How much will the middle class and poor tax rates increase?

[Erose999]

I've heard a lot of talk about the increases being several thousand dollars for families, but it all seems to be propaganda. Obama has used the figure of $3,000 or something like that, but I am not going to trust that figure since I don't trust Obama now that he's on the side pushing for the cuts for the rich. Compromise, and all that. Bleck.

Anyway, I remember seeing a table that shows what each bracket actually saved from the Bush tax cuts, and I think my bracket (I make about 25k) only saved about $20. I haven't been able to find that table since.

I am guessing that the people in favor of extending the cuts are pulling the savings numbers from the top of the brackets, and extending the "middle class bracket" all the way up to 150k or something like that.

Does anyone have real numbers as to how this will effect the middle and working classes? Those of us who need every pennt they can get and who Obama claims to be fighting for?

[quiller4]

1. For our household the difference is just under $2800

None of our income comes from wages. We are both retired. Our income is union pension, TIAA/CREF, Social Security and interest. Our gross is under $60,000.

[Hello_Kitty]

2. Child tax credits

Which is why the figures they throw around are such bullshit. The people who would take the biggest hit are people with kids. Basically there's no way Republicans are going to be stupid enough to piss off white middle class mommies and daddies who have grown accustomed to their tax bennies. As Rachel Maddow pointed out the other night, protection of the child tax credit is one of the planks in the GOP Pledge to America.

[SoCalNative]

5. That's a credit that should be gotten rid of

People shouldn't be rewarded just for breeding.

[Hello_Kitty]

7. Yeah. It was a valentine from Clinton to people who didn't need or deserve it.

While he was gutting welfare to poor parents. And then Bush doubled the tax credit to middle class parents. Now you are never going to pry it out of their entitled fingers. Which is why Obama's compromise for middle class tax cuts was so stupid.

[Dappleganger]

9. Some people aren't "breeders."

Some people take in children who aren't their own and need that extra help.

And thank you very much, we had 4 kids and they are all wonderful, caring little liberals (well, not so little any longer).

[Hell Hath No Fury]

3. From my understading -

the $3k he uses is a comination of various tax cuts a certain type of family at a certain salary level could get.

My break was a round $400 at the end of the day. Single, no children, no property, working poor.

[bigtree]

8. even without the earned income credit?

[Hell Hath No Fury]

10. From rhe Bush tax cuts specifically.

IIRC

Not interested in getting the cut back.

[slackmaster]

4. Mine will go up by about $2,400 unless I take action to shelter more income

Probably by contributing to my 401k.

[Davis_X_Machina]

6. Ballpark I lose about $4200...

...in lost tax credits (tuition, mostly) and increased taxes (a bit...).

Fourth quintile income -- so it's a ~5% hit.

[PDJane]

11. There is a long and interesting pdf

athttp://www.brookings.edu/~/media/Files/rc/papers/2008/06_taxcuts_gale/06_taxcuts_gale.pdf . There are graphs in the appendicies (scroll to the end), that show that the poor and middle class actually lose money with the bush tax cuts. It's depressing and infuriating.

[inna]

12. Working Poor Unequivocally Worse Under Tax Deal Than They Were This Year:

http://wonkroom.thinkprogress.org/2010/12/08/working-poor-deal


nice job there, Mr. President and Republicans. x(

[Erose999]

13. So according to the NYT article one of Obama's "middle class" benefiting tax cuts is going to come

out of the Social Security portion of the payroll tax. So they are defunding Social Security when its already in trouble with attacks from the right.

I am really hoping the "compromised" tax package doesn't pass now...