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How the Expiring Bush Tax Cuts Affect You

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Argo

Lifer
Apr 8, 2000
10,045
0
0
I'm affected quiet a bit - especially if bolded phase out rule turns out to be true. However, does anybody else notice that the lower bracket folks are the most hit? 10%->15%, or 15%->28% is quite a jump for lower income tax payers.

But maybe that will cause people to get involved in politics more.
 

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
I'm affected quiet a bit - especially if bolded phase out rule turns out to be true. However, does anybody else notice that the lower bracket folks are the most hit? 10%->15%, or 15%->28% is quite a jump for lower income tax payers.

But maybe that will cause people to get involved in politics more.
Why people believe the lie of "tax cuts for the rich" is beyond me. Must be because math is hard! You're talking about a 50% and nearly 100% increase for lower income. Which conversely translates to their taxes were cut 33% and nearly 50% respectively thanks to Bush.
 

umbrella39

Lifer
Jun 11, 2004
13,819
1,123
126
And letting the bush tax cuts expire will be a big increase in taxes for ALL, specifically the lower and middle class.

FBHO
That should be a good thing to the cry babies who shit their diapers every time it is mentioned how little the these classes you mention pay in taxes. In some cases, they pay none. It's seldom the rich people who bitch about their taxes going up, it's their wide mouthed defenders who piss and moan about it as if they were going to win the lotto one day.

FS07
 

Pens1566

Diamond Member
Oct 11, 2005
7,557
671
126
Yet another example of how detached from reality spidey really is. Thinking that 170k is such a common income level.

Then again, it's probably pretty hard to see through those slits in the sheet.
 

MrEgo

Senior member
Jan 17, 2003
874
0
76
lol @ average manufacturing jobs making $85,000 / year. Millwrights, maybe, but not the workers on the line. There will be some, but that is certainly not the norm.
 

DAGTA

Diamond Member
Oct 9, 1999
8,175
1
0
Yet another example of how detached from reality spidey really is. Thinking that 170k is such a common income level.

Then again, it's probably pretty hard to see through those slits in the sheet.
Everyone on Anandtech makes six figures. Everyone knows this.
 

hal2kilo

Lifer
Feb 24, 2009
17,442
5,020
136
Yet another example of how detached from reality spidey really is. Thinking that 170k is such a common income level.

Then again, it's probably pretty hard to see through those slits in the sheet.
I think he lives in the suburban DC area. I grew up there but left and live on the West Coast. When I go back there to visit my family, I realize where most of our taxes are going. Just head out on route 7 past Dulless and you'll will see mile after mile of manses (I think that's the term for cut down Mansions).

He needs to get some perspecitve.
 
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Zebo

Elite Member
Jul 29, 2001
39,386
2
81
Sucks to be them. I subscribe to Amos and Andy theory of having little "income" so this won't effect me much.
 

Craig234

Lifer
May 1, 2006
38,548
345
126
Sucks to be them. I subscribe to Amos and Andy theory of having little "income" so this won't effect me much.
What does that mean, you're a liar who declares your income falsely?

No offense if that's not what you mean - I'm asking.
 

JSt0rm

Lifer
Sep 5, 2000
27,399
3,942
126
What does that mean, you're a liar who declares your income falsely?

No offense if that's not what you mean - I'm asking.
reinvest in assets for your company and grow it instead of pulling a profit.
 

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
What does that mean, you're a liar who declares your income falsely?

No offense if that's not what you mean - I'm asking.
If you have to ask then you don't get it. One can live handsomely with very little income. It's the income vs out go that is the balance.
 

piasabird

Lifer
Feb 6, 2002
17,168
60
91
Just give more money to the idiots in charge to waste on more social spending. They will need this extra tax money to pay for their socialized Medicine plan, so dont plan on paying down the deficeit any time soon. Dont expect outsiders to come in and invest in the USA with these tax rates.
 

SoCalAznGuy

Banned
Mar 28, 2010
120
0
0
Something people haven't mentioned nuch is soon most married couples will pay more taxes than if they were single. The standard deduction will drop for married couples and the brackets will significantly lower for married couples.
 

Zebo

Elite Member
Jul 29, 2001
39,386
2
81
What does that mean, you're a liar who declares your income falsely?

No offense if that's not what you mean - I'm asking.
??? It means I'm paid very little in w2 wages so my tax rate will not change. Most people in my low earned income bracket pay none and get EIC. I can't though.
 

Zebo

Elite Member
Jul 29, 2001
39,386
2
81
reinvest in assets for your company and grow it instead of pulling a profit.
Grow it. Sell it. Pay 10-15% and no SS. no Medicare, no UE taxes instead of taking large income as you go. It's the American way. Big Gates never made more than $400,000 in earned income. That's the whole point of article linked above. Taxes are in fact regressive.
 
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Zebo

Elite Member
Jul 29, 2001
39,386
2
81
We are going back to Clinton era tax levels. We'll be fine.
No we won't. Until deductions, exclusions, exemptions, various deprecating and depletion schedules, hedge fund salary loophole, and all forms of income are addressed you can't plug hole in our 2-3T deficit. Working people are taxed too much as it is - just ask Buffet or Gates, guys who are straight up honest about it.
 

manimal

Lifer
Mar 30, 2007
13,560
8
0
I payed more taxes in the 90s and I was fine.....I would wager most of us that made any money back then would love to go back to those times. While I agree that working people are taxed too much the preponderance of loopholes and exemptions in the tax code begs people to take advantage of them. The hedge fund salary loophole that Zebo mentioned is one of the most egregious....

I would be fine with bringing back the Bush tax cuts if we payed for it by cutting the defense budget accordingly. If we remove social security from the pie whats the biggest expense the taxpayers are responsible for?

The first idiot that cries we cant cut defense spending because its jobs get a pie in the face...
 

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