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Coming Soon: ‘Taxmageddon’

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ON Jan. 1 of next year, the federal tax bill for a typical middle-class household — making in the neighborhood of $50,000 — is scheduled to rise by about $1,750. This increase, which would come from the expiration of both the Bush tax cuts and the Obama stimulus, would come after a decade of little to no income growth for many people.As a result, inflation-adjusted, after-tax income for the median household could fall next year to its 1998 level, in spite of the continuing economic recovery.

The middle-class tax increase is just the beginning of budget changes set to take effect at the start of 2013.

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I am hoping enough people will be together by than, and enough martars, to have the revolution we need so bad......

It is beyond out of control.........

Discussing it will not help, voting will not help....

Past time for some serious action to be taken.

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The one upside to all this is that we will no longer have an incentive for career politicians. They won't have money to bribe their constituencies with and so will begin the age of citizen servants in congress instead of million dollar thieves.

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The one upside to all this is that we will no longer have an incentive for career politicians. They won't have money to bribe their constituencies with and so will begin the age of citizen servants in congress instead of million dollar thieves.

What you can't bribe your constituency with can be provided by your pals who want to have some laws passed. Notice how these pals will be mostly unaffected by the mess they caused.

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So, wait, the Bush tax cuts did benefit the middle class after all?

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So, wait, the Bush tax cuts did benefit the middle class after all?

No, but the Obama stimulus, that will also be cut. To remain informed you have to read the whole thing, not only the partial sentence you are interested in.

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.. i'm wondering , and worrying, about what happens if the dollar plunges. How would we ever raise enough taxes/revenues to pay off all of our Debt with dollars worth 35¢ ?

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.. i'm wondering , and worrying, about what happens if the dollar plunges. How would we ever raise enough taxes/revenues to pay off all of our Debt with dollars worth 35¢ ?

As long as the dollar does not loose value in the country itself not much happens, if it looses due to inflation wages get higher, prices get higher and therefore tax revenues are higher. So same circus, different figures.

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