Posted on 10/26/2008 10:18:22 AM PDT by pleikumud
DALLAS (January 21, 2008) – As Congress debates whether to renew tax cuts enacted early in the George W. Bush presidency, as well as various economic stimulus plans, critics often label the measures as "tax cuts for the rich." Yet a new report from the National Center for Policy Analysis (NCPA) says the Bush tax cuts made the tax code more progressive, no matter how progressivity is measured. In fact, the report concludes that every major tax change (Republican or Democrat) over the past two decades has increased the share of taxes paid by the wealthiest Americans.
The top 1 percent of income earners pay more than one in every three dollars the IRS collects in taxes. From 1986 to 2004, the total share of the income tax burden paid by the top 1 percent of earners grew from 25.8 percent to 36.9 percent, while the total share of the tax burden paid by the bottom half of earners fell from 6.5 percent to only 3.3 percent.
(Excerpt) Read more at ncpa.org ...
They favored taxpayers.
Of course not! This is getting old about "only the rich got tax cuts!" Sheeze... are we really living in a nation of morons who cannot even figure out if the government is taxing more, or less, of your paycheck? The 2003 tax cuts lowered the ENTIRE FEDERAL INCOME TAX RATES! And when the 2003 tax cuts expire via Obama & Dems, we all go back to the higher federal income tax rates of the year 2000!
*sigh* This is not rocket science!
1) The entire federal income tax rates were reduced across the board for ALL incomes. When the 2003 tax cuts expire we all go back to the higher income tax rates of the year 2000. EVERYONE'S take home pay will decrease: low and middle income included. My household brings in about $90K/yr. The tax cuts allow me to keep $3800 more cash of my money per year. When the tax cuts expire, it will cost me $3800 per year. I cannot afford it! A household bringing in about $50K per year will lose $2500 - $3000 per year.
2) The earned income tax credit (EITC) was increased in both credit amounts and the yearly income up to $39K/yr. When Obama and the Dems expire the 2003 tax cuts, the EITC credit amount will shrink and only for those making in the high $20K/yr. These affects low income households severely. EITC http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=36
3) The child credit of $1000/child will go back to $500/child when Obama and the Dems allow the 2003 tax cuts to expire. This affects all incomes: low, middle, high.
4) The marriage penalty was eliminated with the 2003 tax cuts. When Obama and the Dems go back to the year 2000 tax codes, married couples will be paying higher taxes for being married. This affects all incomes: low, middle, high.
bfltr
http://www.nysun.com/national/senate-democrats-reject-bush-tax-cut-extension/72898/
From March 13, 2008:
“Mr. Obama and Mrs. Clinton both promise to reverse Mr. Bush’s tax cuts for wealthier taxpayers, but the Democratic budget they’ll be voting for would allow income tax rates to go up on individuals making as little as $31,850 and couples earning $63,700 or more.”
A yes, the National Center for Policy Analysis, “A Leader in Promoting Alternatives to Government” www.ncpa.org
By its own admission, hardly an impartial organization, but rather one with a very clear and overt agenda.
Not exactly someplace I’d turn to get objective information on tax plans, unless, that is, I were afraid of the truth and instead wished to have my own preconceived notions and ideological slant confirmed.
The Democrats see the accumulation of wealth as a vulgar extravagance, maybe because that’s how they use it. Bill Gates, with his vulgar wealth, has created more prosperity for more people that the entire War on Poverty.
The Democrats see the accumulation of wealth as a vulgar extravagance, maybe because that’s how they use it. Bill Gates, with his vulgar wealth, has created more prosperity for more people that the entire War on Poverty.
From March 13, 2008:
“Mr. Obama and Mrs. Clinton both promise to reverse Mr. Bush’s tax cuts for wealthier taxpayers, but the Democratic budget they’ll be voting for would allow income tax rates to go up on individuals making as little as $31,850 and couples earning $63,700 or more.”
questions:
by what code of ethics, by what right, by what process, does a liberal demagogue indict someone for lowering taxes on the “rich”?
is lowering taxes a crime?
who the %^&* do these liberal/communist/socialist punks think they are?
IMHO
Here’s a real life example thanks to the tax tables available at www.moneychimp.com. A married couple with $75,000 of taxable income in 2004 paid $2700 less than they did in 2002 with the same income. If their income has remained the same they have saved $13,500 since the tax cuts took effect in June 2003.$225 per month is a car payment on a Chevy Mailbu with a resonable down payment. But no one, not McCain, not the RNCC, not the RNSC has even mentioned these facts in response to the Dems false claims.
Obama is a Marxist - a socialist intent on destroying capitalism, freedom, and the U.S. Constitution (property rights and every other right we still have).
If what you say in this post is true, and I believe it is, why haven’t the Rpublicans, and McCain in particular, made this perfectly clear to the American People during the campaign?
Bush tax cuts benefited me and I am NOT wealthy by any standards.
Welcome, troll. Things a little slow over at DU?
It’s not a question of who they favored. Let stolen property be returned to their rightful owners.
It's true because that is what the IRS demands to be taken from everyone's paycheck. Tax rates were lowerd for all income levels in 2003. When the 2003 tax cuts expire, we all go back to the higher tax rates of 2000.
As for why McCain's camp doesn't exploit this? I have no clue. I write them every week asking them the same thing. I get no response. I even gave Tom DeLay a piece of my mind at dinner one night about letting the Dems get away with this "only the rich go tax cuts" nonsense. He simply said we give out press releases and if the media doesn't print it there is nothing we can do. I was not impressed with his answer.
Go here at look at the new tax rates vs. each year sine 2000. Also scroll to the middle of the page and you can imput your income for all years from 2000 - 2008.
http://www.moneychimp.com/features/tax_brackets.htm
I am looking at $4K less cash per year under Obama and the Dems just from the 2003 tax cuts expiring and going back to a higher federal income tax rate.
IBTZ !
1) The entire federal income tax rates were reduced across the board for ALL incomes. When the 2003 tax cuts expire we all go back to the higher income tax rates of the year 2000. EVERYONE'S take home pay will decrease: low and middle income included. My household brings in about $90K/yr. The tax cuts allow me to keep $3800 more cash of my money per year. When the tax cuts expire, it will cost me $3800 per year. I cannot afford it! A household bringing in about $50K per year will lose $2500 - $3000 per year.
2) The earned income tax credit (EITC) was increased in both credit amounts and the yearly income up to $39K/yr. When Obama and the Dems expire the 2003 tax cuts, the EITC credit amount will shrink and only for those making in the high $20K/yr. These affects low income households severely. EITC http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=36
3) The child credit of $1000/child will go back to $500/child when Obama and the Dems allow the 2003 tax cuts to expire. This affects all incomes: low, middle, high.
4) The marriage penalty was eliminated with the 2003 tax cuts. When Obama and the Dems go back to the year 2000 tax codes, married couples will be paying higher taxes for being married. This affects all incomes: low, middle, high.
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