How Much More Will You Owe If Congress Lets The Bush Tax Cuts Expire? (unemployed, millionaire)

[Smash255]

Originally Posted by HappyTexan

That's reduced withholding tax. It can hurt you if you have income from other than your salary though.

Not really. Now if your income from other sources puts you over that limit then the tax credit will either get reduced or taken away, but you are still seeing either a reduction in taxes or no increase in taxes.

[Kirdik]

Originally Posted by EinsteinsGhost

It works wonderfully as a lip service, especially around elections and when you happen to be a minority in the government.

I agree there's a lack of political will to implement the formula.
It doesn't mean it's not going to work though.

[hawkeye2009]

Originally Posted by juppiter

ok people if you're going to brand yourselves as in favor of reducing the deficit, you can't talk about not letting these expire at the same time kthx.

Sure you can.

Cut spending.

I will pay $72,000 more in taxes when the Bush tax cuts expire. I wonder how many more bums with diametrically opposed views that will support?

[db108108]

Cut which spending? Spending now outstrips income by a 2 to 1 margin. There is no way out without tax increases and spending cuts. Republicans understand one half of that, but don't really get the other.

[metye7]

It says we will owe an extra 15,651

[Kirdik]

Originally Posted by db108108

Cut which spending? Spending now outstrips income by a 2 to 1 margin. There is no way out without tax increases and spending cuts. Republicans understand one half of that, but don't really get the other.

Do you work for the government?

[marcopolo]

For everyone's sake, can we please restore divided government in November? Either party when in control steals our money for their friends. Split up the power, let 'em fight instead of steal. Who knows, maybe they will even work together--it could happen. It happened before.

[parfleche]

TAX welfare benifits ,let the leeches see what it's like to give up a % of your Income.

[Taxed in Maine]

Then how come it is a historical fact that cutting taxes INCREASES government revenues.

Many of you on the left think it is as simple as - increase taxes=increased govt revenue, it doesn't work that way.

Tax hikes are followed by an economic downturn which results in even Less revenue than you had before the increase.

Tax cuts spur the economy and job growth followed by an INCREASE in total revenue.

Problem is - when the economy gets going, the govt turns up the spending also. We get nowhere.

The solution, as above, is Tax Cuts and Large spending cuts = deficit reduction.

[ozzie679]

What is the average household income in the US? $50-60k? But on message boards everybody makes mid-6 figures.