Poll: Don’t Extend Bush Cuts for Wealthy

This poll suggests that ending the Bush cuts favor Obama and are bad news for Romney and the Republicans.

well when half of the country doesn't pay income taxes its rather silly

but the poll should read-do you want your taxes hiked

see what you get then

pbrauer said:

This poll suggests that ending the Bush cuts favor Obama and are bad news for Romney and the Republicans.

Poll: Don?t Extend Bush Cuts for Wealthy - Shane Goldmacher - NationalJournal.com
As President Obama navigates a choppy economy in his reelection bid, he can rely on one comforting fact: Americans continue to strongly embrace his opposition to extending tax breaks for those earning more than $250,000 a year.

​

A new United Technologies/National Journal Congressional Connection Poll shows that only 26 percent of the public wants to see all of the tax breaks created during the George W. Bush administration, which are set to expire at year’s end, extended for at least another year. And only 18 percent want the tax breaks across all income levels made permanent, the position taken by Republican presidential candidate Mitt Romney. [...]​

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Of course people want to tax the rich. They have been told constantly for months that they are not paying their fair share. The impression is that if we just taxed the rich, our problems would go away. It would hardly make a dent.

Aberration said:

Of course people want to tax the rich. They have been told constantly for months that they are not paying their fair share. The impression is that if we just taxed the rich, our problems would go away. It would hardly make a dent.

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taxing the rich is the opiate the rich dems give the masses

pbrauer said:

This poll suggests that ending the Bush cuts favor Obama and are bad news for Romney and the Republicans.

Poll: Don?t Extend Bush Cuts for Wealthy - Shane Goldmacher - NationalJournal.com
As President Obama navigates a choppy economy in his reelection bid, he can rely on one comforting fact: Americans continue to strongly embrace his opposition to extending tax breaks for those earning more than $250,000 a year.

​

A new United Technologies/National Journal Congressional Connection Poll shows that only 26 percent of the public wants to see all of the tax breaks created during the George W. Bush administration, which are set to expire at year’s end, extended for at least another year. And only 18 percent want the tax breaks across all income levels made permanent, the position taken by Republican presidential candidate Mitt Romney. [...]​

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Income tax

EGTRRA generally reduced the rates of individual income taxes:

a new 10% bracket was created for single filers with taxable income up to $6,000, joint filers up to $12,000, and heads of households up to $10,000.
the 15% bracket's lower threshold was indexed to the new 10% bracket
the 28% bracket would be lowered to 25% by 2006.
the 31% bracket would be lowered to 28% by 2006
the 36% bracket would be lowered to 33% by 2006
the 39.6% bracket would be lowered to 35% by 2006

Economic Growth and Tax Relief Reconciliation Act of 2001 - Wikipedia, the free encyclopedia

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The elimination of the Bush Tax Cuts would hurt the poor and middle class the worst. The poorest among us would go from 10% to 15%. The Democrats are heartless.

Prof. Peabody said:

The elimination of the Bush Tax Cuts would hurt the poor and middle class the worst. The poorest among us would go from 10% to 15%. The Democrats are heartless.

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The theme of the OP was "Don't extend the BTC's for the wealthy" which would not cause the increases you espouse.

pbrauer said:

This poll suggests that ending the Bush cuts favor Obama and are bad news for Romney and the Republicans.

Poll: Don?t Extend Bush Cuts for Wealthy - Shane Goldmacher - NationalJournal.com
As President Obama navigates a choppy economy in his reelection bid, he can rely on one comforting fact: Americans continue to strongly embrace his opposition to extending tax breaks for those earning more than $250,000 a year.

​

A new United Technologies/National Journal Congressional Connection Poll shows that only 26 percent of the public wants to see all of the tax breaks created during the George W. Bush administration, which are set to expire at year’s end, extended for at least another year. And only 18 percent want the tax breaks across all income levels made permanent, the position taken by Republican presidential candidate Mitt Romney. [...]​

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The major flaw with this poll reflecting Obama's reelection chances is that it failed to question likely voters. There is a huge difference between polling likely voters and adults as this poll did.

It seems that the percentage has slipped some since 12/03/2010 when the BTCs were extended:

"The new poll, conducted by CBS News, found that 53% of adults surveyed prefer the cuts to be extended only for those making less than $250,000"
Public Opinion Supports Tax Cut Extension Only For Middle Class

I think the causation is suspect in this article but hey, they have to publish something.

