Posted on 10/17/2008 8:18:57 AM PDT by Hillary'sMoralVoid
The Democrats have a dirty little secret that they don’t want you to know. It is that their mantra of Bush’s “Tax Cuts for the Rich” is unabashedly false. The rich paid a higher percentage of the total tax bill under the Bush plan than under Clinton. In fact, the expiration of the Bush tax cut savages the low- and middle-class voters.
This case has been made and fact-checked with the ever-liberal Snopes.Com. The Tax Foundation used “tax table” rates between the Bush and Clinton tax plans to shows a huge difference for low income taxpayers, sometimes even a 100% tax increase when going backward to the Clinton “tax table” rates versus Bush.
Not so fast, says Snopes! Tax rates do not equal marginal rates, so they run some numbers that supposedly reflect that. Even using their own numbers in the table below, the results are damning.
WITH THE EXPIRATION OF THE BUSH TAX CUTS:
Single tax payers in three typical low to middle income categories have the taxes increased 12% on average
Single Taxpayer making $30K – Pays 15% more in taxes when Bush tax cuts expire
Single Taxpayer making $50K – Pays 10% more in taxes when Bush tax cuts expire
Single Taxpayer making $75K – Pays 11% more in taxes when Bush tax cuts expire
But married taxpayers in typical low to middle income really get the shaft! Their taxes are increased 20.5% on average
Married Taxpayer making $60K – Pays 19.5% more in taxes when Bush tax cuts expire
Married Taxpayer making $75K – Pays 21.5% more in taxes when Bush tax cuts expire
Married Taxpayer making $125K – Pays 20.5% more in taxes when Bush tax cuts expire
Remember, these numbers are conservative. UNDER THE GUISE OF CANCELLING THE EVIL BUSH TAX CUTS, OBAMA IS FOISTING A TAX INCREASE ON AMERICA, FOCUSED ON LOW-TO-MIDDLE CLASS TAXPAYERS.
GET THIS WORD OUT NOW! Plagurize, cut and paste, do whatever you need to make this known.
Reference: http://www.snopes.com/politics/taxes/clinton-bush.asp
This is completely true. The fact that this has not be communicated in ANY media is truly remarkable.
4/15/10 US tax payers will get a very nasty wake up call.
1) The federal income tax rates go back up to the higher rates of the year 2000. Low income, middle income, high income will all pay higher taxes.
2) The Earned income tax credit (EITC) will be reduced. This affects the low income.
3) The child credit will be reduced from from $1000/child to $500/child. This affects all income levels.
4) The marriage penalty will be back. This affects all income levels.
The Dems and the MSM have duped the American people with this nonsense that "only the rich got tax cuts!" At least I have known about the effects of the 2003 tax cuts expiring and have saved money accordingly. As a single person, at at my salary, the expiration of the 2003 tax cuts will cost me $4000 cash per year, or about $5400 per year in taxable salary.
I wrote the McCain campaign about this and it seems to have fallen on deaf ears.
i’ve been saying this since day 1.
It is vitally important, though, to communicate that the tax increases hurt low income, expecially marrieds, the most!
You can’t blame this all on the Dems. How many chances has McCain had to drill this home but he wants to talk about buying mortgages.
This is true but has not been articulated well by McCain. This is where the tax on incomes of $42,000 comes in.
From the first time that 0bama said “tax cut”, I didn’t ever believe him.
There is no way, under this Marxist, that anyone who actually pays taxes will be paying LESS under his plan than they are now.
It is the ultimate hand-waving exercise underlying the Obama tax plan — “oh look, I’m only going to increase taxes by a tiny amount at the top bracket!”
Bull. The expiration of the current tax cuts will be the largest tax increase in history, but because it will happen passively, the hand-waving comes into play.
Let’s take a look at the so-called “Joe the Plumber” situation. The apologists for Senator Government like to say that “Joe” would actually be better off under Obama’s plan if he bought the business — which is patently ridiculous.
They’re looking at the corporate tax rate, but such a business would almost certainly be a Subchapter S corporation or an LLC. In either case, the business income is not taxes as a corporation, but as personal income to “Joe”. And under Obama’s plan, “Joe’s” personal tax (marginal) rate will increase to 39% from 28%, i.e., nearly forty percent more in taxes in that marginal bracket.
Even at the lowest brackets, his rate will increase from 10% to 15% (50% increase in taxes in that bracket) as the Bush tax cuts expire?
Better off? Not hardly. But for sure he, like anyone else who actually works for a living, will be contributing to “sharing the wealth” under an Obama administration.
How in the h3ll has this not been brought up?
THAT WHY?... the question was never asked(by McLaim)..
Suspicious behavior to be sure..
The question: "Would you let George Bushs tax cuts sunset, increasing taxes for EVERY AMerican?"..
Exactly WHEN do the President’s tax cuts expire? End of 2009?
This is the #1 reason I’m voting for McCain (high hopes that he won’t let the Bush tax cuts expire).
It’s mystifying to me why my liberal friends in the SF Bay Area here, currently fretting over the economy and rising prices, in the exact same tax bracket as me, are perfectly willing to increase their taxes by voting for Obama.
But didn’t Obama say about a month ago that he might “delay” letting the Bush tax cuts expire, or something to that effect? In either case, I pay him no mind; I know he is lying.
McCain originally opposed the Bush marginal tax rate reductions, though recently he's come around.
He's never evinced much aptitude or enthusiasm for the principles of economic conservatism.
Is there anything, anything at all, that has been "articulated well by McCain"?
BO and his congressional majorities don’t have to wait until 2010 to let the Bush tax cuts expire... they fully intend to retroactively pull the plug on them next spring. One of the first orders of business.
RNNC and Team McCain: is anyone home? Hello?
If he would just up about his root canal economics and get to tax cuts, he could actually win.
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