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Wade Joseph

Bush Tax cuts

185 posts in this topic

If these tax cuts are not made permanent, does that not in effect have the same outcome as raising taxes? The Dems seem to want me to believe they aren't raising my taxes, but do not want to make the Bush cuts permanent. I know myself, I would get hit with almost 2k more tax if they are allowed to expire.

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It wont effect my taxes I know that for sure mine will probly go down when he gets out of office grin

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With the current congress and the future candidates I would be amazed if any taxpayer payed less. I could see maybe a little less of an increase for a very select few. If you don't pay any taxes your cost of living will still go up. Good luck I hope you get a decrease I just don't see it.

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If these tax cuts are not made permanent, does that not in effect have the same outcome as raising taxes? The Dems seem to want me to believe they aren't raising my taxes, but do not want to make the Bush cuts permanent. I know myself, I would get hit with almost 2k more tax if they are allowed to expire.

I wish I had your problem.

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Originally Posted By: Wade Joseph
If these tax cuts are not made permanent, does that not in effect have the same outcome as raising taxes? The Dems seem to want me to believe they aren't raising my taxes, but do not want to make the Bush cuts permanent. I know myself, I would get hit with almost 2k more tax if they are allowed to expire.

I wish I had your problem.

I know, it's sad that Wade works his butt off to do a little better so why shouldn't he be penalized more? mad

I for one would rather have my money and his go to taxes for welfare and a bunch of other whiney programs than back into the economy. That's just good business all around. crazy

Shame on anyone who works to do a little better than others. That's a great way of thinking. mad

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Originally Posted By: Wade Joseph
If these tax cuts are not made permanent, does that not in effect have the same outcome as raising taxes? The Dems seem to want me to believe they aren't raising my taxes, but do not want to make the Bush cuts permanent. I know myself, I would get hit with almost 2k more tax if they are allowed to expire.

I wish I had your problem.

when you grow up and have kids and work in the real world you will

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Originally Posted By: BID2
Originally Posted By: Wade Joseph
If these tax cuts are not made permanent, does that not in effect have the same outcome as raising taxes? The Dems seem to want me to believe they aren't raising my taxes, but do not want to make the Bush cuts permanent. I know myself, I would get hit with almost 2k more tax if they are allowed to expire.

I wish I had your problem.

I know, it's sad that Wade works his butt off to do a little better so why shouldn't he be penalized more? mad

I would one would rather have my money and his go to taxes for welfare and a bunch of other whiney programs than back into the economy. That's just good business all areound. crazy

Shame on anyone who works to do a little better than others. That's a great way of thinking.

I never questioned wades work ethic. I wouldnt do that, I dont even know him.

I assume wade has a military background, judging from his avatar. So I think its safe to assume he probably has a very strong work ethic.

Are you saying that people who dont have a lot of money, dont work as hard??

The tax cuts need to be rolled back on the wealthy. There is nothing wrong with the fortunate helping out the less fortunate. After all, we are all americans. Should we not be doing what we can to help each other out?

Of course it is more complicated than my three sentance statement.

Im off to my college algebra course. It sure would be nice if there was a little more financial aid to help offset the costs. Sorry im whining smirk

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Originally Posted By: BID2
Originally Posted By: Wade Joseph
If these tax cuts are not made permanent, does that not in effect have the same outcome as raising taxes? The Dems seem to want me to believe they aren't raising my taxes, but do not want to make the Bush cuts permanent. I know myself, I would get hit with almost 2k more tax if they are allowed to expire.

I wish I had your problem.

when you grow up and have kids and work in the real world you will

Who needs to grow up here??????

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Quote:
Are you saying that people who dont have a lot of money, dont work as hard??

I believe there are those out there that expect hand outs. I'm not saying all. I had to scrimpt to get buy and work two jobs sometimes three in my twenties. I don't see a lot of that today.

Quote:
The tax cuts need to be rolled back on the wealthy. There is nothing wrong with the fortunate helping out the less fortunate. After all, we are all americans. Should we not be doing what we can to help each other out?
So what you're saying is that because you are American you are entitled to part of the money I work hard to bring home because you don't "Do as well as I do"??? How about going and finding a second job? I did that as stated above. I had hard times for a lot of years, but got by with no handouts. Now I live comfortable. I'm not rich, but comfortable. So I should pay you to go to school so you can get out and make money? Sorry, you will never get me to agree to that. Pay your dues and earn your own way.

If you are physically in need of help or mentally, that's another story. More than happy to help those people out. It's people who are utterly worthless and expect hand outs that I will never agree on.

