Six months until the largest tax hike in history...

relaximus · #1 07-09-2010, 01:17 PM

Grab your ankles folks... this one is going to hurt!

This should go far in boosting the economic recovery ...

Six Months to Go Until The Largest Tax Hikes in History

Read more here.

Dave

Boreas · #2 07-09-2010, 01:38 PM

Good old Grover!

Please, just post links, okay?

John

finnbow · #3 07-09-2010, 01:41 PM

In my opinion, it's disingenuous to call the expiration of a tax cut that was only passed due to the fact that it had a sunset clause in it a tax hike. If Bush and Co. had wanted to make it permanent, why didn't they write it that way to begin with and engage the public debate on that basis?

That said, I think there are fair number of those tax breaks that probably should remain and some that shouldn't and each should be debated on its own merits. However, we need to finally get past the notion that we can have it all and not have to pay for it. Hell, Dubya passed these tax cuts at the same time he was launching two wars. He thought everything would balance out as long as we "went shopping."

relaximus · #4 07-09-2010, 02:14 PM

Quote:

Originally Posted by Boreas

Please, just post links, okay?

Fixed!

Dave

Zeke · #5 07-09-2010, 02:18 PM

Quote:

Originally Posted by finnbow

In my opinion, it's disingenuous to call the expiration of a tax cut that was only passed due to the fact that it had a sunset clause in it a tax hike.

CONCUR.

piece-itpete · #6 07-09-2010, 02:22 PM

I somewhat agree about calling them hikes, but they sure ain't cuts and we will be paying more at a very bad time.

I find it interesting that the GOP lowered the poors tax rate to 10% and there is no move by the Dems to keep it there.

Pete

finnbow · #7 07-09-2010, 02:35 PM

Quote:

Originally Posted by piece-itpete

I somewhat agree about calling them hikes, but they sure ain't cuts and we will be paying more at a very bad time.

I find it interesting that the GOP lowered the poors tax rate to 10% and there is no move by the Dems to keep it there.

Pete

The timing is certainly poor with the stalled recovery.

As for the lowest marginal tax rate, it may not make that much difference with all the credits, etc. on the low end (i.e., 10% or 15% of an Adjusted Gross Income of zero is still zero).

merrylander · #8 07-09-2010, 04:05 PM

I was earning over $100,000 when Dubya passed that tax cut, all it saved me was enough for a pack of Marlboros every two weeks - tax cut my arse.

Fast_Eddie · #9 07-09-2010, 04:18 PM

I believe we can all agree that the election of President Obama was actually a covert maneuver by our enemies specifically designed to let these tax cuts expire just as they were written because they know that it will topple America. The end is near folks!

There is absolutely no chance that any of this is being blown out of proportion to score political points. If I understand this correctly, the "largest tax hike in history" would return rates to the level they were before the Republican written tax cut. Now that it is expiring as written by Republicans, it is somehow an historic tax hike.

This kind of stuff isn't getting us anywhere folks. Here's what I know- we cut taxes and then started spending quite a lot on wars. Wars that are still going on. I can't say I've seen the tax cuts boost the economy thus far. In fact, it looks kinda bad. Maybe it's time we put them back to where they were when the economy was doing really well. Maybe that level was the ideal point on the Laffer curve and we've lowered them below the optimal rate.

noonereal · #10 07-09-2010, 04:56 PM

Quote:

Originally Posted by merrylander

I was earning over $100,000 when Dubya passed that tax cut, all it saved me was enough for a pack of Marlboros every two weeks - tax cut my arse.

same here, those cuts were geared toward the ruling class and they made out like bandits not for the working middle class