Utica Club Uncle Sam Stein Presented for My Political Acumen

Utica Club Uncle Sam Stein Presented for My Political Acumen
Judge-elect Langone Shows His Utica Roots

Saturday, November 17, 2012

Tax Rate Expirations Cloud Debate Over Future Tax Law

   I don't know if there will be a deal on the "fiscal cliff" or if there really is a cliff. I do know I am tired of hearing about the "Bush tax cuts". 
   We should end these tax deals with expirations and reversions. What rates put in place while Mr. Bush was President are history now. Congress should set the rate and if we want to change it in the future that's can be done.. The same is true with the FICA reduction passed a couple years back and due to expire now.
     Now that expiration becomes a defacto thousand dollar a year hike for America's working families and middle class. (2% of income based on $50K income)
      Referring to rates set ten years ago as the Bush tax cuts" forever taints the current debate. Just set a rate and call it the current rate.
Obama, leaders talk fiscal cliff compromise - Reid J. Epstein - POLITICO.com

15 comments:

Anonymous said...

What are you so touchy about? They were passed during whose administration, McKinley's? Did they "stimulate" job growth? Just because your hero lost, doesn't mean the winners are wrong. Well, I take that back. There are a lot of cranky people around here now after the votes have been counted.

Anonymous said...

It laughable if it were not so sad. The makers already pay 36 percent plus state and self employment, yet that is called a "tax break".

Meanwhile, the unwashed masses got a 100% holiday from FICA so they could buy their 9 year old a cell phone, flat screen for their bedroom or a tattoo for their tramp teenage daughter, yet it is not called a "tax break"? Even though some day these people will collect on the I in FICA that stands for insurance.

Anonymous said...

The current tax cuts were passed in congress and signed by Obama right after Obama got his but handed to him in 2010.

Dan Francis said...

Spending is always a problem, until it hits the things "we" like...

Conversely, taxes are at their lowest in some 50 years - yes, as hard as that is to understand, it's true.

We could solve a huge part, if not all of the defict problem by increasing taxes:

1. On carbons
2. Incomes over $250,000
3. Repealing Capital Gains breaks
4. Financial transaction tax
5. Limit deductions for high earners

Those do not hit the middle class... now would those at the top, out of anger or revenge, take it out on the rest of us, if they were to be hit, or would they say, yes, that's my share and my duty?

Take your best guess.

Anonymous said...

Danny freestuff is right.
Taxes are at an all time low.
For instance, thanks to a lawsuit, his pension is NYS tax free.
Zero zip nada zilch nothing...that's how much state tax Danny pays on his pension.
But while he wants to pay no state tax on his pension, he conversely wants others to pay tax instead of himself. He sure is generous with other peoples money.
And he doesn't know what conversely means.

Anonymous said...

Taxing the rich is about as helpful as sticking your finger in a dike to stop the water from overflowing. They are both temporary and inadequate solutions.

Tax the rich....eventually the money runs out. Rich people aren't stupid and know how to make up the difference elsewhere. It ends up being a lose-lose situation for everyone as prices of goods and services rise and wages and benefits decrease.

Stick your finger in the dike....eventually you'll get tired and have to step. When you do, the dam break. It ends up being a lose-lose situation for everyone as we all know what it's like to cope with disaster.

Anonymous said...

Hey 607 Federal Pensions are not taxed either................

Anonymous said...

They should sin tax Hostess Ringa ding dongs and Twinkies..Whooops,too late!!

Dan Francis said...

Anonymous 6:07. You must be the Gun Nut (and I emphasize nut)... my pensions in NYS are tax free juste like everyone else who has the same pensions ...

Lawsuit??? You are flat out wrong (about me in that regard) ... I have NEVER, EVER sued anyone (and have never been sued) (if that lawsuit you refer to is about me) not for anything about anyone at any time, period.

You are one sick libelous sonofabitch for using this forum to defame me with your slander ...

I am shocked that the Mayor of this City would allow such blatant lies at this forum to pass as "free speech" lies and defamation are exempt from "free speech" Mr. Mayor and others.

Anonymous said...

The next four years will "interesting", indeed, when it comes to new taxes, new regulations and reduced real incomes for everyone but the free stuff crowd. Just remember folks, you asked for it.

Anonymous said...

Danny Freestuff, what I stated is the fact that your pension is not taxed in NYS because of a lawsuit. I never said who sued the state to gain you this privilege or when the suit took place.

The important part is you don't pay state tax on this income. Just enjoy it...and keep on whining your hypocritical crap about the rich not paying their fair share...while you pay no share but live in your cushy south side golf course home.

Anonymous said...

So Danny, since you have no NYS tax liability, what exactly do feel your "share" should be? Are you comfortable with not paying anything? Shouldn't you be chipping in at least a little? (Pointing out that others should pay more when you pay zero doesn't really qualify as chipping in.)

Dan Francis said...

7:06 -- so you know what my NYS and Fed tax forms look like, right ... you do know that is illegal unless I show them you.

Fed benefits not taxed in NYS - take it up with Albany - stop blaming me.

New York State Taxes on Your Retirement Income

There, educate yourself, if that is possible in your case.

FYI: I do pay a bundle in Fed and other taxes... get a life and get off my back ... loser!!!

Anonymous said...

Hey leave Danny alone, there are 12 states that have agreements not to tax their employees pensions, and NYS has the same agreement with them, The not taxing of federal pensions was because of a law suit but not by Danny, Although there was a lawsuit brought by the teachers of the Watertown District to protect the Medicare part B repayment that is paid for by the district.

Anonymous said...

Yeah...leave Danny alone. Its not his fault he pays no taxes on his pension but won't shut his mouth about wanting other people to pay more taxes. It wasn't a choice...he was born that way...
a hypocrite.