GOP wants to end middle class tax break.

[JimH52]

GOP may OK tax increase that Obama hopes to block - Yahoo! News

They are now becoming brazen. They are not even trying to hide their efforts to screw the middle class and pad the pockets of the rich. The come up with lame excuses. Then the FOX sheep buy everything, hook, line, and sinker.

How can these people keep screwing over middle America, and getting away with it!

But Republican lawmakers haven't always worried about tax cuts increasing the deficit. They led the fight to extend the life of a much bigger tax break: the major 2001 income tax reduction enacted under Bush. It was scheduled to expire at the start of this year. Obama campaigned on a pledge to end the tax break only for the richest Americans, but solid GOP opposition forced him to back down.

So, this will increase the deficit, but the huge tax break given to the wealthy didn't? What a bunch of HYPCRITES!

 

[PoliticalChic]

GOP may OK tax increase that Obama hopes to block - Yahoo! News

They are now becoming brazen. They are not even trying to hide their efforts to screw the middle class and pad the pockets of the rich. The come up with lame excuses. Then the FOX sheep buy everything, hook, line, and sinker.

How can these people keep screwing over middle America, and getting away with it!

But Republican lawmakers haven't always worried about tax cuts increasing the deficit. They led the fight to extend the life of a much bigger tax break: the major 2001 income tax reduction enacted under Bush. It was scheduled to expire at the start of this year. Obama campaigned on a pledge to end the tax break only for the richest Americans, but solid GOP opposition forced him to back down.

So, this will increase the deficit, but the huge tax break given to the wealthy didn't? What a bunch of HYPCRITES!

"...tax break only for the richest Americans..."

Jimmy....

....did you know that almost all of the Bush tax cuts went to middle and lower income folks?
Did you know that?

And, did you know that President Bush belonged to the G-O-P???

 

[Ravi]

All the Bush tax cuts should expire.

And the government should insert another stimulus project.

And create jobs with said stimulus project.

But sadly, none of this will happen.

 

[PoliticalChic]

All the Bush tax cuts should expire.

And the government should insert another stimulus project.

And create jobs with said stimulus project.

But sadly, none of this will happen.

Bulletin: Ravi Reestablishes Liberal Credentials.

(Yawn......)

 

[Toro]

GOP may OK tax increase that Obama hopes to block - Yahoo! News

They are now becoming brazen. They are not even trying to hide their efforts to screw the middle class and pad the pockets of the rich. The come up with lame excuses. Then the FOX sheep buy everything, hook, line, and sinker.

How can these people keep screwing over middle America, and getting away with it!

But Republican lawmakers haven't always worried about tax cuts increasing the deficit. They led the fight to extend the life of a much bigger tax break: the major 2001 income tax reduction enacted under Bush. It was scheduled to expire at the start of this year. Obama campaigned on a pledge to end the tax break only for the richest Americans, but solid GOP opposition forced him to back down.

So, this will increase the deficit, but the huge tax break given to the wealthy didn't? What a bunch of HYPCRITES!

"...tax break only for the richest Americans..."

Jimmy....

....did you know that almost all of the Bush tax cuts went to middle and lower income folks?
Did you know that?

And, did you know that President Bush belonged to the G-O-P???

The revenue cost of the tax cuts totals approximately $2.2 trillion over the 2001–2010 period. ...

The tax cuts have disproportionately benefited high-income taxpayers. ...

Nearly two-thirds of the tax cuts will go to the top quintile of taxpayers in 2010 and only 1 percent will go to the lowest quintile.

The Bush Tax Cuts — Who Benefited | The Blue States

http://dangerousintersection.org/20...g-dangerous-economic-and-social-polarization/

 

[Ravi]

All the Bush tax cuts should expire.

And the government should insert another stimulus project.

And create jobs with said stimulus project.

But sadly, none of this will happen.

Bulletin: Ravi Reestablishes Liberal Credentials.

(Yawn......)

Thanks for admitting that Liberal equals Rational.

Maybe there is hope for you.

 

[JimH52]

GOP may OK tax increase that Obama hopes to block - Yahoo! News

They are now becoming brazen. They are not even trying to hide their efforts to screw the middle class and pad the pockets of the rich. The come up with lame excuses. Then the FOX sheep buy everything, hook, line, and sinker.

