View Poll Results: Should the Bush tax cuts be cancelled next year as Obama wants to do?

Voters
49. You may not vote on this poll
  • yes, the democrats need more money to spend

    20 40.82%
  • No, I want to keep my own money

    29 59.18%
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Thread: Should the Bush tax cuts be cancelled next year as Obama wants to do?

  1. #101
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    Re: Should the Bush tax cuts be cancelled next year as Obama wants to do?

    Quote Originally Posted by Reverend_Hellh0und View Post
    is that net or gross? You do realize most pizza shops fall in this category. /facepalm
    Taxes are paid on net. If your pizza shop nets $250,000 per year, you have a nice pizza shop and paying taxes is your civic obligation just as with the executive making $250 in salary. Your $250 profit on your pizza job probably comes from a $1M revenue business (though never having owned a pizza shop, I can attest to their profitability, but 25% return on sales seems about right, if not a bit high)

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    Re: Should the Bush tax cuts be cancelled next year as Obama wants to do?

    Quote Originally Posted by TurtleDude View Post
    and you were unable to comprehend what I said

    I said a 3% increase in tax rates is about a 10% increase in taxes

    The dem tax hikes will jump the top rate from 35% to almost 40% That means more than a ten percent increase in taxes. DIvidend income will be taxed at more than twice the current rate

    If you dems are so enamored with people paying taxes why don't you demand that everyone pay a similar increase? Because dems really don't support tax hikes for revenue production-they support tax hikes on others to buy the votes of those not targeted for soaking
    This is so not true and very misleading.

    It is very, very unlikely that 3% increase in tax rates at the highest bracket to increase an individuals taxes by more than 3% except at very, very, very high levels of income (where most of the income is subject to the highest bracket). Even then, it would not be as high as a 10% increase in taxes.

    People don't seem to really understand the graduated tax system. If you increased the highest tax rate by 5 percentage points from 35 to 40%, only that income ABOVE the income threshold would be subjected to the tax increase. The tax on the income below that threshold would be unchanged. Given that highest threshold for married couples is about $360,000 of TAXABLE income (which is about 20% less than real income, your results may vary), this affects very few people.

    As a matter of example, consider in 2008 the 35% bracket for married couples kicked in at $357,000. To have $357,000 of taxable income, your real income would likely have been well north of $400,000 (as not all income is taxable due to deductions, exemptions and credits). But lets say you made $500,000 with a taxable income of $400,000. A married persons tax bill would have been $111,575. If you instead raised the upper threshold by 5 points to 40%, the taxes would instead have been $113,690, an increase of $2,115. This would be a 1.9% increase in your tax bill (on a 5 percentage point increase in the highest rate)....

    The problem with discussions on taxes is that people don't really understand how they work. They are ugly in the details, but the actual results of taxes paid as a percentage of income are much, much lower than people realize. For example, note that at $500,000 of income your federal tax bill (though well inside the highest tax bracket) is $111,575 or 22% of income (not 30, 40 or 50%, which seems to be the understanding of many)
    Last edited by upsideguy; 07-09-10 at 12:55 PM.

  3. #103
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    Re: Should the Bush tax cuts be cancelled next year as Obama wants to do?

    Quote Originally Posted by TurtleDude View Post
    that is beyond silly.
    I'm convinced you can understand this. Lets try another angle. How about if Obama decided to give a tax break to poor people. Say he said that they would get a refund for the estimated amount of sales taxes they spend in a year. They estimate that the average person making $20k/year or less spends $1,000 on sales taxes, so they cut a check for everybody making less than $20k for $1,000 each year. Would you consider that a handout?

  4. #104
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    Re: Should the Bush tax cuts be cancelled next year as Obama wants to do?

