Companies will stop hiring, may start laying off & dealing out more paycuts and benefit cuts.

Individuals losing their jobs will become dependent upon government.

Individuals experiencing reductions in compensation will have less income to use for products and services (aka paycuts for businesses/employers)

round and round she goes while crybabies point fingers. If the Bush tax cuts fail to be renewed it will be the fault of BOTH democrats and republicans and there isn’t a damn thing any of you can say to refute that inarguable fact.

If you have 50,000 in credit card debt because you love to shop, are you going to refuse to pay more than the monthly interest and explain to your creditor that you don’t want to pay more, because your spending habits are the issue, not the debt? I am sure they would disagree with you.

We can’t just ignore the debt and try to curb spending. The defecit will not go away, no matter how deeply you bury your head in the sand.

There’s no way this would come close to covering the government’s expenses, even if we cut out all the waste.

Ya what at a 7-8% profit margin?
stfu with your lame “LOOK AT ALL THEYRE MONIES”

The actual deficit went up and down while Bush was in office, but guess which president completely DESTROYED our deficit? .. just one is all you need, and he’s STILL in office.

This country does NOT need the ’social services’ that BHO and Klan says we do. BUT we – the ones that work – will be paying for it. And as a family who went DOWN 30k from 2008 – we paid MORE this year. So no, BHO’ did NOT give us more money, but we did pay more. Should I say thank you now OR wait until next year when his other ‘ideas’ kick in and Bush’s tax cuts expire and we will be paying even MORE.

hmm.. such a hard choice.

I agree that it might not be fair that those earning millions of dollars a year to pay more, but it’s most likely necessary.

Of course, I’d also like to see a crackdown on businesses. I believe it was Exxon Mobil that didn’t pay a cent in federal income taxes during 2009? Which is outrageous considering they make billions in pure profit every quarter.

Anyone with any commom sense must realize that taxes are going to increase for everyone. It’s just a matter of when and how.

i’ve done the exact thing you have, 401k>trad ira>roth ira. my current plan is to pay all the taxes this year, but it sure would be good to know if the tax cuts were going to be extended. given the same rates…i would much rather spread the tax over 2011 and 2012 than all in 2010.

how late in the game can congress wait until they make a decision to extend or let them expire??

What burns me up is the massive spending, yet without the massive tax increases to support those spending levels. The ‘debt held by the public’ is now at 7.8 TRILLION. This is not funny money (SS-trust fund IOUs), it is real money that we owe other nations and treasury bond holders. Since 2001, we have been on a massive spending spree, that we have financed on the back of the work of future generations. The major items that really screwed us are Medicare Part D, two wars, and massive tax cuts under the Bush administration.

We need a balanced budget _this_ year — no more deficit spending! I challenge the republican ‘conservatives’ to actually support the pay-go policies like we had under Clinton.

The underlined problem is a government that doesn’t know how to handle money. Irresponsible spending by the government is a message being sent to young American’s (I’m still in my 20’s so consider myself semi young) that it’s ok to spend more then you can afford to.

Stack the lack of financial education at the middle and high school levels, and what they are seeing by the biggest company in the US (Yes.. the Government is the biggest company in the US even without the military) and we have more and more issues to come.

Sorry for the off rant, but again we don’t have to raise taxes, we first have to cut the spending, and fix the crappy social services that we provide (yes.. the social services are a mess, and are taken advantage of for millions upon millions of dollars a day). Then IF we had structured and managed spending, and we knew the money was being well spent and handled, THEN I’d be ok with raising taxes, but we all know that’s never going to happen.

Bush cut taxes and then started trillion dollar wars. Bad decisions, but that doesn’t change the fact that it needs to be paid back.

Wouldn’t you only pay 40% on amounts over 384,860? That’s a bit different than paying 40% on your total income.

Flat Tax for all, always!

I hate to say it, because I’m a fiscal conservative, but we need to raise taxes. Raise taxes and cut spending. We can’t afford to continue along this deficit path.

Problem is, we only have ourselves to blame. While it’s easy to blame politicians, we elect them. We need to start electing officials who will implement intelligent fiscal policy.

I am a big fan of Pay-Go. Politicians should be asking their constituents if they are for an X% increase in taxes to get (insert service/program here). This doesn’t seem like rocket science to me.

If congress fails on this, then you know exactly which party to blame.

1) Double taxation is awful, especially at that rate.
2) Obama promised to not raise taxes on anyone making under $250,000.