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Tax Burden

hypocritexposer

Well-known member
I wonder if people realize that the lowest tax bracket will see a 50% tax increase?

FACT #1: The Obama Plan Provides Generous Tax Cuts for Almost All American Families – and will
not raise any tax rate on families making less than $250,000 per year, period! The Obama plan maintains
the existing marginal tax rates for every family making less than $250,000 – and single people making less than
$200,000—while offering thousands of dollars in new tax cuts for saving, education, mortgage costs, and
childcare, as well as up to $1000 per family to make work pay. Under the Obama plan, the typical family will
pay tax rates that are 20% lower than they faced under President Reagan. Any and all charges that Obama
would raise rates on capital gains, dividends, income, savings and so on for the approximately 98% of American
families making less than $250,000 are simply not true. For details click here.

http://www.barackobama.com/pdf/taxes/Tax_Plan_Facts_FINAL.pdf
 

jingo2

Well-known member
If the so called Bush Tax Cuts are allowed to expire......that alone will take out about 30% of the deficit we hold right now.... just that one thing.
 

Larrry

Well-known member
Every income tax bracket will rise, with the lowest tax bracket experiencing the largest increase – jumping from 10 percent to 15 percent of income.

The great lie about the Bush tax cuts has been repeated so often that now people believe it is true. People believe that only the rich got tax cuts under the former president. Every American got tax relief in the Bush tax cuts and when Obama lets those cuts expire it will amount to a backdoor tax on all Americans. And the hardest hit will be the people who can least afford it.

Stop and think about it. This tax increase will amount to a fifty percent tax increase on the poorest of taxpayers. What a compassionate guy.

If pumping money into people's pockets stimulates the economy, then taking money out of their pockets should depress the economy.
 

Tam

Well-known member
Here is a question for the Dems supporters that continue to Bash Bush for his tax cuts. If the Bush Tax cuts hurt the economy then why are some of the top Dems now calling on Obama to Extend them until the economy is better? :?
 

jingo2

Well-known member
Tam said:
Here is a question for the Dems supporters that continue to Bash Bush for his tax cuts. If the Bush Tax cuts hurt the economy then why are some of the top Dems now calling on Obama to Extend them until the economy is better? :?

Those Dems are wanting to save their seats....not looking out for the greater good.

Bush did 2 tax cuts...Obama has done one....all 3 were wrong and laid the foundation for the mess we've got now.

When/if the cuts expire....you won't have a tax increase.....it will revert back to where it was BEFORE Bush....
 

hopalong

Well-known member
Link that proves that please? Kojingo

The majority of the taxpayers in our country believe it a foregone conclusion that taxes will rise substantially in the near future and that the Bush tax cuts will soon be no more than a footnote of political history. You don't need to be a genius to see that the government will have to raise more revenue to pay for seemingly infinite spending, but before we resign ourselves to higher taxes, we should consider defending the Bush tax cuts against the left.


Two of the most oft-cited objections to the Bush tax cuts by the left are that it helped only the rich and it was largely responsible for the federal deficit at the end of the Bush presidency. Instead, it is true that if the current administration allows any or all of the Bush tax cuts to expire, economic growth will be slowed and tax revenue could actually decrease, perpetuating our deficit dilemma.1. Tax revenues depend on the tax base as well as the tax rate,
2. Raising tax rates discourages the taxed behavior and therefore shrinks the tax base, offsetting some of the revenue gains, and
3. Lowering tax rates encourages the taxed behavior and expands the tax base, offsetting some of the revenue loss.




Andrew Foy and Brenton Stransky

Ball is in your court Kojingo :wink: :wink: :wink:
 

jingo2

Well-known member
Hop if you failed 8th grade math....that's not my problem to fix for you.

Do a little research on your own instead of running around behind other with your " Yes sir, how high" attitude ......


http://money.cnn.com/2010/05/04/pf/taxes/bush_obama_tax_cuts/index.htm


The above link is from CNN....but it's one of about 10 that will pop if you Bing seach it.

Excerpts:

Extending the tax cuts for most Americans will increase the federal deficit by an estimated $2.2 trillion over 10 years.




In a nod to deficit reduction, Obama did propose that lawmakers let the tax cuts expire for high-income households, couples making more than $250,000. Doing so would reduce the deficit by $678 billion from where it would be if the cuts were extended for everyone.


So, I take it that most of you freeloaders WANT a $2.2 TRILLION increase just so you can keep a few hundred $$$ for more beer and smokes???
 

hopalong

Well-known member
Between now and January 1, 2011 Tax rates will rise substantially in each tax bracket, some by 450 basis points;
Low-income taxpayers will see the 10-percent tax bracket disappear, and they will have to pay taxes at the 15-percent rate;
Married taxpayers will see the marriage penalty return;
Taxpayers with children will lose 50 percent of their child tax credits;

Federal death taxes will come back to life in 2011, after fading down to nothing in 2010.
What make this tax nightmare scenario particularly scary are the economic benefits that will never be realized if the 2001 and 2003 tax cuts disappear. Businesses are watching now to see if Congress will make permanent the first to expire of the major economic growth components of the 2001 and 2003 tax acts-lower taxes on dividends and capital gains. Failing to make permanent the low tax rates on investment would signal to businesses of all sizes that the other major elements of the Bush tax plan will also be allowed to expire. They would adjust their investment and hiring accordingly.

