See your TAX BREAK under the BUSH Tax CUTS
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See your TAX BREAK under the BUSH Tax CUTS
The tables above show the tax rates changes over time and the tax increase for each level of income if the Bush tax cuts expire. The table is really very interesting because it show a number of important things.
1. The top bracket over $1 million in income got $101,000 or about a 10% cut
2. The bottom bracket less than $10,000 got just a .07% cut
3. The middle bracket of $50,000 to $75,000 got a 1.6% cut
Keep in mind that the really rich got on average $350,000 each in a tax cut.
Tax cuts enacted under President George W. Bush in 2001 and 2003 are due to expire Dec. 31. If Congress does nothing, families at every income level face tax increases next year.
My question is this; why not allow all these tax cuts to expire? They are costing us about $300 billion each year. If they expire it automatically reduces the deficit by that amount. Why aren’t the Republicans screaming to allow these ill advised tax cuts to expire helping to reduce the budget deficit? The Republicans love the budget deficit, they added about $5 trillion to the debt under Bush.
I like most people am in the middle of he above graph and I say let them EXPIRE.
What do you think? The democrats want to let the tax cuts expire for those making over $200,000 in personal income. Don’t be confused about personal income and business income. This doesn’t hurt small business.
I personally think a doctor, a stock broker, a fund manager, a VP of an insurance company, oil company etc., making $200,000 can afford to pay an additional $7,187 in taxes. What do you think? By the way these people don’t hire anyone, this is their personal income.
The income tax burden on the rich has fallen to a level that now threatens America. Without taxes the country gets further in debt and becomes weaker economically.
I’d like to see us get back to the tax rates of 1976. I think that is what the Tea Party really wants when they say take back America. Who was president in 1976, some liberal democrat? Nope! Jerry Ford, Republican.
What do you think?
1. Keep all the tax cuts and run up the deficit by $3 trillion over the next ten years?
2. Keep the tax cut for everyone under $200,000?
3. Let all the tax cuts expire?
I say number three.
I think Jesus would say raise taxes on the richest, maybe back to the good old days of 1976.
To read more click here http://hubpages.com/profile/thejcrevelator2
Matthew 22:39-40
39"The second is like it, YOU SHALL LOVE YOUR NEIGHBOR AS YOURSELF.'
40" On these two commandments depend the whole Law and the Prophets."
Matthew 7:12 GOLDEN RULE -
12 “Therefore all things whatsoever ye would that men should do to you, do ye even so to them: for this is the law and the prophets.”
John 14:15 “If ye love me keep my commandments.”
Matthew 25:44-46
44"Then they themselves also will answer, 'Lord, when did we see You hungry, or thirsty, or a stranger, or naked, or sick, or in prison, and did not take care of You?'
45"Then He will answer them, 'Truly I say to you, to the extent that you did not do it to one of the least of these, you did not do it to Me.'
46"These will go away into eternal punishment, but the righteous into eternal life."
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OD,
You want the minimum wage worker making $16,000 per year (Wal-Mart) to pay 20% or $3,200 while the Walton kids, never worked for a dime, to pay 20% on $100,000,000?
This idea makes no sense at all. You must consider disposable income to eat and have a place to sleep. Yes a flat rate would have to be about 20% even with cuts.
By the way you can’t cut enough out of the government to balance the budget and still have the FDA, FDIC, EPA, SEC, US military now $1 trillion each year and the other agencies that protect average Americans. I know you are so smart you think you don’t need any of those agencies, but most Americans want them.
Are you for taxing all wages for Social Security? The rich only pay SS on about 1% of their wages while the Wal-Mart workers pay on 100%. Now limited to just $104k of wages everything over that is TAX FREE to the rich and greedy.
Yes those who make the most should pay a higher rate.
My GOD and his Son JC demands the rich sell everything and give it to the poor. He says this repeatedly in the NT.
Thanks for reading and for your comments…
I sent a response, did you see it
I won't bother to send another one.
bye
The author of this article is absolutely delusional. You cannot increase wealth by raising taxes on the rich. We can see this clearly by looking at the increase in tax revenues each time the top brackets' rate is cut - starting with JFK and continuing to Reagan and finally Bush. Tax revenue goes UP when the top rates are slashed because incentive to invest and grow business also increases. The top 1% pays around 20% of our tax liability, and the top 10% pay approximately 65%. Increasing it further would not only be unfair, it would actually lower our total revenue, thereby increasing the deficit. The real solution is to cut spending.
A,
The tax rates under JFK were 70%. The rich now pay the lowest tax rate, 22% in recent history. Taxes are too low to run the government. There is no way to cut enough to balance the budget - we must raise taxes or continue to go broke. Tell me what you are going to cut to get rid of $600 billion per year?
Thanks for reading and for you comments...
OpinionDuck 20 months ago
your god only wants ten percent why should the government be above your god.
lets lower the deficit by shrinking the size of government and government spending. lets simplify the IRC most of which doesn't apply to the middle class. this is where the real tax breaks are to be found for the rich.
by the way, having a progressive tax system means that the higher tax brackets pay more percentage of their taxes. why shouldn't we all pay the same tax rate,like we do for sales tax.