everyone who has a kid and/or is married, got a tax cut. The tax increase democrats are passing is the highest in history, and all will suffer. Fact is, any tax increase hurts people with the least amount of money, tax increases don't really hurt rich people, they have plenty. People with little to moderate income are most hurt b/c they are usually barely making ends meet and taking more from them gives them less to save and spend.
Critics of the tax cutes predicted disaster, supporters the opposite, and now supporters have been proven right by more than three years of prosperity.
"The dividend rate would snap back to 39.6% from 15%, the capital gains rate to 20% from 15%, and the top marginal income tax rate to 39.6% from 35%. Marginal and average tax rates for the middle class would also increase, returning to the Clinton-era levies that had driven taxes as a share of GDP to a postwar high of 20.9%. "
"With an anticipated take of $400 billion over five years, the result would be a bigger tax increase than Bill Clinton's in 1993 -- the one that helped cost Democrats control of Congress the following year. "
"Come 2011, many families will be hit by a renewed marriage penalty. Consequently, 23 million Americans will then be hit with an average tax increase of $466. That same year, the child tax credit will be cut in half, costing 31 million Americans an average of $859 in more taxes."
"When the damage is tallied, 115 million working Americans would watch their taxes climb an average of $1,795, with 26 million small business owners being hit more than twice as hard at $3,960. The fact that these are average figures, incidentally, does not change the reality that taxes paid by middle-class families, not just the richest 1 percent, would be scheduled to go up under the Democratic plan."
"Taxpayers won't fare any better under the Senate's budget blueprint...[T]he plan championed by Democratic Senate Budget Committee Chairman Kent Conrad would raise taxes by $2,641 per household over the next ten years."
Tax cuts work. They worked when JFK did it, when Reagan did it, and again when Bush did.
Here's what will happen if they eliminate the tax cut as planned:
... You're a family of four earning $60,000 a year: Your income-tax bill will rise 61% in 2011, from $3,030 to $4,893.
... You're an elderly couple earning $40,000 a year: Your taxes will go up by 156% in 2011, from $583 to $1,489.
... You're a woman: You could be one of the 83 million American women who could see their taxes rise by an average of $2,068.
... You're married: You could be one of the 48 million married couples who will pay an average of $2,899 more under the liberal tax increase.
... You have kids: 42 million families with children will pay an average of $2,181 more in taxes.
... You're a small-business owner: 26 million small-business owners will get a tax bill for an average of $3,960 more than before.
Democrats are socialists in liberal clothing. They want to be sure you keep less than half your money (when you add federal + state + local + sales + property, etc. taxes). The programs they use this money to support are ineffective.
Tax cuts let people keep more of the property they earned.
Fancy is a fabricator
"They [the wealthy] are using 95% of the PUBLIC resources, so they should be paying 95% of taxes" that is utter BS. This has been proven time and time again. Most of the money goes to entitlement programs, which the wealthy do not benefit from. People like Fancy must create fanciful lies because reality doesn't support their belief system, and rather than change, they lie. The rich pay the most and get the least.
The fact is that the effective federal tax rate (taxes as a share of income) has fallen for every income group over the last 20 years EXCEPT those with upper incomes.
For those in the bottom quintile (20 percent of the population), the tax burden has fallen from 8.3 percent in 1981 to 5.3 percent this year.
Those in the middle quintile saw a drop from 21.9 percent to 20 percent.
The other quintiles also saw a decline, except those in the top quintile, who saw an increase in their tax rate from 27.1 percent to 27.4 percent.
2007-05-17
11:56:19
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16 answers
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