The Fiscal Cliff is going to rip the Middle Class to Shreds

[The_Outlaw]

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.

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[fuhr52]

Obama can stick it to the so called rich and successful all he wants. The middle class is the one that is going to pay and pay and pay. The middle class is the working class. He punishes the successful job creators and they will stop creating jobs. Take away incentives to investments and the risk takers will no invest. Again the job creators will stop creating jobs. Unlike government, no income no spending. When all this trickles down and it will, the middle class will pay.

 

[golocx4]

I think we should go back to Clintons Taxes. After all, all we have heard is how Clinton created the Boom and balanced the budget. And for better than 8 years now we have heard nothing except vitriol about Bush's Tax Cuts.
Suddenly the same people that got quivers up their thighs are saying how great those tax cuts are.
It is all BS and Theater. Now they are trying to prop up JOE Biden as the Adult in the room. We are being played.


I am in the process if getting all my stuff together for the Tax man.
by my first estimation I have to come with 5K by April 15th just for the feds,
This is on top of 8g's I have sent in quarterly.
So it means I have to liquidate a couple of holdings to pay the bill and the gains on that sale are taxable next year, so the cycle continues.

I don't make 250 per year.
I worked hard - saved hard and didn't live beyond my means.
Man was I stupid.
Note to self in my next life, just be a lemming and let other fools take care of me and give me stuff.

 

[dcselby1]

Not yet. The house just OK'd the bill passed by the Senate.