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How Much Will It Cost You If Bush Tax Cuts End? A Lot (GOP is for keeping the tax cuts for ALL)
cnbc ^ | 8/25/2012 | Jeff Cox

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 ...


TOPICS: Extended News; News/Current Events
KEYWORDS: taxratecuts
The Republicans should go completely scorched earth on this one if Obama wins. If Americans are dumb enough to reelect Obama then the GOP should just do nothing and let ALL the tax cuts expire. Sometimes people just need to feel the consequences before they learn.
1 posted on 09/29/2012 5:57:44 PM PDT by tobyhill
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To: tobyhill

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”.


2 posted on 09/29/2012 6:06:11 PM PDT by BobL (You can live each day only once. You can waste a few, but don't waste too many.)
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To: tobyhill

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.


3 posted on 09/29/2012 6:14:56 PM PDT by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: tobyhill
Hey, somebody needs to pay for the free Obamaphones!
4 posted on 09/29/2012 6:21:29 PM PDT by TonyInOhio (~ It-Is-Later-Than-You-Think ~)
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Bush Tax Cuts(sic)

That's Tax Rate Cuts, Cox, you dimwit.

5 posted on 09/29/2012 6:23:14 PM PDT by A.A. Cunningham (Barry Soetoro is a Kenyan communist)
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To: Mad Dawgg

boink


6 posted on 09/29/2012 6:24:02 PM PDT by ROCKLOBSTER (Celebrate "Republicans Freed the Slaves" Month)
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To: tobyhill
The Republicans should go completely scorched earth on this one if Obama wins. If Americans are dumb enough to reelect Obama then the GOP should just do nothing and let ALL the tax cuts expire. Sometimes people just need to feel the consequences before they learn.

That is vaguely reminiscent of the policy from Vietnam where they destroyed a village to save it. Not my idea of a solution.

7 posted on 09/29/2012 6:25:20 PM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: tobyhill

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.


8 posted on 09/29/2012 6:26:02 PM PDT by cableguymn (peace through strength. if they don't like you at least they will fear you.)
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To: Don Corleone
The other option is let the tax cuts expire for just the job creators then everyone sings the praises of Obama The Messiah and the GOP never sees another win.
I don't like the solution either but we are a country to a point where we either learn the way now or suffer the consequences in short. We may just have to hit rock bottom before a majority relearns the lessons.
9 posted on 09/29/2012 6:33:09 PM PDT by tobyhill (Obamacare, the final nail in the US coffin.)
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To: cableguymn
You're right, they will get blamed anyway and that's why they should do Obama no favors by working with him now or even 4 years from now.
10 posted on 09/29/2012 6:35:47 PM PDT by tobyhill (Obamacare, the final nail in the US coffin.)
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To: tobyhill

Book markeed.


11 posted on 09/29/2012 6:37:54 PM PDT by Inyo-Mono (My greatest fear is that when I'm gone my wife will sell my guns for what I told her I paid for them)
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To: tobyhill

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.


12 posted on 09/29/2012 6:49:46 PM PDT by madison10
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To: BobL

If they were renamed, NAACP tax cuts.... they would be safe forever.


13 posted on 09/29/2012 6:59:17 PM PDT by Gator113 (I would have voted for NEWT, now it's Ryan and the other guy.~Just livin' life, my way~)
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To: Gator113

SMART!!


14 posted on 09/29/2012 7:04:23 PM PDT by BobL (You can live each day only once. You can waste a few, but don't waste too many.)
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To: tobyhill
Actually, the truly dire consequence will be the expiration of the present estate tax exemption threshold. Unless the law is changed the estate tax exemption will change back to 1 million dollars on January 1st. That means that estates over 1 million dollars will be taxed at 50%.

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.

15 posted on 09/29/2012 7:05:11 PM PDT by freeandfreezing
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To: tobyhill; ROCKLOBSTER
Well its simple right. If Bush made those tax cuts then Obama can just fix it with an Executive Order.

Please anyone explain to mean why Obama can't fix this "Bush" tax cut problem with a simple Executive Order.

16 posted on 09/29/2012 7:26:03 PM PDT by Mad Dawgg (If you're going to deny my 1st Amendment rights then I must proceed to the 2nd one...)
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To: tobyhill
The Democratic US Senate, in their hurry to tax the rich, left two huge tax rate increases upon the working poor in place. The lowest Federal Tax rate goes from 10% to 15% (a 50 percent increase). And, not only that, but Social Security Tax rates will also go up beginning January 1 2013.

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.

17 posted on 09/30/2012 1:38:25 AM PDT by sr4402
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