69% of America: Rescind Bush tax cuts on rich

All the mess created no only by our government but the ones that hold this country hostage the Big and fifthy rich individuals behind corporations only shows that we the people have not power whatsoever over how our nation is run, who we chose for our leaders and what our voted elected leaders do once they are in power.

Neither Republicans or Democrats will stop serving their masters and financiers, to think that changing a government will make things better is only the dreams of the fools. . .

Our nation is going down the hill and we have those in upper classes and government to thank for that.

The guilty ones are us the people that allowed this mess to go on for too long until is now too late.



[edit on 25-8-2010 by marg6043]

A large portion of the public?

I didn't vote on this poll nor did any of my friends that I know of.

Propaganda.

Originally posted by xstealth
A large portion of the public?

I didn't vote on this poll nor did any of my friends that I know of.

Propaganda.

It’s like the mob in Dr. Frankenstein's Monster movie. All with pitchforks and torches screaming “Tax The Rich!” well when upper 20% pays 90 plus percent I’m not surprised to see a number like 69% that is made up of those who would not be affected by the tax hike that also breath the “hate the rich” liberal political platform.

People, the liberal agenda is to gather the masses for votes and they can get more votes from the lower 80% than the upper 20%. It is a numbers game to them, plain and simple.

reply to post by Xtrozero


really? still? Has noone actually looked at the actual facts instead of rehasing talking points? If you pay any income taxes, then when the cuts expire, your rate will go up!

current rates for filing married (or qualified widow)
•10% on the income between $0 and $16,750

•15% on the income between $16,750 and $68,000

•25% on the income between $68,000 and $137,300

•28% on the income between $137,300 and $209,250

•33% on the income between $209,250 and $373,650

•35% on the income over $373,650
taxes.about.com...

now, the rates after the cuts expire:

Tax Bracket Married Filing
15% Bracket $0 – $70,040
28% Bracket $70,040 – $141,419
31% Bracket $141,419 – $215,528
36% Bracket $215,528 – $384,860
39.6% Bracket Over $384,860
www.fivecentnickel.com...

Now, on top of that, these also change....

Child credit will decrease to $500 per child (means you pay more tax)

marriage penalty returns (pay more tax if married)

death tax returns (50% top bracket which is one million+)

EITC will decrease (hurts if you make below the poverty line)

dependant care credit will decrease (means you pay more tax)

Education IRAs (Coverdell education savings accounts) will knock the annual contribution back to $500 from the $2000 under Bush

Student loan interest deduction - gone

Credit for employer-provided child care - gone

All of these pile up and the end result is...EVERYONE'S taxes GO UP.
Yes, I will agree that some of these will hit the well off to rich more then others, but, if you make $10,000 annually, they are going to get another 5% from you, cut your EITC, Child credit, dependant care credit, penalize you for being married etc, now you tell me how that is a good thing for someone barely getting by now.

Yeah - great idea - let the tax cuts expire (sarcasm). Because as it is the economy is in great shape, unemployment is at a record low and markets don't need any stimulation. Well, 18+ months out, how is the stimulus package helping Americans? 23% fewer homes were sold last month because creditors aren't doing home loans unless you have stellar credit and people are worried for their jobs and not looking to buy a home. Meanwhile, 9.5% average unemployment remains. So yeah - letting the Bush tax cuts expire makes a whole lot of sense, doesn't it? Might as well kill off any chance of an economic recovery while we're at it.

Sorry, but the majority of America also elected Obama to be president and gave the Democrats a supermajority in Congress in 2008. Look how great that turned out (super sarcasm).

Dude, poverty level income is classified as 18,000 or less. Anyone below that level is liable for no federal income taxes, that's right zero federal income taxes. The topic here is federal taxes and not even income taxes. People drive me crazy... When they hear the word "taxes" they automatically think income taxes. If and when these tax cuts expire, here is what changes:

The Child Tax Credit will decrease from 1,000 dollars per child to 500 dollars per child. 

