So what do you think will happen with taxes?

[eeyore1954]

Interesting tax facts for married filing joint. 0 federal income tax withheld

Payyroll taxes are 765 for every 10000 in wages

Wages
20000 3 Children gets a 9007 tax refund
30000 3 Children gets a 7608 tax refund
40000 3 children gets a 4500 tax refund
50000 3 Children gets a 1579 tax refund

20000 1 Children gets a 4843 tax refund
30000 1 Children gets a 2700 tax refund
40000 1 children gets a 54 tax refund

My favorite
80000 5 Children gets a 174 tax refund

 

[Meadmaker]

The Obama administration will allow tax cuts for the wealthiest Americans to expire on schedule, Treasury Secretary Timothy Geithner said Thursday, setting up a clash with Republicans and a small but vocal group of Democrats who want to delay the looming tax increases.

This is what I find interesting. The Obama administration "will allow". Huh? They aren't going to "allow" anything. It will happen regardless of their desire. Tax cuts for rich and poor expire unless Congress acts.

So, suppose the Republicans get enough Democratic votes to delay all the tax increases. Would Obama "not allow" that? i.e. would he veto it?

Or suppose that he introduces legislation to extend the tax cuts for the poor, but not rich. Republicans would oppose it. Would they and the like minded Democrats hold their nose and vote for it anyway, because the alternative is a tax hike for everyone? Would the GOP filibuster, joined by one or two Democrats, so that there is a tax hike for everyone?

Or will the President back down on his tax hike for the high income folks?

It's a game of political chicken. Someone has to give up something, or everyone loses.

 

[leftysergeant]

It's a game of political chicken. Someone has to give up something, or everyone loses.

I would like to see a vote on the tax cuts before the election, with a simple extension of the cuts for anyone below $250K getting the bulk of it, win or lose. And I would like to see the Republicans wetting their diapers whining about how badly the people making $250 million need a break, too.

Then let them go home and explain to the unemployed factory workers and underpaid service workers why they torpedoed the tax cuts because they did not feed the rich as they thought they should.

 

[Ziggurat]

It's a bastardization for reasons discussed earlier which you dare not discuss again. An incomplete picture.

An incomplete picture is not a bastardization. And here's some news for you: ANY statistic you ever care to cite is an incomplete picture. Welcome to life. You don't like the incompleteness? Then complete the picture. But don't blame me for providing evidence that part of the picture that you don't like is still true.

As for this propaganda, it figures into the Republican meme that taxes are paid by a minority of people and gets "redistributed" in a Robin Hood way to a non-productive citizenry (wink, nudge, Democrats, wink, nudge).

Facts don't stop being facts just because someone puts them to a use you don't like. I know it's a hard concept to grasp (especially for someone who likes to justify politically convenient theft and vandalism), but maybe you'll grow up one of these days.

 

[Drysdale]

Heard a republican congressman being interviewed on the radio.

Did'nt catch the name, dont even know what show it was, but when asked why the tax cuts were'nt made permanent he responded "because in order to get the votes needed from the dems to pass it we had to have a date the tax cuts ended."

I dont know if that's an accurate representation or if you can even verify/debunk it. But if that's the case I can understand why they were'nt made permanent.

 

[thaiboxerken]

Fox news seems to be attacking the "tax cuts pay for themselves" idea.

 

[Manopolus]

Honestly? I think the Dems will make a bunch of noise about keeping the cuts for the middle class (already are), and the Republicans will make a bunch of noise about how the cuts should be extended for all (same), and in the end, neither will comprimise, and ALL the tax cuts will expire, which is exactly what SHOULD happen anyway, and both parties KNOW it. However, they also know that it's to their political benefit to make all that noise. After this delicate dance of political ideology, each will blame the other, and continue to point fingers and call each other names.

Well, that's my best case scenario, anyway.

 

[leftysergeant]

I dont know if that's an accurate representation or if you can even verify/debunk it. But if that's the case I can understand why they were'nt made permanent.

Because making them permanent is a totally stupid idea that would lead only to greater deficits with unbearable cuts on government services, and only appeals to superstitious twits who think supply-side ecconomics is based on something vaguely resembling science.