How much will my taxes go up if the Dems take both houses?

Question

Based on a combined yearly salary of $60,000
We have two kids in grade school, two car payments and $2000
in credit card debt.
My husband and I don't own a home yet, but we're trying to save
for a down payment.
BTW we're Fla. residents.

Answer 1

Most of the tax cuts enacted during President George W Bush's term are scheduled to expire in 2010. The leadership of the Democratic party has stated that they opposed making any of the cuts permanent. If the cuts are not extended, taxes will increase by the amount of the cuts without any action on the part of congress. I don't have the actual numbers, but the IRS has tax forms and instructions on their website dating back to at least 1999 (that is the earliest I searched). If you file out a form from a year before the cuts and a current form using the same information, it should give you an idea.

NOTE: My answer assumes no actual change in tax law. It is very likely some changes will be made by whichever party controls congress.

Answer 2

When you add politics to any question, otherwise reasonably intelligent, people seem to scramble their brain. They must call all of their political supporters to join in with the party line. That said, there were a number of tax laws changed soon after G W Bush came to office which lowered tax rates or increased limits before things are taxed. At the time most Democrats voted against those changes. They very likely would have voted against a resolution stating that the sun comes up in the east if it was supported by GWB. All of those tax law changes have sunset clauses which means they will expire if congress does not vote to continue them. Most of that will occur in 2010 which means that there will be at least one more election in which the balance in congress could change another time. The bottom line is that any guess as to how the election will change taxation is just that a guess.

Answer 3

These are just Republican scare tactics. If they go up at all it will affect only those in the top income brackets. I haven't seen a huge tax break. Those in the middle class don't benefit near as much(percentage wise) as do the top one percent. Republican strategy is to win by creating fear. There is something called the alternative minimum tax that will affect you. This administration knows it, but it won't kick in until Bush is out of office. He has talked about changing it, but has done nothing. It was supposed to only affect those at the very top, but if it isn't implemented to tax the middle class, the deficit will soar. Republicans know this but it is a way to keep the deficit from exploding. The middle class will be left with the bill. Remember, Republicans are not conservative when it comes to deficits and spending. The deficit actually decreased when Clinton was president. A prominent economist said that deficits shrink when both parties control at least one branch of government. This creates checks and balances.

Answer 4

Mathew's answer was the most intelligent, truthful response so far. But I still have to say: Your taxes will go up to support the entitlement programs that the Dem's love so much. Why do they love them? Well, let's see: is it easier to get a lazy, uneducated, multi-generational welfare addict to vote Dem if you continue to pay them to do nothing but make babies, drink beer/cheap wine, and smoke crack. I think so! Isn't it odd that the Dem's always take power by being carried into office by the voters who have done and will do more damage to this country through their inaction than 20 George W's could ever do by make the wrong decision (like the Iraq war) through action.

Answer 5

I hate to do this to you, but I need to ask you a really simple question. Who is going to pay down the debt that this present house and Senate has created? Since we know it has to be paid, would you rather that the present Wealth Friendly Republicans let the middle class do it or the Middle class and poor friendly Democrats? Do some research.

The last time a Democrat (Pres. Clinton) raised taxes, it was taken from the $150,000.00 (and above) a year bracket (family of four).

We need our taxes to pay bills just like you need money to pay your bills. All of you people need to do your research and realize that it is best to fish where the fish are plenty, and the democrats know that. . .The wealthy are in fear that they will be forced to pay down the debt, so they are spending all they can to keep the Republicans in office. . .WAKE UP!

Vote. . .Vote. . .Vote. . .Vote. . .Vote. . .Vote. . .Vote. . .Vote. . .

Answer 6

How much money will be wasted by crooked contractors in an ill-conceived and ill-conducted war--And how many innocent lives will be lost if the Republicans KEEP both houses?

VOTE DEMOCRATIC ON TUESDAY, NOVEMBER 7. POLLS OPEN AT 7 AM AND CLOSE AT 7 PM IN MOST PLACES.

Answer 7

Income taxes will go up. Gas taxes will go up. the allowance for inheritance left to your children will go down. I can't say how much,but it will stink for working parents like yourselves. I wish it weren't so, because it seems like the people taking responsibility for themselves
are penalized to such a degree, it hardly makes sense to try anymore? Thanks for keeping at it and having kids and raising them right.

Answer 8

if thedemocrates take back both house and senate,taxes will go down,minimum wage will go up,healthcare and medicine will be affordable,gas prices will go down, we will get out of iraq,and maybe get the money surplus back we had before ole george w. blew it away

Answer 9

Probably not at all, Republican scare tactic that Bush has used before.