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Discussion Starter · #1 ·
I would like to know everyone's thoughts on if the cuts will be extended and the economic impact (national and personal) if they are not. I am just starting on my personal budgets for next year and a failure to extend the cuts or pass a AMT fix will have a significant impact on my spending and saving. I am afraid they will either fail to extend the cuts and fail to pass the AMT fix, or they will pass the cuts and "forget" about the AMT as a compromise.

Here is a calculator showing the impact on your income: http://www.foxnews.com/politics/2010/10/11/expiration-bush-tax-cuts-affect/.

Here is another article:
For a typical single filer with adjusted gross income of around $40,000 it might be about $400 a year.

For someone on $80,000, about $1,600.

How about married couples filing jointly? They'd get hit with higher tax rates and a lower standard deduction. (It was raised in 2001).

A couple earning $80,000 a year in adjusted gross income might pay about $2,200 extra. A married couple on $160,000 a year: Maybe $5,500 extra.

If they have children it would be more, as the child tax credit would revert from $1,000 to $500. Ouch.
http://online.wsj.com/article/SB10001424052748703977004575393483572603148.html
 

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So... according to your website, I would pay less under Obama's plan than either the Democrat or Republican one, which are both tied for 2nd.

Explain to me how voting Republican helps me on this issue again?
 

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Around $2,000 more for us.
 

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ookoshi said:
Explain to me how voting Republican helps me on this issue again?
I think the OP was discussing taxes, and not attacking your political beliefs.
 

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Discussion Starter · #5 ·
Is this not on anyone's radar? Glenn Beck said today on his TV show that the cuts will expire for everyone. Regardless of your income I suggest everyone start planning their budgets for next year and try to defer as much as you can.

The tax cut expiration itself would be the largest tax increase in US history. The failure to patch the AMT could be a death blow to the economy.

If the tax cuts expire and the AMT is not patched there will be pain, serious long term pain...
 

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No relief expected from the angry lame duck Dem's. They will give us the final finger on the way out.

The next Congress will have to fix things, and the President will need to sign it. Will he ?
 

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Discussion Starter · #7 ·
New2Atlanta said:
No relief expected from the angry lame duck Dem's. They will give us the final finger on the way out.

The next Congress will have to fix things, and the President will need to sign it. Will he ?
Before Ookoshi weights in, this is not a Democrat/Republican debate. Both parties are guilty. Voters are guilty. We need to stop blaming and start fixing.
 

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AEKDB said:
New2Atlanta said:
No relief expected from the angry lame duck Dem's. They will give us the final finger on the way out.

The next Congress will have to fix things, and the President will need to sign it. Will he ?
Before Ookoshi weights in, this is not a Democrat/Republican debate. Both parties are guilty. Voters are guilty. We need to stop blaming and start fixing.
You're right.
 
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