Good time will come again if the Bush Tax Cuts Expire.

[thundley4]

Bigmack   (1000+ posts)             Thu Jul-29-10 01:45 PM
Original message
Explain please...
   
Saw this on a blog... "Jan 1st 2011 the federal government is set to have the largest tax increase on small businesses in history."

Anybody know what this about? Is this about the repeal of the tax breaks for the rich?

Or just some dreamed up shit.

TheKentuckian   (1000+ posts)             Thu Jul-29-10 01:53 PM
Response to Original message
1. Yeah, that is their framing of the BushCo tax cuts for the wealthy sunsetting   
   
Kent Conrad and Evan Bayh are leading the New Blue DLC Dog charge to flank us as well.

No wonder they are all so worried about the deficit they've got a trillion dollars they want to throw on the alter to St Ronnie to help the wealthy to trickle down prosperity as they have done for the past decade.

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sinkingfeeling   (1000+ posts)             Thu Jul-29-10 02:03 PM
Response to Reply #1
4. +1 It's all framing.
   
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EC   (1000+ posts)             Thu Jul-29-10 01:54 PM
Response to Original message
2. Repeal of tax breaks..
   
that's how they've been framing it..
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zipplewrath   (1000+ posts)           Thu Jul-29-10 02:01 PM
Response to Original message
3. Return to the surplus
   
I keep mentioning to the right wingers around here that all it means is that we'll go back to the tax rates of the '90s. You remember, when we has surpluses and a booming economy? Yeah, those tax rates. Like any of these yahoos are making more than 250K anyway.

Yeah DUmmies, keep telling yourselves that the Bush tax cuts only benefited the rich.  Most of you will see a 50% inrease in taxes if all of the cuts expire.


Only Demonrats consider tax cuts the equivalent of spending.

[vlad335]

I knew I had this saved on my computer somewhere...

Change??
Mar 11, 2008 | 10:09 PM

Whether you are a Democrat, Republican or Independent.....  these are the facts
What The Dems will bring back to taxpayers .....

Taxes under Clinton 1999               Taxes under Bush 2008

Single making 30K - tax $8,400           Single making 30K - tax $4,500

Single making 50K - tax $14,000         Single making 50K - tax $12,500

Single making 75K - tax $23,250         Single making 75K - tax $18,750

Married making 60K - tax $16,800       Married making 60K- tax $9,000

Married making 75K - tax $21,000       Married making 75K - tax $18,75 0

Married making 125K - tax $38,750     Married making 125K - tax $31,250

If you want to know just how effective the mainstream media is, it is amazing how many people that fall into the categories above think Bush is screwing them and Bill Clinton was the greatest President ever.   If any
democrat is elected, ALL of them say they will repeal the Bush tax cuts and a good portion of the people that fall into the categories above can't wait for it to happen.   This is like the movie The Sting with Paul Newman; you scam somebody out of some money and they don't even know what
happened.

[NHSparky]

Problem with your numbers, vlad, is that it does not take into account inflation between then and now.  The top of the 28 percent bracket in 2000 for a married couple filing jointly was $105,950.  Between the 2001 and 2003 cuts, that bracket then became 25 percent, and this year tops out for a married/joint filers at $137,300, or an increase of 29.6 percent.

HOWEVER:

If you take the earlier brackets and index for inflation (15 percent to $68K, then 28 percent to $137,300), that filer would be paying $29,604 in federal tax.  What they ARE paying under the current system is $26,688, or a reduction of over $2900 over what they will be come January 1st.

If you want an idea of what you'll be looking at come next year:

http://www.mytaxburden.org/

[Ballygrl]

Small Businesses are the rich? what a stupid comment. Yeah awesome news, raise taxes and unemployment will go even higher.

[jukin]

Wait until the DUmmys that work get their first check in January.

[DumbAss Tanker]

If you could take stupid to the bank, the DUmmies would ensure we were in budget surplus in a year.

[WinOne4TheGipper]

Wait until the DUmmys that work get their first check in January.

And there's your trouble.  How many of them actually work?

[DefiantSix]

If you could take stupid to the bank, the DUmmies would ensure we were in budget surplus in a year.

But alas, we can't even keep stupid bottled up on Skin's Island, judging by the number of escaped primitives we've had trolling through the cave in the past few weeks.

[JohnnyReb]

If only people got paid in cash.....and then had to sit down and count out the witholding and hand it back to the paymaster. It would be  taxes.

...and like someone has already said...DUmmies, for the most part, don't work.

[NHSparky]

And there's your trouble.  How many of them actually work?

Let alone at a wage at which a significant portion of their pay goes to federal taxes?

Of the DU trolls who have come here, most who have stated their income or taxation levels have revealed themselves to be, at best, in the lowest quartile, perhaps even lower still, when one poster comes to mind having paid in a whopping $1200 in federal taxes last year (and got more than that back due to EIC, make work credits, etc.), but can't understand why we have such an issue with taxes and spending.

Memo to DUmmies--when you pay as much into the federal coffers in two weeks as the bitchers, moaners, whiners, and "where's my free shit" looters pay in over a YEAR (and get back MORE than you do), then you might understand where we're coming from.

Until then, STFU.

[NHSparky]

Wait until the DUmmys that work get their first check in January.

I'm already figuring at least $100-150 less per biweekly paycheck.

[JohnnyReb]

Let alone at a wage at which a significant portion of their pay goes to federal taxes?

They pay taxes, just ask them.....Social Security witholding is all that some pay but that is the catch all tax. Ask one about getting unemployment-I PAID IT AND THEY OWE ME. Ask one about workers comp, I PAID IT AND THEY OWE ME. Ask one about his SS, I PAID IT AND THEY OWE ME. Don't dare try to explain to them that all they have paid is 1/2 of their SS.