Taxes at Lowest Levels in 60 Years

DavidS

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Taxes at Lowest Levels in 60 Years

Despite big tax cuts included last year's economic stimulus package, the latest CBS News/New York Times poll finds that as many as 34% of Americans think President Obama raised their taxes.

William Gale, head of the Tax Policy Center at the Brookings Institution, tells CBS News that federal taxes are actually "at their lowest levels in 60 years."

Said Gale: "The relation between what is said in the tax debate and what is true about tax policy is often quite tenuous. The rise of the Tea Party at at time when taxes are literally at their lowest in decades is really hard to understand."
 

elvis

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won't be that way when the tax cuts expire.
 

saveliberty

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The proposed 0bama tax increases will raise us from 37th internationally to fourth in most income taxed nations.
 
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DavidS

DavidS

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won't be that way when the tax cuts expire.
Which tax cuts are you specifically referring to? What will the new tax brackets be? Is Obama letting ALL of them expire, or just the ones for the rich?

You do realize that the people that are organizing these TEA Party protests are the rich people who are going to pay more taxes. Guaranteed 99% of the people at the TEA Party Protests don't pay any money to the IRS on April 15.
 
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DavidS

DavidS

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The proposed 0bama tax increases will raise us from 37th internationally to fourth in most income taxed nations.
I suppose you have an unbiased source in which to prove this, right?
 
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DavidS

DavidS

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elvis

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won't be that way when the tax cuts expire.
Which tax cuts are you specifically referring to? What will the new tax brackets be? Is Obama letting ALL of them expire, or just the ones for the rich?

You do realize that the people that are organizing these TEA Party protests are the rich people who are going to pay more taxes. Guaranteed 99% of the people at the TEA Party Protests don't pay any money to the IRS on April 15.
all of them. I'm not rich, so the $2700 difference is significant to me.
 

elvis

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elvis

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Oh I see what you're saying.

when I said $2700, that is what being in the new bracket is going to cost me. My taxes cost around $150. :lol:
 

saveliberty

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Taxes at Lowest Levels in 60 Years

Despite big tax cuts included last year's economic stimulus package, the latest CBS News/New York Times poll finds that as many as 34% of Americans think President Obama raised their taxes.

William Gale, head of the Tax Policy Center at the Brookings Institution, tells CBS News that federal taxes are actually "at their lowest levels in 60 years."

Said Gale: "The relation between what is said in the tax debate and what is true about tax policy is often quite tenuous. The rise of the Tea Party at at time when taxes are literally at their lowest in decades is really hard to understand."
12.4 TRILLION dollar deficit shouldn't be too hard for you to understand. It's kind of like you've been living off your credit card for several years--and thinking you'll never get a bill for it--LOL And that's the tea party's concern. The wreckless--run-a-way government spending with their no limit credit card--that has our kids and grandchildrens names all over it for repayment.

Right now--each an every household in America would have to pay 100K to pay off this debt--by 2020 it is expected to be 170K--this without the cost of Obamacare.

SO--Coming SOON to a wallet near you. Bush tax cuts expire--2011--higher taxes coming for Obamacare--2011--over 250K crowd higher taxes--2011--

To add Paul Volcker--Obama's economic advisor has called for a national sales tax and an energy tax-- that will hit EVERY wallet in America to bring down this unsustainable government spending--according to the CBO.

Obama adviser Volcker says record deficits could lead to new VAT tax - The Hill's On The Money
 
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saveliberty

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Yep, we are going to see a lot of cranky people soon. They are not all going to be Tea Party members either.
 

uscitizen

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won't be that way when the tax cuts expire.
Which tax cuts are you specifically referring to? What will the new tax brackets be? Is Obama letting ALL of them expire, or just the ones for the rich?

You do realize that the people that are organizing these TEA Party protests are the rich people who are going to pay more taxes. Guaranteed 99% of the people at the TEA Party Protests don't pay any money to the IRS on April 15.
The right loves serving the rich it makes them feel important or something.
 
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DavidS

DavidS

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won't be that way when the tax cuts expire.
Which tax cuts are you specifically referring to? What will the new tax brackets be? Is Obama letting ALL of them expire, or just the ones for the rich?

You do realize that the people that are organizing these TEA Party protests are the rich people who are going to pay more taxes. Guaranteed 99% of the people at the TEA Party Protests don't pay any money to the IRS on April 15.
all of them. I'm not rich, so the $2700 difference is significant to me.
Jobs and Growth Tax Relief Reconciliation Act of 2003 - Wikipedia, the free encyclopedia

So I'm going to assume you're NET income, after all deductions is around $140,000 annually? Because that's a $2800 increase. So your net income, after all credits and deductions is around $138,000 or so.

I dunno, "Elvis" but if you're making that much money already, $2700 is small potatoes. You probably have a nice home, a couple of nice cars, a beautiful wife and kids... I'm sure you're trying to save up for your children's college and all, but when you're making over $150,000 a year GROSS, whether by yourself or married and filing jointly, I'd call that pretty damn good. You're probably in the top 5% of Americans with that kind of income.

I dunno, my man. If I was 31 years old, head of household, claimed NO dependents and has $7,768.75 in taxes witheld from my paycheck during 2009, earned a GROSS income of $50,000 a year, I would receive a REFUND of $2,068.75 because I would have $12,500 in deductions (standard deduction for Head of Household and personal exemptions) and have a NET income of $37,500, which falls under the 15% income bracket. My taxes aren't going up one bit because Bush didn't cut taxes for the 15% tax bracket in 2003.

This doesn't even include all of the new deductions Obama has put in place from buying a car in 2009 or making my home more energy effecient, etc. If I qualified for all of Obama's tax credits, my tax refund would be A LOT more. Such as the, First Time Home Buyer Credit of $4,000 if I bought a house for $250,000.

Thank you, Obama, for LOWERING my taxes.
 

elvis

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won't be that way when the tax cuts expire.
Which tax cuts are you specifically referring to? What will the new tax brackets be? Is Obama letting ALL of them expire, or just the ones for the rich?

You do realize that the people that are organizing these TEA Party protests are the rich people who are going to pay more taxes. Guaranteed 99% of the people at the TEA Party Protests don't pay any money to the IRS on April 15.
The right loves serving the rich it makes them feel important or something.

Again, I'm not rich. My taxes are going to go way up.
 

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