The 'Marriage Penalty' will return

Adoption benefits and dependent care benefits will be reduced to previous levels

The Estate tax will roar back to the previous 55% levels so the government can cash in when citizens kick the bucket

The capital gains tax will return to 20% from the current 15%. 

Health Savings Accounts (HSA), FSA, and HRA accounts will no longer be able to be used to pay for over the counter drugs 

The tax on early withdrawals from HSA accounts will rise from 10% to 20% (external quote for clarification: HSA's were made to behave a lot like IRA's. Taxpayers could use HSA's for qualified medicalexpenses without a tax consequence. If taxpayers withdrew funds for non-medical reasons before age 59 1/2 they were subject to the same 10% penalty tax that applies to early IRA withdraws. Health care reform lifts the penalty tax on HSA's to 20%.)

And finally ... 

Tax brackets will increase -- The 10% bracket rises to an expanded 15% The 25% bracket rises to 28% The 28% bracket rises to 31% The 33% bracket rises to 36% The 35% bracket rises to 39.6%

I don't see much in the above facts about income tax. However, if you are interested in seeing what the expiration of these tax cuts will cost you, go to www.mytaxburden.com... 





Posted Via ATS Mobile: m.abovetopsecret.com


[edit on 25-8-2010 by Sf18443]

[edit on 25-8-2010 by Sf18443]

[edit on 25-8-2010 by Sf18443]

Reply to post by Sf18443

After several attempts to edit my previous post I have been unable to do so. It keeps telling me it's been edited but it hasn't. The I meant to write in the first sentence that poverty level is generally classified as $18000 or less and many people below that line are liable for hardly any federal income tax and many times are liable for ZERO income tax.


Posted Via ATS Mobile: m.abovetopsecret.com

Originally posted by dizzie56
Im not sure where you got this but profits arent up.

Corporate Profits Are Up...

Retailers say quarterly profits are up...

Companies Wringing Huge Profits...

Productivity isnt up.

Productivity up in 4th quarter as labor costs fall

Productivity Up: Bad News for Job Seekers?

But I'll give you the benefit of the doubt with Productivity weakens in second quarter, however a year and a half of an upward trend should make up for the 0.9% that dropped last quarter.

Nor is the amount of employed, but rather unemployment is still up.

I said joblessness was up, by that I meant unemployment.

Do you realize that the so called rich pay the majority of the taxes now? Something rediculous like at least 50% of the income comes from the so called rich?

The so-called rich...how do you define rich? Right now it's anything over $250,000/year. How could that be considered rich when we have companies making billions? I'll tell you how, that's just 2% of the population. Two percent. How many times do I have to say that until you understand? That is a LOT of money!

I looked into it, the top 5% of income earners pay about 50% of income taxes. That's wonderful...now if we could get that bottom 50% closer to that 2% at the top, I'd be happy.

How bout, instead of raising the taxes we instead look at cutting spending first? Wouldnt that make sense?

How about we do both, would that make more sense?

So you are saying everybody should make the same amount of money as each other?

I hate to parse up the remainder of your message but I just wanted to answer this; I'd like to see the chasm between the extremely wealthy and the extremely poor shrink...a lot. Back in the 'good ol' economic days of the 50's and 60's the highest tax rate was 91% in the country, the country didn't collapse then and it won't collapse now.

Originally posted by Sf18443
Reply to post by Sf18443

 

After several attempts to edit my previous post I have been unable to do so. It keeps telling me it's been edited but it hasn't. The I meant to write in the first sentence that poverty level is generally classified as $18000 or less and many people below that line are liable for hardly any federal income tax and many times are liable for ZERO income tax.

So for a family of 4 they get 26k deduction that added to 18k is 44k gross and they pay zero federal taxes.

Originally posted by Xtrozero
So for a family of 4 they get 26k deduction that added to 18k is 44k gross and they pay zero federal taxes.

What kind of funky math is that?

If someone makes $18,000/year (which would be well below the Federal poverty level for a household of four) they get 10% of their income taken out throughout the year, or $1,800 total.

