When will the middle class wake up? "Mr. Bush's Stealthy Tax Increase"

[kohodog]

NYT Editorial


President Bush is presiding over a big middle-class tax hike.

As recently as 2000, only about one million taxpayers owed the alternative minimum tax, created by a provision in the federal tax code that is supposed to prevent multimillionaires from using loopholes to avoid paying their fair share. But by the time Americans file their 2005 taxes, some 3 million taxpayers will owe the alternative tax and by 2010, nearly 30 million taxpayers will be hit - among them, a staggering 94 percent of married filers who have children and make $75,000 to $100,000.

snip

Here's why: The alternative tax applies to people whose income tax bills are low relative to their income. So as tax cuts reduce the liability on a filer's Form 1040, the alternative tax kicks in. In effect, it claws back all or part of the supposed savings from the Bush tax cuts. By 2010, the Bush tax cuts alone will cause an additional 17 million taxpayers to owe the alternative tax. By 2014, assuming the Bush tax cuts are made permanent, 40 million taxpayers will owe the alternative tax, nearly half of whom would never have faced it but for the tax cuts.

more: http://www.nytimes.com/2005/03/13/opinion/13sun1.html?

Bush is systmatically destroying the middle class. We will build their gated communities with gold and stand outside begging for scraps.

[Massacure]

1. The "unofficial" tax on everyone. The national debt.

[GraysonDave]

2. Bush didn't invent the AMT

The irony is that Bush cut tax bills for the middle class to such an extent that they are now subject to a tax originally designed to catch only the rich guys who took advantage of all the loopholes.

The problem is that congress hasn't indexed the figures in the original AMT.

[kevinmc]

3. Here is How I see It........

The Dollar is in a fall. “The Bush” says he wants a strong dollar, yet his policies prove otherwise.

Countries that are our Competitors are financing the “Debt” of the country.

Corporations received Welfare from “The Bush” in hope of creating jobs, which did not happen. His economic plan has not produced a net job yet.

A Lawsuit Bill which makes filing a lawsuit against corporate malfeasance harder.

A Bankruptcy Bill which makes most Americans unable to get out of debt, leading to Banks being able to seize property and garnish wages with little effort.

“The Bush” is trying to push a Privatization of SSI that will funnel Billions of dollars to Wall Street in handling fees. And by doing this, is trying to prop up the Stock Market.

The Cost of Iraq is 4-to-5 Billion Dollars a week.

I see a President that is trying to cushion the next “Great Depression” at the expense of the Majority of Americans.