More food for thought. This was the Bush tax CUT

27% rate goes to 25%
30% rate goes to 28%
35% rate goes to 33%
38.6% rate goes to 35%
The existing 10% and 15% rates remain unchanged.

Sunset Rule: Without further action by Congress, rates will revert to 15%, 28%, 31%, 36%, and 39.6% after 2010. The 10% rate would disappear altogether.

That's what Obama is going to do, let the Bush tax CUTS expire. That means any low income folks such as yourself (self described) who may be in the 10% rate will go back up to 15%. That's a lot of low income families. Add on a VAT tax which is exactly what he aims to do, a lot of people are going to get the shaft. Not rich people... poor people.

Originally Posted by dklassen

More food for thought. This was the Bush tax CUT

27% rate goes to 25%
30% rate goes to 28%
35% rate goes to 33%
38.6% rate goes to 35%
The existing 10% and 15% rates remain unchanged.

Sunset Rule: Without further action by Congress, rates will revert to 15%, 28%, 31%, 36%, and 39.6% after 2010. The 10% rate would disappear altogether.

That's what Obama is going to do, let the Bush tax CUTS expire. That means any low income folks such as yourself (self described) who may be in the 10% rate will go back up to 15%. That's a lot of low income families. Add on a VAT tax which is exactly what he aims to do, a lot of people are going to get the shaft. Not rich people... poor people.

You are absolutely right. Thank you for posting the figures. You will not hear it from the Lame Stream Media. ( except for Fox, of course)

Yep.

That will cost me about $200 a month out of my family budget.

Here's a revelation for you.

I'M THE MIDDLE CLASS NOT THE RICH!!!

Originally Posted by cologal

Well Bush didn't cut my taxes because I don't make enough money for his crowd. Credit or cut you get something off your taxes.

PLEASE EXPLAIN....."his crowd"

Thanks

Originally Posted by Bucco

PLEASE EXPLAIN....."his crowd"

Thanks

Pretty simple....there is no way anyone could describe that the Bush policies were directed at the middle class. I am middle class. The biggest tax cuts were on the highest earners. So that would be his crowd.

Just check out the credit card reform...it reformed more profit.

Well Bush didn't cut my taxes because I don't make enough money for his crowd

I don't get it. You saw the tax cut break down. Are you saying you weren't part of any of those tax brackets?

Originally Posted by cologal

Well Bush didn't cut my taxes because I don't make enough money for his crowd. Credit or cut you get something off your taxes.

As I recall, these tax cuts mainly assisted married couples with children first...then investors, small business and high income....seems to me since investors and small business are VITAL to our economy that is fair....married couples can use all the breaks they can get......hey, we can discuss what it meant to high income....but the rates have been posted on this thread, and EVERYONE to some degree got a break !!!

WHY DONT YOU BELIEVE THEM ?????

Originally Posted by Bucco

As I recall, these tax cuts mainly assisted married couples with children first...then investors, small business and high income....seems to me since investors and small business are VITAL to our economy that is fair....married couples can use all the breaks they can get......hey, we can discuss what it meant to high income....but the rates have been posted on this thread, and EVERYONE to some degree got a break !!!

WHY DONT YOU BELIEVE THEM ?????

Party line people. Don't believe nothing that does not come from the ONE'S mouth, I suppose.

Can someone point out where, in any speech or proposal, Obama has proposed a VAT?

I know there are a lot of 'think tanks' out there that would propose one - but I don't think the administration is on board.

I still think a flat tax is the better option.

According to a report just released by www.tax.com the answer is simple. The rich got it all.
Some thoughts and numbers from the report:
The top 400:Income way up taxes way,way,down.A new report on the richest 400 show their income rose an average of 81 million...in 1 year.
Last fall a census bureau study found that real median income fell from $52'500 to $50,303 between 2000-2008. Millions of these same people lost their health insurance and their jobs also.
So,most of the middle class Americans who flock to the tea party movement were the big losers between 2000-2008. So who were the winners? Newly released data show the top 400 made enormous gains(81 million in 1 year) and paid less taxes.
The bottom 90% saw their incomes rise 13% in 2009 dollars.The top 400 saw their incomes rise 399%
In a single year 2006-2007 the income for those 400 rose 31%. Their tax rate fell to 16.6%
During the Reagan years the tax rate for the wealthiest was 50% and just as importantly so was the capitol gains tax at 50%
The wealthy have been given every tax break imaginable.
To put it simply:They are not paying their share.

Our Tax system and our defense budgets are the 2 major reasons for our debt. Until we address both it does not matter who is in charge.

Rofl

Originally Posted by waynet

According to a report just released by www.tax.com the answer is simple. The rich got it all.
Some thoughts and numbers from the report:
The top 400:Income way up taxes way,way,down.A new report on the richest 400 show their income rose an average of 81 million...in 1 year.
Last fall a census bureau study found that real median income fell from $52'500 to $50,303 between 2000-2008. Millions of these same people lost their health insurance and their jobs also.
So,most of the middle class Americans who flock to the tea party movement were the big losers between 2000-2008. So who were the winners? Newly released data show the top 400 made enormous gains(81 million in 1 year) and paid less taxes.
The bottom 90% saw their incomes rise 13% in 2009 dollars.The top 400 saw their incomes rise 399%
In a single year 2006-2007 the income for those 400 rose 31%. Their tax rate fell to 16.6%
During the Reagan years the tax rate for the wealthiest was 50% and just as importantly so was the capitol gains tax at 50%
The wealthy have been given every tax break imaginable.
To put it simply:They are not paying their share.

Our Tax system and our defense budgets are the 2 major reasons for our debt. Until we address both it does not matter who is in charge.

Is this a satire? My gosh I wouldn't know where to begin to correct all those wrong statements.

No satire...just facts straight from the IRS study.

In the IRS we trust...

IRS tax study 2007...The top 1% of taxpayers averaged about $138,000,000.They paid a tax rate of 16.6%. Their secretaries paid a higher rate.
By 2010 the very rich will see their taxes fall by 5.7%Over the ten yeay period(2000-2010) the top 1% will recieve tax cuts totalling a half trillion dollars. Each tax break will average $340,000.
By 2010 52% of the total tax cuts will go to the richest 1% whose average income is 1.5 million.
Its no wonder that some reps are fighting to lower the estate tax. The estates are getting a lot bigger.