Quote:
Im off to my college algebra course. It sure would be nice if there was a little more financial aid to help offset the costs. Sorry im whining

Maybe your parents should have put more away. I grew up with little money and didn't get to go to school. I've self taught everything I know and now make a decent living. So should I know have to pay to educate you? Don't think so. I'm not responosible for all Americans. How about learning to take care of your own families?

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taxing the rich never works. it sounds good when your college teachers and pudits tell you it does but in the real world, it never does. they hide their wealth, or in some way pass on the costs of goods and services to the rest of us. taxes are never raised on the wealthy. wall Street runs the country. i dont care who the next president is, it will always be the case.

i did the military thing to pay for my college. now i have a kid who is talking to a navy recruiter and seriously considering joining and i hope he saves when he is in

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Anyone willing to list, or give a link to, the "Bush Tax cuts." MY taxes did not go down while Bush has been in office, so I am not fully understanding the issue.

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Anyone willing to list, or give a link to, the "Bush Tax cuts."

Shamelessly stolen from the “Center on Budget and Policy Priorities” web site;

Some of the facts about these two tax cuts are as follows:

According to the Urban Institute-Brookings Institution Tax Policy Center, a majority of the tax cuts from these two tax-cut measures — 54 percent of these tax cuts, to be precise — will go to the 0.2 percent of households that have annual incomes of more than $1 million a year. These households will receive added tax cuts averaging nearly $20,000 a year from these two tax-cut measures, when the measures are fully in effect.

Some 97 percent of the tax cuts from these two measures will go to the 3.7 percent of households that have incomes of over $200,000 a year.

Virtually none of the tax cuts from these measures will go to families in the middle of the income spectrum.

As noted, these tax cuts will phase in fully by 2010. The Joint Committee on Taxation estimates they will reduce revenues by $9 billion in 2010, and by $16 billion in 2015. The ten-year cost of these provisions in the first ten years that they will be fully in effect (2010 through 2019) will be $146 billion. When the associated interest payments on the debt of $51 billion are added in, the cost rises to $197 billion over this ten-year period.

These estimates understate the cost of the two tax cuts. These estimates are based on Joint Tax Committee estimates that do not assume continuation of relief from the Alternative Minimum Tax. The Joint Tax estimates instead assume that a swelling AMT will cancel out a portion of these tax-cut benefits, reducing their costs. Virtually all observers expect, however, that AMT relief will be extended. With AMT relief in place, these tax cuts will cost significantly more than the amounts cited here.

Over time, the costs of these two tax cuts will exceed the costs of relief and recovery from Hurricane Katrina (assuming that the tax cuts are extended beyond 2010, as the President has proposed).

Edit:

So will you guy's tell me again how fair this is and how the wealthy should be paying less, percentage wise, than middle America?

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They don't pay less, that's rediculous. Remember, that for most small business owners, the business income is rolled into their personal taxes. So they bascially get taxed on the money they need to run their businesses. They provide the majority of jobs in america and are taxed disproportionately.

The tax code is a big mess and you can't really compare apples to apples. All I know is that if the tax cuts aren't continued, most small businesses owners will have to raise prices, cut bennefits, or lay people off.

Now how is that good for America? Remember the national debt has very little to do with tax revenue. It has alot more to do with spending.

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Tax revenue is the government’s income that pay's down the national debt, so they are related. How can you pay off a debt if you don't have income?

increased revenue spurred by economic growth plus reductions in government growth. it dont matter how much or little the government takes in if it spends more than the revenue. we have seen that in the last 6-7 years. way, way too much spending by a GOP congress and a GOP president who just couldnt say no to his own party

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it dont matter how much or little the government takes in if it spends more than the revenue. we have seen that in the last 6-7 years. way, way too much spending by a GOP congress and a GOP president who just couldnt say no to his own party

Man, you got that right, and hopfully whoever gets elected, be it McCain or Obama, they stop this madness.

We're going broke here.

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Anyone have the current tax brackets broken out by income? I guess I dont see any reason why the percentage should change with more or less than one makes.

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Income Taxes were originally designed to pay for wars, not federal mandated handout programs. The government has continously found new ways to increase taxes on everyone. The idea that everyone should receive the same wage, pay, income is the same concept behind communism / socialism... and we know how well that works. We have Property tax, Income tax, Sales tax, Death tax, and probably a couple I am missing..