This next part is where I think you're getting confused: When that family files their income tax the following year they recieve the total amount of money they were taxed or 100% ($1,800 + state taxes) in addition to whatever child tax credit they recieve, under the Bush tax cut would be $1,000/child...or $2,000 total. In the event that they paid no taxes throughout the year they would not recieve the $1,800 but get it taken out of their refund and they would still get $2,000 for the child credit or a $200 refund.

So in conclusion a family of four with a single earner at $18,000 annual would get about a $4,000 refund. ($1,800+$1,000+$1,000+state tax) which may bump their annual income to $22,000 for the following year...but I believe there's a section on the 1040 that takes that income into account and doesn't count it as such. Certainly not $44,000 annual after the tax refund.

This is also to assume there was no income assistance in the form of food stamps or disability or unemployment earned throughout the year.

H&R Block calculator

I think I've gleaned a bit more understanding on the belief that the poor only suck the teet of the rest through your post though. I'm pretty sure it's not on the level that you think it is. Heaven forbid the federal government address the issue of poverty in this country.

the proverty level is related to the number of people in the household...if you have a family of eight...it's up over $30,000.
one person......$10,830.

aspe.hhs.gov...

[edit on 25-8-2010 by dawnstar]

reply to post by whatukno


they get tax breaks now for hiring people....
at least in NY they did...ya know what they discovered?
well, the companies made the promises, got the breaks, maybe hired a few people, for a time, and well, then alot of them closed up shop, laid off everyone, and went flying away...to greener pastures...
most of the companies did not keep their part of the bargain....and most of the overseers really didn't care enough to follow up on them.
I think they've revamped the program I am thinking of, think it was something Empire State Developement Zones or something like that...
didn't work!

reply to post by links234


I'm saying a family of four gets standard Exemptions of $3650 per person and an un-itemized deduction of $11,440 for a total of $26k, so a family that grosses $60k would go into their tax table at 34k owing $4269 in taxes. They get $1320 earn income credit and $4000 child tax credit and so for making 60k gross they get ALL their money back they put into taxes that year plus an extra 1000 dollars 5320 - 4269. If they do away with both credits and the family have no other deductions like interest on their home or IRAs they pay the $4269 or 7% of their gross.

I'm not sure how the poverty level works with taxes as some people have suggested it is different.

So these last 10 years or more a typical family under 60k has not paid federal taxes and most likely made money each year...I know I did when I was in the Air Force.

reply to post by Xtrozero

not for the last 10 years!!
family of 5 here, alot of times income of under $30,000....
and well, we always ended up owning at the end of the year....

Originally posted by dawnstar
reply to post by Xtrozero

 

not for the last 10 years!!
family of 5 here, alot of times income of under $30,000....
and well, we always ended up owning at the end of the year....

So you grossed 30k and after deducting 3k plus per family member and 11k for deductions you still paid federal taxes? After going into the tax table with about 4k what federal taxes did you pay when you subtracted just earned income credit?

7 or 8 years of that 10 you also had child tax credit of 6k too... I am interested in your answer. Where are my numbers wrong?

[edit on 25-8-2010 by Xtrozero]

reply to post by dawnstar


I'm gonna take a wild guess that you didn't pay throughout the year...which is what you would do if you're in the Air Force xtrozero, if you pay throughout the year and get a refund it simply means you either paid too much or you had some earned credit.

If you get a refund at the end of the year it means you have paid taxes. However, due to your income level you get a percentage of that back.

If you don't get a refund it means you haven't been paying taxes throughout the year.

reply to post by links234

we paid through the year, and still ended up owing.....
don't think it would be like that now, but there were many years we did end up paying at the end of the year.....

and...we just won't discuss all the social security tax that was siphoned by congress to fund their spending sprees over the years....a promise by the the gov't that more than likely I won't see any return on. since all that the fund has now are a bunch of gov't bonds..which well, according to one story I have read.....default is imminant!




[edit on 26-8-2010 by dawnstar]