How the Expiring Bush Tax Cuts Affect You

[Acanthus]

Funny how for liberals "fair share" always means someone else must pay more so they can freeload off the system.

yeah, crazy liberals like Warren Buffet.
http://freakonomics.blogs.nytimes.com/2008/05/01/taxes-warren-buffett-and-paying-my-fair-share/

 

[khon]

Well, if Bush's tax cuts are rescinded it's not like your taxes are going up. The gov is simply rolling back tax BREAKS, right? So, then if that happens Obama can still maintain that he didn't raise taxes for those making $250k. At least this argument is one some sycophants will use, I'm positive. Or, it doesn't matter because these are extreme times (despite them being extreme when the promise was made).

Does Congress need to decide on this before November? Because if it does and it decides not to continue them it's going to be child's play to bury the democrats in campaigns this fall.

They won't be rescinded, they'll just expire. They were passed as a temporary measure, if you want to blame someone for that you can go ahead and blame those who made it that way. Obama didn't make them temporary, he wasn't president when that decision was made, nor was he a senator.

 

[Wreckem]

All budgetary items/tax laws have sunset clauses in them. When they are passed originally most intend for them to be renewed.

 

[khon]

All budgetary items/tax laws have sunset clauses in them. When they are passed originally most intend for them to be renewed.

This wasn't passed through a normal vote though, it was passed through reconsciliation. Basically the Republicans didn't actually have the votes they needed at the time, so they found a loophole and forced it through. But the loophole wasn't perfect, it had a 10-year limit by law (Byrd rule) since it increases the deficit.

 

[bctbct]

I remember when these cuts went into effect

bctbct -$300
Bush-$32,000

 

[spidey07]

I remember when these cuts went into effect

bctbct -$300
Bush-$32,000

If you paid taxes you saved much more than 300. That was a stimulus check.

 

[her209]

Funny how for liberals "fair share" always means someone else must pay more so they can freeload off the system.

Like Red States

 

[glenn1]

Are we going to launch into yet another tired trickle down economics is good for the economy arugment? The Bush plan was a huge giveaway to the rich, with crumbs for most of us, while utterly destroying the balanced budget. It's time for common sense to prevail.

Common sense meaning rates for the bottom bracket going up 50%, and top end by 10% or so. Guess I'll fire my housekeeper (or reduce her wage) to make up the difference in my tax bill while I wait out the GOP return to power to reduce them back down again. Let them eat cake!

 

[SoCalAznGuy]

Obama is fighting to extend these tax cuts, and he written congress recently to get them to do so. The tax cut on the rich though should be allowed to expire, and even increased. We don't tax the rich enough.

 

[PrinceofWands]

So if you itemize and have adjusted gross income above about $170,000 ($85,000 if you use married filing separate status), be ready for this phase-out rule to take a toll.

So, it matters to roughly 3-4% of the population.

Oh no, hideous doom, how will we ever survive.

 

[ModestGamer]

The tax brackets affect those who pay federal taxes, yet you are claiming that adjusting those brackets will affect those paying no federal taxes?

Are you saying those paying no taxes currently are going to pay tax when Bush's tax cuts expire?

you guys are fucking hilarious. Income tax's only makes up 30% of goverment revenues.

LOL.

Makes a good sound bite though.

the aggregate tax rate is closer to 50% if all fees are accounted for. Which BTW explains the 7 trillion in tax revenue "all local,federal,state etc"vs 14 trillion GDP. in a nice clean fashion.

 

[spidey07]

So, it matters to roughly 3-4% of the population.

Oh no, hideous doom, how will we ever survive.

You're numbers are way off. A dual income family is going to get hit real hard by that one. This aspect along with the Obama tax hikes is going to prevent most middle class people from taking vacations and otherwise spending that money.

 

[ModestGamer]

You're numbers are way off. A dual income family is going to get hit real hard by that one. This aspect along with the Obama tax hikes is going to prevent most middle class people from taking vacations and otherwise spending that money.

the average 2 income household will see a $20 week increase in tax's.Worst.

BTW Bush left us with a massive amount of bills to pay. Time for the people who elected him to buck up and pay for his arrogance and spending.

 

[Acanthus]

You're numbers are way off. A dual income family is going to get hit real hard by that one. This aspect along with the Obama tax hikes is going to prevent most middle class people from taking vacations and otherwise spending that money.

$170k is middle class now?

Man, inflation is a bitch.

 

[boomerang]

the average 2 income household will see a $20 week increase in tax's.Worst.

BTW Bush left us with a massive amount of bills to pay. Time for the people who elected him to buck up and pay for his arrogance and spending.

Have you seen any proclamations or assurances that any increase in revenue to the government will be used to pay those bills? I know I haven't.

