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Study: Expiration of Bush tax cuts will hit poorest hardest
The Hill ^ | 10/07/10 | Jay Heflin

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 ...


TOPICS: Business/Economy; Culture/Society; Front Page News; Government; News/Current Events
KEYWORDS: 111th; bho44; bush; bushbashers; bushtaxcuts; congress; cuts; decisionpoints; democratcongress; democrats; economy; elections; georgewbush; hopechangey; liberalfascism; obama; obamataxplan; obamavoters; pages; pelosi; tax; taxcheatparty; taxes; taxhikes; taxincreases; thelastpresident
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To: a fool in paradise

> “The 50% who pay no federal income tax will suffer the most.”

.
As the provisions of the Bush tax cuts that allowed them to avoid taxation tumble into the ashcan of a lethargic congress, and the once brave souls that stuck their necks out to create jobs withdraw said necks before the axe dropped.
.


41 posted on 10/07/2010 1:50:33 PM PDT by editor-surveyor (Obamacare is America's kristallnacht !!)
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To: Ditto

I actually am pretty sure the whole impetus of the entire Democratic Party is power alone. They want to run stuff and will do whatever it takes to be able to do that. So, my question was sort of rhetorical. The point was how much of a blindside would it be if conservative candidates really started pressing this in their campaign stops and commercials? Do the Dems even realize what kind of effect this would have on the political discourse right now?


42 posted on 10/07/2010 1:53:48 PM PDT by BelegStrongbow (St. Joseph, patron of fathers, pray for us!)
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To: Obadiah

“The poorest don’t pay taxes!”

They’ll be losing their tax credits.


43 posted on 10/07/2010 2:23:14 PM PDT by MichaelNewton
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To: MichaelNewton
The president is intent of forcing our county to be equal to all other countries. Forcing the middle class into the “poor house” is just the start. Remember when he went to Europe and bad mouthed the USA to who ever would listen.
Taxing the rich out of existence is another ploy to force us into bankruptcy. Soon we will be begging Mexico for handouts. Remember in November.
44 posted on 10/07/2010 2:24:53 PM PDT by ANGGAPO (Leyte Gulf Beach Club)
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To: Mygirlsmom

Where does this information come from?


45 posted on 10/07/2010 2:31:36 PM PDT by TribalPrincess2U (demonicRATS= Obama's Mosque, taxes, painful death. Is this what you want?)
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To: BelegStrongbow

When you think about it you pay taxes throughout your day.

Buy gas and a pack of gum on the way to work..taxed
Go to McDonalds for lunch...taxed
Stop for some groceries....taxed
Buy your kid some school supplies...taxed
Pay some bills....taxed
Get your paycheck...taxed

We are taxed to death!!!


46 posted on 10/07/2010 2:34:31 PM PDT by panthermom
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To: a fool in paradise

You miss the point. It won’t be 50% who pay zero, it will be something like 40%


47 posted on 10/07/2010 5:07:41 PM PDT by newbie 10-21-00
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To: MichaelNewton

Hey! Just like the end of the world! Those poor poor people.


48 posted on 10/07/2010 5:09:40 PM PDT by Doctor 2Brains
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To: Bob Buchholz

C’mon everybody knows that the Bush tax cuts only helped the RICH! /s
////////////////////////////////////////////////////////////

Yeah, remember when the left was screaming that the poor folks who didn’t pay taxes didn’t get a tax cut? I wonder if they will scream now that the poor folks who don’t pay taxes don’t get a tax increase. Or will those who claimed the rich got all the benefits scream because the taxes on poor folks are going up by a higher percentage than the taxes on rich folks.


49 posted on 10/07/2010 7:38:21 PM PDT by RipSawyer (Clem Hussein Kadiddlehopper would be a vast improvement.)
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To: AdmSmith; Arthur Wildfire! March; Berosus; bigheadfred; blueyon; Convert from ECUSA; dervish; ...

Double-duh ping. Thanks MichaelNewton.


50 posted on 10/07/2010 7:47:18 PM PDT by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
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To: BelegStrongbow

“How much aggregated stupidity has to be displayed before average Joe American gets the idea things might need to change back????”
/////////////////////////////////////////////////////////////

Average Joe American has been dumbed down to the point that most recent college graduates lack the knowledge of certain subjects that used to be taught in grade school. Only a small percentage of recent recipients of a bachelor’s degree could possibly pass the finals for a public high school of my era. I don’t say this jokingly and I don’t say it to demean anyone, I say it because it is my sincere belief based on experience and I am very disheartened by all of it.

In short average Joe may be awakening to the fact that all the government’s attempts to create the fiscal equivalent of flying pigs or pink unicorns don’t work but he probably would not be able to give a reasoned description of WHY they don’t work. Joe is apt to turn from one version of insanity to embrace another version of insanity from a new bunch of idiots.


51 posted on 10/07/2010 7:49:42 PM PDT by RipSawyer (Clem Hussein Kadiddlehopper would be a vast improvement.)
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To: MichaelNewton

bump for later reading


52 posted on 10/07/2010 8:06:43 PM PDT by HP8753 (Live Free!!!! .............or don't.)
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To: RipSawyer

So, it would seem we should be preparing ourselves for our own Wars of the Roses. I’m rather glad I live in the hinterlands. Low on pay but low on war-risk, too.


53 posted on 10/07/2010 8:20:46 PM PDT by BelegStrongbow (St. Joseph, patron of fathers, pray for us!)
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To: SunkenCiv

The poor will be hardest hit? What? When did they abandon women and minorities in their silly rhetoric?

I’m a woman! I demand to be hardest hit too!


54 posted on 10/08/2010 5:25:38 AM PDT by TheOldLady (Pablo is very wily.)
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To: TheOldLady
Ah ha! All this time we were too polite to suggest that. ;')
55 posted on 10/08/2010 8:07:40 PM PDT by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
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To: SunkenCiv

Don’t worry, SC. zer0 will still be able to get his $100/lb. Kobe beef from Japan while we eat our hot dogs until he bans pork because it’s not shareeeaaah.


56 posted on 10/09/2010 5:23:36 AM PDT by TheOldLady (Pablo is very wily.)
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Decision Points Decision Points
by George W. Bush

Large Print
Limited Edition
Kindle
Abridged CD Audiobook
Deluxe eBook


57 posted on 10/11/2010 6:48:15 AM PDT by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
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