What if Bush tax cuts expire?

[Aggie]

Americans would shell out as much as $5,700 more a year if the Bush tax cuts are allowed to expire at the end of 2012, according to a new analysis that highlights the perils and political consequences of the nation's fiscal cliff.

The second link has map of states with average tax from one year extension of Bush tax cuts. Texas ranks #19 with $2,229, New York is #2 with $5,452.

http://taxfoundation.org/sites/taxfoundation.org/files/docs/bush_ta...

http://finance.yahoo.com/news/bush-tax-cuts-end-cost-181220449.html

[darroll]

This will hurt sense my occupation is listed as retired. (They charge retired people more on my taxes)

[CWO3ROBBIE]

If the cuts are extended, Once again, the rich will pay less, the infrastructure will continue to crumble, the fiscal inequality will continue to grow. It really pisses me off that the Repugs want to make the interstates, that my taxes help build, into toll roads. Everybody benifits from good infrastructure. You may think you don't benifit from the intrenstate highway system, but even if you don't use it, you benifit. When the whole system becomes a network of privatised toll roads, the price to use them will skyrocket and as a result, so will everything you need. Taxes are how a country sustains itself. Goverenment is not business. Business primary goal is to make a profit. Government's primary business is to make life better for its citizens.  

[Bob Stepp]

Well said, my friend.  Can't add anything to that.

[EddieDingo]

This may be true Aggie, but you have to consider your sources.  'The Tax Foundation' requests that it be presented to the public as a non-partisan organization, but it is supported by big business and major corporations.  It's contributors are primarily conservatives and the Foundation itself claims that none of the articles represent its policies...even though the vast majority are supportive of the 1%. 

I'm linking an article that says in some cases, this organization takes its figures by finding 'mediums'.  'Persons' has been defined by our government as individuals and corporations, therefore, it seems likely to me that they included corporations in this assessment.  The fact that their burden might be part of these figures is encouraging.  The majority of this tax burden would be on them.  I like that idea, but the way the article is stilted makes it sound like thousands and thousands will be coming out of our pocket.  From what I've read, the middle class will likely get a break.

http://en.wikipedia.org/wiki/Tax_Foundation

http://www.cbpp.org/cms/index.cfm?fa=view&id=3465

[Aggie]

At the expire of Bush tax cuts the death tax will be 45% on most family farms, ranches and family business unless adjusted for inflation. With is a tax on property already purchased with after tax income. Most farms cannot survive if main owner died and heirs have to pay 45% in taxes on something that normally is luckey to return a 1% return on investment. The family farm is doomed to extinction.

[EddieDingo]

It is my understanding that this tax is already in place for farms worth over 3.5 billion.  When the the Bush cuts expire that would then apply to farms worth one million.  Legislators on both sides of the fence are pushing for reforms at the state level that would raise this to apply only to farms worth over 5 million (Dem) or to do away with them entirely (Rep).   Pennsylvania has done it, Illinois and N. Carolina are working on it.

I haven't seen any evidence of opposition to making this appeal permanent from either side.  Who is opposed to it?  Any idea why?  Educate me.

[Aggie]

Federal estate (death) taxes will be 45% on all estates over 2 million when Bush tax cuts expire.  Many states have done away with estate taxes or raised to very high amount.

 

[darroll]

The way our tax code is written.
How can you just tax the rich?
It’s everyone gets a tax break or no-one gets their taxes raised.
Sly politics.

[Bob Stepp]

You can tax the wealthy cause they can afford it....duh!!!

I mean,,,come on...if you're pulling in $100,000 a year lets say, and then lets say you pay 40% in taxes. That leaves you with $60,000 to live on. If you can't live on that something is dreadfully wrong.

Now think about what a billionaire would have left to live on.

[darroll]

Don't read this if you can't stand the truth!.

In Oregon the voters passed a bill taxing anyone that makes over three hundred thousand bucks. Here if a school has a leaky roof, a rich guy gets the bill. (I know you are not reading this a very few liberals can think of anything but what the government tells them).

The doctors are leaving by the gross (my wife’s doctor left)

Our only ice cream creamery is leaving. (we will get our ice cream from out of state)

Intel is leaving this country.

We have no good paying jobs here anymore but nursing or school administrators or politicians.

In our county Boise Cascade  left- Del Monte left-We no longer grow mushrooms they left- Pruitt brothers packing plant left- Birds Eye left Libby’s left. Do I need to go on?

You can’t get a farming job (Mexicans do that work). You can’t work construction as most of the directions are given in Spanish. You can’t get a job with the city (Mexican’s get those jobs). Why do they give the jobs to the Mexican’s? They come to work sober and not doped up like the other kids. Keep going as you are digging a hole to put your liberal a$$ in.

This state is going to be just like Cuba.

 

 

[Bob Stepp]

Are you blaming all this on taxes??? Hell yes...give the bill to a rich guy. A poor man can't pay it. Maybe all the big business left cause the tax breaks ran out. Maybe the doctors left cause they can't make their payments on their expensive foreign cars. Maybe you should leave too and move to a state that's better off.

Every one, corporations included should pay their fair share of taxes. Course that's why a lot are now over seas.....to hide from taxes and pay poverty wages to the people in those countrys. I think it would be absolutely wonderful if the foreign workers over there suddenly learned about labor unions.

What fun that would be to watch.

[Aggie]

One private corporation I own stock in their federal fees (taxes) went up over 1000% in one year.  Unfortanty they can not move out of the county yet.  Years ago it had to become a Delaware Corporation to avoid Texas State taxes that would made uncompetive because all of it competion had already became Delaware Corporations.