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View Diary: White House Confirms: Obama's Budget Contains Middle Class Tax Hike (69 comments)

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  •  if you read this diary it quotes Jay Carney (2+ / 0-)
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    PhilJD, TJ

    acknowledging that yes, it is a tax increase on the middle class. Is that adequate for you?

    "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

    by eXtina on Thu Apr 11, 2013 at 08:48:48 AM PDT

    [ Parent ]

    •  well, it appears that way (0+ / 0-)

      but riddle me this:  if this supposed chained CPI-induced tax hike is to broadly affect the middle class, it would have to be the tax code and not just entitlement programs, right?

      or is the argument that most seniors/entitlement beneficiaries are middle class? but i thought they were on the verge of poverty and cat food?

      so for this to be a widespread tax hike on the middle class, it would have to be in the tax code, yah?

      i can't account for what carney said or thought he was answering, but neither can i find in obama's budget where it calls for adopting chained CPI for the tax code.

      and of course norquist is going to wet his pants about anything that sounds vaguely tax-like; there's a reason he's the only one nattering on about it.  and since when are dems opposed to taxes?

      Please don't dominate the rap, Jack, if you got nothin' new to say - Grateful Dead

      by Cedwyn on Thu Apr 11, 2013 at 09:23:39 AM PDT

      [ Parent ]

      •  please read Brooklynbadboy's diary explaining it (2+ / 0-)
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        Sunspots, Ginger1

        it's linked in this diary which you obviously haven't read

        also this

        The proposal in question is known as "Chained CPI." The term is a Beltway euphemism for measuring inflation at a different, slower pace.  Many tax and budget items are indexed to inflation, so slowing inflation's measured rate of growth has both spending cut and tax increase implications.
        On the tax side, all income tax brackets are subject to inflation.  Slowing down the inflation rate slows down the annual rate of growth in all income tax brackets.
        This means the Obama budget contains a tax increase on 100 percent of middle class taxpayers--anyone who pays the federal income tax.
        Many other tax provisions--the standard deduction, the personal exemption, PEP and Pease, IRA and 401(k) contribution limits, and many others--are also tied to how CPI is measured.
        Chained CPI as a stand-alone measure (that is, not paired with tax relief of equal or greater size) is a tax increase and a Taxpayer Protection Pledge violation. Various reports peg the tax increase amount as exceeding $100 billion over the next decade.
        If it's not raising middle class taxes, then you must be saying that Jay Carney is lying when he admits it WILL

        "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

        by eXtina on Thu Apr 11, 2013 at 09:31:40 AM PDT

        [ Parent ]

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