Can YA Dems Talk Intelligently About Bush's Tax Cut? Or Do Are They Sheep with Little Knowledge of Facts?

Question

Can anyone tell us by what % Bush cut taxes on a family of four that earns $50,000 per year?

Was it 1% because almost all of the cuts went to the rich?
Was it 10% ?
Was it 42% which means that income taxes are far less relevant to a important part of our culture?

Will people "guess" and form an opinion about Bush? Or do people base their opinion about Bush because they KNOW FACTS about his tax cut?

Answer 1

Sure, here are numbers from the Tax Policy Center.
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=474

In tax year 2000, a family of four making $50,000 would have a standard deduction of $18,550. That leaves $31,450 in taxable income. That entire amount would be in the 15% tax bracket for that year. That equates to $4,717.50 in federal income taxes.

In tax year 2002, a family of four making $50,000 would have a standard deduction of $19,850. That leaves $30,150 in taxable income. The first $12,000 would be taxed at 10% and the rest would be taxed at 15%. ($12,000 * 10%) + ($18,150 * 15%) = $3922.50 That is a reduction in federal income taxes of $795 or 16.9%

There are a lot of factors that could affect those numbers. For example, higher childcare expenses in 2000 could have reduced the family's taxable income which would have lowered their 2000 taxes.

Answer 2

xuserx2000: You did get a tax cut.

Your tax returns may or may not have changed, but that has little to do with the amount of taxes you pay. It has to do with the amount of taxes withheld compared to the amount of taxes paid.

EVERYONE who pays taxes got a tax cut. People who said they didn't are either making more money (thus paying more) or are simply ignorant.

Here are the tax brackets, see for yourself:


http://www.moneychimp.com/features/tax_brackets.htm


Edit: LOL. Thumbs down for providing a FACT. I guess some people are upset about their own ignorance.

Answer 3

I make 45k....and I didn't get a cut...

If i got any sort of tax cut...obviously it wasn't noticeable on my last return.

I'm curious as well, to know the percentage, if anyone has a link..

Answer 4

If Bush is going to cut taxes, it will be for political gain. The Republicans need all the help they can get.
How can taxes be cut when we are paying so much for this ludicrous war? Someone's gotta pay for it.

Answer 5

I don't think sheep can vote... but dems can vote. I doubt that sheep really care about taxes and who they affect; Dems and Republicans do though.

Answer 6

I no do am I sheep.

I be pay roughly same rate under Bush as under Clinton. No make much money. Bush no help me. Bush no help country.

Gosh, it's tiring talking Republican.

Answer 7

I would say 10% sounds about right.

Answer 8

4 trillion is the amount of debt we are in now...that is the only number I need to know.