footdr
Banned User: PITA violations of the Forum Rules
- Joined
- Jan 13, 2006
- Location
- cyberspace
I say they either should increase all of the tax cuts across the board or none. My reason is as follows:
"Obama's plan would cost $2.5 trillion over the next decade, including the cost of an annual fix that spares the middle class from being hit with the Alternative Minimum - a hit of about $3,700 a year.
It would cost $2.9 trillion over the next decade to extend all the tax cuts, including AMT relief, according to estimates from the Tax Policy Center, a Washington think tank."
This is based on making tax cuts permanent and the amounts based on 10 years.
Obviously, extending only low and middle income cuts will still cost 2.5 trillion, this is because the lower and middle income taxpayers received huge cuts and the Bush Tax reform created many more taxpayers that owed 0 income tax due to the 10% bracket being added and tax credits.
extending the cuts to all payers of "ordinary income tax", income earned by actually working and earning wages; would cost only .4 more.
Whats .4 more when they are spending trillions of our tax dollars, a good part of which benefits other Countries and not the citizens of this Country directly.
The question shouldn't be whether to extend tax cuts for the lower and middle class, it should be whether to extend them at all; if it will decrease Federal Revenues by 2.5 trillion dollars over the next ten years. Those revenues could help pay for the cost of the Health Reform Bill(part of it atleast). It is untruthful to for the Democrats to claim the Bush Tax Cuts only helped the wealthy, the facts clearly suggest they did not.
" it benefited far more taxpayers than any other provision, with 70 million tax returns showing a saving each year, the vast majority of whom are low- and middle-income people"
(quote of TAX FOUNDATION)
"Obama's plan would cost $2.5 trillion over the next decade, including the cost of an annual fix that spares the middle class from being hit with the Alternative Minimum - a hit of about $3,700 a year.
It would cost $2.9 trillion over the next decade to extend all the tax cuts, including AMT relief, according to estimates from the Tax Policy Center, a Washington think tank."
This is based on making tax cuts permanent and the amounts based on 10 years.
Obviously, extending only low and middle income cuts will still cost 2.5 trillion, this is because the lower and middle income taxpayers received huge cuts and the Bush Tax reform created many more taxpayers that owed 0 income tax due to the 10% bracket being added and tax credits.
extending the cuts to all payers of "ordinary income tax", income earned by actually working and earning wages; would cost only .4 more.
Whats .4 more when they are spending trillions of our tax dollars, a good part of which benefits other Countries and not the citizens of this Country directly.
The question shouldn't be whether to extend tax cuts for the lower and middle class, it should be whether to extend them at all; if it will decrease Federal Revenues by 2.5 trillion dollars over the next ten years. Those revenues could help pay for the cost of the Health Reform Bill(part of it atleast). It is untruthful to for the Democrats to claim the Bush Tax Cuts only helped the wealthy, the facts clearly suggest they did not.
" it benefited far more taxpayers than any other provision, with 70 million tax returns showing a saving each year, the vast majority of whom are low- and middle-income people"
(quote of TAX FOUNDATION)
