CreativeDominant -> RE: VIDEO: Paul Ryan Booed At Town Hall For Defending Tax Breaks For The Wealthy (4/21/2011 12:22:17 PM)
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ORIGINAL: tweakabelle Couldn't happen to a nicer guy ....could it? And what's wrong with tax breaks for the rich and wealthy? You surely don't expect them to pay through the nose like the peons do you? from http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-110556 In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax. Tax cuts enacted in the past decade have been generous to wealthy taxpayers, too, making them a target for President Barack Obama and Democrats in Congress. Less noticed were tax cuts for low- and middle-income families, which were expanded when Obama signed the massive economic recovery package last year. The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners -- households making an average of $366,400 in 2006 -- paid about 73 percent of the income taxes collected by the federal government. The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment. from: http://www.ourfiscalfuture.org/can-income-tax-rate-hikes-close-the-deficit/ According to the Tax Foundation’s Microsimulation Model, to erase the 2010 deficit, Congress would have to multiply each tax rate by 2.4. So the 10-percent rate would be 24 percent; the 15-percent rate would be 36 percent, etc., on up to the top rate, currently 35 percent which would have to be 85 percent. These rates are simply untenable. There goes that idea that only the poor pay taxes,doesn't it?
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