Economists in the Center for Data Analysis at The Heritage Foundation used a mainstream model of the U.S. economy to project the economic effects of making the tax cuts of 2001 and 2003 permanent. Their report estimates significant economic gains throughout the period from 2006 through 2014, particularly after 2008. For example, making certain that taxes on investment remain low will add about 285,000 jobs per year in fiscal years 2008 and 2009. In those two years alone, lower taxes on capital gains and dividends mean an additional $70 billion in economic output and an additional $110 billion in disposable income for households.

If Congress makes the tax cuts permanent, the major economic benefits begin in 2011. For example,


However, these benefits become economic losses if Congress fails to make the 2001 and 2003 tax cuts permanent. What is the cost of failing to act? Over one million lost jobs each year between 2011 and 2014; over a hundred billion dollars less in economic output per year; slower wage and salary growth; slower savings growth; and so on. The need for Congress to make the 2001 and 2003 tax cuts permanent is clear.

authors

Rea S. Hederman, Jr., is Senior Policy Analyst in, and William W. Beach is Director of, the Center for Data Analysis at The Heritage Foundation.


CNN? that is your source???
wow that must make it true Kojingo :wink: :wink:

Back to you
 
A

Anonymous

Guest
So, I take it that most of you freeloaders WANT a $2.2 TRILLION increase just so you can keep a few hundred $$$ for more beer and smokes???

Yep- and some of these Teabaggers screaming the loudest to cut government and cut taxes are the ones that scream the loudest when government services aren't available for them right when they need it- like rural clinics having a doctor available 24/7 especially for them :???: :wink: :p

Or government services not babysitting the wealthy politicians private investment land :???: :wink:

But its nothing new- been that way for years.. The folks that would come in an yell and holler about the commissioners budgets being too high- yelled the highest when they called for help and were told that do to the budget cuts it would take a while longer to be able to get assistance to them...
 

hopalong

Well-known member
A litlte more info for you kojingo, from people that know more than CNN, you, or I


by Bill Bischoff
Wednesday, July 7, 2010

The so-called Bush tax cuts are scheduled to expire at the end of the year. Although some of the cuts retain bipartisan support in Congress and may yet be extended, as of now, Washington has some severe changes in store for you and your family.




More from SmartMoney.com:
• Negotiating Estate Tax Gridlock

• Self Employed? Remember the Roth IRA Option

• Divorce and Your Retirement Accounts



Higher Tax Rates for All

You may have been led to believe that only individuals in the top two brackets will face higher federal income taxes when the Bush cuts go bye-bye. Not true! Unless Congress takes action and President Obama goes along, rates will go up for everyone -- not just a sliver of the wealthiest Americans. The current six rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%. Just a few months ago, it seemed like a safe bet that Congress would make a fix to keep the existing 10%, 15%, 25% and 28% rate brackets to help out lower and middle-income folks. That bet is now looking iffy.

--------------------------------------------------------------------------------
More from Yahoo! Finance

Higher Capital Gains and Dividends Taxes for All

Right now, the maximum federal rate on long-term capital gains and dividends is only 15%. Starting next year, the maximum rate on long-term gains will increase to 20%. The maximum rate on dividends will skyrocket to 39.6% unless action is taken to limit the rate to 20%, as the president has repeatedly promised. Plan on 39.6%, and hope I'm wrong.

Right now, an unbeatable 0% rate applies to long-term gains and dividends collected by folks in lowest two rate brackets of 10% and 15%. Starting next year, those folks will pay 10% on long-term gains and 15% and 28% on dividends (compared with 0% now) unless a change is made. Otherwise, taxes on long-term gains and dividends will go up for everyone.

Return of the Marriage Penalty

Right now, the standard deduction for married joint-filing couples is double the amount for singles. For this, we can thank the Bush tax cuts, which included several provisions to ease the so-called marriage penalty. The penalty can force a married couple to pay more in taxes than when they were single. Starting next year, the joint-filer standard deduction will fall back to about 167% of the amount for singles unless Congress takes action and the president approves. We don't know if that will happen. If not, lots of lower and middle-income couples will face higher tax bills.

Now, the bottom two tax brackets for married joint-filing couples are exactly twice as wide as those for singles. That ratio helps keep the marriage penalty from biting lower- and middle-income couples. Starting next year, the joint-filer tax brackets will contract, causing higher tax bills, unless a change is made.

