$500 Million in Tax Breaks Set to Expire

@debrakcarey (19924)
United States
April 18, 2012 1:14pm CST
http://www.foxnews.com/politics/2012/04/17/taxmageddon-coming-answer-could-cost-americans-500-billion/?test=latestnews Did you know that at the end of this year, right after we elect someone other than Obama to be president, $500 million worth of tax breaks will expire? It will cut the child credit from $1000 to $500. The marriage penalty will return. The tax on the dividends which many rely on for retirement will soar to almost 40% (up from 15%) The Payroll Tax cut will end. The Bush era tax cuts will end. All this hits the middle class and working poor. So why was Congress given the 'Buffet Rule' bill to vote on, when they should have been working ON THIS disaster waiting to happen? Why take up their valuable time with something everyone already knows will NEVER PASS? Not a word from our fearless leader on this; does he care, or does he NOT KNOW? Jan. 1, 2013. Will Congress address this in time? Some feel they won't due to the election. What then? Can we survive this?
1 person likes this
4 responses
@2004cqui (2823)
• United States
18 Apr 12
And then there is Rail Road Retirement up on the chopping block! The financial industry is still selling junk and to top it all off, studying what else they can get away with without getting caught! I have personal experience with their ability to keep any illegal activities confidential. We a citizens can't do that! Only "big money" can be guaranteed anonymity! The ugly underbelly of the financial world will never be exposed! Why, you ask? Because the true picture of the real mess we're all in right now would trigger massive anger, panick, as well as give us an education! We'd all be screaming "I won't take it anymore"!
@debrakcarey (19924)
• United States
18 Apr 12
Maybe that's what they're hoping for so they can round us all up and throw away the key, they'll have all the money and resources and we'll be in a FEMA camp waiting fort the train to leave.
@debrakcarey (19924)
• United States
19 Apr 12
sorry,that was sarcastic and I apologize. Truthfully, though I'm sorry I said (typed) it with sarcasam, it is bordering on the truth. There just seems to be TO MUCH, the scandals come one after the other, and we don't even hear what, if anything has been done about it. Like a flood of sleeze pouring from the White HOuse, the DOJ and the Treasury. Congress can't agree on anything because the Democrats want to vote in socialism and the Republicans want to stop them...some of them are trying. I'm tired, and it is ONLY April.
@2004cqui (2823)
• United States
19 Apr 12
Let me clue you in on something-I've got a "tougher hide" than most people! If it had even a sliver of a chance it was offensive to me it wouldn't be noticed! As it is we have no choices but watch all this unfold in front of us. We have no chance of changing anything here, we can only talk about it. Anger is a waste of energy!
@Fatcat44 (1142)
• United States
18 Apr 12
It is all a distraction. The libs are using smoke and mirrors to keep us from working on that which is needed.
@debrakcarey (19924)
• United States
18 Apr 12
I almost agree, on some things, yes they are using smoke and mirrors to hide the real issues. BUT this is a real issue IMHO. Obama does want to fundementally change America, from a world power to a subservient third world disaster zone.
@debrakcarey (19924)
• United States
18 Apr 12
http://americanpowerblog.blogspot.com/2012/03/oil-industry-pays-more-federal-taxes.html Here you go, these are the FACTS. Yet, we're told big oil gets 'subsidies'. What they get are tax deductions that are LEGAL for them to claim. And this really has NOTHING to do with the cost of oil. Speculators are now under fire, what about TARP money we'll never see again, and some evidence of cronyism on the part of the White House when it comes to 'green energy companies'? The smoke and mirrors are just Obama trying to get away with his lies to the American people.
@Taskr36 (13925)
• United States
18 Apr 12
Maybe Obama thinks the government really needs that $500 million. After all, that's almost enough money to run the government for 80 minutes.
@debrakcarey (19924)
• United States
18 Apr 12
Not if he takes another vacation!
@sierras236 (2740)
• United States
18 Apr 12
Yes, President Obama, the only President to make history by campaigning on a higher taxes platform. It is going to get really ugly in 2013. You did forget one more cost potential and that is Obamacare. Regardless of how you look at it, the bottom line is that the middle class are going to pay more.
@debrakcarey (19924)
• United States
18 Apr 12
The way I look at it, under Obama there will be no middle class...oh wait, the rich will be the new middle class! Poor people will just starve I guess.