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RE: [ronpaul-1358] "Fiscal Cliff" averted.AMT "fixed"...Payroll tax cut expired

From: user 1.
Sent on: Wednesday, January 2, 2013 9:08 PM
www.anti-federalists­.us

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Have a Happy new year!!

Brutus

-----Original Message-----
From: [address removed] [mailto:[address removed]] On Behalf Of
Scott R
Sent: Wednesday, January 02,[masked]:12 PM
To: [address removed]
Subject: [ronpaul-1358] "Fiscal Cliff" averted.AMT "fixed"...Payroll tax cut
expired

It will be interesting to see if there's any backlash (and coverage of it)
once the regular folks get their first paychecks this year and wonder why
they got a pay cut.  My wife, God love her, likes to tune into the Today
show in the mornings before starting work.  Being forced to watch the
GE-backed Today show (featuring such great personalities as one of the Bush
daughters, Chelsea Clinton somehow working there, and Mrs. Greenspan) will
be the death of me, but I suppose it does give me a finger on the pulse of
what the latest propaganda is that the government is peddling.  So anyways.

There was talk about the "Fiscal Cliff" being averted, but zero mention of
the payroll tax cut expiring.  So I guess plan A is for them to just ignore
it altogether and see if that sticks.  It probably will, since while most
people will notice/feel it, and maybe complain about it to their friends,
coworkers, and bosses, but I don't see a crowd of people storming the NBC
West Hartford building demanding coverage of it.

I did try to read up a bit on what was "accomplished" with this late-night
deal.  Apparently they finally "fixed" the AMT.  Foolish me.that got my
hopes up for five minutes.  The first story I read said they finally "fixed"
it, but didnt offer details, so then I kept Googling for the details, and it
turns out that they've finally hinged it to some sort of inflation rate, so
they won't have to patch it every year.  That's the good news.  The bad news
is that the 2012 amount (like all prior years'  patched amounts) is far too
low.  I think it's about $75k for joint filers.  The original intent of the
AMT was supposedly to make sure the super-rich were "paying their fair
share" but a two-income household making $75k doesn't sound like super-rich
to me.  Not that I'm in favor of "soaking the rich" (however you want to
define "rich").I'm just sayin'.  The positive spin on that one is that it
grounded me again in reality.no, Scott, there weren't any hidden pleasant
surprises in the deal.

If your household is making decent, but not super-rich, money, another tax
hit you might feel this year is the 0.9% increase in Medicare withholding
over a certain amount (I think it's $200k for joint filers).  Hey, it's
"only" 0.9% more, and it's "only" for amounts exceeding that threshold
(don't quote me on the exact figure).   But 1% here, 1% there.next thing you
know, that's real money.  Add on the CT income tax, sales taxes, property
taxes, etc., etc., and next thing you know, you're paying more in taxes than
you're getting to keep.  Actually, once you factor in the hidden inflation
tax, and you're probably keeping pennies on the dollar.

For bonus points.does anyone know who the first person to use the "Fiscal
Cliff" term?  I don't, but I'm curious.  Neat how all of the propagandists
were in lock-step in using that term and never presenting an opposing
opinion about how it wasn't necessarily all bad (the very modest cuts,
anyway).

Scott


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