See, what concerns me is that the regime will use the additional funds to do stupid shit like start more lawsuits against States. Hey, maybe they'll go after the Sanctuary Cities that are in violation of federal law? Maybe George Soros could use another loan to drill for oil off the coast of Brazil. What do you think?

My point and I'm sure you got it, is that we don't know what will be done with the money. We never really do know. If I thought there was any way to get assurances that the revenue would actually be applied to the debt, I'd be all for it if in conjunction there were actual cutbacks in spending. Not those phony ones either where they juggle numbers around and tell a few lies. You know, where they reduce future budgets that will go into effect after they're out of office and tell us they balanced the budget and have a surplus?

One thing I've learned in my time on this earth is that politicians can never get enough money. That, and that they are the lying, devious, self-serving pieces of shit that can't be trusted any farther than I can spit.

To blindly give these bastards more money is beyond naiveté. It's contemptible. Bush and company are in up to their ears in this debt issue, but don't for a minute think this smiling bunch of assholes in DC are any different. Those of us that are paying attention and not turning a blind eye know that this regime can spend at an exponentially bigger rate.

 

[ModestGamer]

It is time to burn the capitol. Also killing off about 70% of the national population based on Iq would be a good start to. set the bar low to. say 100IQ points in a noraml national standardized test.

BTW all people in power are slimy fucks. thats how they get to power. We refuse to move above base human nature.

Have you seen any proclamations or assurances that any increase in revenue to the government will be used to pay those bills? I know I haven't.

See, what concerns me is that the regime will use the additional funds to do stupid shit like start more lawsuits against States. Hey, maybe they'll go after the Sanctuary Cities that are in violation of federal law? Maybe George Soros could use another loan to drill for oil off the coast of Brazil. What do you think?

My point and I'm sure you got it, is that we don't know what will be done with the money. We never really do know. If I thought there was any way to get assurances that the revenue would actually be applied to the debt, I'd be all for it if in conjunction there were actual cutbacks in spending. Not those phony ones either where they juggle numbers around and tell a few lies. You know, where they reduce future budgets that will go into effect after they're out of office and tell us they balanced the budget and have a surplus?

One thing I've learned in my time on this earth is that politicians can never get enough money. That, and that they are the lying, devious, self-serving pieces of shit that can't be trusted any farther than I can spit.

To blindly give these bastards more money is beyond naiveté. It's contemptible. Bush and company are in up to their ears in this debt issue, but don't for a minute think this smiling bunch of assholes in DC are any different. Those of us that are paying attention and not turning a blind eye know that this regime can spend at an exponentially bigger rate.

 

[spidey07]

$170k is middle class now?

Man, inflation is a bitch.

Absolutely. Two manufacturing jobs get that. Let alone two white collar professionals.

 

[ModestGamer]

Absolutely. Two manufacturing jobs get that. Let alone two white collar professionals.

the bulk of jobs in this country pay 35K a year. How does 170K equal middle class ?

 

[spidey07]

the bulk of jobs in this country pay 35K a year. How does 170K equal middle class ?

Manufacturing jobs pay much more than that with great benefits. Your stat is because of laziness and unwilling to work.

One can make more than that waiting tables.

 

[ModestGamer]

Manufacturing jobs pay much more than that with great benefits. Your stat is because of laziness and unwilling to work.

One can make more than that waiting tables.

bull fucking shit. the AVERAGE manufacturing job in this country pays about $14 a hour. Very few UAW workers get over $20.

which is respectively 28K and 40K per year before tax's.

Your dumber then a truck.

 

[spidey07]

bull fucking shit. the AVERAGE manufacturing job in this country pays about $14 a hour. Very few UAW workers get over $20.

which is respectively 28K and 40K per year before tax's.

Your dumber then a truck.

Bull fucking shit. Many of my clients are auto manufacturing and even the temps make more than that. You're forgetting overtime. A good auto job will bring you 70-80 a year. After a few years it's much more
Than that.

 

[ModestGamer]

dude. I live in the biggest auto manufacturing state in the union. New starting line jobs at the big three pay $12hrly.

those big pay days are gone.

BTW auto manufacutring only makes up 12% of domestic manufacturing directly. Parts suppliers pay less.

Bull fucking shit. Many of my clients are auto manufacturing and even the temps make more than that. You're forgetting overtime. A good auto job will bring you 70-80 a year. After a few years it's much more
Than that.

 

[Turin39789]

Bull fucking shit. Many of my clients are auto manufacturing and even the temps make more than that. You're forgetting overtime. A good auto job will bring you 70-80 a year. After a few years it's much more
Than that.

bull fucking shit!

 

[spidey07]

The temps here in KY earn 17 an hour. Plus overtime.

 

[ModestGamer]

The temps here in KY earn 17 an hour. Plus overtime.

They get no benefits and thats a base pay rate of $38K a year.

carry on to

How the fuck do you get $170K from $17 hourly.

a temp LOL. what a great job to.

you are a fucking dumbass