Paying Through the Nose
That's what will happen to Americans if the Democrats win, because they've promised to repeal President Bush's tax cuts. According to this piece from Donald Lambro,
An analysis by the nonpartisan Tax Foundation shows us just what is at stake for middle-income families if the tax cuts were repealed: A family of four (with two children under the age of 17), taking the standard deduction on an income of $50,000 a year pays a federal income tax bill of $1,365.
If the Bush tax cuts were never enacted, or if they were repealed, their tax bill would be $3,320. Not only does this family benefit from the lower income tax rates in Bush's cuts but also from the doubling of the child tax credit to $1,000. A family of four earning $75,000 a year presently has an income tax bill of $5,115. That bill would shoot up to $7,538 if Democrats had their way and the Bush tax cuts were never enacted.
An analysis by the nonpartisan Tax Foundation shows us just what is at stake for middle-income families if the tax cuts were repealed: A family of four (with two children under the age of 17), taking the standard deduction on an income of $50,000 a year pays a federal income tax bill of $1,365.
If the Bush tax cuts were never enacted, or if they were repealed, their tax bill would be $3,320. Not only does this family benefit from the lower income tax rates in Bush's cuts but also from the doubling of the child tax credit to $1,000. A family of four earning $75,000 a year presently has an income tax bill of $5,115. That bill would shoot up to $7,538 if Democrats had their way and the Bush tax cuts were never enacted.
posted by LadybugUSA at 10:44 PM
1 Comments:
Not so fast Carol . . .
The Tax Foundation is non-partisan??? That's like saying Koch Industries had a few oil wells and made a little money!
Once again a conservative leaning organization is trying to skew figures to make American people in the middle class think they will pay higher taxes. In effect the Democratic Party will raise the taxes of the average middle class American by the 40 dollars or so a year that middle class Americans saved over tha last two years. if one made more than 1,000,000 dollars a year a reversal of the tax cuts will cost them roughly 90,000 dollars. So in this you can understand why a man like Scott Hodge the president of the Tax Foundation would have in his best interest and that of the Koch Family Foundations' think tnaks like ALEC and the Citizens for a Sound Economy would fear a democractically controlled House.
At least all this desperation can come to an end in 36 hours. What will you write about then?
Maybe instead of banning people who take pot shots at you personally Carol you should just ban people who present facts instead of talking points marinating in vitriol.
Don't forget to vote tomorrow!
C.E.
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