The democrat lie about bush's tax cuts

[Yurt]

only the wealthy benefited from bush's tax cuts.....really?

Expiring tax cuts hit taxpayers at every level

WASHINGTON – Here's some pressure for lawmakers: If they don't reach agreement on extending soon-to-expire Bush-era tax cuts, nearly all their constituents back home will get big tax increases.

A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.

Expiring tax cuts hit taxpayers at every level - Yahoo! News

 

[MaggieMae]

only the wealthy benefited from bush's tax cuts.....really?

Expiring tax cuts hit taxpayers at every level

WASHINGTON – Here's some pressure for lawmakers: If they don't reach agreement on extending soon-to-expire Bush-era tax cuts, nearly all their constituents back home will get big tax increases.

A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.

Expiring tax cuts hit taxpayers at every level - Yahoo! News

What? Here's what the article said: "Under Obama's plan, a family of four making $325,000 a year would get a tax increase of $5,400, while the same family making $1 million a year would get a tax increase of $56,300, according to the analysis by Deloitte Tax."

Quite simply, even the upper 2% would immediately be able to take $250,000 off their income, before taxes. Too bad people feel so sorry for them. I sure don't. There was no bitching and moaning in the 90's when the tax rate was set at 39%, which is where it will be dropped back to, ONLY for that top 2%.

Sorry, I copied the wrong paragraph. However, there is no way a family earning only $50,000 would have their taxes increased by that much. THAT'S what I question.

President Barack Obama wants to extend the tax cuts for individuals making less than $200,000 and joint filers making less than $250,000 in adjusted gross income. That's income from wages, capital gains and dividends, before standard deductions and exemptions are subtracted.

 

[rightwinger]

Borrowing $2 Trillion dollars to pay for tax cuts that did nothing to help the economy is crazy

Wanting to extend these FAILED cuts is pure insanity

 

[Yurt]

not a peep about the fear mongering lie that bush's tax cuts are only for the wealthy....

facts and the far left like the two posters above mix like oil and water

 

[rightwinger]

No, they were not just for the wealthy.

But the loss of revenue was primarily due to the wealthy paying taxes at a lower rate. When you have 35% of the wealth concentrated in 1% of the taxpayers, that tax cut is going to help that 1% tremendously

 

[MaggieMae]

Borrowing $2 Trillion dollars to pay for tax cuts that did nothing to help the economy is crazy

Wanting to extend these FAILED cuts is pure insanity

In light of this report just issued, you do have to wonder what they DID do with their tax windfalls. Middle class incomes fell between 2001 and 2007.

Press Releases - Press - U.S. Congress Joint Economic Committee

The report, entitled “Income Inequality and the Great Recession,” finds that middle class incomes, which had grown at a healthy pace during the Clinton Administration, declined under President Bush and never regained their highs reached before the 2001 recession. After President Bush’s eight years in office, middle class families had seen their annual incomes fall by more than $2,600.

Stagnant incomes led to an increased demand for credit, with the household debt-to-income ratio growing dramatically from 2001-2007. The unsustainable spending sparked the housing bubble, and subsequent collapse, and ultimately helped to trigger the Great Recession.

 

[theDoctorisIn]

I don't remember hearing liberals claim that all of Bush's tax cuts went to the extremely wealthy.

Just MOST of them.

 

[Flopper]

only the wealthy benefited from bush's tax cuts.....really?

Expiring tax cuts hit taxpayers at every level

WASHINGTON – Here's some pressure for lawmakers: If they don't reach agreement on extending soon-to-expire Bush-era tax cuts, nearly all their constituents back home will get big tax increases.

A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.

Expiring tax cuts hit taxpayers at every level - Yahoo! News

At one time, I would have said that there was no way Congress would just allow all the tax cuts to expire. But considering the hatred and the polarization in Congress, it is a possibility although not likely. It would not be the first time nor the last when politicians put party and political philosophies above the good of the people they represent.

 

[skookerasbil]

No, they were not just for the wealthy.

But the loss of revenue was primarily due to the wealthy paying taxes at a lower rate. When you have 35% of the wealth concentrated in 1% of the taxpayers, that tax cut is going to help that 1% tremendously

simpleton...........thinks jobs are created in America by people making 40 or 50K

 

[Old Rocks]

only the wealthy benefited from bush's tax cuts.....really?

Expiring tax cuts hit taxpayers at every level

WASHINGTON – Here's some pressure for lawmakers: If they don't reach agreement on extending soon-to-expire Bush-era tax cuts, nearly all their constituents back home will get big tax increases.

A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.

Expiring tax cuts hit taxpayers at every level - Yahoo! News

Sure, that tax cut really did the middle class a lot of good. Given the depth of the recession, a great many citizens would be glad to pay the extra income tax, if only they had an income to pay it out of.

