wisconsin Rep. Paul Ryan, the author of the “Ryan budget,” which has been approved by the Republican-controlled U.S. House.
It’s not just his budget plan, which Sister Simone Campbell, executive editor of Network, a liberal social justice lobby in Washington said would decimate the social safety net by cutting federal spending by $5 trillion over 10 years while adding $4 trilli9on in tax cuts.
“The part that really got us going was Ryan saying his Catholic faith informed his budget,” Campbell told The Gazette Editorial Board. “My astute political analysis was ‘liar, liar pants on fire.’”
So the Catholic sisters have launched a nine-state bus tour from Des Moines to highlight their work and bring attention to Ryan’s “immoral” budget priorities. They’ll take their message to Dubuque Tuesday, stopping at Dubuque Food Pantry, 1598 Jackson St., at 9:30 a.m.
Her understanding of Catholic moral teaching is far different that Ryan’s, Campbell said. “He wants us to think it’s only about the individual and promoting the individual.”
The Catholic church does teach individual responsibility, “but always in the context of community,” she said.
“You can only have individual responsibility if you know how we are in community together,” Campbell said. “That means I’m as aware of your needs as you are of mine.”
Read More: http://wcfcourier.com/news/local/nuns-on-the-bus-attack-ryan-budget-plan-during-iowa/article_3a5975ba-b96d-11e1-acca-001a4bcf887a.html#ixzz1yLjFBMfF
Love those nuns! - nm
[ In Reply To ..].
Me, too!! - nm
[ In Reply To ..]
That was an opinion piece with no sources to back it up - middle income do better under republicans
[ In Reply To ..]Always have. When democrats rule my taxes ALWAYS go up. Republicans get in and my taxes go down. When republicans are in I'm middle income, when democrats get in they always raise taxes on the middle income. The rich always benefit under democrats. Clinton imposed the highest tax increase on middle income.
She simply wrote her opinion, but had no reference to back up her claims.
Have your taxes gone up under Obama? - nm
[ In Reply To ..].
Yep and - Yep
[ In Reply To ..]Not matter how much info is provided, the Obama worshippers ignore it all. So, if you have any interest...go to Google, type in O-B-A-M-A and M-I-D-D-L-E C-L-A-S-S T-A-X I-N-C-R-E-A-S-E-S.
But don't stop there if you dare. Check out how Obama's screwing around with SS W/H tax affects your RETIREMENT income amount. Then, go to the site that lists what allowing illegal aliens retirement income costs, health care for illegals, as well as illegals on every entitlement program you can think of - see how that affects your increased taxes. Next, go to Obamacare and look at what that has in hidden taxes. Now, Google into Dodd-Frank (D) and see what that costs in hidden tax.
Not every tax Obama laid out for public review. Much of Obama's taxes are buried. But heh, you want to believe you're better off, you are entitled to any erroneous, uninformed, nonfactual opionion you want...after all, your no-tax increase is just that, AN OPINION.
ANYONE who says their taxes have gone up under Obama - is a ***. nm
[ In Reply To ..].
ANYONE who says their taxes have NOT gone up under Obama - is a *** - nm
[ In Reply To ..].
Wow. - sm
[ In Reply To ..]47% of Americans pay NO taxes - are those the ones you're talking about? The rest of us are paying the increased taxes.
Excellent point - My taxes have gone up
[ In Reply To ..]Capital gains taxes are up, too, under Obama.
Capital gains taxes remain at 15%. Included in his - sm
[ In Reply To ..]budget is a proposal to raise this type of "unearned" income to 20%.
"President Barack Obama has proposed that the capital gains tax be raised to 20% after sitting at 15% due to President George W. Bush's lowering of it early in his first term. It's unlikely to pass in Congress, but there is an ongoing debate about what a hike would do to the economy. It seems that the evidence is that the economy as a whole would be largely unaffected, and that those who were most affected would be wealthy.'
Yes they have - what's your point?
[ In Reply To ..]I just told you they did.
My point is your - pants are on fire. nm
[ In Reply To ..].
Yeah - your seat must smoking - No facts in your post
[ In Reply To ..].