How can these people keep screwing over middle America, and getting away with it!

But Republican lawmakers haven't always worried about tax cuts increasing the deficit. They led the fight to extend the life of a much bigger tax break: the major 2001 income tax reduction enacted under Bush. It was scheduled to expire at the start of this year. Obama campaigned on a pledge to end the tax break only for the richest Americans, but solid GOP opposition forced him to back down.

So, this will increase the deficit, but the huge tax break given to the wealthy didn't? What a bunch of HYPCRITES!

"...tax break only for the richest Americans..."

Jimmy....

....did you know that almost all of the Bush tax cuts went to middle and lower income folks?
Did you know that?

And, did you know that President Bush belonged to the G-O-P???

Wrong again...

FactCheck.org: Here We Go Again: Bush Exaggerates Tax Cuts

 

[PoliticalChic]

GOP may OK tax increase that Obama hopes to block - Yahoo! News

They are now becoming brazen. They are not even trying to hide their efforts to screw the middle class and pad the pockets of the rich. The come up with lame excuses. Then the FOX sheep buy everything, hook, line, and sinker.

How can these people keep screwing over middle America, and getting away with it!



So, this will increase the deficit, but the huge tax break given to the wealthy didn't? What a bunch of HYPCRITES!

"...tax break only for the richest Americans..."

Jimmy....

....did you know that almost all of the Bush tax cuts went to middle and lower income folks?
Did you know that?

And, did you know that President Bush belonged to the G-O-P???

Wrong again...

FactCheck.org: Here We Go Again: Bush Exaggerates Tax Cuts

See, now, Jimmy....every time I make you eat your words.....

.....I get the giggles!

And can't stop.....oh....oh...oh....

OK, here goes:

So, who got the benefit of the ‘Bush Tax Cuts’?
Was it the wealthy?

Well, the NYTimes inadvertently answered that question….in the negative
Almost all of the Bush Tax Cuts went other than to the wealthy!

Yup! That would be 82% went to those making under the $250,000 cut-off they keep talking about.

Check this out:

“LET THE BUSH CUTS EXPIRE Mr. Obama vowed to let the high-end tax cuts (for people making more than $250,00) expire in 2010. But in a preview of the debt fight, he agreed to extend the cuts for two more years when Republicans held unemployment benefits and other measures hostage.

Letting all of the cuts expire at the end of 2012 would save $3.8 trillion over the next decade. Letting the tax cuts expire for those making more than $250,000 would save $700 billion. That would make a real dent in the $2.4 trillion in total deficit reduction envisioned in the debt limit deal.”
http://www.nytimes.com/2011/08/07/opinion/sunday/the-truth-about-taxes.html


Now, get some help here, Jimmy, 'cause this requires some math...

If ALL of the Bush Tax Cuts were eliminated, the government would get $3.8 trillion over the decade.

But “Letting the tax cuts expire for those making more than $250,000 would…” provide $700 billion!

That is only 18% of the total provided by the Bush Tax Cuts!! So 82% of the money must have been given to folks making $250,000 or less!

Q.E.D.! The Bush Tax Cuts went to the middle class.
Thank you, NYTimes, for ‘splainin’ that to Jimmy!!!

Uh oh! Here come those giggles...

 

[PoliticalChic]

GOP may OK tax increase that Obama hopes to block - Yahoo! News

They are now becoming brazen. They are not even trying to hide their efforts to screw the middle class and pad the pockets of the rich. The come up with lame excuses. Then the FOX sheep buy everything, hook, line, and sinker.

How can these people keep screwing over middle America, and getting away with it!



So, this will increase the deficit, but the huge tax break given to the wealthy didn't? What a bunch of HYPCRITES!

"...tax break only for the richest Americans..."

Jimmy....

....did you know that almost all of the Bush tax cuts went to middle and lower income folks?
Did you know that?

And, did you know that President Bush belonged to the G-O-P???

The revenue cost of the tax cuts totals approximately $2.2 trillion over the 2001–2010 period. ...

The tax cuts have disproportionately benefited high-income taxpayers. ...

Nearly two-thirds of the tax cuts will go to the top quintile of taxpayers in 2010 and only 1 percent will go to the lowest quintile.

