Statistical
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Wed Feb-03-10 04:57 PM
Original message |
So what about the 2001/2003 taxes cuts for middle class? |
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Edited on Wed Feb-03-10 05:02 PM by Statistical
Looks like Congress will be taking no action and letting the 2001/2003 tax cuts expire. The good news is the 33% bracket will return to 35% and the 35% bracket will return to 39.6%. However the Bush tax cuts had some substantial cuts for the middle class.
The most obvious change was it created a 10% bracket. Previously all taxable income up to 15% bracket limit ($68,000 in 2010) was taxed at 15%. The tax cut split the 15% bracket into a 10% and 15% bracket.
So for example for married filing jointly: $0 to $68,000 - 15%
vs $0 to $16,750 - 10% $16,750 to $68,000 - 15%
Now it might not seem like much but that is $837 extra taxes on anyone with $16,750 or more in taxable income. There are some other "small changes" in there that add up: * larger child tax deduction * elimination of "marriage penalty" * ??? anything else
IIRC all the provisions of the taxcut sunset unless extended.
Is there any talk for Congress to extend the portion of Bush tax cuts that affect middle class?
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blm
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Wed Feb-03-10 05:00 PM
Response to Original message |
1. Democrats put most of the provisions for middle class tax cuts in there. |
Statistical
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Wed Feb-03-10 05:01 PM
Response to Reply #1 |
3. Agreed. Wasn't trying to give Bush credit. More important what will happen to them in 2012? |
LaPera
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Wed Feb-03-10 05:00 PM
Response to Original message |
2. As a working stiff I paid more steadily each of Bush's 8 year in taxes than I ever have in my life. |
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Edited on Wed Feb-03-10 05:01 PM by LaPera
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Statistical
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Wed Feb-03-10 05:01 PM
Response to Reply #2 |
4. Then likely you are making more income (or have smaller deductions) |
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Edited on Wed Feb-03-10 05:02 PM by Statistical
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LaPera
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Wed Feb-03-10 05:02 PM
Response to Reply #4 |
5. Uh, 60K - I don't fucking think so. |
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Edited on Wed Feb-03-10 05:10 PM by LaPera
And the same small modest deductions as each of Bush's eight years.
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LaPera
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Wed Feb-03-10 05:05 PM
Response to Reply #4 |
8. Bush's tax cuts were tailored for the rich & corporations....certainly not the working middle class |
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Edited on Wed Feb-03-10 05:11 PM by LaPera
that would go against every ideological principle the slimy fucking republicans hold dear...to help workers and the middle class!
Republicans despise us....especially people like the Bush's.
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hfojvt
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Wed Feb-03-10 05:03 PM
Response to Original message |
6. here's the chart I made, using instruction books from 2001 and 2009 |
galileoreloaded
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Wed Feb-03-10 05:04 PM
Response to Original message |
7. Who is paying their taxes?? Who has a job?? 4 out of 5 Americans agree! n/t |
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Sat May 04th 2024, 09:56 AM
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