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How does the Fiscal Cliff impact us ? also in what way will the debt effect the country?
Troll….your last comment was 6 months ago…
Your as important as the fiscal cliff….
How often does one have to post to avoid being a troll?
1. Taxes will go up, probably on everyone not just the superrich.
2. Government spending will decline, especially on programs we like.
3. If the deficit isn’t addresses, it could lead eventually to a high inflation. At the current rate of printing almost half the federal budget, hyperinflation similar to German in the 1920s, or Eretz Yisrael 30 years ago, isn’t inconceivable.
Since when did someone have to post frequently to avoid being labelled a troll? And since when are only frequent posters “important” enough to start a thread without being harassed (by a moderator, no less)? What kind of twisted and crazy world are we living in here in the CR?
How does the Fiscal Cliff impact us ?
It shan’t, because when today’s tacit deal if finally signed next week, it shall all be retroactive till tonite.
No-one is going to tumble down any cliff, simply because the politicians don’t wish to tumble down their own cliff at the midterm elections of November 2014.
Did a moderator just troll someone? No wonder this forum is going downhill….with moderators like these the only post you’ll ever see is the one a moderator feels like trolling.
Repharim,
It’s been two months for you. Does that make you a troll? 🙂
Mod 007
Just curious, how long have you been following these boards? Were you a lurker for a few years or are you new?
politicians have to make a living so they make us nervous. Taxes here taxes everywhere, H-shem provides us with what we need not the politicians, so people get with the program..If you have an ounce of sincerity in your observance of Yiddishkyte we will I”YH make it through this storm; Mi ke’amcho Yisroel!!
The kicker of this Fiscal Cliff is that in order to get the resolution passed, Congress gave themselves a raise!!!
anon1m0us: Actually, they cancelled the raise for Congress, and will probably cancel raises for the civil service (which is a leading employer of Orthodox Jews). The spending parts of the “fiscal cliff” were postponed for a few weeks, so they are still “up in the air”.
All they decided was on a broad tax increase including and probably most burdensome on anyone who is working for wages (or self-employed), earning less than $105K (per person, double that if both spouses have similar incomes – no discount for families under payroll tax). The “rich” will pay more money, but the middle class have the worst percentage changes to disposable income.
akuperma: My understanding of the new law passed by Congress last night is that it ONLY raises taxes on individuals with income exceeding $400,000 or couples exceeding $450,000. Where does your $105,000 figure come from and what does it represent?
hershi: That refers only to the Income tax (what you file the 1040 form for, with joint returns, graduate rates, deductions). They also raised the “Payroll tax” from 4.2% to 6.2%, which is on all earned income up to roughly $105,000, per person (double that limit if both spouses earn the maximum or better). While only about the top 10% will be affected by the increase in the income tax, 75% pay payroll tax (the rest are unemployed or living off savings or welfare or charity), so for 2/3 of the country what matters is the increase in the payroll tax.
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