Did anyone notice the dems in control of Congress adjourned this week without deciding on whether or not to keep the Bush tax cuts in effect? Talk about creating even more uncertainty in uncertain times! Bravo BO, Reid & Pelosi. Kinda like a senator voting "present" rather than up or down on a measure, isn't it?
The Dems would be happy to extend the tax cuts for the middle class and let them expire on the wealthiest people that have had the benefit of them for the last 10 years, but as we all know the Republicans would never allow the people that least need the tax cuts to not have them. So if the wealthy don't get more handouts, the people that really need them don't get them either. Nice going Boehner, McConnel, and DeMint. Rich white guys looking out for other rich white guys. How special!
I just went to see what the numbers were out of curiosity. http://www.mytaxburden.org/ If the cuts were to expire, a family of 4 (taking standard deductions only) making... 25K would get $2500 less in refunds. 50K would pay $2143 more in taxes. 75K would pay $2143 more in taxes. 100K would pay $4010 more in taxes 150K would pay $4510 more in taxes 200K would pay $6068 more in taxes 250K would pay $6254 more in taxes 300K would pay $8779 more in taxes 500K would pay $21739 more in taxes 1M would pay $45607 more in taxes Personally, I would either let the 'middle class' tax cuts expire totally or make the cut off at about 50K. And yes, that means my taxes would go up. But not a lot considering the projected deficit is $1.27 trillion next year. By the way, if that family of 4 was making $1.27 trillion dollars, their taxes would go up $58.5 billion dollars if the tax cuts expire.
Wasn't "No Tax Increases" for families who earn less than $250k the cornerstone of BO's campaign? While we're at it.......how, exactly, would the Rep minority keep the dems from acting?
It's not a 'tax increase'...it is the expiration of one of those fiscally irresponsible and downright evil stimulus plans. Because it takes more than a majority in the Senate for a bill to progress? Personally, I think the Dems are making a political mistake in not bringing it to a vote before the elections.
Look at your own numbers you're throwing around dude!! They're mega wealthy before and after the tax adjustments....they're still friggin rich!!!!!!!! AAAAHHHHHHHHHHH!!!!!!! You rich, arrogant, greedy, evil SOB's...YOU ALL SUCK.
I did. That is why I said I would let the cuts expire for everyone considering the deficit situation we are in. Or, at the least, everyone making over, say, 50K.
Every bit of this is crazy! Why should anyone on this forum have to pay these exorbinant taxes, much less have them go up so drastically at BO's hand? Those making under $25k will get $2500 less in a refund? How much are they getting now? How much are they paying in to start with? Anything? Everyone of us here is subsidizing tomc because he has been a failure (through his own actions, mind you) and he refuses to take the initiative to improve his situation yet there he is clamoring for our taxes to go up? I'm telling you- now is the time for the FairTax. Everyone pays based on consumption & untold millions of tax cheats/evaders are brought into the system plus visitors from outside the country (and even illegals) contribute to our cofers. I urge you to read up on it...there's tons of research out there.
A single person making 25K a year currently pays $1900 in taxes and would continue to do so under the Republican and Democratic plans. If the stimulus program ends like it was designed to, they would pay $2325 in taxes. A married couple making 25K a year currently pays $600 in taxes and would continue to do so under the Republican and Democratic plans. If the stimulus program ends like it was designed to, they would pay $1193 in taxes. A married family of 4 making 25K a year currently gets back $5862 dollars and would continue to do so under the Republicans plan. Under the Democratic plan, they would get back $6415. If the stimulus program ends like it was designed to, they would get a refund of $3362. What we are really subsidizing are children and, to a lesser extent, the institution of marriage.
Again, idiotic threads like this completely gloss over the fact that the Obama Administration would absolutely love to extend the tax cuts for the middle class while letting them expire in the wealthy but we all know the Republicans would filibuster the hell out of that idea. You know it, I know it, and yet rather than admit that the Republicans are ONLY interested in helping out the rich corporations that are funneling millions into GOP campaigns as we speak, you would rather talk about Obama raising taxs on the middle class. You know what? Boo-Hoo! Complain and whine all you want. It's your party that has created this situation and if you are so damn dumb that you have to buy into the fallacies they create, then you deserve to have your taxes raised. Anything that happens to you that is bad financially, you've more than earned. I honestly hope that people like you find yourself homeless so that you can learn what it is like to have to live by the good graces of others. You could use the lesson. Greed mixed with stupidity is its own reward.
The statistics I posted (at 25K) are total tax paid for the year or total credit for the year. In the simplest terms I can put it in, it would be the result with no income tax withholding from paychecks.
Nice rant there dr, now catch your breath. Who says the Repubs would filibuster? Why not put the measure to a vote & force the Repubs hand? Can I go ahead & answer? It's because BO knows the Repubs probably won't filibuster and he will be faced with a whole lot less tax money to pay for his schemes. This way, the tax cuts simply expire, BO gets the revenue he desires & idiots like you can conveniently blame in on the Repubs, who in reality weren't allowed to vote or filibuster or act in any way. All your hyperbole about poor this, homeless that is nothing more than the same weak smokescreen & misdirection that libs have been using for years.
Yes, if they make very little, are married and have 2 children, they get back more than they pay in taxes. But, if they are single and make the same amount they don't get back more than they pay in. Neither do they get back more than they paid in if they are married and have no kids although they pay less taxes than the single person. And both the Democrats and Republicans plans make that so. That's why I said that we are subsidizing children and the institution of marriage.
What I want to know is why these 'deficit conscious' Republicans are for extending this program to anyone when the spending is not being cut and the deficit will be 1.27 trillion next year. Gives me zero confidence that they learned their lesson from their last term in power.
It's all a game the Repubs are playing. They want to say that Obama raised taxes and the Democrats want to let the tax cuts expire and introduce legislation to lower taxes on the middle class and let the Repubs voted it down just like they have voted down every piece of legislation that benefits the middle class or just plain filibustered it. If you haven't noticed this pattern by now, you aren't paying attention. The Republicans plan is to starve the government when the Democrats are in power and spend it into debt when they are in power. By weakening the Federal government, their friends in private industry can run amok on the environment, worker abuse, outsourcing, and padding the supreme court with activist conservatives that give us decisions like "Citizens United". Handing this country over to the multinationals is goal one for the Republicans and idiots that are helping them do it are taking the rest of us down with their inexcusable stupidity.
It is all a play for votes without caring about consequences. Otherwise, neither party would be able to call for tax cuts to people making 6 figure incomes with a straight face considering current spending and budget levels. Tax cuts for the upper 5 figures is very hard for me to buy into.
I have heard a lot that extending the tax cuts to those above 250K will cost 700 billion over the next 10 years. What I hear less about (and had to go looking for) is that extending the tax cuts for those making under 250K will cost 3.2 trillion over the next 10 years. So, using all my fingers and most of my toes, I come to the conclusion that the Democrats want to add 3.2 trillion extra to the national debt over the next decade and the Republicans want to add 3.9 trillion extra to the national debt over the next decade. Insanity rules.