The Bush Tax Cuts — Who Benefited | The Blue States

Bush economic policies are triggering dangerous economic and social polarization : Dangerous Intersection

"The tax cuts have disproportionately benefited high-income taxpayers. ..."

Really?

Not according to the 'newspaper of record' the old Gray Lady.

82% to those making under $250, 000.

Take a gander at post #8.

 

[JimH52]

Tax Returns: A Comprehensive Assessment of the Bush Administration's Record on Cutting Taxes — Center on Budget and Policy Priorities

• The Bush tax cuts have contributed to revenues dropping in 2004 to the lowest level as a share of the economy since 1950, and have been a major contributor to the dramatic shift from large projected budget surpluses to projected deficits as far as the eye can see.
•
• The tax cuts have conferred the most benefits, by far, on the highest-income households — those least in need of additional resources — at a time when income already is exceptionally concentrated at the top of the income spectrum.
•
• The design of these tax cuts was ill-conceived, resulting in significantly less economic stimulus than could have been accomplished for the same budgetary cost. In part because the tax cuts were not as effective as alternative measures would have been, job creation during this recovery has been notably worse than in any other recovery since the end of World War II.

I'm going to watch a football game...

 

[PoliticalChic]

Tax Returns: A Comprehensive Assessment of the Bush Administration's Record on Cutting Taxes — Center on Budget and Policy Priorities

• The Bush tax cuts have contributed to revenues dropping in 2004 to the lowest level as a share of the economy since 1950, and have been a major contributor to the dramatic shift from large projected budget surpluses to projected deficits as far as the eye can see.
•
• The tax cuts have conferred the most benefits, by far, on the highest-income households — those least in need of additional resources — at a time when income already is exceptionally concentrated at the top of the income spectrum.
•
• The design of these tax cuts was ill-conceived, resulting in significantly less economic stimulus than could have been accomplished for the same budgetary cost. In part because the tax cuts were not as effective as alternative measures would have been, job creation during this recovery has been notably worse than in any other recovery since the end of World War II.

I'm going to watch a football game...

So....you didn't expect the NYTimes to kick you in the solar plexus, huh?

Surprise!

 

[rdean]

GOP may OK tax increase that Obama hopes to block - Yahoo! News

They are now becoming brazen. They are not even trying to hide their efforts to screw the middle class and pad the pockets of the rich. The come up with lame excuses. Then the FOX sheep buy everything, hook, line, and sinker.

How can these people keep screwing over middle America, and getting away with it!

But Republican lawmakers haven't always worried about tax cuts increasing the deficit. They led the fight to extend the life of a much bigger tax break: the major 2001 income tax reduction enacted under Bush. It was scheduled to expire at the start of this year. Obama campaigned on a pledge to end the tax break only for the richest Americans, but solid GOP opposition forced him to back down.

So, this will increase the deficit, but the huge tax break given to the wealthy didn't? What a bunch of HYPCRITES!

"...tax break only for the richest Americans..."

Jimmy....

....did you know that almost all of the Bush tax cuts went to middle and lower income folks?
Did you know that?

And, did you know that President Bush belonged to the G-O-P???

Liar. 52% when to the top.

 

[Toro]

So....you didn't expect the NYTimes to kick you in the solar plexus, huh?

Surprise!

The NYT is a forecast of future benefits. You said that most of the tax cuts "went to" the lower and middle income distributions. That is the past. And that is incorrect.

Top 1% received 15% of the tax cuts. Those making over $1 million received 24% of the tax cuts. Those in the middle 20% received 9% of the tax cuts.

Tax Returns: A Comprehensive Assessment of the Bush Administration's Record on Cutting Taxes — Center on Budget and Policy Priorities

 

[expat_panama]

...this will increase the deficit, but the huge tax break given to the wealthy didn't? What a bunch of HYPCRITES!

OH BOY! NAME CALLING FOOD FIGHT!!!!

Of course anyone actually looking at the the issue sees that what's actually going on is Obama trying to slash Social Security funding --that's got nothing to do with the deficit. But hey, if Marxists ever bothered with the truth here this place would be Boredom City.

 

[rdean]

Business pays 6.2% and the worker pays 6.2%. Under Obama's payroll tax plan, workers only paid 4.2%.

But the rate is capped at around 105,000, meaning only 6.2% on 105,000. That means the rich pay almost nothing relative to their income. But for the middle class, how many make over 105,000? No one? Few? Very few?

