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Wouldn't that be sweet revenge for all the hassle the Repubs have given him the last 2 years?
Best as I can comprehend this, the tax cuts will expire Dec. 31, six weeks away. It's still a majority Dem Congress so all they have to do is just take no action, despite the Repubs' howls, and the cuts disappear. Taxes on everyone go up, granted, but it'd still be nice to see the rich paying nearly 40% on their income, wouldn't it?
I could care less if the rich pay more--except that they won't. The truly rich have tax shelters and legal tax avoidance measures not available to the wage-slave.
I do care that many working families will pay much more in federal taxes (on top of the increase in our health care costs due to Obamacare, and increasing cost of living as commodities skyrocket). We already pay a fortune to support a huge government that betrayed the Middle Class with the Free Trade disaster, constantly wages wars for profit instead of defense, and is enabling its insane overspending by both inflating the currency (so that the dollars we do have saved for retirement will be worth nothing) and keeping interest rates near zero (so our savings lose annually to inflation, and produce no interest to use for retirement living expenses).
And even if we payed nothing in taxes, I think it would be a really bad idea to do a massive tax increase in the middle of the worst Recession/Depression in America since the Great one. With the economy comatose for so many years, this killing blow would be the brick that breaks the camel's back.
How much did the Bush Tax cuts cost? This is apparently difficult to quantify, but a recent analysis (May 26,2010) concludes: in the original estimate by Congress's Joint Committee on Taxation, "the Bush tax cuts (2001 and 2003) would, over the 10-year period, allow taxpayers to keep $1.6 trillion dollars that they would have remitted in taxes under the Clinton-era rates. Among the various provisions, the largest was the new 10% tax bracket, which saved taxpayers $400 billion, or one-fourth of the total package." The Tax Foundation - How Much Did the Bush Tax Cuts Cost in Forgone Revenue? Note that the poorest Americans saved the most in taxes as a result of the Clinton lowest rate of 15% being lowered to 10% under Bush.
On the high end of estimates: according to the liberal group Citizens for Tax Justice, "the Bush tax cuts that were passed up through 2006 (the 2001 and 2003 cuts as well as other smaller cuts in 2004, 2005 and 2006) ended up costing the Treasury approximately $2.1 trillion in foregone revenue from 2001 to 2010...the $2.1 trillion cost on the Bush tax cuts is a high-end estimate." The Tax Foundation - How Much Did the Bush Tax Cuts Cost in Forgone Revenue?
For comparison, what have the wars in Iraq in Afghanistan cost us? According to a report by the Congressional Research Service, "If the FY2011 war request is approved, total war-related funding would reach almost $1.3 trillion....In a January 2010 update, the Congressional Budget Office projected that additional war costs for FY2012-FY2020 could range from $274 billion...to $588 billion...by about 2015. Under these CBO projections, funding for Iraq, Afghanistan and the Global War on Terror could total from about $1.56 trillion to about $1.88 trillion." http://www.fas.org/sgp/crs/natsec/RL33110.pdf" http://www.fas.org/sgp/crs/natsec/RL33110.pdf
So invading 2 countries that produced NONE of the 9/11 terrorists (The breakdown was 15 Saudis, one Egyptian, one Lebanese and two from the Union of Arab Emirates Pensito Review » Bush Admits ‘Majority’ of 9/11 Hijackers Were Saudis) cost taxpayers about $1.3 trillion, with projections to possibly reach $1.88 trillion in a few years.
While allowing Americans to keep more of their own money and spend in HERE, recirculating in the American economy for the benefit of all (multiplier effect), "cost" our government $1.6 to $2.1 trillion.
Which would you rather have, 2 wars in foreign countries that had nothing to do with the 9/11 terrorists and did nothing but incite more terrorists to hate American militarism? Or money spent by the people who earned it, circulating in the American economy? I know liberals will pick the first, but I pick the second.
And although my family wouldn't actually pay more in taxes if the Bush cuts expire (a glitch due to the expansion of one of the income categories), I still think the economy would suffer a death blow.
Which would you rather have, 2 wars in foreign countries that had nothing to do with the 9/11 terrorists and did nothing but incite more terrorists to hate American militarism? Or money spent by the people who earned it, circulating in the American economy? I know liberals will pick the first, but I pick the second.
You cite some excellent stats and your rhetorical question is apt. Yes, I'd rather have money spent by the people rather than the military. Except that in every estimate I've read the "little guy" barely saw a dime of all that tax cut money. What I read is that 90% of the Bush tax cuts went to the richest 5%, while the other 300 million divvied up the remaining 10%. I don't know about you but I certainly don't feel any richer ten years later. In fact how often do we read that money in the pocket of the average citizen actually declined more during the Bush era than at any period since the Great Depression? What tax cut?!
A three percent bump isnt going to kill anyone. Get over it let the whole thing expire. I say we hold the Govt more accountable in how money is spent, we cant afford to not pay the extra for the common good of our country. Education & infrastructure is a good destination for our money.
Obama on the other hand is a hostage in that white house and the powers that really run this country arent going to let him get off script. Let the oligarchs and military industrial bleed us out slowly in Iraq and Afghanistan, throwing a bone every now and then to give the appearance we aren't a nation of ignorant fools watching reality tv while they steal the money right out of our pockets.
