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]

The government has orders to go find other forms of taxation.

Can’t they live on what they gather in taxation?

Some of this spending is buying votes.

[Bob Stepp]

The very rich, like romney for one, don't pay their fair share. If they did the government would be better off.

[Aggie]

Small Business tax to go from 35 to 39%. Large Business like GM to stay at 35%. A Serf in the middle ages only paid 25%.

[darroll]

Tax, Tax, Tax. Spend, spend, spend.

[Bob Stepp]

I'm not sure how "small business" is defined, but it's no secret that corporations like GM actually pay little or no tax at all.

[Slim]

Woo-Hoo!

http://www.cbpp.org/cms/index.cfm?fa=view&id=3806

http://thinkprogress.org/economy/2012/07/09/513279/bush-tax-cuts-sm...

http://articles.chicagotribune.com/2012-07-09/news/sns-rt-us-usa-ob...

http://bizfinance.about.com/od/taxes/qt/Bush-Tax-Cuts-Are-Expiring-...

http://www.dailykos.com/story/2012/07/23/1112812/-Small-businesses-...

http://www.huffingtonpost.com/2012/07/20/small-business-rich-taxes_...

http://www.slate.com/articles/business/small_business/2012/07/small...

[darroll]

Somebody had better do something.

The poor arn't spending and rich are afraid to spend.

Now all the rich are having their CPA's show that they are poor.

Hello middle class, we are going to raise your taxes.

This works all the same all over the world.

[EastSider]

The Bush tax cuts or, EGTRRA.

They slightly reduced tax rates for most by a little bit: most benefit, but a family making $60K would see a $1,500 benefit.

10% tax rate for those making $34K or less: if you're making $34K, then your tax bill would be about $700 lower. If you make less, you're up a creek regardless.

Doubled the child tax credit from $500 to $1000: if you earn $60K, then your effective tax benefit is about $100. If you make less, it's less. If you make above $250K, your benefit could be $250. The more you make, the bigger the net effect.

Education expenses, etc: if you're sending your kids to Stanford, then this item is just what the doctor ordered. If you're sending them to the local CC, then you're not going to get much back.

Repealing estate and gift taxes: This is a huge item for all the lower income families wishing to pass their mansions on their kids, or people making less than $50K, who want to gift a yacht to their mistresses, or that gold Rolex your girlfriend always wanted.

The extension is being discussed for those making less than $250K.

BTW, these sources do not really show how they break down the numbers.

[darroll]

I don't know what EGTRRA means.

Do you really believe what you wrote?

If they tax the people making $250,000 a year, can you understand the next step will be to tax people that make $150.000. It will just get lower and lower after they get their feet in the door.

Plus it's none of my business if a guy has a mistress or a yacht. I used to watch Bill Gates when he was doing P-code and he never went to lunch or took a break. Tht's how you become rich. Work......

[EastSider]

darroll says: "I don't know what EGTRRA means."

That's what I thought. You should look it up. You used to watch Gates write p-code?

[EddieDingo]

Darroll, EGTRRA is the Bush tax cut bill that Aggie is referring to.

(The Economic Growth and Tax Relief Reconciliation Act)

[darroll]

Thanks,

 

Good ole Bush.

He saved us a bundle when he warned us about the housing bubble.

I don't know but maybe Gates could not afford a PC in the old days.

Anyway he used IBM's computer in Portland and never came up for air.

You should of seen the way he dressed. That area was white shirt, slacks, shoes and a tie.