Obama-Republican Deal Could Mean Tax Hike For One In Three Workers

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    Dec 11, 2010 5:08 PM GMT
    This is for you, SB. Making work pay is the current credit, if you don't want to read the whole article.

    http://www.huffingtonpost.com/2010/12/10/obamarepublican-deal-coul_n_795187.html
    The Making Work Pay credit gives workers up to $400, paid out at 8 percent of income, meaning that anybody making at least $5,000 gets the full amount -- and gets as much as anybody else. Its replacement knocks two percentage points off the payroll tax cut, meaning a worker would need to make $20,000 to get a $400 break. Of the nation's roughly 150 million workers, around 50 million make less than $20,000 and will see at least some increase as a result.

    Additionally, roughly a quarter of 20 million state and local workers pay no payroll tax, because they have a separate pension system. Some of those workers with children will benefit from the extension of other tax credits, but overall will have less money in their pocket.


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    Dec 12, 2010 10:23 PM GMT
    Now if our president hadn't started signaling a "willingness to compromise" within a day or so of when Boehner "BONER" made that statement that "if all he could get was tax cuts for those making up to $250,000, I'll vote for it". Then perhaps Obama's 'compromising would have had the blue and the red tax benefits showing up more even, rather than giving so much to the red side for the very Rich few. now if this were turned around with the Blue side getting that much, then money would be spent and fast, because this group of nearly 98 percent of the population need things, they'd buy them, increasing orders for goods and services. But looks like we're going to hand it to the very few who have everything they need and more, any reasonable person doesn't expect them to spend in a way that markedly increases orders for goods and services. And Mind you they won't be hiring more people to make things without orders. So here we are again doing just what hasn't worked over the last ten years and we're gonna do it again, because the spine wasn't as strong as is it should have been in our leaders backbone. This is F'n crazy !!!!