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

[GHook93]

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!

 

[GHook93]

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?

 

[Quantum Windbag]

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.

 

[GHook93]

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.

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.

 

[Tech_Esq]

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.

 

[GHook93]

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.

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!

 

[edthecynic]

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?

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?
Why do CON$ support these freeloaders getting a free tax ride by extending the Bush Tax Cuts?

 

[Mad Scientist]

"Laps".

 

[GHook93]

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?

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?
Why do CON$ support these freeloaders getting a free tax ride by extending the Bush Tax Cuts?

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%.

 

[GHook93]

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.

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%!!!

 

[edthecynic]

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?

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?
Why do CON$ support these freeloaders getting a free tax ride by extending the Bush Tax Cuts?

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%.

Oh come on! Everyone knows the GOP has historically tried to buy votes with tax cuts and the GOP has historically accused the Dems of raising everyone's taxes! The more the GOP cut taxes the more people who will pay no income taxes. Hell, even the right wing tax foundation admits it! (one in four is 25%)

The Tax Foundation - Record Numbers of People Paying No Income Tax; Over 50 Million "Nonpayers" Include Families Making over $50,000

59 Percent Increase in Nonpayers Since 2000
Entering the 2000s with one in four tax filers owing nothing, the nonpayers pool was supercharged by the Bush tax cuts in 2001 and 2003—especially by the doubling of the child credit to $1,000.

 

[topspin]

I think dems will cave and extend them. They will choose power over ideology

 

[Reject]

Are you people learning impaired? The Democrats have been talking non-stop about extending the tax cuts for those who make less than $250,000 per year. In other words, the GOP is fighting for tax cuts for the top 2% of earners!

That's all they care about! The top 2%!!!!

 

[CMike]

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!

I don't understand??

The libs say the bush tax cuts are only about the wealthy and the wealthy must be punished. After all they eat up all the wealth like one gigantic vacuum.

The wealthy need to be crushed. We all know that it's the poor who create businesses and provide jobs. In fact, the more that is taken away from the wealthy and given to the non working the better off this country is.

After all "I think when you spread the wealth around, it's good for everybody".

 

[CMike]

Are you people learning impaired? The Democrats have been talking non-stop about extending the tax cuts for those who make less than $250,000 per year. In other words, the GOP is fighting for tax cuts for the top 2% of earners!

That's all they care about! The top 2%!!!!

Hello??? Earth to newbie, Earth to newbie?

Which political party has had total control of the federal government for the last one year and eight months?

 

[Reject]

Hello??? Earth to newbie, Earth to newbie?

Which political party has had total control of the federal government for the last one year and eight months?

Hello. Earth to right-wing hack.

In the last one year and eight months, President Obama and the Democrats have passed more massive, sweeping legislation than in decades prior. Health care legislation has been pushed by every president since Nixon, including every republican since. President Obama actually did it. Despite one year and eight months of repubilcan obstructionism.

Yes, I'm new here, but clearly I know more than some.

 

[CMike]

Hello??? Earth to newbie, Earth to newbie?

Which political party has had total control of the federal government for the last one year and eight months?

Hello. Earth to right-wing hack.

In the last one year and eight months, President Obama and the Democrats have passed more massive, sweeping legislation than in decades prior. Health care legislation has been pushed by every president since Nixon, including every republican since. President Obama actually did it. Despite one year and eight months of repubilcan obstructionism.

Yes, I'm new here, but clearly I know more than some.

Clearly

And you make my point. Despite america's wishes Obama took over the health care system.

Now where are the middle class tax cuts? And why is he going to raise them significantly by allowing the bush tax cuts for americans to expire?

 

[Reject]

Clearly

And you make my point. Despite america's wishes Obama took over the health care system.

Now where are the middle class tax cuts? And why is he going to raise them significantly by allowing the bush tax cuts for americans to expire?

Took over teh health care system? The plan is almost identical to the GOP 1993 plan proposed as an alternative to the Clinton proposal. It is a massive give-away to the insurance companies and health care providers. The government is NOT the payor or provider of health care under the Obama plan.

Are you really that blinded by your partisanship that you can't even understand what the health care plan did? Wow, my dog understands complicated issues better than you do.

(edit) Bush tax cuts are to expire, but President Obama has proposed letting them remain for those who make less than $250,000 per year. That would be the answer to your question.

 

[CMike]

Clearly

And you make my point. Despite america's wishes Obama took over the health care system.

Now where are the middle class tax cuts? And why is he going to raise them significantly by allowing the bush tax cuts for americans to expire?

Took over teh health care system? The plan is almost identical to the GOP 1993 plan proposed as an alternative to the Clinton proposal. It is a massive give-away to the insurance companies and health care providers. The government is NOT the payor or provider of health care under the Obama plan.

Are you really that blinded by your partisanship that you can't even understand what the health care plan did? Wow, my dog understands complicated issues better than you do.

(edit) Bush tax cuts are to expire, but President Obama has proposed letting them remain for those who make less than $250,000 per year. That would be the answer to your question.

Almost identitical? Please prove that?

Oh I now what the micro managing of the health care will do. It will create a shortage of health care for americans.

Where is Obama's proposal for it remaining in affect for those making less than $250,000. Proof?

 

[GHook93]

I think dems will cave and extend them. They will choose power over ideology

My pops, who happens to still fall well above the $250K mark, thinks they will allow modify it so only the $250K and above taxes increase, under $250K will stay the same. He thinks they will raise the mark to 40% instead of 35% and 38.6% respectfully.