Taxes ready to crash down on citizens after '12 elections

[KUchief25]

Originally Posted by Bruin Rick

Oh, so the Bush tax cuts will expire (they never should have happened to begin with) and the rates will go up to what they were under Clinton? Yeah, that will really be painful.

Yes it will be for folks who can barely make ends nowdays. Add in the payroll tax kicking back in that Obama has been trying to buy votes with and other myriad of tax hikes associated with the healthcare debacle. I actually wouldn't mind higher taxes as we have to pay the debt somehow but when the federal and state government show no evidence at all they will cut spending then paying more taxes will do NOTHING. Get your head out of Obama's ass and wake up.

[Fiddlehead]

I predict we will survive.

[LordSquidworth]

The people barely making ends meet nowadays probably won't notice the increase.

[TrapperJohn]

Originally Posted by TempesT68

Unless Bill O'Reilly is somehow in charge, we won't see any crazy spending on donuts

Once the horrible Bush tax cuts for the rich are ended like they should have been, that doesn't mean more spending, that means to go back to what Clinton started by retuning us to fiscal sanity, paying down the debt, and leading the nation into being debt-free.

"Prior to the Bush tax cuts, the per-child tax credit was only $500. Despite the rhetoric of how the Bush tax cuts only benefited the wealthy, the doubling of the child tax credit had a tremendous impact on the middle class.

Because it is a tax credit and not just a deduction, the credit goes directly to the tax filer’s bottom line. For example, if a family of five files their federal taxes and owes $5,000 before the child tax credit, the child tax credit would reduce their tax burden to $2000, a 60% reduction in their taxes owed. If the Bush tax cuts are allowed to expire, the family would only be allowed to reduce their tax burden by $1,500 ($500 per child), effectively a 75% increase in federal taxes for that family."

"Democrats unhappy with the Bush tax cuts neglect to mention that only 25% of the benefits went to those making $250,000 per year or more. When they talk about taxing the rich to pay for the deficit, they mean the middle class. Prior to the enactment of the Bush tax cuts, 33 million Americans were non-taxpayers of the federal income tax. After the Bush tax cuts, total non-taxpayers of the federal income tax jumped to a staggering 52 million. How many middle-class families will feel like “the rich” when the Bush tax cuts expire?"