Why is this question even being asked? We know that he will let them expire.
The Dems have never believed that the Bush tax cuts were legitimate and will allow them to expire in 2010 introducing the largest tax increase in US history.
When the 2003 tax cuts expire at the end of 2010 people making $50k/yr can kiss goodbye $2500 cash/yr. People making $100K/yr can kiss goodbye $4000 cash/yr.
In other words, the numbers are garbage. (GI-GO)
Bend over, here it comes! Part 1
“Growing economy?” Let’s see, stock market up, dollar down, production flat or down, inventories getting depleted, streamlining about streamlined out, energy prices up. What am I missing here. The only growth I see in this formula is the growth of dollars it is going to take to buy something. The Obamao goons are going to increase taxes on diminished incomes, and call it good.
well i don´t think it´s “really” important for the government (inofficial) from whom they get the tax money as long as they get it. fact is the state “needs” an amount of money (or else they will be bankrupt) and they will get it. the only political question is “from whom can we take most of this money without pi$$ing off too many voters in the next election”. so indeed tax brakes are a “joke” this means if you are on the winning end (we all hope to be on this side) someone else will pay the bill for you. because the bill has (and will be) to be paid.
Better understand - Obama wants to bring America to its knees: He has emasculated or put under his control: auto production, banking, lending, salaries, (soon) newspapers, insurance, and intends to get hold of the medical care system from womb to tomb including “big pharma”. Teachers, the elderly, brokers, broadcasters, bankers, lenders, are having their salaries set by HIM. (P)Just wait until his czars go to work carrying out The Thoughts of Obama full time. You may be in a re-education camp by then.
I’m always amazed how democrats expect doing the exact opposite actions will result in the exact same results as the Republicans’ actions.
They will let them expire. But the new evil rich threshold will be $150,000 not $250,000.
I hope 2010 elections go well. Please Lord.
Work under the table, get paid in cash, and give yourself a tax cut. Screw the government for a change.
If he lets them expire but people refuse to pay them and there is a tax revolt, then what?
Lots o’ luck. Most of us are having trouble paying our current taxes. Blood from a stone?
Do the math, a person in the 10% bracket will see a 50% tax increase,,,,’’change you can live with.’’
Tax Provisions Enacted in the Economic Growth and Tax Relief Reconciliation Act of 2001, the Job Creation and Worker Assistance Act of 2002, and the Jobs and Growth Tax Relief Reconciliation Act of 2003, by Year, Pre-2001 Through 2011
Description Pre-EGTRRA 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Tax Rates and Brackets 10 Percent Tax Bracket n.a. Single filers may have income of up to $6,000; joint filers, $12,000; and heads of household, $10,000 Single filers, up to $7,000; joint filers, $14,000; and heads of household $10,000; indexed in 2004 ($6,000;$12,000;$10,000) Single filers, up to $6,000; joint filers, $12,000; heads of household, $10,000 Single filers, up to $7,000; joint filers, $14,000; heads of household, $10,000 Upper and lower thresholds indexed Sunset* 15 Percent Tax Bracket Indexed Upper threshold indexed; lower threshold fixed by 10 percent bracket Higher Tax Brackets (Percent) 39.6
36
31
2839.1
35.5
30.5
27.538.6
35
30
2735 (38.6)
33 (35)
28 (30)
25 (27)35 (37.6)
33 (34)
28 (29)
25 (26)35
33
28
25Sunset* Rate on Capital Gains 10 percent for taxpayers in the 15 percent bracket or below; 20 percent for other taxpayers After May 6, 2003, 5 percent for taxpayers in the 15 percent bracket or below--and 0 in 2008; 15 percent for other taxpayers (10 percent; 20 percent) Sunset* Rate on Dividends Ordinary rates 5 percent for taxpayers in the 15 percent bracket or below--and 0 in 2008; 15 percent for other taxpayers (Ordinary rates) Sunset* Limitations on Itemized Deductions and Personal Exemptions for High-Income Filers Change in Limitations No change Limits reduced by one-third Limits reduced by two-thirds No limits Sunset* Child Credit and Dependent Care Credit Child Credit $500, with limited refundability $600 $1,000 ($600) $700 $800 $1,000 Sunset* Refundable up to 10 percent of earned income above $10,000; threshold indexed after 2001 Refundable up to 15 percent of earned income above $10,000; threshold indexed after 2001 Dependent Care Credit Maximum expenditure eligible for credit = $2,400 for one child and $4,800 for two or more; maximum credit = 20 percent to 30 percent of expenditures Maximum of $3,000 of eligible expenses for one child; $6,000 for two or more children
Maximum credit of 35 percent, phasing down to 20 percent beginning at $15,000 in adjusted gross incomeSunset* Relief from Marriage Penalties Standard Deduction for Joint Filers Standard deduction for joint filers = 167 percent of that for single filers 200 percent of that for single filers (167 percent) 174 percent of that for single filers 184 percent of that for single filers 187 percent of that for single filers 190 percent of that for single filers 200 percent of that for single filers Sunset* 15 Percent Bracket for Joint Filers Upper threshold of bracket for those who are married filing jointly = 167 percent of the top of the bracket for single filers 200 percent of that for single filers (167 percent) 180 percent of that for single filers 187 percent of that for single filers 193 percent of that for single filers 200 percent of that for single filers Sunset* Earned Income Credit for Joint Filers Level of income at which the earned income credit starts to phase out is indexed; end of phaseout depends on number of children Starting point and ending point of phaseout are increased by $1,000 Starting point and ending point of phaseout are increased by $2,000 Starting point and ending point are increased by $3,000 Starting point and ending point are increased by $3,000; indexed from 2008 Sunset* Relief from the Alternative Minimum Tax Exemption for the Alternative Minimum Tax $33,750 for single filers; $45,000 for joint filers $35,750 for single filers; $49,000 for joint filers $40,250 for single filers; $58,000 for joint filers ($35,750; $49,000) Sunset* Partial Expensing of Investment in Qualified Property Depreciation Deduction of Basis of Qualified Property No additional depreciation 30 percent of basis deductible in first year (After September 10, 2001) 50 percent of basis deductible in first year Sunset*
Source: Congressional Budget Office based on Joint Committee on Taxation, Summary of Provisions Contained in the Conference Agreement for H.R. 1836, The Economic Growth and Tax Relief Reconciliation Act of 2001, JCX-50-01 (May 26, 2001); Summary of P.L. 107-147, The Job Creation and Worker Assistance Act of 2002, JCX-22-02 (March 22, 2002); and Summary of Conference Agreement on H.R. 2, The Jobs and Growth Tax Relief Reconciliation Act of 2003, JCX-54-03 (May 22, 2003).
Notes: EGTRAA = Economic Growth and Tax Relief Reconciliation Act of 2001; n.a. = not applicable.
Lightly shaded area indicates a change made by the Job Creation and Worker Assistance Act of 2002.
Darkly shaded areas indicate changes made by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Parenthetical values in those areas are those set by EGTRRA.
* = Provision returns to pre-EGTRRA levels.
That's found at http://www.cbo.gov/doc.cfm?index=5746&type=0&sequence=1.