How Expiration of Bush Tax Cuts Affects Typical Families

[lillatmd]

Taking 1/3 of the family business(paid for with hard earned after taxed money) is called a tax cut ? Dems are slick spinners!

[flashback950]

Surely you jest...your facts are absolutely incorrect.

[teton99]

The Left argues that taxes wouldn’t really be raised, they would just return to levels pre 2003. This is true but during the late 90s and up until 9/11 our economy was growing by leaps and bounds due to the dot-com revolution. Now our economy is barely breathing and its future is uncertain. Matt Grossman

[mos12010]

Bill Clinton raised taxes on the top 2% => 24 million private sector jobs, 4 straight years of balanced budgets

George Bush lowered taxes on the top 2% => LOST 673 thousand private sector jobs, added $6.7 trillion to the debt

The reason republicans ALWAYS destroy American jobs is because their "tax cut policy" is delusional.

[TheMEK3]

This woman is so beautiful.

[amitp2]

The rich matter.

The ones who make more than 250k are small business owners who create jobs...

Now they will be creating jobs...in china

[flashback950]

@amitp2 Did you even listen to this video? The job numbers ARE right and Bush's Tax cuts for "small business" didn't do SQUAT creating many jobs. They have NEVER been paid for and Americans are eating it for this irresponsible decission. So, let them... EXPIRE-EXPIRE-EXPIRE!!!!

[amitp2]

@flashback950

When the bush cut taxes, the unemployment fell below 5%.....

If you were not amongst those who got hired...well...that says something about you.

[flashback950]

@amitp2 You mean the unempoyment didn't grow under BUSH until the itshay hit the fan! Please, look into how many jobs were added over the period of the BUSH tax cuts. Then YOU decide if the ginormous debt we have incurred is worth the short term gratifacation! YOu decide if you want our kids, grandkids, great-grandkids, etc. to carry this irresponsible burden!!! I am a small business owner in the construction industry...what do you think happened to me and my family? Guess; Shifting sands!!!

[amitp2]

@flashback950

You can look at the statistics yourself. Unemployment fell after tax reductions.

Fhit hit the san for various reasons. Tax reduction is not one of them.

And in case you don't know let me tell you that raising taxes reduces the government revenue and increases flight, fight & fraud (Laffer curve). And just because you went bust, doesn't make it a rule. I know other small business owners who prospered during that time.

[scrapdaddy811]

@flashback950 the debt created by the bush admin is just a drop in the bucket compaired to what Obummer has done in just 2 years, further more 75% of Bushes debt came at the hands of the democrap congress from 06 on. the government could take 100% of the income of the top 2% and it wouldnt put a dent in the dumocraps spending. you tell me what is more greedy the rich wanting to keep more of what they have earned or a bloated waistful government that thinks they are intitled to 40% there $

[jaemolina]

where are all the jobs the rich were suppose to create from the bush tax cuts of 2001-2003???

put up or shut up.

[mrjammed]

so you think you can argue with the facts do you......lets see how that works out for you

[Renshen1957]

The Tax Foundation was founded by the Chairman GM, GM Financial Vice President; and the President of Standard Oil Company of New Jersey; President of Johns-Manville Corporation in 1937. Founded by the Rich. For the Rich.

During World War II, Tax Foundation research emphasized restraining government spending domestically to finance wartime expenditures (which would of course profit both GM and Standard Oil, etc).

This does sound like your average citizen's group, does it.

[Renshen1957]

Currently the TAXFoundation website states State and Federal Tax Collections on Oil Industry Exceed Oil Industry Profits.

Do you believe that with the money an oil CEO retires on? Record profits?

"U.S. Oil Industry, Beneficiary of Few Tax Subsidies, Is Congressional Target in Wake of BP Disaster"

Who do you think they are kidding?

"Report: New Business Taxes in Nevada Would Hurt State’s Tax Climate"

NV doesn't have Corp or personal tax,, but NV has$900 million budget shortfall.

