Posted on 10/07/2010 12:45:03 PM PDT by MichaelNewton
Low-income workers stand to lose the most if lawmakers fail to reach a consensus on the Bush-era tax cuts, according to a new report from the Tax Foundation.
The report states that on Jan. 1 the doubling of the child tax credit, increased standard deductions and income credits and the creation of the 10 percent tax bracket — all of which primarily aimed at non-wealthy taxpayers — will vanish if gridlock persists in Washington.
While wealthier taxpayers pay more in taxes and stand to lose more money if the tax cuts expire, the impact on low-income taxpayers will be far greater because they live on slimmer margins.
(Excerpt) Read more at thehill.com ...
Wait a second. What about the women? I though the women were always the hardest hit. And the minorities! What’s this special preference for the poor? It’s discrimination!
I thought the poor didn’t benefit at all from these tax cuts? I seem to recall hearing basically every democrat politician and liberal commentator, newspaper and blogger go on and on about how they only benefitted the rich.
So which is it? Were they also tax cuts for the poor? Or do tax cuts for the rich help the poor so much that doing away with them hurts the poor most of all?
It’s really hard to keep up with liberal “logic” sometimes.
That was my understanding, except that all employer-provided insurance will eventually be taxable income. They'll just be 'practicing' in 2011, to see how much they can roll us.
And here we thought Dubya stomped little puppies and hated the poor.
Unfortunately, in spite of unemployment and a sucky economy the general public has not been effected enough for it to sink in. It's gonna hit like a hurricane and everyone will be blindsided. By then it will be too late.
Of course in reality, they are tax increases because today I pay X and in January I will pay X+Y.
The only reason they still discuss them as “tax cuts” in the first place is because of John Mccain leading the “centrist” charge to have tax cuts with a sunset date.
The damage statists do (and McCain’s a statist regardless of his party affiliation) is astounding.
Ha ha ha ha ...wait... I have three children...Ha ha ha ha ... wait, I did not vote for him...ha ha ha ha ha ...wait... I'm screwed
Plus the $200 ‘’fee’’ for each bank or credit union you do business with and the 1% ‘’fee’’ when you deposit your chk. and a 1% ‘’FEE’ when you withdraw any of it to pay bills etc. And that’s only part of the list.
The poorest don’t pay taxes!
Oh crap!
I forgot about that.
But still, wait until the Obie Lovers try to explain it away.
I’m Shocked ! Shocked I say!
If they think increased taxes don’t get passed on to the consumer they have to be delusional. The poor spend more of their income on goods then do the rich by necessity. Therefore they have less buying power if taxes increase for those who own the businesses they purchase from.
>> The poorest don’t pay taxes!<<
Oh yes they do. They just don’t know it. When I owned my businesses if the taxes or other expenses increased it was added to the cost of the product.
What bugs me is that no matter how many times it gets repeated, many people still think that if they can just get tax rates increased on corporations, that will mean lower taxes for individuals. You can’t get them to see that no institutions pay any taxes whatsoever. All taxes are paid by individuals, sooner or later in the process.
Clearly this is one of those things that requires too many thoughts in a row.
Remember: “we ha[d] to pass it so we could see what was in it.”
They do pay sales taxes and if they’re employed, FICA and Medicare, right from the first dollar they earn. And, if they buy things, they pay the taxes embedded in the prices of whatever they buy.
So, your point was...?
Bet the rent it will hit the fan if that happens.
Do you think he even gives a rats ass? All he and the Democrats care about is how to play it politically. Poor people are just props they use in their little Kabuki theater. When the play is done, they throw the props away.
>>The poor don’t pay income taxes!<<
Actually they do. They paid MY income taxes. That’s the message that doesn’t get to those who THINK they don’t pay income taxes.
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