$5 Trillion Tax Hike Coming

[KDawg]

Back in February when the Congress voted to extend the payroll tax “holiday” to the end of the year, the Washington Post was the first to notice the tsunami of tax increases coming next year. But then Lori Montgomery began to add up all the other taxes that will increase on January 1, 2013, and called it “Taxmageddon.”...

Adding them all together, the total is $500 billion. And that’s just in 2013. Over the next decade, the tax increases will exceed $5 trillion...

The effect of this tidal wave is already having a dampening effect on the economy. Curtis Dubay, the author of the Heritage study, wrote..."Sucking half a trillion dollars out of the economy is going to have a severe negative impact on growth."

http://www.thenewamerican.com/usnews...ax-hike-coming

That kind of tax increase is an obscene economy killer. Geez, I thought the HST was bad.

[RWGR]

The HST is bad, it's brutal.

[Soundbear]

The HST is bad, it's brutal.

Same taxes as for years, with a different name.

Too bad you didn't know that.

[KDawg]

Same taxes as for years, with a different name.

For consumer products mostly. The introduction of the HST applied an extra 8% (PST) to the big ticket items like electricity, home heating oil and gas, commercial rents, new homes, etc.

Yeah, the HST is bad.

[RWGR]

Ooops...Soundy wrong again!!!

[official soonet pu$$ycat]

Same taxes as for years, with a different name.

Too bad you didn't know that.

welcome to the spin room.

[SSMP]

As in all things like this Soundy is both right and wrong, it depends on you income level.
http://www.fin.gov.on.ca/en/taxchange/smart.html
Table 3.1: OHST Reform and the Distribution of Real Income - All Households
Estimated average impact of: Household average:
Quintiles Sales tax reform Income tax measures Net impact Total consumption Family size
Lowest 231 606 -375 22571 1.6
2nd 367 357 10 36803 2.1
3rd 461 340 121 50105 2.7
4th 590 438 152 67898 3.2
Highest 726 517 208 93011 3.5
Table 3.2: OHST Reform and the Distribution of Real Income - Two-adult Households
Estimated average impact of: Household average:
Quintiles Sales tax reform Income tax measures Net impact Total consumption Family size
Lowest 308 638 -330 33187 2.7
2nd 470 353 117 48406 3.1
3rd 516 457 58 60548 3.0
4th 588 524 64 72003 3.2
Highest 773 533 239 102528 3.5
Table 3.3: OHST Reform and the Distribution of Real Income - Unattached Individuals
Estimated average impact of: Household average:
Quintiles Sales tax reform Income tax measures Net impact Total consumption Family size
Lowest 187 479 -292 15973 1
2nd 225 450 -225 21890 1
3rd 284 203 82 27507 1
4th 323 251 72 34836 1
Highest 445 297 148 47361 1

[Soundbear]

Ooops...Soundy wrong again!!!

Could be.

My ego allows that.

[RWGR]

Could be.

My ego allows that.

It hasn't yet.

Let's hope.

[Soundbear]

From you, that is freakin' hilarious!!!

[RWGR]

More examples of your out of control ego.

Sad.

[Soundbear]

"I'm so humble, humble, humble, so humble, humble, humble......"

[RWGR]

More examples.

[Soundbear]

Judge and condemn.

[RWGR]

Sums up your last few years here quite well, unfortunately.