If you are not familiar with the term, Taxmageddon refers to January 1, 2013 when several tax related laws sunset in such a way that could have a severe impact on most American families. Republicans are blaming Democrats, of course, claiming that Democrats want to raise your takes. As usual, the Republicans are lying. They are up to their old tricks, committing economic terrorism through blackmail. They are holding what the 99% need hostage for what the 1% want.
Republicans are calling it "Taxmageddon," the big tax increase awaiting nearly every American family at the end of the year, when a long list of tax cuts are scheduled to expire unless Congress acts.
It would be, GOP leaders in Congress say again and again, "the largest tax increase in American history."
Except it wouldn’t be, not when you take into account population growth, rising wages, and most importantly, the size of the U.S. economy. When those factors are taken into account, the largest tax increases were those imposed to help pay for World War II — back when the U.S. raised additional revenue to pay for wars instead of simply borrowing.
Nevertheless, it is an exaggeration that has proved too tempting for top Republican leaders in Congress…
…THE FACTS: A huge collection of tax cuts are scheduled to expire at the end of the year, affecting families at every income level and businesses of many stripes. Many of the tax cuts were first enacted under former President George W. Bush and extended under Obama.
If Congress does nothing, income tax rates would go up, estate taxes and investment taxes would increase and the alternative minimum tax would hit millions of middle-income people. A temporary payroll tax cut that has been of benefit to nearly every wage earner in 2011 and 2012 would expire, costing the average family an additional $1,000 a year… [emphasis added]
Inserted from <Houston Chronicle>
And here is the truth of the matter. The Obama administration has agreed to extend estate and investment tax rates (although I think they give too much away to do so), fix the alternative minimum tax, extend the temporary payroll tax cuts, and extend the Bush tax cuts for all but the top 10%. Republicans are refusing to extend any of the rest unless we also extend the Bush tax cuts for the top 10%. Republicans care nothing about damage to and suffering of the poor and middle classes. If Taxmegeddon comes, it will be Republicans that cause it.
12 Responses to “Republicans Lie About Taxmageddon”
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It is so amazing how folk swallow the Repiglican propaganda concerning this issue ;
Isn’t it? The MSM helps.
“They are holding what the 99% need hostage for what the 1% want.”
Anti-American is the reality… sigh
Bingo!
Sadly, this is what I have come to expect from the Republicans. I somehow got on Rand Paul’s list of conservative voters and received a long e mail from him tonight. I hope I don’t get kicked out of Move-on.org, or Politics Plus because of this.
Nah! Edith we luvs you and wants you! As far as I am concerned, you can stay! 🙂
Like the old proverb goes: “Hold your friends close … and your enemies closer (because sometimes you can’t tell which is which).”
A long time ago I donated a dollar by check to the GOP – and it got me on their mailing list. Although a dollar donation doesn’t put you on their “BFF List” – but every once in awhile I’ll get a letter asking for more. So I stuff their prepaid envelope to the brim with all those flyer ads you get in the mail, and send it back to them. (I do want I can.)
Edie, you shameless email recipient! How could you?!!? 😉
Seriously I get garbage from them too.
1% wants ≠ 99% needs
Economic terrorism Republican/Teabagger style! I know Mr Obama tends to be a collegial person, and that is one of the reasons I like him, but I think he is wrong to cede ground to the Republican/Teabaggers in this case. The GOP now think that in this election year, they have him by the ‘short and curlies’ and see themselves in a position of strength, control. Pure blackmail! Economic terrorism!!!
The American people MUST see this for what it is! But the low-effort thinking addicted to Faux Noise will eat the political pabulum they are fed and scream loud denouncing Mr Obama for not being a team player, for costing them money through losing their payroll tax cuts. In actual fact, it will be the Republican/Teabagger economic terrorists that will be responsible because they consider the wants of the 1% more imporant than tha needs of the 99%.
I agree. The best thing Obama can do is stand his ground and make it clear what the Republican Party is doing?
I think Pres. Obama should just let them have their way and let all the tax cuts expire.
If that’s the only way to raise taxes on the top 1% then so be it.
Under no circumstances should he extend the Bust tax cuts for the rich.