U.S. Fiscal Cliff

**Plow** · 2013-01-12 16:42

no, "he's blatantly dishonest and openly misleading you, and you're retarded for falling in it, I'm not going to spend an hour or 2 dismantling 10 minutes of absolute horse shit"

**quannum** · 2013-01-14 13:58

peter schiff spouts so much bs that you'd be spending all your time just refuting it if you were to debate him. he makes shit up on the spot.

**test123** · 2013-01-15 03:28

cite a point he makes and cite somewhere else that disputes his claims.

**Buffy** · 2013-01-15 06:54

First check just hit for the new year....I'm making 35k a year and $50 less a check...I thought these new taxes targeted those above 400k/year?

**Pikarya** · 2013-01-15 07:02

No, they affect the middle class only.

**Buffy** · 2013-01-15 07:05

Is this the result of the "bush-era" tax cuts lapsing? Or the new taxes that were passed just before the end of the year?

**RKenshin** · 2013-01-15 08:10

Last few pages discussed that; it's the result of the temporary social security tax cut expiring (rate returns to 6.2% from 4.2%).

Federal income taxes are unchanged for anyone making <$400k. But payroll taxes are separate from that.

**Guyverarmor** · 2013-01-15 08:21

No, it's the result of the payroll tax cut that expired, which affects everyone.

**dejet** · 2013-01-15 08:53

no it was the Social Security payroll taxes.

**Dantrag** · 2013-01-15 09:00

Originally Posted by Pikarya

No, they affect the middle class only.

Wrong. But w/e. Facts.

**Pikarya** · 2013-01-15 09:32

Originally Posted by Dantrag

Wrong. But w/e. Facts.

It really only affects the middle class. Go ask any high-income lad if they're worried.

**Jaybar** · 2013-01-15 10:23

A family member of mine told me that the SS tax doesn't really matter because it caps how much it takes from you annually. Is this is a fact?

**Ragnus** · 2013-01-15 10:30

It caps after roughly 114k worth of taxable pay. If you're making less than that per year then you're just paying more per month for the whole year.

http://money.usnews.com/money/blogs/...change-in-2013

**archibaldcrane** · 2013-01-15 13:31

Originally Posted by Jaybar

A family member of mine told me that the SS tax doesn't really matter because it caps how much it takes from you annually. Is this is a fact?

Yep

Originally Posted by Ragnus

It caps after roughly 114k worth of taxable pay. If you're making less than that per year then you're just paying more per month for the whole year.

http://money.usnews.com/money/blogs/...change-in-2013

Basically the first step to baller status is getting out from under SS taxes in a year.

**RKenshin** · 2013-01-15 14:13

Originally Posted by Guyverarmor

No, it's the result of the payroll tax cut that expired, which affects everyone.

The social security portion of the payroll taxes; it was reduced from 6.2% to 4.2%. You do realize that the social securty tax is a payroll tax, right?

**Guyverarmor** · 2013-01-15 15:06

Sorry Rkenshin, I had a case of the dumbs. Don't smite me

**RKenshin** · 2013-01-15 15:10

Thread: U.S. Fiscal Cliff

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