120 Days till the "Bush" tax cuts expire

[Gaf The Horse With Tears]

and if you think this is only going to screw the "rich" you might want to really research what is changing...

Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15% This is most of us.

- The 25% bracket rises to 28%

- The 28% bracket rises to 31%

- The 33% bracket rises to 36%

- The 35% bracket rises to 39.6%

Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care tax credit will be cut. and this is the one that FUCKS me hard.

[Rev.Reverence]

WOW...we are fucked as well...we were gonna' get a car too...

:(

Fuckin' shit...they REALLY glossed over the fact that percapita, WE, get a 50% increase in taxes...damn...damn...fucking-damn...we are JUST getting by, with a bit left for Charities...

FUCK THE DAMNED POLITICIANS...BOTH SIDES...& also...fuck everyone that voted for either SIDE!~

Get in the middle, or fuck the hell off...

[KatRN05]

WOW...we are fucked as well...we were gonna' get a car too...

:(

Fuckin' shit...they REALLY glossed over the fact that percapita, WE, get a 50% increase in taxes...damn...damn...fucking-damn...we are JUST getting by, with a bit left for Charities...

FUCK THE DAMNED POLITICIANS...BOTH SIDES...& also...fuck everyone that voted for either SIDE!~

Get in the middle, or fuck the hell off...

Damn the man!!! Stupid fuckers!!!! I hate them all.

[creatureofthenyte]

Vote the bums out, we Can do that you know...

[the eternal]

I'm too tired to be long or make a joke here. (OK truth be told I'm never too tired for that but go along with me on this one)

What Gaf is conveniently omitting is that Obama wants to extend the tax cuts for everyone but those in the highest tax bracket, thereby helping lower the deficit which the GOP kept whining about (until now) while keeping the savings for those of us making (far) less than $250k.

Yet, the GOP wants to filibuster. Why would they want to keep poor and middle class from keeping taxes low?

Because let's face it, the Bush tax cuts were a means to an end in the first place. He got rid of the marriage penalty and lowered the 15% to 10% as a way to pacify the populace as he gave the biggest benefits to the wealthiest 1%

Trickle-down has never fucking worked and somehow the rich people were doing just fine under Clinton and (yes I said it-) Reagan

Oh, did you know that? Rich people paid MORE in taxes under Reagan, and I don't see any conservative criticizing his economic policy.

So, the rich are wah-wahing about having to give up a little bit extra of their money--which they never missed in the first place until Bush handed them even MORE wads of cash--which Obamas is rolling back in order to keep the deficit down, a Republican cause,

all the while as the GOP brass are threatening to throw a temper tantrum so big (filibuster) that everyone gets drowned in it, and no one gets a tax cut.

What's more, to spur job growth, Obama is ALSO considering EVEN MORE tax cuts.

He may be suspending the payroll tax so small businesses would have enough money to bring on more workers.

If all this expires, you have rich greedy conservative politicians and their special interests to blame.

[Gaf The Horse With Tears]

I'm sorry Eternal.. no fancy words are going to win this one for you. People can see your messiah for the tax and spend fool that he is.

[angry_darkness]

Great,less money for me and more for the man.

[creatureofthenyte]

Indeed.

If Obama actually wanted to cut taxes, I bet all the Democrats in Congress would try to impeach him.

The only reason why a Democrat would want to cut taxes, is to kiss ass for votes.

Then, after they get elected, the taxes go back up through the roof.

Extend the Bush tax cuts for everyone Except the 250k + crowd ?

Um, that 250k + crowd includes a lot private sector employers!

If you raise their taxes, kiss YOUR Job Buh-Bye!!!

Edited September 5, 2010 by creatureofthenyte

[the eternal]

I'm sorry Eternal.. no fancy words are going to win this one for you. People can see your messiah for the tax and spend fool that he is.

Unfortunately, my messiah hasn't come yet, but as the High holidays approach, I'll pledge to keep waiting.

I think I'll start looking if peace in the mideast actually happens.

My words weren't fancy, they were plain and to the point.

Obama ran on keeping the tax cuts for everyone but the wealthy, and he'd like to keep it that way.

Indeed.

If Obama actually wanted to cut taxes, I bet all the Democrats in Congress would try to impeach him.

The only reason why a Democrat would want to cut taxes, is to kiss ass for votes.

Then, after they get elected, the taxes go back up through the roof.

Extend the Bush tax cuts for everyone Except the 250k + crowd ?

Um, that 250k + crowd includes a lot private sector employers!

If you raise their taxes, kiss YOUR Job Buh-Bye!!!

I respectfully disagree.

I don't see current jobs in jeopardy if he lets the Bush tax cuts to the rich expire, as they were put in place during a boom time, and were not really needed.

Rich people NEVER had tax rates so low, and they always made out just fine.

Bush wanted to make it even better for them, and now Obama, seeing the deficit soaring and also seeing that the Bush tax cuts for the rich was not a big job creator, wants to let them expire.

IM SORRY BUT LETTING RECENT TAX CUTS EXPIRE FOR RICH PEOPLE THAT DIDNT NEED THEM AND WERE FINE W/O THEM IS NOT THE SAME AS RAISING TAXES

Obama sees the benefit of the middle class tax cuts though and would like to keep them, and even add another tax cut...one that SPECIFICALLY targets the small businesses that you say he doesnt care about.

Unfortunately, in the highly dramatized rhetoric that gets thrown around, it's easy to forget that Obama DOES want the American people to thrive, he just has a different path than some others who also feel strongly about the American worker.

