Why do people seem to think the democrats will only be raising taxes on the wealthy?

Question

I've heard people argue that the tax increases will only affect the extreme wealthy, the richest of the rich.

While this alone will deflate the market and will have profound economic effects, the reality is that they have promised to roll back all tax breaks granted by the last Congress.

That means the marriage penalty get reinstituted and the child tax credit gets eliminated. Those programs have a greater effect on the middle and lower classes than the upper class.

Charlie Rangel (who will head the Ways and Means committee) said "all tax roll backs are on the table, none of the tax cuts are likely to stand".

Answer 1

They don't have the political will to do this proactively. The tax cuts will expire in 2010 without any action (the Dems insisted on this "compromise" when the bill was written).

This gave the Democrats the cover they'll need to raise taxes by doing nothing. There's nothing to veto. And any bill to extend the tax cuts would never make it out of Charlie Rangel's Ways and Means Committee.

So the battleground will be the '08 presidential and congressional elections. If there's a red-hot Democratic candidate (who?) trouncing the Republican candidate (who?), the coat tails could be enough to hold or solidify the Democrat's control of the House. Then would come the economy-busting tax increase...all by itself in 2010.

It should be interesting.

Answer 2

Well, those tax breaks are unfair to people who choose to not have kids or get married. And the tax breaks for the rich are just unfair. So my guess is that most of what the dems will do is to try and promote the middle class. Whether or not they are successful remains to be seen. Let's just see what they do. i haven't heard a single dem say that they are going to raise taxes. In my state, with a democratic governor, she balanced the budget and reduced the deficit form the previous republican, without raising taxes. But the growing debt is our biggest problem right now, and if ameicans have to endure some monetary hardship to try and clean up the mess from Bush and his outrageous spending, then we will have to deal with it. Paying down debt is nothing new to the american people. And it teaches fiscal conservancy. Besides, supply side economics is not a long term solution, and it never has been. Perhaps if we get this war done we won't have to result to desperate moves to stimulate the economy. Even last night's vote stimulated the economy, if you use the Dow as a gauge for the economy.

Answer 3

Gonna be harder for the Democrats to improve taxes then they did interior the previous they allowed greater average low tax human beings into the democrat camp that basically hated Bush Foriegn coverage particularly. the opportunities are the democrats will enable the capital advantageous properties decrease, and greater than a number of the earnings tax cuts. The democrats could have a libertarian wing now interior the celebration because of the fact the republicans grew to grow to be too very like administration freaks. elevating taxes are deadweight to the economic gadget, yet remember polticians could decrease taxes to generate greater money to spend its called the lafftery curve to maxiuimize taxation and to maximuize money amassed. Welfare is basically abused via 5% of the inhabitants, and the persons on welfare ninety% are off it interior a 300 and sixty 5 days and a nil.5. the genuine goverment waste is beef undertaking for place of origin polticans that basically benefit some human beings. we ought to continually sell workfare for fulltime workers is a greater physically powerful thought for persons if thier wages fall under the proverty line to inspire artwork over welfare at each and every oppounity. training is sturdy , yet training greater than a number of money is wasted. The return for bigger ed gonna grow to be decrease and decrease as years bypass via because of the fact the chinese language, and Indians be basically as knowledgeable chinese language and Indains would be one-0.33 or much less the cost. We gotta make discisions for the long term interior the subsequent 10 years to fund SS, and Medicare with what we've been given to artwork with, and in all probability decrease spending in Medicare, SS reward to shore up the gadget hard disicisions will must be made.

Answer 4

Charlie Rangle says he's got no intention of eliminating the marriage penalty or making the child tax credit permenant.

My guess would be Democrats will actually do nothing about the tax changes passed by the Republican Congress and let them die of natural causes. That way they have a defacto tax increase. And they can say we didn't do it.

I've really no problem with the uber-rich (unlike the Democrats I'm going to define what uber-rich is --Making over 1M net annually) paying more. To those who much is given, much is asked. But it seems like every time the Democrats try to tax the uber-rich they always end up taxing the middle class more and the uber-rich's accountants just find more loopholes.

Answer 5

My, my, my. I sense some bitterness. Jesus Christ. Nothing like galactically broad (and often patently wrong) generalizations to demonize the party you are against. And yes, both supporters of democrats and republicans do the same to each other.

And then to call people who vote opposite of you: stupid, dumb, sheep, blah blah blah. How patronizing of you. You seriously over estimate your intelligence. Gee, you think different than me, you must be a moron.

There are legitimate reasons why people voted against the republicans this time around: The national debt is way out of whack. The war in Iraq has cost the country too many lives, added to the instability in the Middle East, has done nothing towards reducing terrorism, cost the country billions of dollars, and has made a huge profit for a few select corporations. Ah, but somehow I sense many of you will blame the Democrats for all of that.

Answer 6

Your simple look at economics is kind of funny and sad. The depressed market is out there now. Look at the numbers!

The child tax credit has been in effect for...well, forever! Eliminating it would be ludicrous.

The tax breaks most talked about are the breaks given to those making over $200,000.

On the Clinton comment...he lowered taxes for the middle class and the debt was GONE. How is the economy now?

Answer 7

They won't be raising taxes just on the wealthy, but for a change the wealthy will be paying their fair share and not be carried by the middle class any more. The same for corporations and big business.

Answer 8

Let them have their fun. The Bush tax cuts don't expire until 2010. This Congress will accomplish nothing but comprehensive immigration reform that most of the country is against. Everything else is dead before you can say veto.

RJ: Define depressed market? The highest market numbers in history?

Answer 9

probably because dems are traditionally helpful to poor/middle
class people..........republicans generally give tax cuts to corporations, and rich people. this is all very general of course.
rich people/corps can "afford" to pay more tax---poor people have a struggle just getting food on the table. its the old saying-the rich get richer and the poor get poorer and in fact, the gap between the two is growing all the time.

Answer 10

Wrong on all accounts. Do you remember Clinton it really wasn't the economic crisis that Republicans are making it out to be. We had tax breaks for families and married people We just didn't roll over for the rich and corporations back then Exxon wan't making record profits and getting huge corporate welfare dollars. Sorry filthy rich you might actually have to pay your share.