Most in US won't be able to escape 'fiscal cliff'

[Bill Hart]

Just take 80% of you incomes as they do with ours and if there's anything left over, then give it back as free hospital care, free dental,free college etc. We can send one of our previous ministers of finance to help you do it.

You have a nice country, some beautiful scenery, a lovely capital city, some gorgeous women, and a nice culture. I could live in Stockholm.

 

[edorr]

Am I correct in the assumption that REPs want additional revenue to go towards paying the national debt, and DEM's to use it for spending?

Forget paying down anything for the indefinite future. The best we can hope for is getting to a point where debt grows slower than GDP, so that the debt / GDP ratio declines.

 

[NorthStar]

Yes and Canada too ....!

---- A., where is Front Row Center?

 

[rockitman]

I read tax-hikes for middle-income earners will rise around $600 to $800, or somewhere in that vicinity. That's a good chuck of extra change to cough up. Surely they can't be overly pleased?

That's for the 2010 payroll tax credit that is now expired. Their ordinary income, dividends, cap gains rates and mortgage interest deduct remain unchanged from the Bush era with income beow $400k for individuals.

 

[NorthStar]

You have a nice country, some beautiful scenery, a lovely capital city, some gorgeous women, and a nice culture. I could live in Stockholm.

---- Here you go, we go! :b

 

[A.wayne]

Just take 80% of you incomes as they do with ours and if there's anything left over, then give it back as free hospital care, free dental,free college etc. We can send one of our previous ministers of finance to help you do it.

Not from the lack of trying , i can assure you ....

 

[A.wayne]

You have a nice country, some beautiful scenery, a lovely capital city, some gorgeous women, and a nice culture. I could live in Stockholm.

Live yes , work no .....

 

[A.wayne]

---- A., where is Front Row Center?

Its where i have the best image , of everything ..

 

[andromedaaudio]

One of the wisest countries would be norway i think , the state puts all non used taxes and oil/gas income in a state fund , which now has something like 125.000 euros per person in reserve .
They have no debt only surplus , plus they stayed wisely out of this EU swamp

 

[edorr]

One of the wisest countries would be norway i think , the state puts all non used taxes and oil/gas income in a state fund , which now has something like 125.000 euros per person in reserve .
They have no debt only surplus

The Greeks are a lot smarter. They have no oil, but they borrowed from the Norwegian sovereign wealth fund, which took a 53% write-off on their holdings of Greek bonds. The climate is also a lot better in Greece, and the booze is a lot cheaper.

 

[DonH50]

That's for the 2010 payroll tax credit that is now expired. Their ordinary income, dividends, cap gains rates and mortgage interest deduct remain unchanged from the Bush era with income beow $400k for individuals.

Actually, according to our paper, the dividend and capital gains rates go up for individuals over $200k and couples over $250k.

Interesting to see how different camps define "middle class"... Is there an official definition?

 

[edorr]

Actually, according to our paper, the dividend and capital gains rates go up for individuals over $200k and couples over $250k.

Ouch! That means Romney's effective tax rate will go up from around 15% to 20%. Make a donation to the hedgefund managers support fund - they will be hit hard as well. Class warfare!

 

[R Johnson]

One virtue of the deal is that many provisions are now "permanent" and some are indexed for inflation. The many temporary provisions that would expire created significant uncertainty.

Those fortunate enough to be potentially subject to estate taxes, found it extremely difficult to plan in recent years since future exclusions and rates were totally unknown.

 

[andromedaaudio]

The greek situation is far from funny for the average greek person , no money left for medical aid , some live of 200- 300 euros a month

The Greeks are a lot smarter. They have no oil, but they borrowed from the Norwegian sovereign wealth fund, which took a 53% write-off on their holdings of Greek bonds. The climate is also a lot better in Greece, and the booze is a lot cheaper.

 

[edorr]

One virtue of the deal is that many provisions are now "permanent" and some are indexed for inflation. The many temporary provisions that would expire created significant uncertainty.

Those fortunate enough to be potentially subject to estate taxes, found it extremely difficult to plan in recent years since future exclusions and rates were totally unknown.

Had we gone off the cliff and estate taxes reverted to 1 million exemption, a lot of folks would have been caught with their pants down, because many people have estates of over a million, and few over 5 million. In fact, with proper planning a married couple can effectitvely leave a 10 mln. inheritence to their children tax free.

 

[rockitman]

Had we gone off the cliff and estate taxes reverted to 1 million exemption, a lot of folks would have been caught with their pants down, because many people have estates of over a million, and few over 5 million. In fact, with proper planning a married couple can effectitvely leave a 10 mln. inheritence to their children tax free.

there would not have been a clawback had the estate exemption gone back to 1 million. Fact !

 

[NorthStar]

One of the wisest countries would be norway i think , the state puts all non used taxes and oil/gas income in a state fund , which now has something like 125.000 euros per person in reserve .
They have no debt only surplus , plus they stayed wisely out of this EU swamp

---- Norway, is it where 77 people (mostly kids) were ... by that guy?

...Perhaps the worst mass killing by one person in all world's history.

__________________

I thought that Germany was the best place to live, economically.

 

[edorr]

---- Norway, is it where 77 people (mostly kids) were ... by that guy?

...Perhaps the worst mass killing by one person in all world's history.

__________________

I thought that Germany was the best place to live, economically.

Thankfully, he got a solid 21 years in jail (the max. allowed under Norwegian law), so he will out and about before the age of 50....

 

[NorthStar]

Thankfully, he got a solid 21 years in jail (the max. allowed under Norwegian law),
so he will be out and about before the age of 50....

---- That is truly awful!!!

_____________________

It is amazing! ...Here in North America (USA & Canada), the fiscal cliff, and the laws of the land, plus all the corruption, and in other countries of the world, similar financial crises, corruption too, and with different sets of laws based on different level of values, about humanity and all that jazz.

India, Russia, China, Northen Europe, France, Italy, Rome & the Vatican, Spain, South America, Africa, United Kingdom & the monarchy, etc.

 

[Nightlord]

---- Norway, is it where 77 people (mostly kids) were ... by that guy?

...Perhaps the worst mass killing by one person in all world's history.

Yes. Unfortunately for once it wasn't the normal crazy guy, but someone trained and motivated in the sense of attempting to start a civil war. The average murder spray guys tend to be plain crazy and poor shooters, this guy unfortunately wasn't. But it was bound to happen somewhere, strangely enough it was Norway who got that.

( Not sure how well reported this was abroad, but translated to US terms he first attempted to blow up The Capitol with a home made bomb, hoping to get the President too and when that didn't go according to plan went to plan B - a 'demopublican' resort and shot everyone in sight )