It’s official. We’re going over the cliff. I’m so sick of hearing about this shit I could puke. Yet, I might as well go to the bank, take out $2000 and light a match to it, because I’m out $2000 more in taxes a year, thanks to the idiots and criminals in Washington, and so are you.
And to add insult to injury, Medicare reimbursement rates just dropped 30%. So, many of the geezers on Medicare may not be welcome any longer at their doctors offices. See, a doctor can’t break even on what Medicare is now paying.
The average Joe in this country is going to see his taxes go up, and, when you add in Obamacare taxes, you could be taxed $5000 a year more. The new taxes coming are too numerous to mention, but it’s safe to say we’re all going to get our pockets cleaned out. At this point I don’t really give a fuck.
I’m glad Senators and Congressmen just got raises, they deserve the extra cash, they earned it. It’s going to be raining money with all the new taxes. And, we just crashed through the debt ceiling. More tax money, and more borrowing to keep our fetid, corrupt, tyrannical POS socialist government afloat awhile longer.
US To Officially Go Over The Fiscal Cliff
Submitted by Tyler Durden on 12/31/2012
As we forecast back in November, it is now official that the House will not vote on any deal out of the Senate, assuming there is one which there won’t be of course, later today, which means America will officially slide off the Fiscal Cliff. And now cue everyone being very hopeful and optimistic a deal will get done momentarily, if not sooner, in 2013. Of course, we all know just how far optimism takes America’s dysfunctional Congress. The biggest irony in all of this is that the only winners today were the much hated “1%”-ers, whose taxes may or may not go up, who just got to book major year end profits on this last minute ramp. The remainder of America’s population can quietly look forward to 2013 with “hope” and “optimism” that in 2013 Congress will finally stop being dysfunctional. Good luck. Oh, and before we forget, America just breached its debt ceiling: now the pillaging of various government retirement funds begins.
Finally, since the US is now officially over the cliff, does this mean that Ben Bernanke can finally get to work? Recall his words:
“if the economy actually went off the fiscal cliff, our assessment, the CBO’s assessment, outside forecasters, all think that that would have very significant adverse effects on the economy and on the unemployment rate. And so, on the margin, we would try to do what we could. We would perhaps increase a bit.”
Is it time to increase QE just “a bit” then?
http://www.zerohedge.com/news/2012-12-31/us-officially-go-over-fiscal-cliff
AWD says:
The rich make out, and the average person get fucked. Life in America 2.0
Cliff Deal – Winners and Losers
Submitted by Bruce Krasting on 12/31/2012
Note: I wrote the following after watching the Prez on TV. His smiling demeanor and tough guy talk led me to believe that a “patch” on the cliff might happen. Four hours later, and that is not the case. The House will not vote on anything today.
There is a chance that the House could vote tomorrow. This would bring results along the lines I describe below. But if the House does not vote, then it means there will be a long fight. A fight that could go on until the debt limit shuts the government.
These people are desperately trying to fail.
My read of the President’s speech is that there is a deal that will avoid the cliff. So go enjoy New Year’s Eve. Give it another 30 days, and we’ll be right back into the soup. My scorecard on the deal.
-If you’re unemployed, you’re a winner. You get another extension of benefits.
-If you’re employed, you’re a loser. Fully 155m workers are going to pay 2% more on income starting tomorrow. The increase in FICA taxes will come to a lumpy $120B. This will rank as one of the largest YoY tax increases in history. This is a very regressive tax increase. There is a $108K cap on what is subject to FICA taxes, so high incomes do not feel the bite. But those who earn an average income will see a meaningful reduction in disposable income ($2,000 per household).
This is a decidedly un-Democratic outcome. The rich avoid taxes, lower incomes pays a disproportionate share. Who insisted that this unfair outcome was part of the deal? Answer: Harry Reid, Nancy Pelosi and Barack Obama. Don’t blame the Republicans when your next check has an extra bite out of it. “Go figure?”, on this outcome.
-If you make between $250 and $400k, you are a very big winner, congratulations. Half of the top 2% just got a free pass.
-If you make over $450k, the cliff deal says you may have to pay more taxes. I wouldn’t worry too much about the top 1% – that group has 18% of all income. The move from 35 to 39.6% for America’s richest will not matter a bit. None of them paid the old rate, they won’t pay the new higher rate either.
-If you’re one of the 33 million taxpayers who avoided falling prey to the Alternative Minimum Tax (AMT) by the last minute patch, you dodged a bullet. This would have taken an average of $4k out of your pocket. I’m happy for you.
-If you’re one of the 4 million hopeless losers who have been stuck with AMT in prior years, you’re going to get stuck again. I’m one of those poor souls who is mired in this tax trap. It’s a very unfair outcome for me. I make a fraction of the top 1%, but because of AMT, I pay a minimum federal tax of 28% while the top 1% pays an average of only 15%. Where’s the damn cyanide?
-The defense industry will have the bubbly out tonight, no sequestration for them for the time being. Phew! I was really sweating this one!
-Investors will also have the Champagne out. They dodged a bullet – at least for the next 60 days…..Keeping the 15% Cap Gains rate for most incomes is a plus, the new 20% rate for the top filers is a gift.
-The American people are very big losers. The cliff deal just sets up another crises before the snow melts. Nothing has been accomplished that addresses the uncertainty factor. The deal insures a big deficit for 2013. It will not increase tax revenue from the top 1%. It will result in a big increase in payroll taxes that will hurt the bottom 40%.
