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e_doe
PeaNut
PeaNut 525,528
October 2011
Posts: 306
Layouts: 0
 |  Posted: 11/14/2012 8:11:34 PM
This tax calculator shows you what happens under the three likeliest scenarios:
Interactive.taxfoundation.org/taxcalc/#calculator
Consider yourself forewarned: you might be surprised at the outcome. | |
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Beanbean
~Beanie McBeanington~
PeaNut 50,539
September 2002
Posts: 32,481
Layouts: 0
Loc: Colorado
 | Posted: 11/14/2012 8:19:11 PM
Nope. |
~~LeeAnne~~
"One tequila, two tequila, three tequila, floor" -- George Carlin
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We have nothing to fear but fear itself. And spiders.~~ FDR (sort of) | |
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a scrappin gal
StuckOnPeas
PeaNut 208,960
June 2005
Posts: 2,474
Layouts: 12
Loc: Somewhere
 | Posted: 11/14/2012 8:23:01 PM
I'm good... | |
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hoagie
PeaAddict
PeaNut 64,607
January 2003
Posts: 1,937
Layouts: 34
Loc: Colorado Springs
| Posted: 11/14/2012 8:26:09 PM
Deep trouble!! | |
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Epeanymous
StuckOnPeas
PeaNut 15,108
May 2001
Posts: 2,151
Layouts: 1
 | Posted: 11/14/2012 8:29:02 PM
I pay a bit less under the Obama plan than the Republican plan, but my effective tax rate is pretty similar under both plans. | |
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CraftChickaPowPow
PeaAddict
PeaNut 477,269
August 2010
Posts: 1,455
Layouts: 0
Loc: N 4720.2 W 12206.2
 | Posted: 11/14/2012 8:31:12 PM
wow my tax burden will be higher and my take home pay will be less under all 3 scenarios. I'm completely shocked and surprised!  |
| They call it PMS because Mad Cow Disease was already taken. | |
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luvcookies
PeaAddict
PeaNut 409,644
January 2009
Posts: 1,914
Layouts: 0
 | Posted: 11/14/2012 8:34:52 PM
Mine would be a little less under the Obama plan. Tax cut expiring would hurt me the most. |
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back to *pea*ality
PeaFixture
PeaNut 471,633
June 2010
Posts: 3,700
Layouts: 0
| Posted: 11/14/2012 8:36:26 PM
If tax cuts expire: $6,000 more in taxes. $500 less per month in my budget is going to hurt. For us, that is a lot of money. | |
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cmpeter
PEAceful Pea
PeaNut 14,521
April 2001
Posts: 34,343
Layouts: 31
Loc: Washington State
| Posted: 11/14/2012 8:43:10 PM
I pay a bit less under the Obama plan than the Republican plan, but my effective tax rate is pretty similar under both plans.
Ditto this for us. |
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freecharlie
Is the pool open yet?
PeaNut 109,127
September 2003
Posts: 19,232
Layouts: 4
Loc: Colorado
 | Posted: 11/14/2012 8:49:05 PM
First, they aren't Obama tax increases, they are tax cuts that were supposed to be temporary that are expiring. Bush knew that the country couldn't sustain with the tax cuts being permanent.
With that said, there ia a $4,000 swing bewteen Obamas plan and the tax cut expiring with the Republican plan right in the middle.
I was planningo n paying more this year anyway, we'll budget the same for next tax year. |
| Tribbey: I believe, as long as Justice Dreifort is intolerant toward gays, lesbians, blacks, unions, women, poor people, and the first, fourth, fifth, and ninth amendments, I will remain intolerant toward him! [to Ainsley] Nice meeting you | |
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e_doe
PeaNut
PeaNut 525,528
October 2011
Posts: 306
Layouts: 0
| Posted: 11/14/2012 8:49:36 PM
The expiration of the tax cuts will hurt everyone. It also cuts a bunch of jobs. But this has been going on for three years...they settled on this back when they FIRST started talking debt ceiling in 2009.
I hope all those yahoos can get it together and figure something out. But like they say in the country...wish in one hand... | |
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e_doe
PeaNut
PeaNut 525,528
October 2011
Posts: 306
Layouts: 0
| Posted: 11/14/2012 8:52:57 PM
@ freecharlie, i should have used quotes for "tax increases." 
My taxes would be higher with the R plan than the O plan. And $2200 more than the O plan if we do go off the cliff!  | |
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TravelAgent
Resident Smart Ass
PeaNut 294,429
January 2007
Posts: 12,668
Layouts: 7
Loc: Indiana
 | Posted: 11/15/2012 1:38:22 AM
Hmmm, not what I wanted to read when I'm trying to get back to sleep at 2:30 in the morning.
