Tax cuts for the rich, huh?
For the last two years, I’ve been warning about the impending tax hike that was occurring simply because the Bush Tax Cuts were expiring the first of next year. Every time I mentioned it, one of our resident liberals would call the Bush Tax Cuts a “tax cut for the rich”. The Associated Press seems to have finally come down on my side;
A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.
What they don’t mention, however, is that many families who’ve paid no taxes would pay taxes for the first time since 2001. Families who were in the lowest tax bracket, would have their taxes increased by 50%.
Nancy Pelosi on extending the tax cut;
House Speaker Nancy Pelosi, D-Calif., wouldn’t commit to vote on any tax proposals before the election. She did, however, pledge to address them by the end of the year.
“The only thing I can tell you is that the tax cuts for the middle class will be extended this Congress,” Pelosi told reporters Thursday.
Yeah, I trust that she’ll extend the tax cut if she’s a lame duck in December. Don’t you? She’d let the cuts expire just to punish Americans for voting against her party.
Category: Congress sucks, Economy
If they were SERIOUS about extending the tax cuts for those making under $250K or whatever arbitrary figure they pull from their asses, they would have done it already, with or without the “bi-partisan support” of the GOP. But deep down, they know they’ll never come anywhere close to paying for all this kid-in-a-candy-store shit they’ve been blowing OUR money on the past 4 years without raising taxes on EVERYONE.
It’s been shown time and again, that even if the “rich” who made in excess of $250K/yr (and that includes an awful lot of mom-and-pop small businesses) were taxed at 100 percent, it still wouldn’t even come close to paying for all the spending they’ve done.
You think 2008-09 was bad? Just wait until January. I already figured mine out. Between tax increases and increases in my medical insurance premiums already announced by my employer, my take-home pay will be reduced by $150-200 per biweekly paycheck. Now ask yourself this question–who is better qualified to determine where that $3900-5200 I would have otherwise had would have been better spent–me or “da gub’mint?”
Hope and change, coming to a poorhouse near you.
I guess it’s a good thing that I don’t have much taxable income…….
Yeah, but the taxes on are going up by as much as 50 percent come January, man. Sorry.
I’m waiting for the midnight stealth insertion of language removing the tax exemption for military and civilians working in a combat zone.
You and I both know that if they think that they could pll it off they would in a heartbeat. ESPECIALLY on those “soulless blood merchants of death war profiteers” who work for Haliburton and KBR.
Sparky, I feel your pain. In 1999, I made some pretty decent money. ALL of that money I worked for went to pay taxes because my ex made even more. It was like….. “what’s the point in working?”
If it were “just” the 30% tax increase I expect, I could probably swallow that…sort of like swallowing a razor blade, but it could be done.
But that, combined with the inevitable PRICE INCREASES that we will see across the board from businesses trying to keep THEIR heads above water…honestly, you’d think with a 4 year degree and a certification, I could get out of the “working poor” group, don’t you think?!