Return of Phase-Out Rule for Itemized Deductions

Before the Bush tax cuts, a nasty phase-out rule could eliminate up to 80% of a higher-income individual's itemized deductions for mortgage interest, state and local taxes, and charitable donations. The rule was gradually eased and finally eliminated this year. Next year, it will be back in full force unless Congress takes action -- which is unlikely. So if you itemize and have adjusted gross income above about $170,000 ($85,000 if you use married filing separate status), be ready for this phase-out rule to take a toll.

Return of Phase-Out Rule for Personal Exemptions

Before the Bush tax cuts, another nasty phase-out rule could eliminate some or all of a higher-income individual's personal exemption deductions. The rule was gradually cut back and finally eliminated this year. But it will be back with a vengeance next year unless Congress blocks it. So be ready for another tax hike if your adjusted gross income exceeds about $252,000 if you file jointly; about $168,000 if you're single; about $210,000 if you're a head of household; or about $126,000 if you use married filing separate status. (For 2010, personal exemption deductions are $3,650 each, and they will be about the same next year.)

The Bottom Line

The Bush tax cuts don't just offer tax relief to the wealthiest Americans. They offer it to just about anyone who pays federal income taxes. Their scheduled demise next year will raise the tax bill of nearly every taxpayer, unless Congress makes changes and the president jumps on board.

___



EH?
 

hypocritexposer

Well-known member
jingo2 said:
So, I take it that most of you freeloaders WANT a $2.2 TRILLION increase just so you can keep a few hundred $$$ for more beer and smokes???

Over 10 years?

And the obama deficit will be $2.89 Trillion for this year and next?

Tell us again how it was lack of taxes and not the spending that got the US into this situation.
 

jingo2

Well-known member
Hop, most people on here don't seem to pay you much attention....thus your behaviour of trying to get attention at every turn.


If you had read you will see where I said that CNN was one of about 10 that popped on a Bing search.....I just picked the one on the top....


You seem to be the type that argues with a mirror.....

You might as well get over this crush you have on this long gone poster you keep hoping is me....well it's ain't so go rub your hot spot ol' boy....
 

hopalong

Well-known member
jingo2 said:
Hop, most people on here don't seem to pay you much attention....thus your behaviour of trying to get attention at every turn.


If you had read you will see where I said that CNN was one of about 10 that popped on a Bing search.....I just picked the one on the top....


You seem to be the type that argues with a mirror.....

You might as well get over this crush you have on this long gone poster you keep hoping is me....well it's ain't so go rub your hot spot ol' boy....

lol lol lol kojungo I never had a crush on you, and she /you are not so long gone!
I'll rub my hot spot ole girl when you finally put your B.O.B. away :D :D and stop fanticizing about me
:wink: :wink:
 

Tam

Well-known member
jingo2 said:
Tam said:
Here is a question for the Dems supporters that continue to Bash Bush for his tax cuts. If the Bush Tax cuts hurt the economy then why are some of the top Dems now calling on Obama to Extend them until the economy is better? :?

Those Dems are wanting to save their seats....not looking out for the greater good.

Bush did 2 tax cuts...Obama has done one....all 3 were wrong and laid the foundation for the mess we've got now.

When/if the cuts expire....you won't have a tax increase.....it will revert back to where it was BEFORE Bush....

So what you are saying is to hold onto their seat they actually have to do what the Majority of their voters want. :shock:

What an IDEA leave the "I know better than you do stupid" attitude at the door and do what the majority want you to do. :shock: :roll:

BTW how is Evan Byah saving his seat he is not running is he?

What laid the foundation for this mess was the SPENDING. If you don't have the money DON"T SPEND IT.
 

jingo2

Well-known member
Tam said:
jingo2 said:
Tam said:
Here is a question for the Dems supporters that continue to Bash Bush for his tax cuts. If the Bush Tax cuts hurt the economy then why are some of the top Dems now calling on Obama to Extend them until the economy is better? :?

Those Dems are wanting to save their seats....not looking out for the greater good.

Bush did 2 tax cuts...Obama has done one....all 3 were wrong and laid the foundation for the mess we've got now.

When/if the cuts expire....you won't have a tax increase.....it will revert back to where it was BEFORE Bush....

So what you are saying is to hold onto their seat they actually have to do what the Majority of their voters want. :shock:

What an IDEA leave the "I know better than you do stupid" attitude at the door and do what the majority want you to do. :shock: :roll:

BTW how is Evan Byah saving his seat he is not running is he?

What laid the foundation for this mess was the SPENDING. If you don't have the money DON"T SPEND IT.


EXACTLY.....

We didn't have the money for the tax cuts ( no way to make of the lack in the amt of taxes coming into the Treasury)....

Bush borrowed it from China. Making our debt HUGE in one fell swoop.

Obama did the same thing.....Bush did it 2x's....WRONG WRONG WRONG on all counts.

So, Tam, you are against the tax cuts then? See I knew you were one smart cookie
 

Larrry

Well-known member
If pumping money into people's pockets stimulates the economy, then taking money out of their pockets should depress the economy.

So how the does the dems plan work taing this into consideration
 
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