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Thread: Democrats may stop Bush-era tax cuts for wealthy from expiring

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    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Tax cuts for the rich is a lie of the left. The dems are doing this for the election otherwise they would make them permanent.

    The Tax Tsunami On The Horizon - IBD - Investors.com

    But as of midnight Dec. 31, the death tax returns — at a rate of 55% on estates of $1 million or more. The effect this will have on hospital life-support systems is already a matter of conjecture.

    Resurrection of the death tax, however, isn't the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it's not just the rich who will pay.

    The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.

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    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    IMO, a more effective means for leveling the taxation across the income "classes", would be to take away exemptions, rather than raising taxes on the income shown.
    exemptions have been the "back door" means for many to avoid paying their share.

    taxes should be applied to gross income, prior to any exemptions.

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    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by WhyteRash View Post
    IMO, a more effective means for leveling the taxation across the income "classes", would be to take away exemptions, rather than raising taxes on the income shown.
    exemptions have been the "back door" means for many to avoid paying their share.

    taxes should be applied to gross income, prior to any exemptions.
    Without exemptions, nobody can afford to pay taxes. Besides, politicians won't willingly do away with exemptions - it's a great way for them to exercise control through manipulation. Control is power, power is money... yadda yadda.

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    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by Harry Guerrilla View Post
    True enough.




    Lets be nice, there are liberals who understand the consequences of such actions.
    I dont know about 'liberals', but at least a hand full of rich white men (democrats!!!) in congress that do.

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    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Looks like a move to keep Dems in office. Yes, let's delay the tax hikes till AFTER the election.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by American View Post
    Looks like a move to keep Dems in office. Yes, let's delay the tax hikes till AFTER the election.
    Most likely that and the economy (I would hope).

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    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by Harry Guerrilla View Post
    That is a separate issue, not the same as keep tax rates the same.
    Raising taxes has a more significant effect on the market than extending unemployment benefits.
    Raising taxes or cutting unemployment benefits would actually do the same thing. Reduce disposable income. The only difference is who it affects, and how much those respective people will save or spend.

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    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by WhyteRash View Post
    IMO, a more effective means for leveling the taxation across the income "classes", would be to take away exemptions, rather than raising taxes on the income shown.
    exemptions have been the "back door" means for many to avoid paying their share.

    taxes should be applied to gross income, prior to any exemptions.
    Some of those exemptions are important to businesses. It gives them the extra edge they need, or it helps them hire that extra person. Tax exemptions for favorable things will tend to promote those favorable behaviors such as starting your own business, or investing, or buying green energy, etc. One downside is it makes the tax code more complicated, and causes people to invest more money in tax avoidance, which is not very efficient.

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    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by Harry Guerrilla View Post
    Personal income may be shrinking to a minor degree but uncounted benefits have been increasing.
    SCHIP, tax breaks, etc.

    I don't buy it.

    Here's a clue to everyone, do the things that rich people do.
    Invest in stocks that pay dividends, so you can join the "elite."
    Savy wallstreet predator loaners conned average Americans into thinking they could afford a loan for a house which they could not. When the banks adjusted their rates (something they didn't tell the homeowners about) Americans were forced to default on their loans, crashing the banks and causing the recession. If you don't know these facts then you don't understand the recession.

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    Re: Democrats may stop Bush-era tax cuts for wealthy from expiring

    Quote Originally Posted by The Dane View Post
    Savy wallstreet predator loaners conned average Americans into thinking they could afford a loan for a house which they could not. When the banks adjusted their rates (something they didn't tell the homeowners about) Americans were forced to default on their loans, crashing the banks and causing the recession. If you don't know these facts then you don't understand the recession.
    That's bs, it was known to the loan shopper that the rates were adjustable.
    That's why they are called adjustable rate mortgages.

    They weren't forced by anyone but themselves.
    Irrational exuberance and their personal excessive spending caused their purchase to go into default.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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