Tag Archives: payroll taxes
Obama lied during both presidential campaigns when he promised that “I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase.” The fiscal cliff deal raises taxes on 77.1% of U.S. households.
It turns out that Obama didn’t just lie– he actually coerced Congress into passing the 154-page fiscal cliff bill 3 MINUTES after receiving it on the fiscal cliff deadline of January 1, 2013 (since Obama failed to make any progress on the fiscal cliff negotiations and pushed the precarious economic situation out to the last minute).
The bill included gifts for Obama’s thoughtless supporters: Super-rich Hollywood got a tax break (despite record box office profits in 2012), as did NASCAR, algae growers, and rum producers (among others): at a cost of $100 billion in lost tax revenues for the U.S. government.
To add insult to injury (to the United States democratic process), “In a move that is rich in irony, President Obama agreed Tuesday night to sign an emergency deficit reduction bill that does almost nothing to rein in spending and then jetted out to Hawaii to resume his vacation at an extra cost of more than $3 million to taxpayers. The price tag is in addition to more than $4 million that is already being spent on the Obamas’ Hawaii idyll, bringing the total cost of the excursion to well over $7 million.” In an even more condescending move, Obama jetted off for his extended Hawaiian vacation without even bothering to sign the fiscal cliff bill that he pressured Congress to pass at the last minute.
After this entire mess, was the problem solved? NO. “President Barack Obama scheduled another so-called “fiscal cliff” crisis for February by announcing late Jan. 1 he would refuse to negotiate any curbs on his use of the nation’s maxed-out credit card.” So get ready for February 2013!
Another Update: Obama mainly harmed low-income Americans by increasing payroll taxes in January 2013– “When asked how their financial situation had changed in January, 32 percent of people with incomes below $75,000 said their pay had dropped, compared with 13 percent who said it had increased. By contrast, 38 percent of people earning more than $75,000 said their wages had gone up last month, and 23 percent said they had gone down. “Mostly it was the payroll tax hurting the lower incomes, while higher-income folks had a boost from things like dividends.””