Tax benefits will flow mostly to highest earners; 25% will go to wealthiest 1% o

[Freeper]

somone  (839 posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Tue Dec-07-10 09:08 PM
Original message
Tax benefits will flow mostly to highest earners; 25% will go to wealthiest 1% of population (NYT)
   
http://www.nytimes.com/2010/12/08/us/politics/08impact....

Package to Aid Most, Especially Wealthy
By DAVID KOCIENIEWSKI

The deal to extend the Bush-era tax cuts for two years includes a bevy of additional credits and deductions that will reduce the burden on nearly all households. But the tax benefits will flow most heavily to the highest earners, just as the original cuts did when they were passed in 2001 and 2003. At least a quarter of the tax savings will go to the wealthiest 1 percent of the population.

The tentative deal includes a two-year patch for the alternative minimum tax, a reduction in the payroll tax and a plan to reinstate the estate tax with lower rates and higher exemptions than in 2009 — all of which will offer far more savings for high earners than those in the low- or middle-income bracket. The wealthiest Americans will also reap tax savings from the proposal’s plan to keep the cap on dividend and capital gains taxes at 15 percent, well below the highest rates on ordinary income.

And negotiators have agreed that the estimated $900 billion cost of the cuts will simply be added to the deficit — not covered by reductions in spending or increases in other taxes. That is good news for hedge fund managers and private equity investors, who appear to have withstood an effort to get them to pay more by eliminating a quirk in the tax code that allows most of their income to be taxed at just 15 percent.

In fact, the only groups likely to face a tax increase are those near the bottom of the income scale — individuals who make less than $20,000 and families with earnings below $40,000. “It’s going to look like the rich are getting richer again,” said Anne Mathias, an analyst for MF Global Inc...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9718465

God forbid the people who pay the most benefit. 

For the billionth time there are no tax cuts. I'm so sick of them acting like the rich will be getting more money from this. They simply won't have any more taken from them.

Rosa Luxemburg  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to add this author to your buddy list  Click to add this author to your Ignore list      Tue Dec-07-10 09:12 PM
Response to Original message
1. and the very rich know how to evade taxes with their clever accountants!
   
the rest of us have to pay them

That is true just look at most of Obama's cabinet they all seem to be behind on their taxes.

midnight  Donating Member  (1000+ posts)  Journal  Click to send private message to this author  Click to add this author to your buddy list  Click to add this author to your Ignore list      Tue Dec-07-10 09:14 PM
Response to Original message
2. K&R for more clarification.... The poorest pay more tax, and
   
rich get richer?

How in the hell are the poor paying more?
The rates will not change. No one is getting a tax increase or a tax reduction.

enough  Donating Member  (1000+ posts) Click to send private message to this author  Click to view this author's profile  Click to add this author to your buddy list  Click to add this author to your Ignore list      Tue Dec-07-10 09:15 PM
Response to Original message
3. Having read the article, I'm not clear on how the lowest income people will be paying more.
   
Can anyone explain?

Not without lying they can't.

[true_blood]

Rosa Luxemburg  Donating Member  (1000+ posts)    Tue Dec-07-10 09:12 PM
Response to Original message
1. and the very rich know how to evade taxes with their clever accountants! the rest of us have to pay them

Yeah, just ask Tim "Turbo Tax" Geithner or Charles "Teflon" Rengel.

[Janice]

Its seems that in "liberal utopia land" which is where most of us are for most of our govt "educated" years - up is down, right is left, war is peace, weakness is strength, tyranny is liberty, bondage is freedom and of course - the more you make, the more (as a percentage) they should take. All the money YOU earned really isnt yours at all.

So - we should punish achievement and reward incompetence and laziness. And if your a really brilliant fraud, we should send you to congress.



Suppose you were an idiot and suppose you were a member of Congress. But I repeat myself.

- Mark Twain

[shadow creature]

exactly, the tax rates will remain the same.... assuming this deal will pass Congress.... which is doubtful... if not the GOP might negotiate an even better one later. 

[JohnnyReb]

Yeah, just ask Tim "Turbo Tax" Geithner or Charles "Teflon" Rengel.

Those 2 DUmbasses do it the old fashioned way....they just cheat.

[jukin]

Those 2 DUmbasses do it the old fashioned way....they just cheat.

No that there is funny, I don't care who you are.

[GOBUCKS]

Tax benefits will flow mostly to highest earners; 25% will go to wealthiest 1% of population (NYT)
 
Package to Aid Most, Especially Wealthy

They forgot to add: "Minorities, Women, Children Hardest Hit."

[delilahmused]

Yet, try to take a slice of THEIR pie to feed a hungry child and all hell breaks loose. It's always somebody else's responsibility.

Cindie

[Ballygrl]

Read it and frigging weep you fools!

http://www.gallup.com/poll/145109/Americans-Support-Major-Elements-Tax-Compromise.aspx

December 8, 2010
Americans Support Two Major Elements of Tax Compromise
Liberal vs. conservative/moderate Democrats disagree on extending tax cuts for all
by Lydia Saad

PRINCETON, NJ -- Two major elements included in the tax agreement reached Monday between President Barack Obama and Republican leaders in Congress meet with broad public support. Two-thirds of Americans (66%) favor extending the 2001 and 2003 tax cuts for all Americans for two years, and an identical number support extending unemployment benefits for the long-term unemployed.

<snipped>

[thundley4]

Read it and frigging weep you fools!

The DUmmies make excuses why that is an invalid poll.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9726571

ETA:  I just noticed that you brought that thread over. 

[DLR Pyro]

They forgot to add: "Minorities, Women, Children Hardest Hit."

Lets throw in the elderly, disabled and gays to round out the victim list.

[BEG]

The DUmmies make excuses why that is an invalid poll.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9726571

ETA:  I just noticed that you brought that thread over. 

I heard some lib on oreilly tonight try to say she had some super secret polling that said the opposite yet she couldn't name the poll.

[JohnnyReb]

I heard some lib on oreilly tonight try to say she had some super secret polling that said the opposite yet she couldn't name the poll.

Wikileaks will be releasing it soon.......or maybe not.

[ReaganForRushmore]

1% has 25% of the wealth that pay 40% of the taxes.

[Splashdown]

When do we get to hear about old people eating cat food???

Can't wait!!!!

[AllosaursRus]

When do we get to hear about old people eating cat food???

Can't wait!!!!

Hell, my critters eat better than I do most of the time! Dog food nowadays looks downright appetizing!! lol!