Well, now at least I'll know why I'm awake.
Julie |
| www.indianapolisonthecheap.com | |
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sharonmnc
Ancient Ancestor of Pea
PeaNut 39,386
May 2002
Posts: 6,852
Layouts: 28
Loc: Charlotte, NC
| Posted: 11/15/2012 5:48:01 AM
Huge tax increase. It's going to be ugly. Small business is going to be hurt in a big way. |
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Swordscrapping
StuckOnPeas
PeaNut 98,544
July 2003
Posts: 2,497
Layouts: 40
Loc: FL
| Posted: 11/15/2012 7:13:38 AM
Bush tax cuts expiring will hurt. $3,000 increase. Ouch.
Republican and Obama plans are the same.
I did the detailed questions. When I did basic I had different answeres for the Republican & Obama plans. Scenario one stayed same.
Dana
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Gail OH
Ancient Ancestor of Pea
PeaNut 108,385
September 2003
Posts: 6,035
Layouts: 0
Loc: Ohio
| Posted: 11/15/2012 7:28:35 AM
will take a look when I get back home... |
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ahiller
*Fingers crossed*
PeaNut 48,862
September 2002
Posts: 7,202
Layouts: 252
Loc: MI
| Posted: 11/15/2012 7:38:43 AM
Obama tax plan is the lowest for me. Republican is higher, though not by too much. Bush tax cuts expiring completely is our worst case scenario. | |
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amblet
Jeepers PEApers
PeaNut 82,460
April 2003
Posts: 2,219
Layouts: 295
Loc: Utah
| Posted: 11/15/2012 7:41:20 AM
Like most people I this shows that I would be hurt the most if the tax cuts just expire. Would be better off under the Obama plan than the Republican plan by a couple of thousand dollars which to my family is quiet a bit. I am doing my best to lower my taxable income by putting as much as I can afford into my HSA and my 401k.
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PghScrapper
Waiting for Godot
PeaNut 210,270
June 2005
Posts: 11,009
Layouts: 47
Loc: Back in the 'Burgh
| Posted: 11/15/2012 7:43:58 AM
Bush tax cuts expiring will hurt. $3,000 increase. Ouch.
Republican and Obama plans are the same.
I did the detailed questions. When I did basic I had different answeres for the Republican & Obama plans. Scenario one stayed same.
My results are almost identical to yours.
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Great minds discuss ideas; average minds discuss events; small minds discuss people. -Eleanor Roosevelt | |
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Sunshine36616
God peas protect me from your followers
PeaNut 180,214
December 2004
Posts: 30,602
Layouts: 204
Loc: stalking the crease
 | Posted: 11/15/2012 7:45:06 AM
Obama tax plan is the lowest for me.
Me, too. |
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Lilyloams
PeaFixture
PeaNut 286,882
December 2006
Posts: 3,637
Layouts: 0
| Posted: 11/15/2012 7:47:52 AM
Rep and Obama plans came out exactly the same for me, and the first column was several thousand higher.... | |
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missbitts
Know-It-Most
PeaNut 273,938
August 2006
Posts: 5,210
Layouts: 50
Loc: Hawthouse
| Posted: 11/15/2012 7:53:49 AM
Not worried, prepared.
Up in all scenarios, although running the numbers for the "Republican Plan" is kind of silly since that will never come to pass. | |
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amythyst
someone pass the crayons!
PeaNut 169,054
September 2004
Posts: 8,597
Layouts: 176
Loc: in my own little world - but it's ok -everyone knows me here
| Posted: 11/15/2012 8:01:58 AM
Holy crap. I'm really doomed.
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FREEDOM OF SPEECH SHOULD REQUIRE INTELLIGENCE
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EricaLynn
StuckOnPeas
PeaNut 34,917
April 2002
Posts: 2,312
Layouts: 72
Loc: Owasso, OK
 | Posted: 11/15/2012 8:05:58 AM
If Congress allows current temporary tax cuts to expire, your tax burden will be $6,435 higher next year. You'll take home 4% less. <---this does not make me happy.
ETA - with Obama's plan we go up $3500, with the Republican plan $3800.
Still not happy. | |
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Shevy
Harley Riding Pea
PeaNut 10,051
January 2001
Posts: 7,248
Layouts: 9
Loc: 10,000 Lakes and Double Cities!
| Posted: 11/15/2012 8:22:53 AM
I pay a bit less under the Obama plan than the Republican plan, but my effective tax rate is pretty similar under both plans.
