Quote:
Originally Posted by Lou Card
My Tea Party Friend from Georgia tells me that if the Bush Tax cuts expire in Jan 2011, that even the lowest income tax bracket will go from 10% to 15%. Help me with this. I have done my research and I can find this to be 100% true and 100% false.
Can we keep it on just this one question. When posts get to busy, they start to look like a simple bill that has 500 amendments and become so confusing that you cant figure out what the bill was even about.
MY QUESTION: Will a man/women or couples currently paying 10% of their income to the IRS go up to 15% of their income while earning the same amount of gross income?
Prove to me that Obama is lying and I will reconsider my support.
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My understanding that if let to expire, it will be as simple as you say...ie., lowest bracket will go from 10% to 15%.
HOWEVER,
If his budget is approved by congress AS IS....it will not be that simple. It stays the same for the low income groups and increases with the higher income brackets.
Interestingly, there is one group in the higher bracket that actually will have an REDUCTION in their rate....singles earning 174,650 to 194,050 will have their rates CUT...and marrieds earning from 212,600 to 235,450 will have their rates reduced as well.
That is the simple answer, but as you alluded too, as the congress passes a budget they add/subtract and confuse so that is where the final answer comes from !