Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Greedy, greedy, greedy.. nothing has changed from 4 years ago - the Repubs want to do the same thing as before - to give more to their rich donors, and less to the middle class.
May 8 (Bloomberg) -- Republican lawmakers, facing the prospect that their power to cut taxes may soon be curbed, plan to extend breaks that mostly benefit the wealthy and Wall Street at the expense of reductions for middle-income households.
Six months before elections that may return a Democratic majority in at least one house of Congress, Senate Majority Leader Bill Frist of Tennessee and House Speaker Dennis Hastert of Illinois are focusing on extending the 15 percent rate on investments and repealing the estate tax. They won't push extensions of lower rates for all taxpayers and expanded breaks for married couples and families with children, which expire after 2010.
The people PAYING the taxes should be getting the relief, not the middle-class who end up netting a zero tax liability but using the majority of govt servicies.
I personally think that the practice to have the rich pay more and more in the tax burden is one of our spoending problems. At the same time people want to tax the rich;we alos are seeing less and less people actaully pay any income tax. I agree that a farier tax would be consumption tax. This country will never get to a efficent system of spending as long as so mnay actaully have no ski the game. Its gotten to the point with this and pork spending that people will want anyhting as long as they don't have to pay anyhting. That is no way to run a household much less a country. Its no wander we are in the deficit mess we are.Its alos no wander that people themselfs now can not live withi there means because the government is the worse offfender in the credit bubble.The bill being runup will come in the near future.
Greedy, greedy, greedy.. nothing has changed from 4 years ago - the Repubs want to do the same thing as before - to give more to their rich donors, and less to the middle class.
May 8 (Bloomberg) -- Republican lawmakers, facing the prospect that their power to cut taxes may soon be curbed, plan to extend breaks that mostly benefit the wealthy and Wall Street at the expense of reductions for middle-income households.
Six months before elections that may return a Democratic majority in at least one house of Congress, Senate Majority Leader Bill Frist of Tennessee and House Speaker Dennis Hastert of Illinois are focusing on extending the 15 percent rate on investments and repealing the estate tax. They won't push extensions of lower rates for all taxpayers and expanded breaks for married couples and families with children, which expire after 2010.
``In politics, timing is everything; you do what you can when you can, and this is what's queued up right now,'' says Arizona Senator Jon Kyl, the No. 4 Republican in the Senate. Given the federal budget deficit, it would ``be hard to generate public support overnight'' for making permanent the other tax cuts, he says.
Democrats say the Republicans are favoring tax breaks that do little for middle-income Americans; 50 percent of all U.S. households earn between $26,859 and $120,100, according to the Tax Policy Center, a nonpartisan research institution in Washington.
the Tax Policy Center is about as liberal as they come. That is like saying the Haritige foundation isn't biased. Nonparitsan means nothing. I would think you would realize that.
As for what the Democrats say, what would you expect them to say?
As for families with children, what is the government supposed to do, reward us for choosing to have large families?
I guess, according to you it is time to start asking those who have worked hard to get where they are to give to those who for whatever reason are not among the more prosperious. As for the estate tax, why should anyone pay estate tax when that money has already been taxed once and in some cases twice? This does not personally affect me, I will never get rich on what my family would leave and my kids will not get rich from what I will leave, but I do think if one has already paid taxes on earnings it shouldn't be taxed again. Isn't that double taxation?
Greedy, greedy, greedy.. nothing has changed from 4 years ago - the Repubs want to do the same thing as before - to give more to their rich donors, and less to the middle class.
May 8 (Bloomberg) -- Republican lawmakers, facing the prospect that their power to cut taxes may soon be curbed, plan to extend breaks that mostly benefit the wealthy and Wall Street at the expense of reductions for middle-income households.
Six months before elections that may return a Democratic majority in at least one house of Congress, Senate Majority Leader Bill Frist of Tennessee and House Speaker Dennis Hastert of Illinois are focusing on extending the 15 percent rate on investments and repealing the estate tax. They won't push extensions of lower rates for all taxpayers and expanded breaks for married couples and families with children, which expire after 2010.
``In politics, timing is everything; you do what you can when you can, and this is what's queued up right now,'' says Arizona Senator Jon Kyl, the No. 4 Republican in the Senate. Given the federal budget deficit, it would ``be hard to generate public support overnight'' for making permanent the other tax cuts, he says.
Democrats say the Republicans are favoring tax breaks that do little for middle-income Americans; 50 percent of all U.S. households earn between $26,859 and $120,100, according to the Tax Policy Center, a nonpartisan research institution in Washington.
I can understand wanting to increase taxes for people making $3 million + a year, but $250,000 is not much these days. The main problem increasing taxes on incomes over $250,000 is most SMALL businesses make around $250,000. Small businesses are the key to job growth and our economy and the best way for the average person to gain wealth. Most small businesses have to make loan payments as well plus pay tax on personal income. Capital gains tax is the same thing...I started with $2,000 on the stock market 8 years ago. I now have $71,000. The idea of increasing capital gains tax to 20% is horrible because that is another way the average person can gain wealth.
I'd be all for increasing taxes on the mega-wealthy, where it won't have any effect on how they spend their money. However, increasing taxes on small businesses will have a huge negative effect.
I haven't heard any real republican saying this. Conservatives want low taxes for ALL Americans... If a republican congressman says no to middle class tax cuts while supporting tax cuts for the rich then they need to be called out. I think you need to look deeper into this before jumping to conclusions
The flip side would be: why does Obama want to hold the middle class hostage by refusing to give the top earners a tax break.
and when you factor in the extended umemployment benefits, millions of illegal immigrants to support, health care, gay rights... its no wonder that the middle class is suffering.
and when you factor in the extended umemployment benefits, millions of illegal immigrants to support, health care, gay rights... its no wonder that the middle class is suffering.
Just curious how gay rights harm the middle class?
I can understand wanting to increase taxes for people making $3 million + a year, but $250,000 is not much these days. The main problem increasing taxes on incomes over $250,000 is most SMALL businesses make around $250,000. Small businesses are the key to job growth and our economy and the best way for the average person to gain wealth. Most small businesses have to make loan payments as well plus pay tax on personal income. Capital gains tax is the same thing...I started with $2,000 on the stock market 8 years ago. I now have $71,000. The idea of increasing capital gains tax to 20% is horrible because that is another way the average person can gain wealth.
I'd be all for increasing taxes on the mega-wealthy, where it won't have any effect on how they spend their money. However, increasing taxes on small businesses will have a huge negative effect.
What are your thoughts?
The issue is that the top 20% don't pay anywhere near the top marignal tax rate because of the 15% capital gains tax. They have enourmous amounts of stock holdings, real estate, etc that make up the lions share of their income, not salary.
The capital gains tax is a benefit to the middle class but it comes no where near to lowering overall effective rates. Look at Warren Buffet, he paid 17.7% on $46 million while his secretary paid 30% on 60,000.
Also from what I have read well over 90% of small businesses are under $250,000.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