This is me too. And I wasn't shocked by any of it. There's been enough information in the media for months about what would happen. If you're listening and informed, you realize that there may be changes and you need to account for them. |
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Anna*Banana
:blink:
PeaNut 69,360
February 2003
Posts: 22,758
Layouts: 6
| Posted: 11/15/2012 8:30:41 AM
Huh, I thought it was patriotic to pay more taxes. That's what Obama said. Using that logic his tax cuts are unpatriotic.  |
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CnBsmommy
PeaAddict
PeaNut 308,331
April 2007
Posts: 1,098
Layouts: 0
Loc: Southwest
| Posted: 11/15/2012 8:30:47 AM
Ouch! We've cut spending, saving even more, put off buying a vehicle (with cash). | |
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dulcemama
AncestralPea
PeaNut 302,969
March 2007
Posts: 4,954
Layouts: 1
Loc: participating in WWR and RAA
| Posted: 11/15/2012 8:53:40 AM
Huh, I thought it was patriotic to pay more taxes. That's what Obama said.
You know what? I agree with this. I'm on a pretty tight budget already, but I don't mind doing my part. I mean, I don't really like it but it's part of living in society.
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~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
ITA w/Bonnie
Hey! Where's my theme music?!? | |
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EricaLynn
StuckOnPeas
PeaNut 34,917
April 2002
Posts: 2,312
Layouts: 72
Loc: Owasso, OK
| Posted: 11/15/2012 9:01:30 AM
Huh, I thought it was patriotic to pay more taxes. That's what Obama said.
You know what? I agree with this. I'm on a pretty tight budget already, but I don't mind doing my part. I mean, I don't really like it but it's part of living in society.
I tend to think that my 25%+ is plenty patriotic. I don't feel patriotic giving any more thankyouverymuch. | |
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keriwestpartdeux
AncestralPea
PeaNut 285,319
November 2006
Posts: 4,926
Layouts: 0
Loc: Living well is the best revenge...
| Posted: 11/15/2012 9:04:20 AM
The tax cuts expiring hit us pretty hard. We're prepared, but we don't have to like it. |
Okay fine, I'll probably never skinny dip, but I'm having fun in smaller swimsuits! | |
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PunchPrincess
PeaNut 17,063
June 2001
Posts: 12,660
Layouts: 0
Loc: where 71 and 70 meet
| Posted: 11/15/2012 9:11:35 AM
The Bush tax cuts ( 2001 & 2003 ) were passed under reconciliation in the Senate which means by definition they were meant to be temporary. And the first one was before 9/11/01. I remember Mary Matalin (who was in the Bush white house) saying they were passed because they had inherited a budget surplus and she said that money needed to be returned to the "people."
The Bush tax cuts are more responsible for our budget deficit than anything else -- bigger than the two unpaid wars, bigger than Medicare Part D.
So what does temporary mean? You fill in the blank.  |
<*********************************************************************>
PunchPrincess ( def. A long, long time ago when I first started scrapping I discovered punches -- round, square, squiggles, cars, etc. You name it. Like coat hangers they multiplied, under the bed I think until they were threatening to take over that precious space that we all covet and refuse to cede to other family members. Thus I became PunchPrincess. )
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raindancer
Capt. Sparrow's Pirate Wench
PeaNut 217,886
August 2005
Posts: 15,450
Layouts: 44
| Posted: 11/15/2012 9:31:42 AM
I guess what I don't understand is how people think we are going to pay for everything if taxes don't increase? I am smack in the middle, and I agree that there is a lot of waste and over spending that needs to be reigned in as well. But that does not negate the fact that taxes can't stay stagnant.
It has to be both. The sooner we figure that out and DO it then the sooner things can get better.
The R's need to get over it, move forward and stop finger pointing here. You don't want to hear about it from the Dems over the Bush era, but you are doing it now, and in response your representatives are acting like idiots. We need a budget. We need to act like the adults we supposedly are, and get things on track.
It has to be compromise. Spend less, but pay more too. |
~Heidi~
"You can make excuses or you can make progress but you can't make both."
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AthenainCA
Right Pea on the Left Coast
PeaNut 230,510
November 2005
Posts: 18,306
Layouts: 10
Loc: SoCal
| Posted: 11/15/2012 9:32:00 AM
First, they aren't Obama tax increases
Oh, yes they will be.
The tax cuts took place 10 years ago. When taxes go up, if that happens under Obama, they WILL be the Obama tax increases. Taxes will increase under his administration. That's the way it goes.
The President will have to take responsibility for something at some point.
Spend less, but pay more too.
This may be the answer, but you can't tax one small segment of the taxpayers who bear the burden of most of the taxes paid as it is and solve our fiscal problems. The fact that nearly 50% of taxpayers do not pay any federal income taxes is a problem. It just is.
