Lets talk about Bush's tax cuts
By lilwonders
@lilwonders456 (8214)
United States
August 2, 2010 9:53am CST
Some want to let them expire...some want them extended. While others only want some to expire and extend some others.
What do you think? Personally when I really looked into them I realized those tax cuts were not only for the rich. So if we let them all expire WE ALL will be paying higher taxes. Plus some like the death tax is just stupid and needs to go away forever...why do you owe the government money for dying? As I said stupid.
If we let them all expire here are some things to think about:
The "marriage penalty" will be back in. So no matter how much you make...if you file married you will be paying more.
It will cut the child tax credit drastically...that will effect everyone with kids no matter income...you will be paying more in taxes.
There are other things in there that will effect everyone but those are big ones that effect us "little" people.
Are you in a position to pay more in taxes? Is our economy? We are in a touch spot right now...raise taxes and possibly hurt the economy and job growth...or don't raise them and not get our national debt paid off. Personally I want some BIG time promised (in writting) taht if they raise taxes on ANYONE that the money will be used to pay off our national debt. Not used for to create this or that program that the government wants to spend it on.
What do you think needs to be done?
2 people like this
3 responses
@thegreatdebater (7316)
• United States
3 Aug 10
LIL, the GAO did a study on this, and they found that of the top 12 ways to help the economy, extending the Bush tax cuts was LAST!!!! If you look at the bang for your buck, this historically is the worse thing the government can do. This is from the non partisan GAO. Furthermore, the same study showed that even more tax cuts wouldn't effect the economy one bit. I think they should have been repealed 5 years ago, and so do many economist. You are correct that we all would have our taxes go up, but the vast majority of us "little" people, wouldn't even notice it, much like we didn't notice the cut. The ultra rich will see a 4.5% increase in their taxes. The other myth about this tax is that it will effect small businesses. The fact is that less than 2% of all small businesses would be effected by this change.
@anniepa (27955)
• United States
4 Aug 10
If the tax cuts are allowed to expire it won't actually be Obama's or the Democrats' fault; it's how the bill was written and passed by the then GOP controlled Congress and signed by President Bush. Of course, like with everything else, they'll play it for all it's worth to gain political points.
Annie
1 person likes this
@lilwonders456 (8214)
• United States
5 Aug 10
I think we need to go to a flat tax system. Then the government stays within the means that the flat tax brings in. It only spends what it brings in. That way everyone is paying the same and no one is being taxed unfairly or only "certain" people are being taxed harder...like tanners or smokers or the rich.
I agree taxes are a necessary evil...what I don't agree with is how it is done.
@jupitercrashing (635)
• Canada
5 Aug 10
Corporate lobbying needs to be extinguished, and then you could really eliminate tax cuts and other benefits for the rich. The trickle down theory doesn't work, time to figure out what does.
The US needs to stop throwing money at it's war machine, that will save a crapload of money.
@lilwonders456 (8214)
• United States
11 Aug 10
We do need to spend less on national defense. We also need to stop being the world police. that would save tons.
I agree lobbyists need to be outlawed. They don't help the process at all and only hurt us.
As for eliminating tax cuts for the rich and benefits...I would rather see a fairer tax system on everyone.
@anniepa (27955)
• United States
4 Aug 10
What I hope is done is for the tax cuts for the top 2-3% to be allowed to expire while those very few that help the lower and middle income earners are kept. Since these tax cuts for the rich that none of the current deficit hawks gave a thought to paying for at the time played a significant part in our current deficit and debt I think it's a no-brainer!
Who knows what will end up actually happening but I think we all know, whether we supporter one of the parties or neither of them, the Republicans don't want the economy to get better, they don't want the deficit or debt to come down and they don't want the millions of unemployed to find jobs because the only thing they're worried about is winning the 2010 midterm elections and then the ultimate prize - the White House in 2012. I think their game plan, other than their usual obstruction, is to blame the Dems if the tax cuts are allowed to expire for the "largest tax increase in history" and if they're extended and the deficit continues to grow - which it WILL. In other words, the GOP has it all figured out - blame the Democrats for everything!
I'm NOT saying either party is blameless, don't get me wrong. I just wish they'd stop the blame game and start getting something done.
Annie
@lilwonders456 (8214)
• United States
5 Aug 10
I agree...both sides need to stop playing games and start doing their jobs.
But I won't hold my breath.
What I would like to see is a better tax system.
