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 ...
> “The 50% who pay no federal income tax will suffer the most.”
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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.
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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?
“The poorest dont pay taxes!”
They’ll be losing their tax credits.
Where does this information come from?
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!!!
You miss the point. It won’t be 50% who pay zero, it will be something like 40%
Hey! Just like the end of the world! Those poor poor people.
Cmon everybody knows that the Bush tax cuts only helped the RICH! /s
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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.
Double-duh ping. Thanks MichaelNewton.
“How much aggregated stupidity has to be displayed before average Joe American gets the idea things might need to change back????”
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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.
bump for later reading
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.
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!
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.
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