[Edited]
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Burning Feather
I conceived but I can't see you
PeaNut 158,336
July 2004
Posts: 36,174
Layouts: 3
Loc: Ain't no black widow serial killer going to get between me and my man
| Posted: 11/15/2012 9:38:43 AM
I guess what I don't understand is how people think we are going to pay for everything if taxes don't increase?
We don't. That's as simplistic as telling a family in foreclosure that they need to make more income. At some point, it just becomes impossible to bring in more money.
We (those opposed to tax increases) think that the budget should be cut.
Personally, I'm not opposed to reasonable taxation, but I'm not in support of handing over our hard earned money to a government or state with a really poor record of handling money and making poor choices with the taxes they do receive. |
Carla
 <<<<<CLICK and see what's up at our place! Updated 4/7/2012.
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peapermint
Ancient Ancestor of Pea
PeaNut 9,321
January 2001
Posts: 8,590
Layouts: 0
Loc: all up in your business
| Posted: 11/15/2012 9:43:56 AM
My scenario is quite a bit better under the Obama column. $3000 less in taxes and 10% rate vs 12% Repub or 15% expiring.
Regardless, though, I think more taxes need to be paid and I was well aware of the Bush cuts expiring. I don't see any of it as Obama's "fault."
What are the situations of people whose taxes are going up? Higher income? Lower? Business owners? We make about $52K through salary and self-employment. |
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blondiek237
StuckOnPeas
PeaNut 70,239
February 2003
Posts: 2,851
Layouts: 8
Loc: Massachusetts
| Posted: 11/15/2012 9:45:43 AM
I'm pulling up a chair next to burningfeather | |
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TREZmom
Lost and Found in Pea-land
PeaNut 138,098
March 2004
Posts: 5,807
Layouts: 2
Loc: NC but wishing I was somewhere else
| Posted: 11/15/2012 9:47:38 AM
Personally, I'm not opposed to reasonable taxation, but I'm not in support of handing over our hard earned money to a government or state with a really poor record of handling money and making poor choices with the taxes they do receive.
^^This is my stance too. I would be willing to pay more taxes, but NOT if the government doesn't cut spending. The entitlement programs in this country are completely out of control (budget wise). | |
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Maizie
* Happy Camper *
PeaNut 223,117
September 2005
Posts: 16,350
Layouts: 22
Loc: Heffalump Hollow
| Posted: 11/15/2012 9:48:45 AM
Nope! Welcome to America, taxes and all  |
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AthenainCA
Right Pea on the Left Coast
PeaNut 230,510
November 2005
Posts: 18,306
Layouts: 10
Loc: SoCal
| Posted: 11/15/2012 9:51:06 AM
Personally, I'm not opposed to reasonable taxation, but I'm not in support of handing over our hard earned money to a government or state with a really poor record of handling money and making poor choices with the taxes they do receive.
Exactly.
When the President says things like those people (aka "The RICH" ) "don't need" the money, I absolutely see red. That seems to come from the premise that it's the government's money to begin with that it deigns to "let" people keep.
IT'S NOT THE GOVERNMENT'S MONEY!!! |
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scorPEAo
AncestralPea
PeaNut 181,836
December 2004
Posts: 4,980
Layouts: 0
Loc: YouSeeDavis
| Posted: 11/15/2012 9:54:53 AM
I pay a bit less under the Obama plan than the Republican plan, but my effective tax rate is pretty similar under both plans.
This. I will cope. It's not that big of a deal. |
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sharonmnc
Ancient Ancestor of Pea
PeaNut 39,386
May 2002
Posts: 6,852
Layouts: 28
Loc: Charlotte, NC
| Posted: 11/15/2012 11:20:15 AM
I guess what I don't understand is how people think we are going to pay for everything if taxes don't increase?
Grow the economy so the tax base is larger. That happens when people have money to spend. They spend it and the merchants are taxed on the income. The merchants pay employees who are also taxed on the income and who, in turn, spend the money an so on.
Or, we could just send all our money to Washington so they can decide how to spend it. Trouble is, as Margaret Thatcher put it, eventually you run out of other people's money. It's tragic that we're rushing toward a system that is failing all over Europe as countries run out of money and our citizens don't even understand the economics of it all.
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amybaby
StuckOnPeas
PeaNut 87,102
May 2003
Posts: 2,081
Layouts: 8
| Posted: 11/15/2012 11:46:03 AM
I guess what I don't understand is how people think we are going to pay for everything if taxes don't increase?