[Renshen1957]

@profwito Tax cuts do not create jobs, look how many US jobs went offshore under Bush. The average American doesn't save, they spend all their money and more (financed by credit cards) that is what drives the economy. Lower taxes don't drive the economy. Spending does the economy.

[Renshen1957]

@twentyoh5 I am stating an observation, the deficit went down and the economy went up during the Clinton era of higher taxes and no breaks for the rich.

The less affluent, the bottom 95% pay 39% of the taxes with 5% of the nations wealth. Tthe top 5% who control 95% of the money pay 40%.

The middle class spend 100% of their money with little savings. The wealthy could care less. Wages and the buying power have fallen, giving "the haves" a tax break won't help "the have nots"

[CPAsheldon]

Taxpayers are going to be steamed if these tax cuts expire. Focusing on the table at 1:26 note that the married couple making $150k taxes will go up over 18% in 2011. They will pay $3508 more and will have about $300 more withheld from their monthly pay starting this January. The economy does better wehn tax cuts are permanent and business knows the future enviornment. That this Congress has not acted yet on these cuts is a crime that is harming our economy.

[Renshen1957]

@CPAsheldon A couple making a six figure income can affore the extra $3500 dollars. The federal deficit grew 20% under Bush's tax breaks.

[CPAsheldon]

@profwito Can you imagine the difference if the stimulus would have been focused on permanent tax cuts instead of larger government? Our economy would be in a totally different place right now and we wouldn't now be facing this large tax increase at a fragile time in an economic recovery.

[Renshen1957]

@CPAsheldon Do you know how much the federal deficit is of the GDP Bush left office at 86%! and increase of 27% up from Clintons reduction (after G H W Bush increase of 15%!)

The rich can afford a tax increase. The poor don't pay taxes. The Middle Class can't afford the rich or the poor.

[brooknamsoulja1]

@CPAsheldon unless your making over a quarter million dollars...which two thirds of Americans aren't ..then you will keep the tax cuts

[Reqrezentin]

@profwito

What the hell are you own about, I just said I speak or understand 5 languages?

[Bezz80]

@profwito The tax increases by Clinton didn't destroy jobs did they? The largest expansion of jobs happen in those years were rates were higher (were they go to if Bushes cuts expire) , so again the argument that tax cut creats jobs, fails again. The current tax rates should have made millions of jobs, they didn't. The top 2% don't give a rats behind about jobs. They control 90%+ of the wealth and a captured consumer market that funnels all money right back to them. TAX THE SHIT OUT OF THEM.

[Renshen1957]

@Bezz80 Well said. The GOPs repeat the mantra of Tax breaks for the rich (crumbs to the middle class), corporate welfare for mega companies, and deregulation for business (oil) that make billions and pay zip in tax after "tax credits.' They call the dems names about overspending, and low and behold starting with Reagan the deficit goes up everytime a Republican is in office in double digits.

[Bezz80]

The agrument: that cutting taxes creats jobs. So if the taxes don't go up or rates stay the same as they are now, thats not a tax cut, meaning there wouldn't be job growth by keeping the Bush tax cuts. I don't buy the argument anyway, just saying the argument isn't logical in the first place. We've had 10 years of lower rates and hows the job growth looking? If all those rich business men came out and said we are broke from creating all these jobs, maybe they could make a case for lower taxes.

[Reqrezentin]

@profwito

Why the hell would I want to learn Latin? I already speak 3 + 2 languages

[terpsfan1982]

@profwito Pinhead? Methinks you've been watching too much Fixed Noise to be objective.

[Reqrezentin]

@profwito

Tax cuts for the wealthiest don't create jobs. Under Bush around 2 million jobs were created in 8 years.

Under Carter (who was a one term president) 10 million were created.

Bill Clinton, 23 million were created.

The budget was balanced in both those times, it seems like the budget and spending occurs whenever the democrats fix the mess a Republican predecessor left.

Get your head out of your ass and face the facts.