{"id":8020,"date":"2012-06-11T10:37:23","date_gmt":"2012-06-11T17:37:23","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=8020"},"modified":"2012-06-11T10:37:23","modified_gmt":"2012-06-11T17:37:23","slug":"republicans-lie-about-taxmageddon","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2012\/06\/11\/republicans-lie-about-taxmageddon\/","title":{"rendered":"Republicans Lie About Taxmageddon"},"content":{"rendered":"

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.<\/font><\/p>\n

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\"11Taxmageddon\"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.<\/p>\n

It would be, GOP leaders in Congress say again and again, "the largest tax increase in American history<\/strong>."<\/p>\n

Except it wouldn’t be<\/strong>, 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 \u2014 back when the U.S. raised additional revenue to pay for wars instead of simply borrowing<\/strong>.<\/p>\n

Nevertheless, it is an exaggeration that has proved too tempting for top Republican leaders in Congress…<\/p>\n

\u2026THE 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.<\/p>\n

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<\/strong>\u2026 [emphasis added<\/em>]<\/p>\n<\/blockquote>\n

Inserted from <Houston Chronicle<\/a>><\/p>\n

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.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-8020","post","type-post","status-publish","format-standard","hentry","category-politics","category-5-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/8020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/comments?post=8020"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/8020\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=8020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=8020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=8020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}