    Quote Originally Posted by Navy Pride View Post
    The Bush tax cuts are due to expire on 31 December 2010....Should they be extended?
    The Obama has decided that all of the usual liberal rhetoric about GWB's tax cuts beng just for the rich is just aother lie from the partisan bigots, and has decided to leave in place all of the tax cuts for those making less than 200/250k per year because they will provide relief to the middle and working class families that need it.
    Last edited by Goobieman; 07-09-10 at 01:39 PM.

  5. #105
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    Re: Should the Bush tax cuts be cancelled next year as Obama wants to do?

    Quote Originally Posted by Navy Pride View Post
    The Bush tax cuts are due to expire on 31 December 2010....Should they be extended?
    Yes they should be extended, but a lot of spending should be cut.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

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  6. #106
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    Re: Should the Bush tax cuts be cancelled next year as Obama wants to do?

    Neither yes nor no.
    These tax cuts for the wealthy should never have occurred;but, by now we should all know where the conservatives stand and who they represent. Nor do I think the Democrats represent the middle working class very well.

  7. #107
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    Re: Should the Bush tax cuts be cancelled next year as Obama wants to do?

    The Obama Administration is committed to letting these tax cuts expire:

    I want to eliminate the Bush tax cuts, Obama told CNNs Wolf Blitzer in a May 2008 interview.

    Obama also said, in a June 2007 Democratic debate at Washington, D.C.s Howard University, that repealing the Bush tax cuts would help pay for universal health care and other social programs he envisioned.

    The Bush tax cuts -- people didn't need them, and they weren't even asking for them, and that's why they need to be less, so that we can pay for universal health care and other initiatives, Obama said.
    If allowed to expire, this will effect even people who pay no taxes at all -- refundable tax credits will be lowered. Here's one example:

    The 2001 tax cuts increased the amount of the Child Tax Credit that is refundable money which can be earned even if no income tax is owed to $1,000. Unless Congress extends the tax cuts, low-income families will only be able to get a maximum of $500 per child.
    At least President Obama is staying true to form...
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  8. #108
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    Re: Should the Bush tax cuts be cancelled next year as Obama wants to do?

    Quote Originally Posted by Aunt Spiker View Post
    In this entire thread there's been nothing that details out how it will affect people . . . so, pray tell, how will it affect us?
    I'm not making the accusation that it's going to affect us.

    I was pointing out that often times people who are OPPOSED to tax hikes are called "Greedy" for wanting to keep their money rather than having it go to the government.

    You provided the perfect example of why there's hypocrisy on the other side when they're continually throwing out the "greedy" term against anyone that is against tax hikes, because many on their own side have a view that could also be greedy. IE, "its not going to affect MY taxes so why should I care that they're goin to raise others".

  9. #109
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    Re: Should the Bush tax cuts be cancelled next year as Obama wants to do?

    Letting these tax breaks expire effects every single one of us - because it confiscates money from a free economy and puts in the hands of bureaucrats who use the extra money to buy votes. It infuriates me that someone would say, in effect, "It doesn't effect me; so I don't care." On 2 fronts -- one, because it WILL effect you. And, two, because it reminds me of this:

    "THEY CAME FIRST for the Communists, and I didn't speak up because I wasn't a Communist; THEN THEY CAME for the trade unionists, and I didn't speak up because I wasn't a trade unionist; THEN THEY CAME for the Jews, and I didn't speak up because I wasn't a Jew; THEN THEY CAME for me, and by that time no one was left to speak up."
    An old saw, but true.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Should the Bush tax cuts be cancelled next year as Obama wants to do?

    Bush's so called "tax cuts" were nothing more than corporate welfare. They should be repealed. We also need to go back and establish the tax provisions that existed prior to Reagan. Since the time of Reagan, the middle class has shrunk. It is getting harder and harder for working families to buy a home. Two income households are now a requirement, not a luxury (so much for that pro-family GOP talking point).
    <font size=5><b>Its been several weeks since the Vegas shooting.  Its it still "Too Early" or can we start having the conversation about finally doing something about these mass shootings???​</b></font>

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