Skip to comments.How Much Will It Cost You If Bush Tax Cuts End? A Lot (GOP is for keeping the tax cuts for ALL)
Posted on 09/29/2012 5:57:42 PM PDT by tobyhill
Americans would shell out as much as $5,700 more a year if the Bush tax cuts are allowed to expire at the end of 2012, according to a new analysis that highlights the perils and political consequences of the nation's fiscal cliff.
Connecticut residents would get rocked the worst, with an additional cost of $5,783 a year while New Yorkers would get hit $5,542 on average, the study from the nonpartisan Tax Foundation states.
Mississippi residents get the least impact, at $1,310 on average, but 29 of the 50 states will see taxpayers get hit at least $2,000.
Find out where your state ranks here.
"It's pretty dramatic...This is the biggest tax increase that would happen since World War II," said Will McBride, chief economist at the Washington, D.C.-based Tax Foundation. "I can't think of anyone who's really seriously thinking we should go through this. It would almost certainly result in another recession."
The foundation considers itself nonpartisan and awards its Distinguished Service awards each year to those who best advocate responsible tax policies. Among its previous winners are Republican vice presidential nominee Paul Ryan and conservative donor and activist Charles Koch, as well as Democrats such as former Sen. John Breaux and current Sen. Max Baucus of Montana.
(Excerpt) Read more at cnbc.com ...
My God. Look at the graph in the story. Republicans should MAKE A DEAL with the Northeast - if they vote for Obama, we’ll do them the favor of getting rid of Bush’s HATED tax cuts.
If they vote for Romney, we’ll keep them and rename them to something neutral, like “The Colin Powell Tax Cuts”.
Only good thing is libs in NY and Connecticut arre going to get hammered the most, getting what they richly deserve. Libs want higher taxes from those who/can pay them, NY and CT are full of rich liberals who will have that opportunity now.
That's Tax Rate Cuts, Cox, you dimwit.
That is vaguely reminiscent of the policy from Vietnam where they destroyed a village to save it. Not my idea of a solution.
Bad idea. Pubs will be blamed for it. Hell Zero is blaming them for everything even though for half his term there was NOTHING republicans could do to stop him.
My word, that’s about what I earn in a year. Sigh. Guess all that budgeting on my behalf isn’t going to be doing any good.
If they were renamed, NAACP tax cuts.... they would be safe forever.
In many parts of the country any commercial real estate is worth close to a million dollars, so the family gas station or auto body shop, or even a small family farm, will have to be sold so that the heirs can pay a huge tax bill.
As a result of many years of inflation even a small business which provides a modest income will end up being liquidated to pay estate taxes. And needless to say the assets being taxed at 50% are the savings of people who already paid taxes on the income they saved, or used to pay for the assets of their business.
The loss of capital from small family businesses to the government will devastate the economy and cause the loss of many jobs.
Please anyone explain to mean why Obama can't fix this "Bush" tax cut problem with a simple Executive Order.
Social Security Tax rates go from 4.2% to 6.2% then, smacking the working poor with a 30 percent increase in that rate as well.
And if you are in the middle class tax brackets, don't think those two don't hit you. You'll just pay an increase of $437+$175=$612 Single ($8750 dollars of taxable income) or $870+$348=$1218 Married (on a $17400 taxable income) before you start paying at the middle class rate.
There are other Obamacare tax increases, but they won't be felt directly LIKE THE OTHERS UPON YOUR PAYCHECK!
Be prepared; THE TAX MAN COMETH.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.