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The Coming Tax Bomb

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posted on Apr, 9 2008 @ 04:12 AM
The Coming Tax Bomb

50% increase in tax rates faced by lower-income

The tax code changes enacted in 2001 and 2003 are scheduled to expire at the end of 2010. If they do, statutory marginal tax rates will rise across the board; ranging from a 13% increase for the highest income households to a 50% increase in tax rates faced by lower-income

posted on Apr, 9 2008 @ 05:06 AM
that's funny, don't remember our taxes being reduced by 50% when these tax cuts came into effect...
oh well....if our taxes were to actually reflect the gov't spending dollar for dollar, we'd probably have far more than a 50% tax increase. if we let them increase our taxes by 50%, heck, I'd be willing to pay a little more even...will they restrain their spending to within the revenue that we are giving them? didn't think so. so, the tax rate is really irrelevant, since all that other money that they are spending will have to come out of our pockets sooner or later anyways, and when it does it will be much more costly that what the 50% increase you are talking about.

if I am remembering it right, bush passed the tax cuts...
then to mask over the effects those tax cuts had on the budget deficit, he cut the social madated programs and passed that expense onto the states and local governments. To make up that kind of money, they had to increase their owners around the country were throwing a hissy when they say their tax bill! So, then there's the Bush's great "ownership" society in the making, Greenspan pushes those nice subprime loan deals, the people bite and the housing bubble begins to expand quite a bit. home prices rise..(with the aid of fraudulent assessments), and well, soon we are all hearing how our local government have this nice surplus (could the housing bubble have increased the assessments to tax purposes, thus increased the tax revenues in a little more pleasing way for the property owners? now the bubble is bursting, the house values will begin to fall again, and well...thus the property taxes. Syracuse NY seems to already getting a plan ready to avoid having to face all those angry property owners again. they are planning on increasing the tax on the gas, and shifting that extra revenue over to the property taxes...

like I said, cut the taxes all you want, you will still end up paying for all this crap the government is spending money on anyways or well, your children will end up paying more than half their paychecks in taxes, whatever....
but, there's no free ride, just delayed, and diverted reactions.

posted on Apr, 9 2008 @ 08:08 AM

Originally posted by Cyberbian

The tax code changes enacted in 2001 and 2003 are scheduled to expire at the end of 2010.

Wasn't that a strategy planned by all the incumbants...
so they can say -> " by re-electing me, I will vote to extend the Tax Cuts and the temporary suspension of the Death Tax (inheritance tax)"


posted on Apr, 9 2008 @ 09:18 AM
I would hazard a guess and also say that at some stage you all need to start paying for the war in Iraq and Afghanistan. Remember, you haven't started paying for that yet. Whomever wins the elections, it's hard not to expect tax increases.

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