However, the very wealthy continue to reap the benefits. For a reduction of income from 2 million to 1 million doesn't affect the food on the table the way a reduction from 50,000 to 25,000 does.

The Republicans continue to lie about what our President is doing. If his bill passes, those making 50,000 will see no increase in their taxes. You would have to make 250,000 or more to see an increase in your taxes. However, if the Republicans stonewall the legislation, then the taxes revert to where they were at the end of Clinton's terms. So the whole thrust of the Republican campaign on the income tax is for the benefit of the top 2% of the citizens of this nation. And the hell with the other 98%. That work for you, Yurt?

 

[concept]

No, they were not just for the wealthy.

Now you tell us?

That's not what we were told constantly by the left. The old "Bush tax cuts for the rich" talking point got a lot of play.

 

[concept]

Oh man we are going to see some backpedaling on this one now.

 

[Charles_Main]

only the wealthy benefited from bush's tax cuts.....really?

Expiring tax cuts hit taxpayers at every level

WASHINGTON – Here's some pressure for lawmakers: If they don't reach agreement on extending soon-to-expire Bush-era tax cuts, nearly all their constituents back home will get big tax increases.

A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.

Expiring tax cuts hit taxpayers at every level - Yahoo! News

What? Here's what the article said: "Under Obama's plan, a family of four making $325,000 a year would get a tax increase of $5,400, while the same family making $1 million a year would get a tax increase of $56,300, according to the analysis by Deloitte Tax."

Quite simply, even the upper 2% would immediately be able to take $250,000 off their income, before taxes. Too bad people feel so sorry for them. I sure don't. There was no bitching and moaning in the 90's when the tax rate was set at 39%, which is where it will be dropped back to, ONLY for that top 2%.

Sorry, I copied the wrong paragraph. However, there is no way a family earning only $50,000 would have their taxes increased by that much. THAT'S what I question.

President Barack Obama wants to extend the tax cuts for individuals making less than $200,000 and joint filers making less than $250,000 in adjusted gross income. That's income from wages, capital gains and dividends, before standard deductions and exemptions are subtracted.

His figures are correct. Visit the IRS web site if you do not believe them.

 

[Old Rocks]

No, they were not just for the wealthy.

But the loss of revenue was primarily due to the wealthy paying taxes at a lower rate. When you have 35% of the wealth concentrated in 1% of the taxpayers, that tax cut is going to help that 1% tremendously

simpleton...........thinks jobs are created in America by people making 40 or 50K

OK, idiot child, where are all those jobs created by the tax cut for the wealthy? The whole of the Bush years the number of new jobs created did not equal the number of people graduating from high school and college and entering the job market.

Oh, wait, the wealthy did create jobs, now didn't they. In India, China, Indonesia, Mexico, ect.

 

[Charles_Main]

The Republicans continue to lie about what our President is doing. If his bill passes, those making 50,000 will see no increase in their taxes.

Straight up lie. If he allows the Bush Tax cuts to expire all tax brackets will see their taxes go up. Only those not making enough to pay any federal taxes will not see an increase.

 

[Old Rocks]

The Republicans continue to lie about what our President is doing. If his bill passes, those making 50,000 will see no increase in their taxes.

Straight up lie. If he allows the Bush Tax cuts to expire all tax brackets will see their taxes go up. Only those not making enough to pay any federal taxes will not see an increase.

Boy, what a lyng asshole you are. If the President allows the tax cuts to expire. It is not the President that is allowing the tax cuts to expire, it is the Republicans that are going to allow it to expire if their rich buddies do not get their tax cut extended. The proposed tax bill would leave the tax cuts in place for all that are in tax brackets below $250,000. However, if the President's bill is prevented from passing by the Republicans, then the tax cuts will expire, as written into the original tax cut bill by REPUBLICANS.

That is correct. The present expiration date was put there by Republicans, and if the Republicans prevent our President from changing the passing a bill exempting those making below $250,000 from the expiration, then all will have to pay higher taxes again.

 

[Old Rocks]

And I believe that if his bill is not passed, he should allow them to expire. Fiscal sanity.

 

[NYcarbineer]

not a peep about the fear mongering lie that bush's tax cuts are only for the wealthy....

facts and the far left like the two posters above mix like oil and water

The Democrats don't want to let the middle class Bush tax cuts expire.

 

[NYcarbineer]

The 'rich' got all the marginal tax rate cuts that the not-rich got, for their first 250,000 of income.

 

[Dick Tuck]

I don't remember hearing liberals claim that all of Bush's tax cuts went to the extremely wealthy.

Just MOST of them.

Then you must have been on a different planet. Al Gore, in his 2000 debate, showed a chart showing exactly that. Yes, the Bush tax cut mostly went to those who needed it least, and it was financed by debt. As I recall, 95% of the tax cut went to the top 5% of income earners.