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To: Scotswife

EXACTLY, let the cuts expire!

They were 5 percentage points across the board. If you were in a 39.5% bracket they went to 34.5% a 12.7% reduction. If you were in a 10% bracket they went to 5%, a 50% reduction. You see, the Bush tax cuts helped the lower income more than the upper income by a factor of at least 4. That’s right, the tax cuts were FOUR times larger for the lower income persons than the upper income persons.

LET THE TAX CUTS EXPIRE. Let them ALL expire! DO NOTHING and they will end.


48 posted on 11/09/2012 8:39:50 AM PST by Sequoyah101
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To: Sequoyah101

Under the Bush tax rate cuts, the 15% Tax Bracket was reduced to 10% and people at the bottom rates were taken completely off the Tae rolls.

Expiration means that some who currently pay NO Federal Taxes will be Taxed. Those who are currently in the 10% Tax Bracket under Pres__ent Obummer will have their Taxes raised by 50%, whereas under President Bush they had their Taxes reduced by 33%. Of course they are too stupid to realize it.

My bet is the House caves and ups the top two Tax Brackets. Of course, even if the Democrats get their way, they would only collect an additional 80 Billion a year while the yearly Budget Deficit is $1.2 Trillion. A drop in the bucket that will be wiped out when Interest Rates recover.

At just 5%, the interest payment on the $16 Trillion National Debt (on its way to $20 Billion) will hit $800 Billion, outpacing the entire Defense Budget and dwarfing the windfall that Democrats think will occur when they Tax the Evil Rich.

Liberals think that Taxing the Rich will fix everything. They are not only ignorant of Economics, they are drowning in their delusions.


54 posted on 11/10/2012 11:11:20 PM PST by Kickass Conservative (Win or lose, Impeach Obama Ben Ghazi...)
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