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THELADY -> RE: The Coming Tax War: How Letting the Bush Tax Cuts Expire Could End the Economic Crisis (8/15/2010 12:42:24 AM)
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from the web side cashmoneylife:
Expect Higher Tax Rates for Everyone Many people believe that only the top tier of tax brackets will face higher income tax rates when the tax cuts expire, but that is not the case. If Congress does not take action, the marginal tax rates will go up across the board. Right now there are six tax brackets coming in at 10%, 15%, 25%, 28%, 33%, and 35%. If the tax cuts are not extended, these six brackets will be replaced by the pre-2001 tax levels, which featured the following five tax brackets: 15%, 28%, 31%, 36% and 39.6%.
from the examner.com:
The study examines an average family in the middle 20 percent of the income spectrum and compares their 2011 tax burden to what it would be if the tax cuts are extended. The study notes that, nationally, the typical middle-income family with a median income of $63,366, would see its federal income taxes go up by $1,540 if the Bush tax cuts are allowed to expire. This number is well below the magic "up to $200,000" spoken by Obama and his surrogates in the 2008 campaign as an income level that would be exempt from tax increases during his administration.
from the tax foundation :
The major provisions of EGTRRA that affect average American families, all set to sunset after December 31, 2010, include: - The creation of a new 10 percent individual income tax bracket, added to the existing bracket structure;
- A phased-in increase in the Child Tax Credit from its previous level of $500 per child to $1,000 per child in 2010; and
- Marriage penalty relief phased in primarily between 2004 and 2010.
Due to EGTRRA’s doubling of the child tax credit, families with more than two children will experience an even greater increase in their taxes between 2010 and 2011 when the credit reverts from $1,000 per child to $5oo.
a phased-in reduction of the remaining individMeasured as a percentage increase in federal income taxes due, a typical family of four in Arkansas will be hit the hardest as their total federal income tax bill will increase by 102 percent between 2010 and 2011. The increase in five other states —Louisiana, Mississippi, Montana, New Mexico, and West Virginia—will exceed 80 percent. ual income tax rates over the next five years;
seems to Me letting the tax cuts will not help the average American and if we are gonna loose money, those that have money and usually hire people wont be hiring. hummmm this means in effect, less money going into the govt, it sands to reason,
"less jobs less taxes paid'" but hey, the evil rich will be paying more rather than hiring people and so long as the evil rich pay more who are we to argue????!!!!
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