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News & Politics News & Politics

Folks freak at size of tax hikes if fiscal cliff isn’t averted in the coming days

Posted by on Dec. 28, 2012 at 12:17 PM
  • 92 Replies

They're ready to jump off a real cliff.

New Yorkers of all income levels got a rude awakening yesterday when they saw in The Post how much more they will pay in taxes next year without a fiscal-cliff deal by Jan. 1.

"It's that much higher?" asked IT worker Vikas Kataria, 34, who discovered that his combined household income of about $250,000 per year will cost him nearly $10,000 more in taxes.

"I thought it was a couple thousand - but that's a lot," said Kataria, who works at Merrill Lynch in Manhattan and is married to a systems analyst for a brokerage firm. "That's huge!"

With higher taxes, the couple would have to cut out on traveling and family vacations.

Clothing designer Peter Opie, of Canary Wharf Clothier, made about $2 million this year - and would see his tax bill spike by a staggering $100,000.

"The system is nuts here - it's madness personified!" he said

"We were impacted massively by the hurricane - and now there is this," said Opie. "You work your butt off and you end up with next to nothing."

Small-business owner Haim Hagon, 51, said it'll be tough to afford college for his two high-school-aged children.

"Every dollar counts when the situation is tough," said Hagon, who makes about $150,000 and already moved his son from a private school to a public school due to financial concerns.

"Another $6,000 could have gone to my daughter's tuition. I'll have to find that money another way."

He works 12 hours a day, six days a week to keep his children's-clothing store in Forest Hills, Queens, afloat - and is now mulling staff and pay cuts.

"What am I supposed to do, work harder?" Hagon said. "I don't want to find myself in front of my store dead with a heart attack!"

George Hoban, 55, said he pulls 65-hour weeks working as an accounts executive in transportation — and would see a tax hike of $4,000 on his $150,000 income.

“I’m concerned about what direction we’re going and whether I’ll be able to live an enjoyable retirement life in the next 10 years,” said Hoban, “I’m uncertain if that’s even achievable.”

If no cliff deal is reached, he’d end up having to cut down on golfing trips and travel to Europe. Plus, his bathroom renovation would have to wait.

“They’re just spinning their wheels in Washington!” Hoban said.

Jan Losick, a Medicare-aged counselor at Au Pair in America, makes about $150,000 when combined with her husband’s salary, and would pay about $6,000 more.

“The Senate and the House of Representatives should be sacked!” said Losick, who would have to cut down on vacations, going to the theater and eating out, and just stick to the basics. “They should be doing our bidding — not their own.”

With a likely tax increase of $2,200 looming, Andre Hunter, 49, is kissing his dream of owning a home goodbye.

“I’m trying to save for the future, to buy property — I’m a renter and would like to own a home,” said Hunter, a divorced father from the Riverdale section of The Bronx who works in human resources and makes about $75,000 a year.

“Every year, I save toward that, and paying this tax increase will lower my savings.”

He said he will have to trim activities like going out to dinner or the movies.

“I don’t like the uncertainty of this,” he added. “The fact that Congress can’t get the deal done is making me angry!”

Click on link to see list of tax hikes per income bracket:

http://www.nypost.com/p/news/local/jumping_out_of_their_kins_SpNwWIBDvSotYbcF7bQZ3O

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Do you think Congressional infighting is just political theater and some sort of deal on New Year's Eve so that Congress looks like it did something this year?

by on Dec. 28, 2012 at 12:17 PM
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Replies (1-10):
JakeandEmmasMom
by Gold Member on Dec. 28, 2012 at 12:45 PM
1 mom liked this
I think they they are cutting off their nose to spite their face. I hope they do wake up in the next few days and reach some sort of agreement.
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blues_pagan
by on Dec. 28, 2012 at 12:46 PM

I think that this is kind of funny.  There are people here who are saying, "No more taxes" and some of those same people are saying, "Just let us fall off the cliff".  What they fail to realize is that if we fall off that cliff, the debt and the amount of taxes we will have to pay then is going to destroy our economy and really break people who are struggling now.

rocketracer
by Gold Member on Dec. 28, 2012 at 1:03 PM
5 moms liked this

I think some of the people you are taking about are just tired of fighting for no more taxes and to fall over the cliff would just show more people what kind of detrimental affects higher taxes would would have on the economy. 

Quoting blues_pagan:

I think that this is kind of funny.  There are people here who are saying, "No more taxes" and some of those same people are saying, "Just let us fall off the cliff".  What they fail to realize is that if we fall off that cliff, the debt and the amount of taxes we will have to pay then is going to destroy our economy and really break people who are struggling now.


Billiejeens
by Ruby Member on Dec. 28, 2012 at 1:27 PM
4 moms liked this

Apparently your priorities are a little amiss.

We kept the young black man in office, and old white men out of our vaginas.

Quoting blues_pagan:

I think that this is kind of funny.  There are people here who are saying, "No more taxes" and some of those same people are saying, "Just let us fall off the cliff".  What they fail to realize is that if we fall off that cliff, the debt and the amount of taxes we will have to pay then is going to destroy our economy and really break people who are struggling now.


mustbeGRACE
by Silver Member on Dec. 28, 2012 at 1:39 PM
12 moms liked this

People on welfare won't be falling off a cliff.

They'll just be checking the mailbox daily starting at the 1st of the month.

No skin in the game.

Aivlys_
by Bronze Member on Dec. 28, 2012 at 1:41 PM
3 moms liked this
Exactly....


Quoting mustbeGRACE:

People on welfare won't be falling off a cliff.

They'll just be checking the mailbox daily starting at the 1st of the month.

No skin in the game.


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Canvas_says
by Silver Member on Dec. 28, 2012 at 2:01 PM
4 moms liked this
It's time to pay the piper, all this talk about paying their fair share involves everyone. We survived worse, I'd rather struggle now than enslave people not even born yet to cover our parties.
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broncfan
by Silver Member on Dec. 28, 2012 at 2:32 PM
7 moms liked this


Quoting Canvas_says:

It's time to pay the piper, all this talk about paying their fair share involves everyone. We survived worse, I'd rather struggle now than enslave people not even born yet to cover our parties.


I am OK with the tax increases IF everybody is included, that means the ones not paying now, I do not care if it is $100 year, everybody needs to be in the mix.  Those that are takers are the first to scream "TAX THE RICH",  I saw that the EIC and child credit will fall away also, sounds good to me.  If taxes go up 12% on average I say let's cut welfare benefits and FSs by 12%, everybody needs to feel the pain so everybody will understand the importance of who is elected.

gsprofval
by Gold Member on Dec. 28, 2012 at 2:39 PM
2 moms liked this

I'm just waiting on those who worshipped obama and voted him in to start screaming when those who actually work for a living have our money stolen by obummer and we only have not even 10% of what we earn to live on.

obummer will have his greedy, slimy hands in our bank accounts very quickly.

JustCJ
by on Dec. 28, 2012 at 2:58 PM

BWahahahahaha you owe me a new laptop.

Quoting Billiejeens:

Apparently your priorities are a little amiss.

We kept the young black man in office, and old white men out of our vaginas.

Quoting blues_pagan:

I think that this is kind of funny.  There are people here who are saying, "No more taxes" and some of those same people are saying, "Just let us fall off the cliff".  What they fail to realize is that if we fall off that cliff, the debt and the amount of taxes we will have to pay then is going to destroy our economy and really break people who are struggling now.



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