Dickieboy said:

The theme of the OP was "Don't extend the BTC's for the wealthy" which would not cause the increases you espouse.

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Ending the Bush tax cuts would eliminate the tax cuts for the poor. A new tax cut bill woulds be necessary.

Dickieboy said:

The theme of the OP was "Don't extend the BTC's for the wealthy" which would not cause the increases you espouse.

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"Don't tax you, don't tax me, tax that fellow behind the tree."

Well, if "Taxes on the Rich" is the key issue of this campaign, Obama's a shoe in.

However, I think that being the case is extremely unlikely.

Still got a few month to keep telling people they are not paying their share, oh sorry 'fair' share. Maybe it will sway voters by a couple %.

Your talking returning to pre war (Bush) tax rate, 3%age points. Not confensacting their third home. eace

TurtleDude said:

taxing the rich is the opiate the rich dems give the masses

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And how much revenue will that generate?

Aberration said:

And how much revenue will that generate?

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Quite a lot, actually. Everything I've heard says that Romney super PACs will effortlessly generate more money than Obama PACs could ever hope to match. The wealthy have pocket lint more costly than what 90% of the population will ever see in their lifetimes; that they're gonna drop billions to the guy who favors cutting their taxes to nothing is a no brainer.

jpevans said:

Your talking returning to pre war (Bush) tax rate, 3%age points. Not confensacting their third home. eace

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Actually... it's not returning to the pre war (Bush) tax rate... It's going to return to the escalated rate that was projected prior to Bush taking office... which is 39.75%... thats a 4.75% increase... (but a 13.5% hike on their tax rate)...

However, as you've seen... most rich know how to get around paying the full 35% income... and they'll simply do the same when it hikes... They know how to move the money around and pay the high priced tax lawyers to help them avoid making these payments...

The only ones who will get taxed are the nouveau riche, who don't know the ins and outs of how to get around the taxes... and the poor and middle class who don't have the means to be able to pay the right lawyers to help them around the taxes... and will be stuck with a 5%-10% increase in their tax rate (or a 50% - 66.6% hike on their tax rate)...

TurtleDude said:

well when half of the country doesn't pay income taxes its rather silly

but the poll should read-do you want your taxes hiked

see what you get then

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Right... Because if we end the bust tax cuts on the wealthy and extend the rest of them for the middle and lower income levels (in what is Obama's plan) then magically everyones taxes will go up because we didnt extend them on the wealthy...
Am i catching the drift TD?

IndepCentristMA said:

Actually... it's not returning to the pre war (Bush) tax rate... It's going to return to the escalated rate that was projected prior to Bush taking office... which is 39.75%... thats a 4.75% increase... (but a 13.5% hike on their tax rate)...

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Wrong, the top marginal rte would increase to 39.6% , those making between $100K and $200K would see an average increase of a whopping $500.00.

However, as you've seen... most rich know how to get around paying the full 35% income... and they'll simply do the same when it hikes... They know how to move the money around and pay the high priced tax lawyers to help them avoid making these payments...

The only ones who will get taxed are the nouveau riche, who don't know the ins and outs of how to get around the taxes... and the poor and middle class who don't have the means to be able to pay the right lawyers to help them around the taxes... and will be stuck with a 5%-10% increase in their tax rate (or a 50% - 66.6% hike on their tax rate)...

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Um, the lower and middle rates are not set to increase under Obama, but will under Mittens, you got the candidates and their tax plans mixed up.

ChunkySalsa said:

Quite a lot, actually

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Not really. Even if you score it statically (which is to say, you assume that people are robots and do not respond to incentives, which is to say, ridiculously optimistically) it only brings in about $83 Bn a year. Which is to say, it would cover our deficit only for 20 days.

In reality, however, the experience of the States (those laboratories of Democracy) is that raising taxes on the rich produces diminishing if not net negative returns. Because people aren't robots, they do respond to incentives, and the wealthy are the best positioned to do so.

pbrauer said:

This poll suggests that ending the Bush cuts favor Obama and are bad news for Romney and the Republicans.

