Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (41648)	11/28/2010 9:51:37 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 103300

Re: "Why should higher earners pay more?" Why should budgets balance? Why should federal borrowing be reduced? Why should Social Security be able to stand on it's own financing? (Answer I suppose to all that is 'why the Hell not?') ALTHOUGH --- as I have often volunteered --- I'd be 100% behind the concept of a SINGLE RATE Flat Tax system... with no loopholes, no special interest tax provisions, and all income (regardless of source) taxed at the same low tax rate! But... if we ain't gonna get rid of the loopholes and 'special categories of privileged income sources' which most often play to the very large benefit of the wealthiest, then I suppose we are gonna have to stick with graduated rates (imperfect solution though they be....)

To: Wayners who wrote (41648)	11/28/2010 9:55:34 PM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 103300

Your paycheck is about to shrink By Blake Ellis, staff reporter November 24, 2010: 1:01 PM ET money.cnn.com NEW YORK (CNNMoney.com) -- Are you ready to give up $30 a month? That's what may come out of your paycheck if -- as expected -- the Making Work Pay tax credit expires at the end of the year. The credit was enacted last year as part of the Recovery Act to put more cash in people's pockets. For the past two years, it has boosted paychecks by up to $400 for single filers and $800 for joint filers by reducing the tax withheld and giving a credit for that amount. That's $33 or $67 a month. Single taxpayers who make $75,000 or less and couples earning under $150,000 are eligible for the full credit, while higher earners can receive partial credit. More than 90% of working Americans have been helped by the tax break. Now they will feel the pain when the credit goes away. A Senate Finance Committee aide said panel chairman Max Baucus, a Montana Democrat, is working on a proposal to extend a number of expiring tax breaks when Congress returns next week. Obama proposed an extension months ago, but it's unclear if the administration will fight for it now. Tax cut stew for Christmas And with only weeks remaining in the lame-duck Congress, the credit is likely on its way out, said Clint Stretch, managing principal of tax policy at Deloitte Tax. "I haven't seen any serious effort to extend Making Work Pay," Stretch said. "For this to get passed, somebody in Congress would have to be saying this is a priority, and we just haven't seen that happening." Instead, most of the buzz is about the Bush tax cuts, which are also slated to expire at the end of the year. Republicans are fighting to extend the Bush cuts for everyone -- including higher income Americans. But Obama, who has promised not to raise taxes on the middle class, is pushing to preserve the cuts only for family income up to $250,000. "The most curious aspect of the tax debate is the obsession with taxes at the high end," said Chuck Marr, director of federal tax policy at the left-leaning Center on Budget and Policy Priorities. "But when almost every middle and lower class American is going to face higher taxes, nobody's talking about it."