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Tuesday, October 02, 2012

Economic Education

There is a real push - not by any single political party but by the Tax Policy Center, a NONpartisan group - about tax hikes which will be coming at the end of the year ... ON TOP OF any other taxes that will be added for healthcare or payroll or whatever your state/county municipality has in mind ...

In MY state the increase could very easily put people into a 50% bracket at MIDDLE INCOME levels ... But for the FEDERAL INCREASES:

Lowest Bracket
+ $412/yr
+ 3.7%

Middle Brackets
+ $2000/year
+ 4.4%

Top 1%
+ $120,000/year

Wow - that is really going to hurt EVERYONE

There is going to be a cut for:
• child tax credit (as it is you can't count them past 16 years even though the government makes you pay for insurance/tuition until they are 26yrs old)
• tuition tax credits (where you can take off a goodly part of the interest for you or your child's higher education)
• Earned Income tax credit (I've seen this in relation to getting part of your child-care costs back for the lower incomes, but I think it includes other things too)

It will also cause the GDP - which is already hurting - to drop ANOTHE 3 - 4% ... Which could easily put us into the same situation as Spain ... Greece ...

So how do they see the election effecting it?

They predict (the tax group) that IF Obama wins there will be gridlock where the president is going to block anything the house tries to do to fix it ...

If Obama loses he will do nothing since the tax hikes take place on the "republican watch" and all Romney can do is ask the IRS to quickly redo the tax tables before April 15th (which means reprinting all those forms/computer programs will need patches) at least for the LOWEST levels ... But there's some doubt as to to whether there will be time to do anything for the middle class - the top 15% will get hit anyhow

There will be no time to stop the initial hit by Obamacare tax hikes (they will hit every group on their own)

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