The solution is to quit spending so much money! Our government shouldn't have its nose (and money) in every industry and business in America. Our government was originally established to protect our country and keep order. Not pay for schools, retirement, welfare, etc!
I'm not saying that all of those things should be gotten rid of - but we can certainly spend less and get out of areas we shouldn't be involved in. Space exploration? Really? Bailing out failing companies? Uh, no. Get back to the basics and QUIT SPENDING. |
~Amy~
"I may not agree with what you say, but I will defend to my death your right to say it." --Voltaire
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susanlk
PeaFixture
PeaNut 124,443
January 2004
Posts: 3,995
Layouts: 42
Loc: Central PeA
| Posted: 11/15/2012 12:01:20 PM
Grow the economy so the tax base is larger. That happens when people have money to spend. They spend it and the merchants are taxed on the income. The merchants pay employees who are also taxed on the income and who, in turn, spend the money an so on.
+1 |
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missbitts
Know-It-Most
PeaNut 273,938
August 2006
Posts: 5,210
Layouts: 50
Loc: Hawthouse
| Posted: 11/15/2012 12:02:17 PM
When the President says things like those people (aka "The RICH" ) "don't need" the money, I absolutely see red.
Me, too, because the potential for that kind of thinking to keep expanding is dangerous. If we say today that those who earn more than $XXX don't need it, then we can slowly move down the ladder. I'd be willing to bet that almost everyone on this board has more than they need to survive. Who gets to determine how much someone needs? | |
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AthenainCA
Right Pea on the Left Coast
PeaNut 230,510
November 2005
Posts: 18,306
Layouts: 10
Loc: SoCal
| Posted: 11/15/2012 2:56:52 PM
Okay - so people want to tax "the rich". Why not take the 35% top marginal tax rate back up to 39.5%? Why not increase capital gains taxes from 15% to 20% for those same earners making over $250,000 a year?
But added on to that 4.5% increase in federal income taxes and that 5% capital gains taxes is another 0.9% Obamacare tax that kicks in as of January 1, 2013. There's also another 3.8% Obamacare tax (specifically cited for Medicare) for those same earners on unearned income that also kicks in on January 1, 2013.
It's far from a simple 4.5% increase. It's more like a 9.2% increase. If you also stop the cap on Social Security, there's an additional 6.2%
If we are going to have an honest debate about the situation - include everything.
Now, I get some of you are still A-OK with this. But I seriously don't understand having programs that are funded in large measure by 2% of the taxpayers. It's sickening to me.
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ilovecookies
PeaAddict
PeaNut 506,197
April 2011
Posts: 1,980
Layouts: 0
| Posted: 11/15/2012 3:16:16 PM
Not worried. In our household, we always knew Bush's tax cuts were not sustainable for the long term, and we have been anticipating the return to higher tax rates.
Interestingly enough, using the calculator in the OP, it's the Republican plan that will cost our family more in taxes. So much for the Republican claim that they won't just stick it to the lower-middle and middle class wage earners.
Whatever plan goes through, we've been planning for the higher tax rate.
If people are really as worried about being fiscally responsible as they claim, it's time to admit that it will take *both* spending cuts and a return to higher tax rates. |
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tinaev
StuckOnPeas
PeaNut 370,270
April 2008
Posts: 2,319
Layouts: 14
 | Posted: 11/15/2012 3:24:13 PM
I am slightly better off (only a couple hundred dollars) in the Obama column according to the calculator. | |
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clee321
It is always easier to edit than it is to create
PeaNut 161,211
August 2004
Posts: 9,347
Layouts: 10
Loc: Land of Mold and Pollen
| Posted: 11/15/2012 3:26:27 PM
I think it will require changes in Tax Code so people are not getting back MORE than they ever paid in. I DO NOT UNDERSTAND how ANYONE can justify that.
$7500 in a return but you paid NOTHING AND you were on public assistance??? Exactly how does that work???
I am tired of hearing about "fair share" for the "rich people" but those milking the system are somehow untouchable - a protected class.
And my family isn't anywhere near the 1% |
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drewsma
PeaNut
PeaNut 142,371
April 2004
Posts: 175
Layouts: 1
Loc: In the land of Pooh
| Posted: 11/15/2012 3:35:56 PM
I don't mind paying a little more if everyone else did, too. Problem is NOT everyone pays federal income tax. IMO, everyone needs to pay something. | |
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sdt
Ancient Ancestor of Pea
PeaNut 36,898
April 2002
Posts: 7,064
Layouts: 56
Loc: MI
| Posted: 11/15/2012 3:52:54 PM
same tax rate 20% but somehow save about $2000 on obama plan | |
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Pete & Nico
