Skip to comments.Study: Expiration of Bush tax cuts will hit poorest hardest
Posted on 10/07/2010 12:45:03 PM PDT by MichaelNewton
Low-income workers stand to lose the most if lawmakers fail to reach a consensus on the Bush-era tax cuts, according to a new report from the Tax Foundation.
The report states that on Jan. 1 the doubling of the child tax credit, increased standard deductions and income credits and the creation of the 10 percent tax bracket all of which primarily aimed at non-wealthy taxpayers will vanish if gridlock persists in Washington.
While wealthier taxpayers pay more in taxes and stand to lose more money if the tax cuts expire, the impact on low-income taxpayers will be far greater because they live on slimmer margins.
(Excerpt) Read more at thehill.com ...
Oops. Think Obama is even aware of this? I know my taxes will roughly double on Jan 1 and I’m already underwater.
C’mon everybody knows that the Bush tax cuts only helped the RICH! /s
Wait until the poor voters who pulled the lever for Obie Won find out their child tax credit is cut in half.
The 50% who pay no federal income tax will suffer the most. < /sarc >
No one who looks like that should ever be President.
How much did this study cost us? I am sick and tired of study after study being conducted. The tax cuts were for everyone so I imagine that everyone will feel it a bit.
Will Republicans hold together in the Senate to prevent Democrats from passing an 0bamafication of the Bush tax cuts in the lame duck session?
Will Democrats in the House who oppose raising taxes in a depression stick with Republicans to pass an across the board extension, even as none of them will be returning next session?
"Now, your insurance will be INCOME on your W2's!
One of the surprises we'll find come next year, is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation . . . the dupes, er, dopes, who backed this administration will be astonished!
Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort.
If you're retired? So what... your gross will go up by the amount of insurance you get.
You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That's what you'll pay next year.
For many, it also puts you into a new higher bracket so it's even worse."
Do tell! My taxes went down with the implementation of the Bush tax cuts, and I sure as hell ain’t rich.
“The 50% who pay no federal income tax will suffer the most. < /sarc >”
Actually, they do because they lose child tax and earning income credits. As the article states: “a married couple with two dependents earning $40,000 about $2,643, with after tax-income dropping to $38,870, from $41,513 if the tax cuts are extended and taxpayers continue to take advantage of refundable credits.” Under the current system, the family receives $1513 from the government. Now they’ll pay $1130.
You mean... they lied?
Need to change the AMT so that regardless of deductions / refundable / non-refundable credits .... everyone has to send a net total dollars to the government equal to the lowest tax bracket.
I think 10 years after taxes were cut, they can’t be called “tax cuts” anymore. Any hikes are NEW hikes to the existing taxes.
Quick facts about the Bush tax cuts for the “rich”
Will it be included in your gross or will it be merely reported as a separate line item for now? I think that is associated with the extra tax on "Cadillac" insurance plans in the future, but is not being taxed yet.
Actually I don’t have this on my plate yet. I don’t have any kind of health insurance and just pay as I go. Guess that unless the Pubs can repeal and replace I’ve got to plan for it.
You know, what can happen here is that people will be forced into bankfuptcy or to sell off their assets. Who will be able to buy? Who will want to?
How much aggregated stupidity has to be displayed before average Joe American gets the idea things might need to change back????