Art, re: the 2013 Fiscal Cliff
You said>>>>>>>>
Both hypothetical examples used an adjusted gross income that comprised salary alone, not income from dividends, capital gains, etc. This would skew the results for higher income even more, making it look like a person earning $100,000, without any other form of income would pay a lot more tax. That scenario would be an exception, rather than the rule.
2. Once again, you used data that examine only federal taxes, rather than ALL taxes. You can't make comprehensive judgments without considering ALL taxes. Is that difficult to understand?
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Yes, my examples were simple and hypothetical, but I do believe they typically represent middle income Americans.
Please go to the site yourself and plug in any numbers you want for dividends, cap gains, etc and run your own scenarios for middle income families (50,000, 75,000, 100,000 incomes), and show me where these families did not benefit significantly for “the Bush tax cuts” and will be significantly impacted if they aren’t extended.
I ran another scenario for $50,000 income with 4 children. Under “the Bush tax cuts” it had a $2,560) tax credit (refund with no taxes paid, and will **owe** $468 if not extended (http://goo.gl/FL3VE) . Thus, this helps to explain why about 47% of American families pay no federal income tax at all.
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Re: “……….Lower income taxpayers will continue to spend what they have on consumer items, with hardly anything left over for investing. But that's not too different from today's scenario, where investorsl have become too scared to do anything but sit on the sidelines, resulting in stocks like Qualcomm going down the tubes.”
If you take the time to run the numbers for middle income Americans ($50 /75 /100k), I believe you’ll find their income taxes will increase significantly, thus leaving less to be spent on consumer items, which will impact the general economy / stock market / perhaps even QCOM. Again, we’re speaking about the average American family (the bulk of the 99 %ers) paying about $3,000 more in fed income taxes, not chump change, and not used to buy consumer goods / services.
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