I don't consider that "raising" taxes. It is simply reverting to normal. I have no problem with that.

Then Obama should come out and say that instead of telling us taxes won't go up on middle-class families. Anyone who earns $50,000 a year will be hit with a $1,000 higher payroll tax burden. I don't know about you, but I'm not too keen on that while I've yet to see any real reduction in spending. Why is it I doubt we'll see any worthy spending cuts?

We would all be better off with a national sales tax rather than the current income tax system, but there's no way congress or Obama would consider that.

 

But even within the current tax structure there are easy ways to ease the burden on middle class taxpayers.

 

For one, they could adjust the child tax credit to resemble the qualifications for personal exemptions. Right now, you can only take a child tax credit for your child up through age 16. I have two kids age 17 and 18 that I still fully support but get no tax credit. The rules for claiming exemptions allow you to claim the exemption up to age 18, and then really up to age 23 as long as your child is a full time student. They could extend the child tax credit the same way.

 

Also, congress could eliminate the 7.5% floor for deducting medical expenses on your Schedule A (itemized deductions). That's an easy one to allow more deductions for middle class and it could be phased out at higher income levels.

Our legislators stink and I hope the House rejects this farce!

Then Obama should come out and say that instead of telling us taxes won't go up on middle-class families. Anyone who earns $50' date='000 a year will be hit with a $1,000 higher payroll tax burden. I don't know about you, but I'm not too keen on that while I've yet to see any real reduction in spending. Why is it I doubt we'll see any worthy spending cuts?[/quote']

 

It was never presented to be permanent in the first place. Anyone who thought otherwise didn't pay attention to the legislation.

 

I don't know what they'll propose for spending cuts, so I will be waiting to see what develops before forming an opinion.

 

The old expression, "There's a sucker born every minute."

 

So you expected the payroll tax holiday to be permanent?

We would all be better off with a national sales tax rather than the current income tax system, but there's no way congress or Obama would consider that.

 

But even within the current tax structure there are easy ways to ease the burden on middle class taxpayers.

 

For one, they could adjust the child tax credit to resemble the qualifications for personal exemptions. Right now, you can only take a child tax credit for your child up through age 16. I have two kids age 17 and 18 that I still fully support but get no tax credit. The rules for claiming exemptions allow you to claim the exemption up to age 18, and then really up to age 23 as long as your child is a full time student. They could extend the child tax credit the same way.

 

Also, congress could eliminate the 7.5% floor for deducting medical expenses on your Schedule A (itemized deductions). That's an easy one to allow more deductions for middle class and it could be phased out at higher income levels.

 

All of the above certainly sound reasonable to explore further as alternatives.

It was never presented to be permanent in the first place. Anyone who thought otherwise didn't pay attention to the legislation.

 

I don't know what they'll propose for spending cuts, so I will be waiting to see what develops before forming an opinion.

I think we all know that. That's not the point. I'm saying I'd have a lot less problem with it if:

A. The president would just be honest and say the middle class will be paying more.

 

and

 

B. They would have shown us some actual worthwhile cuts.

 

I'm tired of waiting to see what they'll propose. To quote the great CCR, someday never comes.

I think we all know that. That's not the point. I'm saying I'd have a lot less problem with it if:

A. The president would just be honest and say the middle class will be paying more.

 

and

 

B. They would have shown us some actual worthwhile cuts.

 

I'm tired of waiting to see what they'll propose. To quote the great CCR, someday never comes.

 

Well I certainly don't think we'll be paying nearly the "more" that Republicans would have preferred.

Isn't the biggest issue in all this that the 50% or so that we spend all this money on, don't bring in any tax reveunue because they don't pay any taxes via income tax? Until we fix that issue, nothing changes.

It's only a good START if the cuts are really addressed, and in a serious manner, in the next couple months. Raising revenue is simply not going to cut it.

Well I certainly don't think we'll be paying nearly the "more" that Republicans would have preferred.

Again, not what I said.

 

One last time. Show me the reductions in spending. Not seeing them. Doubt we will see them. Business as usual.

Again, not what I said.

 

One last time. Show me the reductions in spending. Not seeing them. Doubt we will see them. Business as usual.

 

Well, as I pointed out earlier, what I have seen and read is that spending cuts are yet to be addressed, thus I can't say what I think of them.

It's only a good START if the cuts are really addressed' date=' and in a serious manner, in the next couple months. Raising revenue is simply not going to cut it.[/quote']

 

Agree

Isn't the biggest issue in all this that the 50% or so that we spend all this money on, don't bring in any tax reveunue because they don't pay any taxes via income tax? Until we fix that issue, nothing changes.

 

I think it's more of a fairness issue rather than about revenue. I saw something once that the bottom 50% earn only 12% of the income and pay only 3% of the tax revenue. I have no idea what revenue would be if tax rates were adjusted so that they paid say 5% of the tax revenue but it would be interesting to find out.

Isn't the biggest issue in all this that the 50% or so that we spend all this money on, don't bring in any tax reveunue because they don't pay any taxes via income tax? Until we fix that issue, nothing changes.

 

All this money on? You aren't assuming that anywhere near a majority of your/my tax money goes toward welfare assistance, are you?