Tax Cut Analysis (Wonderful Insight into Tax Cuts)

PoliPundit.com ^ | 5/24/03 | PoliPundit.com

[Susannah]

A very Catholic tax bill, it subsidizes families and employers.

Somewhat funny to me...my mother-in-law was Presbyterian, lived on a farm and had 17 children (no multiple births)...after I married and would tell people that my husband had 10 brothers and 6 sisters, they always asked, "Are they Catholic?" :^)

[Mike-o-Matic]

   Dick Gephardt wants to raise dividend taxes on investors by 60%!!! Dick Gephardt wants to raise taxes on Capital Gains by 25%

Don't forget revise the percentages when un-doing the tax cut. The reversal of a 60% decrease and a 25% decrease actually amounts to a 150% increase and a 33% increase respectively, in order to restore the gross dollar amounts to their initial levels!

These larger percentages basically mean even more re-electiontion-time ouchie-ness for taxthirsty libs. Gotta love it.

[nonliberal]

I am referring to the refund. Personally, I don't think there should be an income tax (NRST anyone?) because it is confiscatory and punishes achievement.

[True Capitalist]

bump for reading!

[NYC Republican]

Thanks.

Just curious, is your screen-name a take-off on Savage's name for our wonderful Senator, Chuck Schumer?

[Capitalism2003]

Dubya and the GOP promise TAX CUTS AS AN ANNUAL EVENT!

[Sonny M]

I'm not to keen on a national sales tax, even though I do like the idea. In all honesty, I just don't trust the government not to turn it into a VAT and I think within maybe a couple of years, it would be a VAT.

I still don't see whats wrong with me getting a refund, so they gave me back my money, basically they collected it, said, we are going to let you keep more, and here's some of YOUR money back to you. hence the name "refund".

[nonliberal]

But the point is that many of the people who are getting a "refund" DON'T PAY TAXES thanks to the EITC. It is simply a welfare check.

On the other hand, if the government does in fact seize your money you should get a refund.

Do you see my rationale here? Don't pay taxes and get a refund-bad. Pay taxes and get a refund-good.

[Sonny M]

There you have a very good point, and no, I don't think people who do not pay taxes should get a refund (they should get themselves a job and pay taxes). I was under the impression, you were against the refunds, period.

[redhead]

"Nice to see Republicans learning to play political games better."

Don't compliment them too quickly. This is strictly because of GWB's utter, incomparable ability to play showdown poker. As soon as he is out of office, the Stupid Party will go back to their usual goofy way of stumbling into an occasional good thing. (Note to self: Never EVER play poker with GWB!!!)

[Willie Green]

This will leave congress in the position of letting popular tax cuts lapse in an election year, or renewing them. Congress is unlikely to commit political suicide; so the provisions that sunset next year will likely be renewed, putting the real "cost" of the tax cut above the $726 billion that the president wanted.

Bullcrap spin.

The sunset provision merely provides for an automatic tax increase without politicians having to vote on it in an election year.

[CaptIsaacDavis]

Oh yeah! How about a Republican who proposed a $10K tax on immigrants entering via H1B visas or green cards? Or a $100K fine on those who enter the U.S. illegally?

[nonliberal]

Of course not. The less money that the government seizes from citizens the better.

[princess leah]

I pulled out our phone bill, one paycheck and sat down with my daughter and showed her just HOW MUCH taxes we get taken out of our pockets...She's just turned 16 and I'm trying to break her into reality about getting a job, and then not expecting all of what you work for to come to you!
Needless to say, she was very UPSET at what I showed her...

[UpNAtEm]

I like to think of refundable income tax credits as a refund on payroll taxes disguised as forced savings that I'll likely never see.

[UpNAtEm]

I don't think there should be a NRST because it is confiscatory and punishes commerce. How about the states funding the Federal government, anyone?

[ReleaseTheHounds]

Dick Gephardt wants to raise dividend taxes on investors by 60%!!! Dick Gephardt wants to raise taxes on Capital Gains by 25%, burying the stock market in double taxation. Dick Gephardt wants to raise your income tax rates 15%.

Just a minor correction, but one that I think you'll appreciate... Reversing all of Bush's tax-cuts (or voting against the sunset) will have a much more dramatic headline: the effect on the dividend taxation will be as high as a 160% INCREASE in the tax rate (from 15% up to 39%); the capital gains rate will increase 33% (from 15% to 20%), and for many people in the lower brackets, any reversing of those changes will be much greater than 100% (from virtually $0 tax) -- that establishes a potentially HUGE marginal tax effect on lower income folks, something I hope Republicans take advantage of.

By the way: have you noticed that nobody in the media is doing the appropriate "multiplication" when it comes to Demo healthcare plans? Dick Gephardt's bill is estimated to cost $220 billion (that's $2.2 trillion over 10 years and everyone knows he's underestimating! But there won't be any bureaucracy! Bawahaha!!!)... Lieberman's bill is $800 Billion! Dennis The Menace is proposing a $880 billion plan!

[ReleaseTheHounds]

Here is a quiz question for you. Which black Dem congressman voted for the tax cut bill? Which Pubbie voted against? Which white Dem with a somewhat liberal reputation voted for the tax cut bill?

I see you've gotten no answers... please inform us!

[Principled]

I'm not to keen on a national sales tax, even though I do like the idea. In all honesty, I just don't trust the government not to turn it into a VAT and I think within maybe a couple of years, it would be a VAT.

What we have NOW is a VAT!!!!!!!!!!!

Going to a national RETAIL sales tax would eliminate the VAT until the people allowed pols to change back. BTW once we get away from the VAT, the IRS, and withholding it will be VEWY VEWY (elmer fudd) difficult to go back.

I know that if I got my entire paycheck free of any federal deductions whatsoever, it would be awfully tough to make me agree to give it up again.

[Principled]

I don't think there should be a NRST because it is confiscatory and punishes commerce.

You mean what we have now is not confiscatory????

BTW prices would not change under a national retail sales tax. They'd stay the same.