Comments for The expiration of four tax breaks for families looms at http://www.theind.com , comment 1 to 2 out of 2 comments http://www.theind.com Sun, 19 May 2013 08:51:53 +0100 FeedCreator 1.7.3 http://www.theind.com/news/indreporter/11687-the-expiration-of-four-tax-breaks-for-families-looms#comment-27333 Oh, by the way, since the loving/caring Democrats are going to let the low income folks pay some income taxes going forward (unlike that horrible President Bush who subsidized the low income people), they must also insist that folks meeting the following income thresholds (the millionaires and billionaires) pay a little extra too: 3.8% tax on Net Investment Income and 0.9% increase on the EMPLOYEE portion of Medicare for: Married Filing Jointly - combined MAGI (Modified Adjusted Gross Income) over $250,000 Married Filing Separately - MAGI over $125,,000 per person Individuals - MAGI over $200,000 Trusts and Estates - $11,650 At least this may convince some folks to stay married. Maybe it will lower the divorce rate in this country. That's good, isn't it? I was just starting to find some good in this, until I remembered that Obamacare removes $716 billion from Medicare, but I guess the additional EMPLOYEE portion mentioned above will cover some of that along with the extra tax revenue from the low income folks. - Dudley E. LaBauve, III Tue, 16 Oct 2012 05:46:25 +0100 http://www.theind.com/news/indreporter/11687-the-expiration-of-four-tax-breaks-for-families-looms#comment-27321 That is one reason I believe why Obama/Biden are constantly harping on raising taxes for people earning over $200,000/yr. (or is it $250,000, or is it $1,000,000), even though it won't put a meaningful dent in the annual budget deficit. I looked at the federal budget a couple years ago and saw the coming increase in tax revenue for 2012 and even more for 2013, and found that it was due to the reasons mentioned in your article. If allowed to expire, basically what happens is low income folks will no longer be subsidized, and will actually begin paying some income tax rather than getting more back than was paid in. In fact, if my memory serves me correctly, they are already in for a surprise at the end of 2012. I believe 2012 amounts to no subsidy, but also no income tax. Next year is no subsidy plus pay income tax somewhere in the vicinity of 8% or 9% for families at the poverty level, just like it was when Clinton was in office! It doesn't matter for the low income earners who wins the election in this case. The Democrats will let the tax cuts expire, but also raise tax rates for the higher income earners, like when Clinton was in office! The Republicans would like to lower income tax rates, remove tax deductions, and spread the base. Walter, with the various deductions available to me as a small business owner, my effective tax rate is around 16%. If the Republicans get elected and do what Romney says he wants to do, I will be paying around 25%. If the Democrats get elected, I will be paying around 16-17%. If the Democrats want to raise tax revenue and get a job, then they should vote Republican! - Dudley E. LaBauve, III Mon, 15 Oct 2012 11:11:19 +0100