President Obama wants to keep tax cuts for those in the middle class and under while letting the upper income tax cuts expire. Letting the rates rise to 39% from 36% for the richest Americans will save about $700 billion a year (equal to the entire Stimulis bill). The Tea Party and their wealthy cohorts are all about reducing the debt so let them lead the charge by paying the same taxes they did under Clinton while they gained more wealth under the Bush tax cuts!
Lead by example rich people who "care" about the debt & deficits!
Wouldn't that be sweet revenge for all the hassle the Repubs have given him the last 2 years?
Best as I can comprehend this, the tax cuts will expire Dec. 31, six weeks away. It's still a majority Dem Congress so all they have to do is just take no action, despite the Repubs' howls, and the cuts disappear. Taxes on everyone go up, granted, but it'd still be nice to see the rich paying nearly 40% on their income, wouldn't it?
Since 65% of the tax money that would have to be paid, would be assessed to the upper 2% and only 35% to the rest, might not be a bad idea. We all will have to pay, it's just that the middle class would have to pay less. Mmmm....
I could care less if the rich pay more--except that they won't. The truly rich have tax shelters and legal tax avoidance measures not available to the wage-slave.
I do care that many working families will pay much more in federal taxes (on top of the increase in our health care costs due to Obamacare, and increasing cost of living as commodities skyrocket). We already pay a fortune to support a huge government that betrayed the Middle Class with the Free Trade disaster, constantly wages wars for profit instead of defense, and is enabling its insane overspending by both inflating the currency (so that the dollars we do have saved for retirement will be worth nothing) and keeping interest rates near zero (so our savings lose annually to inflation, and produce no interest to use for retirement living expenses).
And even if we payed nothing in taxes, I think it would be a really bad idea to do a massive tax increase in the middle of the worst Recession/Depression in America since the Great one. With the economy comatose for so many years, this killing blow would be the brick that breaks the camel's back.
How much did the Bush Tax cuts cost? This is apparently difficult to quantify, but a recent analysis (May 26,2010) concludes: in the original estimate by Congress's Joint Committee on Taxation, "the Bush tax cuts (2001 and 2003) would, over the 10-year period, allow taxpayers to keep $1.6 trillion dollars that they would have remitted in taxes under the Clinton-era rates. Among the various provisions, the largest was the new 10% tax bracket, which saved taxpayers $400 billion, or one-fourth of the total package." The Tax Foundation - How Much Did the Bush Tax Cuts Cost in Forgone Revenue? Note that the poorest Americans saved the most in taxes as a result of the Clinton lowest rate of 15% being lowered to 10% under Bush.
On the high end of estimates: according to the liberal group Citizens for Tax Justice, "the Bush tax cuts that were passed up through 2006 (the 2001 and 2003 cuts as well as other smaller cuts in 2004, 2005 and 2006) ended up costing the Treasury approximately $2.1 trillion in foregone revenue from 2001 to 2010...the $2.1 trillion cost on the Bush tax cuts is a high-end estimate." The Tax Foundation - How Much Did the Bush Tax Cuts Cost in Forgone Revenue?
For comparison, what have the wars in Iraq in Afghanistan cost us? According to a report by the Congressional Research Service, "If the FY2011 war request is approved, total war-related funding would reach almost $1.3 trillion....In a January 2010 update, the Congressional Budget Office projected that additional war costs for FY2012-FY2020 could range from $274 billion...to $588 billion...by about 2015. Under these CBO projections, funding for Iraq, Afghanistan and the Global War on Terror could total from about $1.56 trillion to about $1.88 trillion." http://www.fas.org/sgp/crs/natsec/RL33110.pdf" http://www.fas.org/sgp/crs/natsec/RL33110.pdf
So invading 2 countries that produced NONE of the 9/11 terrorists (The breakdown was 15 Saudis, one Egyptian, one Lebanese and two from the Union of Arab Emirates Pensito Review » Bush Admits ‘Majority’ of 9/11 Hijackers Were Saudis) cost taxpayers about $1.3 trillion, with projections to possibly reach $1.88 trillion in a few years.
While allowing Americans to keep more of their own money and spend in HERE, recirculating in the American economy for the benefit of all (multiplier effect), "cost" our government $1.6 to $2.1 trillion.
Which would you rather have, 2 wars in foreign countries that had nothing to do with the 9/11 terrorists and did nothing but incite more terrorists to hate American militarism? Or money spent by the people who earned it, circulating in the American economy? I know liberals will pick the first, but I pick the second.
And although my family wouldn't actually pay more in taxes if the Bush cuts expire (a glitch due to the expansion of one of the income categories), I still think the economy would suffer a death blow.
Well, you can blame all this on the new Republican congress who insists that the wealthy need to have taxcuts too.
Wouldn't that be sweet revenge for all the hassle the Repubs have given him the last 2 years?
Best as I can comprehend this, the tax cuts will expire Dec. 31, six weeks away. It's still a majority Dem Congress so all they have to do is just take no action, despite the Repubs' howls, and the cuts disappear. Taxes on everyone go up, granted, but it'd still be nice to see the rich paying nearly 40% on their income, wouldn't it?
I think he should go for the real "poke" and extend the lower breaks and expire the over $250k break. face it the $700B it could raise can go a long way for our budgt.
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> to fund his military contractor buddies
