The Need To Extend Portions of Bush's Tax Cuts

http://thepoliticalpanorama.wordpress.com/2010/07/08/the-need-to-extend-portions-of-bushs-tax-cuts/ ^ | 7/8/10 | craigs2040

[craigs2040]

President George W. Bush’s tax cuts are set to expire on December 31st. While Democrats labeled these temporary tax cuts as “only for the rich,” these expiring cuts will drastically impact the middle and lower classes in America. The U.S. Congress should pass an extension of these tax cuts at least for those in the tax brackets below $100,000. The reality of the situation is that 85% of Americans earn less than $100,000 per year, and only 5.5% of Americans earn more than $150,000.

I have put together a chart of the current tax rates to compare them with what they were before the Bush tax cuts, and it’s below. As a college student, my tax rate is at the current 15% rate, and would increase over 60% to 25% if these tax cuts are allowed to sunset.

[Pessimist]

“at least for those in the tax brackets below $100,000”

??

Why for those in particular? So if you make 150k, it OK to screw you?

[Man50D]

It's time to make the tax cuts permanent by Passing The Fair Tax Act(HR25/S296)! The Fair Tax(not a VAT) will replace all federal income taxes with a national sales tax and abolish the IRS! Fair Tax ping!

[craigs2040]

I said at least $100,000. Like I point out, only 6% of Americans earn more than $150,000 however. I know money influences a lot of things, including the tax system. However, I’m most concerned about protecting those (85% of Americans) who make less than $100,000 per year. I don’t think the discussion should end there though, but that is the most crucial group of individuals in my opinion to make sure something happens to not increase the burden on them.

[PeteB570]

What happened to “fair share”?

What happened to “skin in the game”?