OMG! It's the Fiscal Cliff!

[SamIam]

I'm with V. I'm disgusted with the way the Republican Party continues to cater to the extremely wealthy and the rest of the country be damned. I don't see how Republicans can continue to label the upper 2% as "job creators" while managing to keep their faces straight.

These "job creators" have had from the Bush administration to the present to expand the percentage of new jobs created in the US. To this day, there has been no significant increase in the number of jobs as a result of the upper 2% plowing their tax decrease bonanza back into American industry and business. Why should this change in 2014 and the years that follow?

During the election I was bemused to hear Romney and his Republican partners in crime talk about the 8 or 12 million or whatever fantastic number of new jobs it was that they were going to create. How? By getting rid of HUD and down sizing other government agencies? (Except for Defense, of course). By making deep cuts in or completely eliminating all programs which constitute the social safety net? By cutting discretionary spending and allowing the nation’s infrastructure to continue to deteriorate? HOW?

Now the greater good of the country is being held hostage for the benefit of a privileged few. Fuck that. I’ll go over the fiscal cliff just so those bastards will have to pay something approaching their fair share of the tax burden. If it’s the choice of a plutocracy versus the fiscal cliff, I’ll take the cliff every time.

[Happy Monkey]

Originally Posted by SamIam

During the election I was bemused to hear Romney and his Republican partners in crime talk about the 8 or 12 million or whatever fantastic number of new jobs it was that they were going to create. How? By getting rid of HUD and down sizing other government agencies? (Except for Defense, of course). By making deep cuts in or completely eliminating all programs which constitute the social safety net? By cutting discretionary spending and allowing the nation’s infrastructure to continue to deteriorate? HOW?

By waiting until 12 million jobs are created, and taking credit. Apparently, 12 million was the estimate for new jobs in that time frame if nothing more was done.

[tw]

Originally Posted by SamIam

If it’s the choice of a plutocracy versus the fiscal cliff, I’ll take the cliff every time.

Some people pay good money just to ride a roller coaster. This one will be free? And no queueing.

[xoxoxoBruce]

We go off the cliff, everyone gets a tax increase. In February Obama sponsors a retroactive tax cut for the middle class and let the Republicans try to vote against that with impunity.

[Lamplighter]

Where is Adek when you need him ? Pls explain this to me...

Obama says...
The wealthy (>$250 k/yr) must pay higher tax rates

Republicans say...
"Revenue is on the table"
"Higher tax rates harm "job creators"
"New revenue can be found by eliminating business tax deductions and loopholes"
"Small business owners create more jobs that anyone else"

But, but, but...
Dun & Bradstreet
Scott Shane
5/3/12

Small Business Owners’ Earnings

Let’s start with the average small business owner.

Researchers at the U.S. Treasury’s Office of Tax Analysis examined IRS data on people who filed
personal income tax schedules C, E and F, Forms 1065, 1120 and 1120S because they had business income in 2007.
They found that the 9.4 million business owners generated $335 billion in net income in 2007.
That means the average small business owner’s net income was approximately $36,600 in the last pre-recession year.
<snip>
The average small business owner’s earnings are held down
by the large number of micro businesses with no employees.
The analysts at Treasury found that only about one-in-five small business owners have any employees.
And Census data show that non-employer businesses make very little.
While income data aren’t available, the average revenue of a non-employer firm in 2009 was less than $40,000

Also holding down average small business income is the large number of small companies set up as sole proprietorships.
Internal Revenue Service (IRS) data show that the average nonfarm sole proprietorship had net income of less than $12,000 in 2008.

More successful small business owners are generally set up as Sub Chapter S Corporations.
IRS data reveal that the average S-Corp generated about $100,000 income in 2007.
<snip>

So, are the Republicans knowingly proposing to eliminate deductions
that affect small business owners (earning less than $250 k/yr) ???