Poll: Don?t Extend Bush Cuts for Wealthy - Shane Goldmacher - NationalJournal.com
As President Obama navigates a choppy economy in his reelection bid, he can rely on one comforting fact: Americans continue to strongly embrace his opposition to extending tax breaks for those earning more than $250,000 a year.

​

A new United Technologies/National Journal Congressional Connection Poll shows that only 26 percent of the public wants to see all of the tax breaks created during the George W. Bush administration, which are set to expire at year’s end, extended for at least another year. And only 18 percent want the tax breaks across all income levels made permanent, the position taken by Republican presidential candidate Mitt Romney. [...]​

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That's the most important consideration for Obama, what favors him and not the people of the United States. Typical.

Bills have to get paid. The best way to do that is to cut wasteful spending AND generate more revenue. For a party of "fiscal responsibility" they sure like to stand in the way of bills getting paid. *cough* debt ceiling debacle..

OnWisconsin said:

Bills have to get paid. The best way to do that is to cut wasteful spending AND generate more revenue. For a party of "fiscal responsibility" they sure like to stand in the way of bills getting paid. *cough* debt ceiling debacle..

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you brought up what few will,that spending needs to go down while revenues go up.

revenues though are mostly dependant on gdp.tax increases can lower revenue if not done properly.proper way would be to creep up taxes at a rate which doesnt freak out the rich who are investing,rather than an abrupt increase.my idea would be to lower the corporate rate to improve business while ending loopholes,why should honest business go broke while those using loopholes wont see any effect from a tax hike.second would be to lower the effective rate over time while ending loopholes slowly as well,as a quick change would cause panic,while a slow change wouldn't be noticed!!

OnWisconsin said:

Bills have to get paid. The best way to do that is to cut wasteful spending AND generate more revenue.

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Agreed. If nominal tax increases did that, then I would grudgingly accept them after spending cuts were firmly in place.

Unfortunately, however, higher tax rates do not correspond to higher revenues, and the experience of the States is that they can easily correspond to lower revenues.

If you want more revenues, the way to get them is to increase growth.

Listen, go ahead and raise the taxes on the "rich" by 100% and you come no where near balancing the budget, paying off the national debt NOR for covering the NEW spending that Obama is proposing. Propaganda after propaganda after propaganda coming from the left. The left can't WIN on solutions, they can't win on plans for the future, they can't win on DIRECTIOn for the country, so they are just going to demonize, spin and try to divide the country by class, race, gender, sexual preference and nationality.

Obama comes out for gay marriage, illegals, women's issues, and the attack on the "rich," all as a way to round up the ultra liberal crowd that will vote for the guy DESPITE THE FACT that he has failed to come anywhere near balancing the budget, he has added $5 trillion to the national debit, unemployment is horrible ESPECIALLY in the minority areas which vote heavily democratic and business owners are growing weary of Obama altogether.

Bill Clinton was the last "CONSERVATIVE" President we had, Obama is nothing but the 3rd term of GW Bush, who was a Liberal in Republican clothing. Clinton was willing to work with the conservatives, move to the center and govern from the center-right which CAUSED the balancing of the budget, the surpluses, and the extended confidence in the economy as we rolled into a low unemployment and high growth rate.

For the life of me, we need this back, and for the life of me this can be DONE if these idiots that are running this country would just get the hell out of the way. Let's start with Obama, who isn't running on ANYTHING he would DO for a 2nd term, instead he's just running on attacks, class warfare and other attempts to divide the country in "liberal" and "conservative" blocks so he can just try to get out "enough" liberals to vote so he can get re-elected. It's sickening!

TurtleDude said:

well when half of the country doesn't pay income taxes its rather silly

but the poll should read-do you want your taxes hiked

see what you get then

Click to expand...

What's even more disturbing is that a "generous" percentage of the American debt, roughly 1/3rd is owned by banks, investors and third world foreign governments. That debt is aided with general tax revenues, confiscated from the American populace and that revenue is being sent overseas. This procedure negatively effects US economic growth because that sum of money is not being distributed in America. A large portion of U.S. tax dollars are practically being sent overseas. The disbursement of revenue was not properly allocated to the wealthy under the Bush tax cuts based upon the loss of income when those tax cuts were lengthened. The American government lost nearly $370 billion in revenues and only $70 billion of those so called "tax breaks" were distributed to the wealthy while approximately $300 billion delivered to the working middle class.