Bush Tax Cuts - Who gets screwed if it laps? PRETTY MUCH EVERYONE

Discussion in 'Economy' started by GHook93, Aug 2, 2010.

  1. GHook93
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    GHook93 Aristotle

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    The left says only the rich, but look at it, everyone gets screwed! If you make as little as $6,001 as single or $12,001 joint annually your income taxes go up! See below. 2002 is pre-Bush and 2003 is post-Bush

    Income Taxes:
    Single
    Tax Year 2002 - Tax Year 2003
    (1)up to $6,000 10% - up to $7,000 10% = Make over btw $6-$7K >5% tax rate
    (3) $6,000 - $27,950 15% - $7,000 - $28,400 15% = Make over $27,950 you jump up 12% instead of 10%, meaning a 2% increase for people make this little!
    (3) $27,950 - $67,700 27% - $28,400 - $68,800 25% = Lower Middle Class goes up 2%
    (4) $67,700 - $141,250 30% - $68,800 - $143,500 28% = Middle Class goes up 2%
    (5) $141,250 - $307,050 35% - $143,500 - $311,950 33% = Upper Class goes up 2%, which is attainable to all Americans through hard work
    (6) over $307,050 38.6% over $311,950 35% = Upper Class p 3.6%
    NOTE: This is before you toss in State Taxes, which are NUTZ in some states like CA, NY and IL!


    JOINT Married filing jointly or Qualifying widow(er)
    Tax Year 2002 - Tax Year 2003
    (1) up to $12,000 10% - up to $14,000 10% = Increase at $12K
    (2) $12,000 - $46,700 15% [/B]
    (3) $46,700 - $112,850 27% - $56,800 - $114,650 25% = Middle class Increase by 2%
    (4) $112,850 - $171,950 - 30% $114,650 - $174,700 28% = Upper Middle Class increase by 2%
    (5) $171,950 - $307,050 35% - $174,700 - $311,950 33% = Upper Class increase by 2% a level attainable by all Americans!
    (6) over $307,050 38.6% - over $311,950 35% = Highest Level increase by 3.6%

    Capital Gains:
    If you have investments, 401(k), IRA, Pension, Universal Whole Life Insurance, money market market, stocks, mutual Funds, really any type of retirement fund, etc your taxes went up. You will have less money for same rate of return!

    Pre-Bush Cuts rates where 8/10 and 20% and Post-Bush Cuts are 5 and 15%. Therefore, if you have any investments or retirement fund your tax increase will be 5% (could be 3% in some case)!

    Estate Taxes:
    If your luck enough to get money, goods or real estate left over after a loved one passes, you will pay higher taxes on the. Personally I think the Death Tax Dual Taxation is highway robbery, therefore, any increase here on anyone is immoral!

    http://www.irs.gov/pub/irs-prior/i1040--2002.pdf
    http://www.irs.gov/pub/irs-prior/i1040--2003.pdf


    So Obama plans to raise taxes on the middle, upper and even lower class! So much for no tax increases! Another Obama broken promise! :(
     
    Last edited: Aug 2, 2010
  2. GHook93
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    GHook93 Aristotle

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    No lefties want to challenge why they support a laps of the Bush tax cuts? No one wants to rationalize this large increase during a down economy? :rolleyes:
     
  3. Quantum Windbag
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    Quantum Windbag Gold Member

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    Don't confuse them with facts GHook. I keep pointing out to them that the Democrats are trying to quietly extend the Bush tax cuts, they are afraid of the numbers and what it will do to the deficit projections, buit they are more afraid of letting them lapse and listening to the howls as the average family of 4 pays another $2300 in taxes.
     
  4. GHook93
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    GHook93 Aristotle

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    I kept hearing the screams of the Bush Tax Cuts only lowered taxes for the rich, so I investigated it and found it lowered taxes for nearly everyone who worked. Most Americans do some kind of retirement investing, so this means most people will be hit with higher taxes twice.
     
  5. Tech_Esq
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    Tech_Esq Sic Semper Tyrannis!

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    Of course. This is just another case of what happens when the left starts believing their own bullshit.

    It started as "a tax cut for the rich" to try to defeat it. They used the fact that a 2% cut for someone making $1,000,000 a year nets them more money than a 2% cut for someone making $50,000, in actual dollars.

    But, the fact of the matter is that everyone benefited and now everyone is going to get their ass handed to them.
     
  6. GHook93
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    GHook93 Aristotle

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    Say all they roll back is $250K like the Big O campaigned on but is now not delivering on! Everyone still gets screwed because everyone regardless of income bracket whether is 5% to 10% or 15% to 20% on the capital gains increases!

    This is bad news and I think its going to be devastating on the economy!
     
  7. edthecynic
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    edthecynic Censored for Cynicism

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    Right now, thanks to the Bush tax cuts, ~50% pay no income taxes. CON$ say that is not fair and they should contribute something like the rest of us. If the Bush tax cuts lapse then that number drops to 25%.
    Why shouldn't those freeloaders pay taxes like the rest of us? :eusa_whistle:
    Why do CON$ support these freeloaders getting a free tax ride by extending the Bush Tax Cuts? :lol:
     
  8. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    "Laps".
     
  9. GHook93
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    GHook93 Aristotle

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    Do you have proof of that? Because I'm calling bullshit! Not that part about the 50% not paying income taxes, I have heard that, rather the part that Bush's tax cuts did this and a lapse of them would bring it to 25%.
     
  10. GHook93
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    GHook93 Aristotle

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    It is very interesting that most of them avoided this thread, because they can't keep arguing why do you care about the top 2%!!!
     

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