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To: Cboldt

Thanks....I cannot imagine ONE thing that the GOPers in Congress could do that would make President Bush MORE mad...than not making these tax cuts permanent.

It is time for President Bush to make a trip to the Capitol...if this is true.


69 posted on 03/15/2006 2:41:08 PM PST by Txsleuth (Bush-Bot;WaterBucket Brigader;and fan of defconw;Cboldt is my mentor!)
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To: Txsleuth
I cannot imagine ONE thing ... that would make President Bush MORE mad...than not making these tax cuts permanent.

Oh, I can. Most of the cuts are in place for a few more years - unless Congress votes to REVERSE them.

The table below is from the article I linked above. Pretty funny the phrae "set to expire" when most of them don't (expire) until the year 2011.

Tax cuts set to expire

Tax cuts passed in 2001 and 2003 begin to expire this year and in 2009, with the bulk of them sunsetting in 2011. Here's what will happen unless Congress extends them:

Provision - Reduction - Expiration

Individual income tax rates
Top four rates reduced beginning in 2001. Today's rates are 10%, 15%, 25%, 28%, 33% and 35%. In 2011, rates are scheduled to revert to 15%, 28%, 31%, 36% and 39.6%. 10% bracket Bottom bracket created in 2001. Now applies to first $7,550 of income for individuals, $15,100 for couples. It is indexed for inflation. It would be eliminated in 2011.

Marriage penalty
Tax rates and deductions were changed so that married couples pay no more than they would if they filed as individuals. In 2011, many married couples again would pay more than they would pay as individuals.

Child credit
Credit for children younger than 17 increased from $500 to $600 in 2001 and 2002, and to $1,000 in 2005 through 2010. It goes back to $500 in 2011.

Estate tax
Top rate gradually reduced from 55% in 2001 to 45% in 2007; exemption gradually increased from $675,000 to $3.5 million in 2009; tax eliminated in 2010. In 2011, tax reinstated with top rate of 60% and $1 million exemption.

Capital gains
Rates reduced from 10% and 20% to 5% and 15% in 2003; 5% rate, paid by those in lower tax brackets, reduced to zero in 2008. In 2009, rates revert to 10% and 20%.

Dividends
Rates reduced from standard income tax rates to 5% and 15% in 2003. Tax eliminated for those in lower tax brackets in 2008. In 2009, rates revert to standard income tax rates.

Alternative minimum tax
Exemption increased to $40,250 for individuals, $58,000 for couples. In 2006, exemption reverts to $33,750 for individuals, $45,000 for couples.

http://www.usatoday.com/news/washington/2006-03-14-gop-tax-cuts_x.htm


75 posted on 03/15/2006 2:53:11 PM PST by Cboldt
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