Stinky doesn't know tax cuts when he sees them.

[thundley4]

Stinky The Clown   (1000+ posts)             Mon Jul-26-10 12:39 PM
Original message
Pardon my ignorance, but "the Bush Tax Cuts" for the middle class . . . . . .
   
I seem to recall massive tax cuts for the wealthy and for high earners.

I don't seem to recall a Bush tax cut for "the middle class".

This lack of memory may be due to my age. Can someone enlighten me. What tax cuts for the middle class are set to expire? Maybe the media, who is framing it this way, could explain that to me.
Why is Russert's frat boy kid on teevee telling me what he thinks I ought to know?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8817941

There is the usual clamor about the tax cuts under President Bush being for the wealthy, but then this thread killer pops up.

Statistical   (1000+ posts)           Mon Jul-26-10 12:53 PM
Response to Reply #6
11. Even those that paid no income tax got a "tax cut"
   
for example the child tax credit is fully refundable (which means you can get all of it even if you don't pay that much in income tax).

Prior to 2003 tax break. Child tax credit was $500 and NOT refundable.
After 2003 tax break Child tax credit was $1000 AND redunable.

Thus in 2002 say someone's taxes due were $200 before applying the credit. The credit was only worth $200 (of potential $500). Their net taxes due were $0.00.

Same person in 2002 had $150 in taxes due before the credit. The $1000 tax credit turned their $150 tax due into +$850 refund. Net taxes paid -$850.

People pretending there were no tax breaks for the middle class will be very upset come January if they are not extended.

Statistical   (1000+ posts)           Mon Jul-26-10 12:57 PM
Response to Original message
12. Here are the major provisions for middle class in 2003 tax cuts...
   
First thing is it created a 10% bracket. Prior to 2003. The first $8,000 was taxed at 15%. Now it it is taxed at 10%. Net reduction of 5% on first $8,000 taxable = ~$400 per person.

Next major change was elimination of marriage penalty. The married brackets were indexed to 200% of single bracket for 10%, 15%, 25% brrackets. Given most couples involve 2 working spouses taxing married at 125% of single resulted in higher taxes in past.

Third major change was moving child tax credit from $500 non-refundable to $1,000 refundable.

Last major change was reduction of 28% bracket to 25%. 3% marginal reduction isn't huge but it can add up to couple hundred bucks for those in that bracket.

Depending on your situation the 2003 tax cuts mean you tax bill is $400 - $2500 less than it will be if those provisions aren't extended.

DUmmies don't like facts.

[Karin]

Stinky starts a whole new thread to showcase how ignorant he is.  Stinky, google is your friend. 

This guy has to make a non-sensical and un-funny crack about the dead: 

Gidney N Cloyd  (1000+ posts)      Mon Jul-26-10 01:02 PM
Response to Original message
13. And as to your second question: He must have found his dad's stash of incriminating pictures.

[franksolich]

Yeah, yeah.

The sparkling husband primitive, now on the brink of senior-citizenship (he's 64, I think), can't admit that his best years, his most profitable years, his highest-earning years, were during.....the second Bush administration.

The guy's got a real problem with discerning which presidents have been good for him, and which not.

[Ballygrl]

IMO Stinky is trying way too hard for Primitive of the year and if he keeps these kooky posts up? I won't vote for him...........if we vote LOL.

[Chris_]

IMO Stinky is trying way too hard for Primitive of the year and if he keeps these kooky posts up? I won't vote for him...........if we vote LOL.

His outright lie "I made #1 on their list last year" was hilariously bad.  He wants the attention so much but doesn't really deserve it.  There are plenty of people at the DUmp just as painfully stupid as he is.

[Ballygrl]

His outright lie "I made #1 on their list last year" was hilariously bad.  He wants the attention so much but doesn't really deserve it.  There are plenty of people at the DUmp just as painfully stupid as he is.

Exactly! he's doing this on purpose.

[LC EFA]

His outright lie "I made #1 on their list last year" was hilariously bad.  He wants the attention so much but doesn't really deserve it.  There are plenty of people at the DUmp just as painfully stupid as he is.

There are plenty of people at DU that make him look like a freakin' genius.

[NHSparky]

3% marginal reduction isn't huge but it can add up to couple hundred bucks for those in that bracket.

Try a couple thousand.

I've figured it out already...assuming my taxable income (after medical, HCRA, etc., taken out) stays the same (actually, it'll probably go DOWN a bit given our anticipated increase in premiums) I'm still looking at paying over $2500 more in taxes next year.

$100 per paycheck.

Figure yours out here:

http://www.mytaxburden.org/

[Ralph Wiggum]

I don't seem to recall a Bush tax cut for "the middle class".

You mean you don't remember those checks we got from the government several times?  Of course not, because that would prove you completely wrong, Stinky.

[Freeper]

You mean you don't remember those checks we got from the government several times?  Of course not, because that would prove you completely wrong, Stinky.

I recall the left whining that only tax payers got those checks.

[NHSparky]

I recall the left whining that only tax payers got those checks.

Not all of us.  Some of us were too "rich".