It's another attack on the Middle Class by the Republican leadership. And what the fuck is wrong with their base. Either they are masochists or stupid. Because you can bet all these USMB Republicans are NOT rich. Believe it.

 

[PoliticalChic]

So....you didn't expect the NYTimes to kick you in the solar plexus, huh?

Surprise!

The NYT is a forecast of future benefits. You said that most of the tax cuts "went to" the lower and middle income distributions. That is the past. And that is incorrect.

Top 1% received 15% of the tax cuts. Those making over $1 million received 24% of the tax cuts. Those in the middle 20% received 9% of the tax cuts.

Tax Returns: A Comprehensive Assessment of the Bush Administration's Record on Cutting Taxes — Center on Budget and Policy Priorities

While one of the 'rich' would certainly receive more than one of the less than rich...

the Times article clearly points out that the bulk of the Bush tax cuts are not in the group of 'rich.'

The anlysis you use is produced by folks from the Kennedy School and the Woodrow Wilson School.
So...which source is more Left-wing...Center on Budget and Policy Priorities or NYTimes?

 

[Trajan]

All the Bush tax cuts should expire.

And the government should insert another stimulus project.

And create jobs with said stimulus project.

But sadly, none of this will happen.

do you know what the "10% bracket" is?

 

[rdean]

"...tax break only for the richest Americans..."

Jimmy....

....did you know that almost all of the Bush tax cuts went to middle and lower income folks?
Did you know that?

And, did you know that President Bush belonged to the G-O-P???

Wrong again...

FactCheck.org: Here We Go Again: Bush Exaggerates Tax Cuts

See, now, Jimmy....every time I make you eat your words.....

.....I get the giggles!

And can't stop.....oh....oh...oh....

OK, here goes:

So, who got the benefit of the ‘Bush Tax Cuts’?
Was it the wealthy?

Well, the NYTimes inadvertently answered that question….in the negative
Almost all of the Bush Tax Cuts went other than to the wealthy!

Yup! That would be 82% went to those making under the $250,000 cut-off they keep talking about.

Check this out:

“LET THE BUSH CUTS EXPIRE Mr. Obama vowed to let the high-end tax cuts (for people making more than $250,00) expire in 2010. But in a preview of the debt fight, he agreed to extend the cuts for two more years when Republicans held unemployment benefits and other measures hostage.

Letting all of the cuts expire at the end of 2012 would save $3.8 trillion over the next decade. Letting the tax cuts expire for those making more than $250,000 would save $700 billion. That would make a real dent in the $2.4 trillion in total deficit reduction envisioned in the debt limit deal.”
http://www.nytimes.com/2011/08/07/opinion/sunday/the-truth-about-taxes.html


Now, get some help here, Jimmy, 'cause this requires some math...

If ALL of the Bush Tax Cuts were eliminated, the government would get $3.8 trillion over the decade.

But “Letting the tax cuts expire for those making more than $250,000 would…” provide $700 billion!

That is only 18% of the total provided by the Bush Tax Cuts!! So 82% of the money must have been given to folks making $250,000 or less!

Q.E.D.! The Bush Tax Cuts went to the middle class.
Thank you, NYTimes, for ‘splainin’ that to Jimmy!!!

Uh oh! Here come those giggles...

You must know how to play twister the way you twist those "facts" around. For one, this is an "editorial". Even the timing is not clear. The 3.8 trillion is over a decade. Who knows how the long the 700 billion is for.

What you did was look for something that you thought backed up your lie and ran with it. You have to do better than that.

 

[Trajan]

So....you didn't expect the NYTimes to kick you in the solar plexus, huh?

Surprise!

The NYT is a forecast of future benefits. You said that most of the tax cuts "went to" the lower and middle income distributions. That is the past. And that is incorrect.

Top 1% received 15% of the tax cuts. Those making over $1 million received 24% of the tax cuts. Those in the middle 20% received 9% of the tax cuts.

