Re: 2012 Elections - Fear is the mind killer. Fear is the little death....
It only impacts the ultra-rich and they would be paying the same tax rate they somehow managed to pay in the 90's.
Do you ever use facts to support your opinions? or are they merely these troublesome annoyances that you swat away like gnats?
The so-called "Bush" tax cuts affect everyone who pays income taxes. It was an
across the board tax cut,
NOT a tax cut only for "the rich", and far more of the cuts affected people with incomes below $250,000 per year.
From Wikipedia: in the 2001 Act
> for single filers with taxable income up to $6,000, joint filers up to $12,000, and heads of households up to $10,000, the rate was reduced from 15% to 10% (or a 33% reduction)
> the 15% bracket's lower threshold was indexed to the new 10% bracket
> the 28% bracket would be lowered to 25% by 2006 (or an 11% reduction)
> the 31% bracket would be lowered to 28% by 2006 (or a 10% reduction)
> the 36% bracket would be lowered to 33% by 2006 (or an 8% reduction)
> the 39.6% bracket would be lowered to 35% by 2006 (or a 10% reduction).
The 2003 Act accelerated the schedule of reductions from 2006 forward into 2003. Also, the reduced dividend and capital gains tax rate led to increases in income tax revenue collected from those sources. The dividend tax rate cut led to Microsoft declaring their first ever dividend, and it was a big one.
As you can see, it was pretty much an across the board cut of 10% for everyone, with the lowest on the ladder getting an even larger cut.
Yeah, we get it, some people really despise Bush, and the rest of us usually remain silent rather than deal with the annoyance of trying to talk reason to people who have an aversion to reasonableness.
What I find even more striking is the bizarre language....these rates have been in effect for nine years now. If you change them, you are not "letting the cuts expire" you are
raising rates while trying to lie about it. There is no way that taxing the rich can possibly raise enough revenue; Obama knows it, the Dems know it, most thoughtful reasonable people know it. IRS data indicates you could tax "the rich" at 100% and still not have anywhere near enough revenue.
Envy is a terrible thing when it twists and distorts as it has. It's one thing to feel envy, it's a whole 'nother matter deliberately to stir up envy in others.
