How many of you think if the Bush tax cuts expire it'll only affect the rich?
You better check. My income is under the median gross income in the US and my taxes will nearly double if they expire. This hope and change and starting to get a little expensive.
- Net Advisor™Lv 710 years agoFavorite Answer
According to the data, the Bush tax cuts did not benefit the wealthy, they were taxed MORE, and those will lessor incomes were taxed LESS.
The Bush tax cuts also resulting in the following:
“The economy lost 267,000 jobs in the six quarters before the 2003 (Bush) tax cuts. In the next six quarters, it added 307,000 jobs, followed by 5 million jobs in the next seven quarters.” (Source: Heritage.org, 01.29.2007 )
This got us out of the Recession of March 2000 - Oct. 2003.
Now if we look at the current Administration, we have had a dramatic increase in government spending and the result?
A dramatic increase in job LOSSES from Jan 21, 2009 to Aug 2010. We will also have an dramatic increase in taxes starting in 2011.
We have a record (since 1939 during the Great Depression) 40.8 million Americans on food stamps - that's about 1 out of 8 people in the USA on food stamps (based on U.S. pop 307 million)
Obviously, all these tax increases and government deficit spending has created Utopia for all.
Link to related article:
"Economic Crack. Risk to The U.S. Economy"Source(s): --- Finance & Risk Management Consultant --- 21 years in the markets (add me to view post history) --- Detailed bio and other work: http://netadvisor.wordpress.com/about/
- LibertyLover101Lv 510 years ago
Ultimately it affects everyone. The more money left to the people the better the market does. Our money in the hands of the Government is never a good idea.
Besides that it is immoral to take one persons money by force and give it to another. Taxation equates to theft.
Up until 1913 there was no tax on peoples wages, and the country thrived. The only way to get back to those days is to end ALL taxpayer assistance programs. In other words end the welfare state.
If you subsidize something, you'll get more of it.
- 10 years ago
No it will effect everyone! think about this as a business owner if you can save money and keep cost down what do you do? easy you can hire more people which help the unemployed get off unemployment they then can go out and buy things that in turns helps the economy then those business owners can do the same thing and after awhile the unemployment rate goes down job market goes up with obama and his liberal buddy's they want to suppress the American people that way they can say see you need us to take care of you because we know better and know what you want and need and then socialism starts.Source(s): obamas and his liberal buddy's own mouth
- tonalc2Lv 710 years ago
The administration wants to let all the cuts expire except for those for people earning a NET income of $200,000/year.
I suggest that you may want to double-check these calculations with some unbiased organization other than the Tax Foundation, which is an anti-tax, pro-business organization; they don't indicate how they come to their calculations.