I am a fiscal conservative. I do believe that some tax is necessary for a strong country, but I also believe that way too much is spent on unnecessary funding of " social safety networks' and other failed programs. Social Security is a bankrupt program that is rapidly catching up with us. If you are not saving for your own retirement, 20 to 30 years down the road, there will be trouble.. I would prefer to invest the money I pay into Social security myself.. as for the college students asking for handouts, I believe college is a choice, not a god given right.. You decide what you want from your future, and you go for it.. I went to school all day, and worked all night to pay my way through college... and I contnued paying for it 10 years after I left. it sucks.. but it was my choice, and now I am benifitting from that choice, but people want the money I have in my pocket to pay their way.. If you take away what I have worked for and earned, then what incentive do I have to excel at anything? I'll just go stand in line for handouts like everyone else..

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Anyone have the current tax brackets broken out by income? I guess I dont see any reason why the percentage should change with more or less than one makes.

Year 2008 income brackets and tax rates

Marginal Tax Rate Single Married Filing Jointly or Qualified Widow(er) Married Filing Separately Head of Household

10% $0 – $8,025 $0 – $16,050 $0 – $8,025 $0 – $11,450

15% $8,026 – $32,550 $16,051 – $65,100 $8,026 – $32,550 $11,451 – $43,650

25% $32,551 – $78,850 $65,101 – $131,450 $32,551 – $65,725 $43,651 – $112,650

28% $78,851 – $164,550 $131,451 – $200,300 $65,726 – $100,150 $112,651 – $182,400

33% $164,551 – $357,700 $200,301 – $357,700 $100,151 – $178,850 $182,401 – $357,700

35% $357,701+ $357,701+ $178,851+ $357,701+

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Thanks for the info Kidd.

lol. TWO cuts?!! Two changes and they are dramatically labeled the great "Bush Tax Cuts." Somehow I was figuring that their would be, I don't know, 5, 6 cuts or more. 2? Just enough to qualify for the plural "s." lol That's W.

...Some 97 percent of the tax cuts from these two measures will go to the 3.7 percent of households that have incomes of over $200,000 a year.

Virtually none of the tax cuts from these measures will go to families in the middle of the income spectrum...

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When you lump welfare and these whiney little programs together your taking away the good some of these programs do. Some need assistance be it a physical ailment that puts you down when you r older and you paid your dues. Lot of people arnt as fortunate as others and dont get the breaks that others do.They work hard all their lives then they get put down because of circumstances not under their controll. Then they get belitteld and made feeling ashamed of needing some help.Aaaaaaaaaaaaaarg I'm stopping there. Before this ruins my day.

Ya the system needs oversite and there are people who take advantage of it. But to say no to ones the need help well I'm not the one at the pearly gates explaining why I couldnt help.

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When you lump welfare and these whiney little programs together your taking away the good some of these programs do. Some need assistance be it a physical ailment that puts you down when you r older and you paid your dues. Lot of people arnt as fortunate as others and dont get the breaks that others do.They work hard all their lives then they get put down because of circumstances not under their controll. Then they get belitteld and made feeling ashamed of needing some help.Aaaaaaaaaaaaaarg I'm stopping there. Before this ruins my day.

Ya the system needs oversite and there are people who take advantage of it. But to say no to ones the need help well I'm not the one at the pearly gates explaining why I couldnt help.

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I am in the 25% bracket. If the tax cuts are not mae permanent, then my tax liability goes back up due to that AMT thing. So in fact, it is RAISING taxes simply by letting the cuts expire. Kinda like the raises that senators and congressman keep getting. It automatic and they must vote it DOWN in order for it to not take effect. So, they can simply say...we didn't give ourself a raise, it just happened. Same as saying...we didn;t raise your taxes, we just did nothing and they went up.

Another tidbit for some of you. Large corporations and companies do not pay taxes...you and I do. They will NEVER pay the taxes, you and I will. Why???? Because they will ALWAYS pass it along in the costs of their goods and services. Its simple economics and you would do the same if you were a large corporation. So this Robin hood approach to taxes ultimately just rolls back downhill to the little guy anyway. In otherwords...socialism doesn't work.

Yes, I did 20 years in the worlds finest Navy, busted my azz. Now I still work my tail off because you cannot "retire" on military retirement. In actuality, my ex wife gets most of it, I live off of what my current job pays. I don't complain, until the liberals start giving away MY money. You want a comfy cushy lifestyle??? go out and EARN it. If you are physically and mentally able you should be REQUIRED to contribute SOMEHOW, SOMEWAY to get any "assistance" there are plenty of projects involving the infrustructure in the cities, counties and state levels that needs work and we could sure cut taxes if we required community service to do the manual labor.

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then my tax liability goes back up due to that AMT thing.

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