Ah...I see you have no point. - sm
[ In Reply To ..]Nice try....not. So tell the pants on fire to all the middle income whose taxes have sky rocketed under the democrats. Are you here to see my tax form? Do you work for H&R block? Do you work for the IRS? Tell your weak attempt at calling posters liars to all the middle income family suffering under democrats. Thousands and thousands whose taxes go up. Take the snotty replies to the our accountants, and the IRS people. Because you know what. We don't really care whether or not you believe us. The liars are the ones calling others liars. Sorry you have no sympathy for people struggling. Higher taxes? Sure that's okay with you as long as a democrat is imposing them. Hey, maybe you can get a job for yours truly changing history in the books of higher taxes under democrats.
Actually since you are the one with your pants on fire you have no point.
obama is - a train wreck
[ In Reply To ..]Do you honestly believe he wants to reduce taxes? If you reduce taxes, how do you pay for the massive debt - not to mention Obamacare?
The White House is billing its $3.7 trillion budget as a package of cuts that will reduce the deficit by $1.1 trillion over ten years.
But at closer inspection this budget is as much about tax hikes as cuts.
In fact, the budget contains as much as $1.5 trillion in hikes over ten years, according to the Americans For Tax Reform.
Here are the 15 taxes identified by ATR:
- Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
- Raising the capital gains and dividends rate from 15% to 20%
- Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
- Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
- New bank taxes totaling $33 billion over ten years
- New international corporate tax hikes totaling $129 billion over ten years
- New life insurance company taxes totaling $14 billion over ten years
- Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
- Increasing unemployment payroll taxes by $15 billion over ten years
- Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years
- A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
- Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.
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WSJ Chief Economist: 75% Of Obamacare Costs Fall On Middle ClassJul 01, 2012
The Senior Economics Writer at WSJ discusses the costs of Commiecare in this interview. He notes that 75% of Obamacare's costs will fall on the backs of those making LESS THAN $120,000 per year. (So much for the political spin about the "rich," eh?) He also notes the 8%-10% INcrease in insurance premium costs since Obamacare passed despite the lies Obama told us about it DEcreasing insurance premium prices. So, my options are: 1) Not buy health insurance and ...
What? Health Care Countdown: Senate Bill Could Hit Middle Class HardJan 04, 2010
In fact, the Senate is counting on raising $120 billion in new taxes over the next 10 years, the majority of which will come from the middle class. Another $30 billion is expected to roll in from the actual tax on insurance plans, but far more comes from wages. "This is a big tax on the middle class," said Douglas Holtz-Eakin, former director of the Congressional Budget Office, noting that 95 percent of people with the so-called Cadillac plans make under $250,000. And that tax, critics sa ...
Republican Congressman Plan For The HomelessMar 06, 2015
Alaska Dispatch News Don Young suggests introducing wolves as solution to homelessness Becky Bohrer|Associated Press March 5, 2015 JUNEAU -- U.S. Rep. Don Young lashed out at congressional members who urged continued protections for the gray wolf in parts of the Lower 48, saying none is from a district affected by wolves. He said during a hearing in Washington, D.C., that he would like to introduce wolves in their districts: "I'd introduce 'em in your district, you would ...
Republican-led House Blocks Obama Immigration PlanDec 04, 2014
Washington (AFP) - In a symbolic rebuke to US President Barack Obama's unilateral action on immigration, the Republican-led House of Representatives voted Thursday to block his plan to shield millions of people from deportation. The bill, which passed 219-197 along party lines, was introduced by conservatives furious with what they consider Obama's abuse of power when he announced his executive order last month. But it is unlikely to reach the floor of the Senate, where Obama's ...
Senate's Doing A Vote Blitz On The Republican Budget PlanMar 26, 2015
They really want to go home tomorrow so they're doing in one day what they should have been doing in 6 years, working and voting on important bills instead of complaining about the other side by the Majority Leader and blocking every bill that was sent over by the House. :)Wonder what they'll do with the Doc Fix bill. ...
"Who Killed American Unions?" Powerful Graph Shows Shows Middle Class IncomeJan 17, 2013
From The Atlantic: "Wisconsin Governor Scott Walker doesn't like unions, and unions don't like him. But the most remarkable thing about Walker's relationship to labor isn't that he thinks unions are worthless -- most Republicans agree -- but that he thinks about them, at all. Today, unions have been swept into dusty corners of the U.S. workforce, such as Las Vegas casino cleaners and New York City hotel staff. For much of the 20th century, things were different. A ...