A weekend game of tax 'Chicken'
Time nears to charge U.S. taxpayers for decades of over-spending
Dec 30, 2012 | 1 Comment
The “fiscal cliff” story is dominating national news this weekend. Reports describe a high-stakes game of "Chicken" being played inside Congress, and in negotiations with the president.
As things stand, 35 hours before the dawn of 2013:
Personal Social Security taxes will jump 2 percentage points; unemployment benefits will end for millions; taxes on dividends will double and even triple; capital gains taxes will rise by one-third or higher for wealthy people and jump from zero to 10% for others; estate taxes will skyrocket; rapid depreciation policies that boost business development will end; and millions more will get hit by the convoluted alternative minimum tax; the highest income tax rate will jump from 35 to 39.6 percent, but partisans are battling over the income threshold for that hike.
Even with a last-minute deal, when that glass ball falls at Times Square Monday night, it is going to illuminate a major financial crush for American taxpayers who now must pay for their gross national over-spending of recent decades.
In a small effort to avoid ending 2012 on such a low note, a few quotes about money:
Jerry Seinfeld: “Dogs have no money. You know why dogs have no money? No pockets.”
Richard Friedman: “Money will buy you a fine dog, but only love can make it wag its tail.”
Anonymous: “If you loan someone $20 and never see that person again, it was probably worth it.”
IRS Auditor: “The trick is to stop thinking of it as ‘your’ money.”
- Jeb Bladine