Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

So what about the 2001/2003 taxes cuts for middle class?

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-03-10 04:57 PM
Original message
So what about the 2001/2003 taxes cuts for middle class?
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?
Printer Friendly | Permalink |  | Top
blm Donating Member (1000+ posts) Send PM | Profile | Ignore 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.
.
Printer Friendly | Permalink |  | Top
 
Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore 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?
Printer Friendly | Permalink |  | Top
 
LaPera Donating Member (1000+ posts) Send PM | Profile | Ignore 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.
Edited on Wed Feb-03-10 05:01 PM by LaPera
Printer Friendly | Permalink |  | Top
 
Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-03-10 05:01 PM
Response to Reply #2
4. Then likely you are making more income (or have smaller deductions)
Edited on Wed Feb-03-10 05:02 PM by Statistical
Printer Friendly | Permalink |  | Top
 
LaPera Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Feb-03-10 05:02 PM
Response to Reply #4
5. Uh, 60K - I don't fucking think so.
Edited on Wed Feb-03-10 05:10 PM by LaPera
And the same small modest deductions as each of Bush's eight years.
Printer Friendly | Permalink |  | Top
 
LaPera Donating Member (1000+ posts) Send PM | Profile | Ignore 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
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.
Printer Friendly | Permalink |  | Top
 
hfojvt Donating Member (1000+ posts) Send PM | Profile | Ignore 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
Printer Friendly | Permalink |  | Top
 
galileoreloaded Donating Member (1000+ posts) Send PM | Profile | Ignore 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
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sat May 04th 2024, 09:56 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC