Taxes at Lowest Levels in 60 Years

[oreo]

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

Yeah--and I thought liberals were suppose to be the intellectual geniuses of this society--

Here we have a liberal who authored this post--stating well taxes are lower than the last 60 years- -but somehow not realising that we are carrying a 12.4 TRILLION dollar deficit-that China is going to want PAID back with interest.

Did these idiots get through 3rd grade math?

You cannot BORROW and SPEND your way to PROSPERITY.

 

[elvis]

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.

Look at these brackets. compare 2000 with 2008. My taxes will go from 15 percent to 28 percent after the deductions. They are going to double once your ossiah lets these tax cuts expire.

 

[oreo]

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.

Look at these brackets. compare 2000 with 2008. My taxes will go from 15 percent to 28 percent after the deductions. They are going to double once your ossiah lets these tax cuts expire.

These morons don't understand that their taxes will be going up too. They will announce it right after the mid-term elections. A national sales tax along with a new energy tax is coming to every POOR person in America.

Here it is again--in the case--that some of these idiots can actually read---

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

 

[DavidS]

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.

Obama budget lets Bush tax cuts expire - MarketWatch

I think you'd qualify as middle class.

"We extend middle-class tax cuts in this budget," Obama said Monday at the White House, but "we will not continue costly tax cuts for oil companies, investment fund managers, and those making over $250,000 a year. We just can't afford it."

 

[elvis]

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.

Obama budget lets Bush tax cuts expire - MarketWatch

I think you'd qualify as middle class.

"We extend middle-class tax cuts in this budget," Obama said Monday at the White House, but "we will not continue costly tax cuts for oil companies, investment fund managers, and those making over $250,000 a year. We just can't afford it."

I'll believe it when I see it. I hope you're right.

 

[oreo]

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.

Obama budget lets Bush tax cuts expire - MarketWatch

I think you'd qualify as middle class.

"We extend middle-class tax cuts in this budget," Obama said Monday at the White House, but "we will not continue costly tax cuts for oil companies, investment fund managers, and those making over $250,000 a year. We just can't afford it."

Even during the campaign you would hear Obama/Biden state 250K would be taxed--then it went down all the way to 160K. It the bait and switch routine. Only 5% of this entire population make over 250K per year and less than 1% of the population make over 300K. Since 45% of the population pays no federal income tax what-so-ever--the only other place to get all of this money is in the middle class--meaning everyone who is not living under a bridge.

It's really 3rd grade math.

 

[Darkwind]

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.

Let Me ask you something.

How is it that Obama is going to let the tax cuts expire for just the rich?

Hasn't it been you progressives position for the past 8 years that the middle class didn't get a tax cut?

 

[DavidS]

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."

Read more: Taxes at Lowest Levels in 60 Years -- Political Wire
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12.4 TRILLION dollar deficit shouldn't be too hard for you to understand.

Hmmm... let's look at that figure.

When Reagan took office in 1981, our national debt was $1,028,729,000,000. When he left office, our national debt was $2,684,392,000,000, an increase of $1,655,663,000,000, an increase of more than 100%.

When Bush left office, our national debt was $4,177,009,000,000, an increase of $2,521,346,000,000. This almost doubled our national debt in 4 years.

When Clinton left office, our national debt was $5,662,216,013,697, an increase of $1,485,207,013,697.

When Bush's son left office, our national debt was $10,699,804,864,612, an increase of $5,037,588,850,915, almost doubling our national debt yet again.

It's interesting how you're complaining about the national debt of $12,311,349,677,512, because of that, the Republicans are responsible for $9,214,597,850,915, which is about 75% of our national debt.

Next time you're thinking of pulling the switch for a Republican when you're in the booth, maybe this figure would come in handy.

Source: http://www.skymachines.com/US-National-Debt-Per-Capita-Percent-of-GDP-and-by-Presidental-Term.htm

 

[DavidS]

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.

Obama budget lets Bush tax cuts expire - MarketWatch

I think you'd qualify as middle class.

"We extend middle-class tax cuts in this budget," Obama said Monday at the White House, but "we will not continue costly tax cuts for oil companies, investment fund managers, and those making over $250,000 a year. We just can't afford it."

Even during the campaign you would hear Obama/Biden state 250K would be taxed--then it went down all the way to 160K. It the bait and switch routine. Only 5% of this entire population make over 250K per year and less than 1% of the population make over 300K. Since 45% of the population pays no federal income tax what-so-ever--the only other place to get all of this money is in the middle class--meaning everyone who is not living under a bridge.

It's really 3rd grade math.

Actually, it's always been that no family earning under $250,000 and no individual earning under $200,000 will receive any form of income tax increase. I'm not sure where you came up with the $160,000 figure from, but it's wrong.

 

[Ava]

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

The Bush tax cuts. Obama has vacillated on whether to continue them. I don't know if he has made up his mind. Get ready for a pantload of new taxes though. Government can't grow without increasing taxes.

 

[Luissa]

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

Are you part of the top 2%?
Those are the only people who will see their taxes go up, the rest of the tax cuts will stay in place.

 

[Care4all]

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

is that where we were at during the clinton years before the bush tax cuts, at 4th highest??? yet we still had the biggest economic expansion in recent history during that same period? that doesn't sound right??

 

[elvis]

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

is that where we were at during the clinton years before the bush tax cuts, at 4th highest??? yet we still had the biggest economic expansion in recent history during that same period? that doesn't sound right??

I dont think there is a correlation between the expansions and tax increases. I just know what it will do to my taxes if those cuts are repealed for me.

 

[elvis]

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

Are you part of the top 2%?
Those are the only people who will see their taxes go up, the rest of the tax cuts will stay in place.

no i am not. I hope you are correct. I certainly don't take obama's word for it.

 

[Luissa]

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

Are you part of the top 2%?
Those are the only people who will see their taxes go up, the rest of the tax cuts will stay in place.

no i am not. I hope you are correct. I certainly don't take obama's word for it.

Didn't Obama also extend a tax break that was only suppose to be for one year?
I remembe when I did my taxes this year, I read something about how you could write off something again this year?? Now I can't remember exactly what it was, but it was mostly for the middle class.

 

[JaneD]

I definitely can not afford to pay more taxes at this time, or when the tax cuts expire, though I do understand that we have to reduce this deficit spending/added debt that is piling up.

 

[oreo]

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

Are you part of the top 2%?
Those are the only people who will see their taxes go up, the rest of the tax cuts will stay in place.

And so less than 1% of the population of this country will have their taxes raised--and that's going to fix everything---

They're going to pay down a 12.4 trillion dollar deficit "all by themselves"---

 

[oreo]

Are you part of the top 2%?
Those are the only people who will see their taxes go up, the rest of the tax cuts will stay in place.

no i am not. I hope you are correct. I certainly don't take obama's word for it.

Didn't Obama also extend a tax break that was only suppose to be for one year?
I remembe when I did my taxes this year, I read something about how you could write off something again this year?? Now I can't remember exactly what it was, but it was mostly for the middle class.

Child care expenses.

 

[elvis]

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

Are you part of the top 2%?
Those are the only people who will see their taxes go up, the rest of the tax cuts will stay in place.

And so less than 1% of the population of this country will have their taxes raised--and that's going to fix everything---

They're going to pay down a 12.4 trillion dollar deficit "all by themselves"---

well we are talking about the tax cuts that are due to expire this year. we are discussing who that will affect, not about the impending deficit and future years' taxes.

 

[Dante]

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."

Read more: Taxes at Lowest Levels in 60 Years -- Political Wire
​

that's because they are