Tax Returns: A Comprehensive Assessment of the Bush Administration's Record on Cutting Taxes — Center on Budget and Policy Priorities

I have a lot of respect for you Toro, you know that, but this 'article' is a class warfare treatise, example-

The Very Well-Off: Big Winners on Two Fronts

The very well-off have been big winners on two fronts. They secured enormous gains in income in the 1980s and 1990s. They now are receiving extremely large tax cuts as a result of the 2001 and 2003 tax-cut measures. The Congressional Budget Office provides the most comprehensive data available on recent changes in incomes and taxes for different income groups; these CBO data cover years from 1979 until 2001. Just-released CBO data show:

* The average after-tax income of the top one percent of the population more than doubled over this period, rising from $294,300 in 1979 to $703,100 in 2001, an increase of $408,800. (CBO adjusted these figures for inflation and expressed them in 2001 dollars.) This represents an increase of 139 percent.
* By contrast, the average after-tax income of the households that make up the middle fifth of the U.S. population rose $6,300, or 17 percent, during this period. And the average after-tax income of the poorest fifth of households rose $1,100, or only eight percent.
* In combination with data on before-tax income from a study issued by the National Bureau of Economic Research, these CBO data indicate that before-tax income was more concentrated at the top of the income scale in 2001 than at any time in the previous 65 years (i.e., back to 1936), except for the years from 1997-2000.

so what?


further, they don't appear to break these down into what tax cuts exactly per mechanism, as in cap gains, dividends, or income etc. delineate the 24% as opposed to say the middle, who naturally have less of investment income, theres a lot of ways to realize tax gains while investing and creating wealth, which I believe was the idea..... getting the economy back to work and creating investment opportunities...

also, if I recall correctly and I believe I do, the % of total fed revenue collected, paid by bracket rose more for those rich folks than it did for the middle and lower ....

 

[Toro]

So....you didn't expect the NYTimes to kick you in the solar plexus, huh?

Surprise!

The NYT is a forecast of future benefits. You said that most of the tax cuts "went to" the lower and middle income distributions. That is the past. And that is incorrect.

Top 1% received 15% of the tax cuts. Those making over $1 million received 24% of the tax cuts. Those in the middle 20% received 9% of the tax cuts.

Tax Returns: A Comprehensive Assessment of the Bush Administration's Record on Cutting Taxes — Center on Budget and Policy Priorities

I have a lot of respect for you Toro, you know that, but this 'article' is a class warfare treatise, example-

The Very Well-Off: Big Winners on Two Fronts

The very well-off have been big winners on two fronts. They secured enormous gains in income in the 1980s and 1990s. They now are receiving extremely large tax cuts as a result of the 2001 and 2003 tax-cut measures. The Congressional Budget Office provides the most comprehensive data available on recent changes in incomes and taxes for different income groups; these CBO data cover years from 1979 until 2001. Just-released CBO data show:

* The average after-tax income of the top one percent of the population more than doubled over this period, rising from $294,300 in 1979 to $703,100 in 2001, an increase of $408,800. (CBO adjusted these figures for inflation and expressed them in 2001 dollars.) This represents an increase of 139 percent.
* By contrast, the average after-tax income of the households that make up the middle fifth of the U.S. population rose $6,300, or 17 percent, during this period. And the average after-tax income of the poorest fifth of households rose $1,100, or only eight percent.
* In combination with data on before-tax income from a study issued by the National Bureau of Economic Research, these CBO data indicate that before-tax income was more concentrated at the top of the income scale in 2001 than at any time in the previous 65 years (i.e., back to 1936), except for the years from 1997-2000.

so what?


further, they don't appear to break these down into what tax cuts exactly per mechanism, as in cap gains, dividends, or income etc. delineate the 24% as opposed to say the middle, who naturally have less of investment income, theres a lot of ways to realize tax gains while investing and creating wealth, which I believe was the idea..... getting the economy back to work and creating investment opportunities...

also, if I recall correctly and I believe I do, the % of total fed revenue collected, paid by bracket rose more for those rich folks than it did for the middle and lower ....

I'm not commenting on the efficacy of the tax cuts, nor whether or not the majority of the tax cuts should have gone to the wealthiest. I'm merely commenting on PC's assertion that most of the tax cuts went to the lower and middle classes. That is incorrect.

If one wishes to have a debate on whether or not it was the right thing to do, that's fine. But if we are going to have an honest debate, we must first get the facts straight. PC is an honest poster, so I'll give her the benefit of the doubt and assume it was an honest mistake. But the majority of the tax cuts did not go to the lower and middle classes.