ONE difference is that Obama, as well as the majority of Americans, are angry at the companies who open PO Boxes overseas just so they can avoid paying taxes.

I pay taxes

YOU pay taxes.

Why shouldn't major corporations? It's total bullshit.

But amazingly, those same GOP politicians that go on about the American people, want to preserve loopholes that keep companies from paying taxes like you and I do.

And yet, he wants to give companies that are trying to cure cancer and create the next great invention a permanent tax cut. Not bad for a tax-and-spend-communist-fascist-anarchist-terroristmuslim-radical liberationist Christian that wants to destroy America

-----------------------------------------------------------

Obama to Pitch Permanent Research Tax Credit

By JACKIE CALMES

Published: September 4, 2010

WASHINGTON — As part of his pre-election push to spur the slumping economy and his party, President Obama this week will ask Congress to increase and permanently extend a popular but costly tax credit for businesses’ research expenses, and to pay for it by closing other corporate tax breaks, according to administration officials.

Mr. Obama is planning to outline the $100 billion proposal on Wednesday in a speech in Cleveland on the economy. The White House chose the venue partly to draw a contrast with a recent economic address there by Representative John A. Boehner of Ohio, the House Republican leader who would probably become House speaker should his party win a majority in November.

Besides seeking a permanent research credit, Mr. Obama will call for expanding the simpler of two credit options available to businesses. He would increase that to 17 percent from 14 percent.

The research credit, which has existed in some form since 1981, has strong bipartisan and business support. Yet the prospects for Mr. Obama’s proposal are unclear. Congress returns from a break in mid-September but will be in session only a few weeks before leaving for midterm election campaigning.

Also, Republicans do not want to give Democrats boasting rights to legislative victories, even for a proposal like this one, which Republicans have long espoused.

And there is the issue of the credit’s cost. It has always been passed as a temporary credit because of the revenue losses; Congress has extended it 13 times for as little as six months, and the uncertainty has long vexed businesses. It lapsed after 2009, and a proposal to renew it for this year is pending in the Senate.

Making the credit permanent would cost an estimated $85 billion over 10 years, and expanding it would cost $15 billion more, according to the administration.

Doing so, however, would end one of the longest-running budget gimmicks in town: Presidents and Congresses of both parties have called for a permanent extension but ultimately kept it temporary to reduce deficit projections. Based on that history, the Treasury would probably give up as much as $100 billion in the coming decade in any case.

Under Democrats’ pay-as-you-go law, however, the full 10-year cost would have to be offset by other savings. Mr. Obama will propose that Congress adopt some of the provisions proposed in his annual budget to close corporate tax loopholes.

Most of them, which would apply to multinational corporations’ overseas income and to oil and gas companies, among others, have languished in Congress because of business opposition. In effect, the administration is asking business groups and their Republican allies to choose at a time of high deficits which breaks they prefer; the research credit has long been a priority.

A group of corporations recently told Senate leaders they would accept an end to some of the tax breaks protecting overseas profits in return for other incentives, notably the research credit.

“The R&D tax credit creates high-wage American jobs,” the United States Chamber of Commerce says on its Web site, because at least 70 percent of the tax benefits are attributable to salaries for those doing the research, and only research done in the United States is eligible.

Mr. Obama, in his weekly address on Saturday, said more must be done to help the middle class and “to accelerate job creation.”

“The steps we have taken to date have stopped the bleeding,” he said, by using infrastructure investments, subsidies to states to retain teachers and first responders, tax cuts and loans for small business.

“We also ended a tax loophole that encouraged companies to create jobs overseas,” he added. “Instead, I’m fighting to pass a law to provide tax breaks to the folks who create jobs right here in America.”

Other stimulus proposals that Mr. Obama and Congressional Democrats are pushing are aimed at helping small-business owners, a favorite constituency for both parties at election time. The research credit mostly benefits large corporations.

The Government Accountability Office, which does research for Congress, said that 549 corporations with receipts exceeding $1 billion claimed more than half of the net $6 billion value of the credit in 2005, the last year for which data was available.

Critics argue that businesses get tax breaks for research they would do anyway, and the credit has been a subject of disputes between corporations and the I.R.S.

The G.A.O. proposed reforms to simplify the credit and improve the incentive for businesses to do new research. Some of the ideas are reflected in the changes that Mr. Obama will propose.

[Slogo]

tax-and-spend-communist-fascist-anarchist-terroristmuslim-radical liberationist Christian

You forgot Kenyan

[Rev.Reverence]

FUCK POLITICIANS...you can tell when they lie...they move their lips!~

[KatRN05]

FUCK POLITICIANS...you can tell when they lie...they move their lips!~

Same with lawyers...Madea explains what lawyers are suppose to do the first minute of the video..

[creatureofthenyte]

You know what ? Since Democrats just lovvvvvvvvvvvvvvvvvve taxing people soo much...

Here's a big bang thought;

How about getting the FIFTY(50)percent of the population of our country, who for one reason or another, currently don't pay taxes, to Start paying Their fair share???

I know, I know, "But what about all the people who are unemployed; how are They gonna pay taxes ? "

Eliminate the federal income tax, and capital gains tax(amongst others), and institute the fair tax; a national sales tax on everything bought or sold in this country.

People would have more money to spend, which would equal more tax revenue to the state and federal governments, and then the economy would take off like a rocket and we could get our nation out of debt.

I know, I'm just a crazy loon over here....