Expiration of the Bush Tax Credits will break the backs of the middle class? Really?

[nc4bo]

Facebook rumors going strong so if you hate FB or think it's for the mentally challenged, you don't have to explain it to me again. I felt this was one rumor worth dispelling since Election Day is so close.

Someone made a post a few days ago asking if DUers knew anyone who claimed to be an Independent. I posted that I knew one that said she was but behaved like a true red Teabaggin' Republican. What she posted tonight seemed like something straight out of Fox News and spread around by their minions.

The last discussion before this current one was regarding H.R.4646 (http://www.opencongress.org/bill/111-h4646/blogs). Today it's the expiration of the Bush Tax Credits and how it will destroy the middle class.

**** How about that!!!!....millions paid out by US government to deceased people, some deceased decades..mostly due to bad bookeeping...but your tax withholdings R going way up come Jan 2011, because this Congress isn't willing to extend Bush's tax rule...more back breaking for middle America.....things that make U go hummmm....
4 hours ago Comment

:eyes:

I honestly didn't know what to say and this insta-response was the best I could come up with until I do a bit more research but I'm sure there's much more to it (like there was more to the H.R.4646 issue) than my tiny little brain can comprehend...

**** I don't mind paying more taxes as long as it doesn't go to fund unwinnable wars ****. I'd gladly pay more if it went to Single Payer health care (not that crappy "obamacare" yall like to call it), Social Security, Medicare, Medicaid, food stamps, childcare, public education not charter schools, etc. but alas, must feed the war machine.
4 minutes ago

(Cont'd.)

**** Or prop up the Too Big to Fail Banks, Wall$treet, Big Oil, Big Pharma, etc.

Is there any truth to the tax credit expiration raising our taxes? You don't have to answer. Simply point me in the right direction and I can try to take it from there.

Yea - I know some of you can not stand Facebook, I couldn't either at first but have come to accept it as a means of communication with a wide variety of people.

Thanks

[aquart]

1. Not even a wee tiny bit.

[nc4bo]

2. I didn't think so but she nearly got me on the HR4646 business.

So thought I'd do some fact checking and give her (and many others) a solid response to this nonsense. The (R)'s are out there in full force.

What's scarier than telling people their taxes will go up. Slimy buggers.

[AmericanMan1958]

4. AM I missing something here..

The GOP stopped the middle class from getting a tax cut, unless the top 2% gets theirs..
So here comes the scare tactics,, that way they raise the National Deficient while they get us to agree...
That Fiscal Responsibility... That why I don't talk to PUKES....

[nc4bo]

6. I hear you loud and clear. More scare tactics, more terra, more my country back nonsense

and more blindness to what Shrub has done to this country.

I personally only know 1 other person like her but she's (R) all the way, never claimed to be Indie and she doesn't spew garbage all over the internet like Ms. Indie does.

[some guy]

3. Yes. No. Maybe

The Bush tax cuts which are set to expire at the end of 2010 apply across all (or almost all) income levels.

Mr Obama wants to rescind the part that affects the wealthiest portion of the population, and retain the rest.
This would have no effect on middle class tax rates.

The Republicans want to either A) keep all the Bush tax cuts in place, or B) let them all expire.
This would either A) have no effect on middle class rates, or B) increase middle class rates (along with everyone else's.)

So to answer your question, it sort of depends on what happens with that legislation which is set to expire at the end of the year.

Will it break the backs of the middle class? Extended unemployment, housing foreclosures, foreign military entanglements and the general neglect of the nation that accompanies imperial collapse seems to be doing quite a bit of back-breaking - but nobody much seems concerned about those things.

[nc4bo]

5. So actually it's too soon to tell exactly what will take place?

While waiting for responses, did some searching and found a NYT article (http://topics.nytimes.com/top/reference/timestopics/subjects/a/alternative_minimum_tax/index.html?inline=nyt-classifier), not sure if it applies to what you just said but it's something basic and sortof helpful.

Like you said, middle class is already broken and eating dirt. These people (like my FB pal) don't seem to see what's going on around for one reason or another. They rather get their entire reality from Fox.

Thanks for breaking that down for me! Much appreciated.

[some guy]

7. Yes, too soon to say for certain.

Your link is to a different issue than the Bush tax cuts.

This link will help (I only skimmed it, so won't vouch for how much spin in either direction it contains.) you bit more than your link.

http://online.wsj.com/article/SB10001424052748703977004575393483572603148.html


edit to add: now I've read that article, it's pretty good and not very spinny at all.

[nc4bo]

8. Thank you very much some guy! nt

[nc4bo]

11. The article has no spin that I could see. Just the facts, just the way I like it ;)

Thanks again!

[some guy]

12. You're very welcome.

(sorry, I should have said that earlier. My late-night manners apparently suck.)

:D

[subterranean]

9. Here's a chart that might be useful.

http://www.washingtonpost.com/wp-dyn/content/graphic/2010/08/11/GR2010081106717.html

Under the Democratic proposal, people making less than $200,000 a year (the middle class) would get a slightly larger tax cut than under the Republican plan. The Republicans, however, would give a MUCH larger tax cut to those making over $1 million a year.

I doubt a reversion to 1999 tax rates will break the backs of any millionaires.

[nc4bo]

10. And thank-you subterranean! nt