-Washington is the biggest loser of all. Democrats, Republicans, Senate, House and Obama all come off looking like chumps. They didn’t deliver anything but a Band Aid. I give the cliff deal a D-.
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31st December 2012 at 7:16 pm
AWD says:
PARTY LIKE ITS 1929
The Asshole Formerly Known as Printz
(The Artist Known as WilliamBanzai7 December 31, 2012)
I was dreamin’ when I wrote this
Forgive me if it goes astray
But when I woke up this mornin’
Coulda sworn it was Fiscal Cliff judgment day
The S&P was purple and the Reuters screen was gray,
There was busted Bankstas runnin’ everywhere
Tryin’ to run from the destruction,
U know I didn’t even care
CHORUS
say say
Dow headed down to zero
Wall Street Ponzi party over, oops out of time
So tonight I’m gonna party like it’s 1929
I was dreamin’ when I wrote this
So sue me if I go to fast
But Wall Street life is just a Ponzi, and Ponzi weren’t meant to last
QE profits all around us, my trading mind says prepare for flight
So if we gotta die lets go and hang Bernank and Geithner tonight…
say say
Dow headed down to zero–
Wall Street Ponzi party over, oops out of time
So tonight I’m gonna party like it’s 1929
Lemme tell ya somethin’
If U didn’t come to party,
don’t bother knockin’ on the money Printz’s door
Ink’s leaking holes in his pockets,
and baby he’s ready to roll some dough
Yeah, everybody’s got an unhedged bomb,
we could all blow any day
But before we let that happen,
We’ll dance our Keynesian lives away
Oh, they say say Wall Street Ponzi party over,
oops out of time
So tonight I’m gonna party like it’s 1929
say say DOW headed down to zero ponzi party over,
oops out of time
So tonight I’m gonna party like it’s 1929
we gonna, oww 1929
Dont ya wanna go 1929
Dont ya wanna go 1929
Dont ya wanna go 1929
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31st December 2012 at 7:21 pm
AWD says:
Senate Deal “Apparently Short Of Needed Support”
Update: U.S. Senate will attempt to vote on fiscal cliff Monday night, but still work to be done – Sen. Kyl. So the deal is done, but there is “hope” it passes. Should be good for another 10 ES points.
Everyone’s worst nightmare has come true: the endless Greek bailout has now shifted to D.C., where deals are leaked, rumored, preannounced, and priced in, long before they are discovered to never have been there in the first place. The winners, as in Europe: hedge funds, and caterers. Everyone else is a bystanding loser.
From Reuters:
Skeptical U.S. Senate Democrats requested a meeting on Monday with Vice President Joe Biden about the tentative deal on the “fiscal cliff” that he is forging with Senate Republican leader Mitch McConnell, a Democratic Senate aide said.
With the deal apparently short of needed support, Democrats are hopeful that Biden will meet with them, but have not yet received a commitment, the aide said. Some Democrats complain that Biden went too far to find common ground with McConnell. Congress and the White House face a midnight deadline (0500 GMT Tuesday) to avert the fiscal cliff of tax hikes and spending cuts.
And now we look forward to tonight’s Senate vote on the deal which “passed”… It passed right? The market said so.
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31st December 2012 at 7:28 pm
Llpoh says:
AWD – that first article under comments you posted was a piece of shit. Soak the rich, left wing fucking nutjob wrote it. His shit about regressive taxes, lower incomes pay a disproportionate share, etc is crap – the top 10% already pay the bulk of fed taxes, and the bottom fifty percent pay none.
Not like you to post bullshit Obama crap like that.
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31st December 2012 at 7:35 pm
AWD says:
So sorry Lipoh. Just trying to keep up with the news, although I’m not sure why, people like you and me are gonna get fucked no matter what happens. We have a dollar-sign target on our back, and every thieving shithead criminal politician will be reaching into our pockets and bank accounts to fund the FSA (democratic voter base), redistribute money we earned and saved, and give themselves raises and money to their friends.
How about we buy a bus, and you can come around and pick us producers up, and then we can get the fuck out of this shithole communist country while we still can?
This fuckwad is not my savior
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31st December 2012 at 7:43 pm
Llpoh says:
AWD – I suspect you are going to do fine. You are a winner. Many here on TBP are.
But our problem is we do not like getting screwed over all the time.
I have reached my limit. I run a profitable company, but the running of it has become so unsavory I am making plans to abandon ship. I do not want to not only be the milk cow, but be abused and vilified for it as well. I do not need it, and am financially capable of walking away. One day soon I will be joined by many others – doctors, small business owners, etc. they will tire of the abuse.
Good luck for the New Year, AWD. You have been a valuable asset, in my humble opinion, to this site, and I hope that continues apace. Thank you!
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31st December 2012 at 7:51 pm
youcanthavemyglock says:
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31st December 2012 at 8:06 pm
Muck About says:
All we need to hear is this”
http://www.youtube.com/watch?v=hV-05TLiiLU
Anyone who thinks the Federal Government knows what it’s doing, has their head stuffed up their ass.
Welcome to 2013 – the year of the crash..
MA
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31st December 2012 at 8:14 pm
youcanthavemyglock says:
MUCK, I was looking forward to 2013 but you just crushed all my hopes and dreams with the Pelosi video.
Happy New Year’s Eve to all TBPers
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31st December 2012 at 8:54 pm
Anonymous says:
“…trying to keep up with the news,”
Fuck the news, it is whats driving the stupid.
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31st December 2012 at 10:19 pm