If Bush didnt cut taxes for the middle class then why is Obama saying he is going to extend them?
If the tax cuts for the lowest bracket expire they will raise from 10% to 15% a 50% increase.
- Anonymous1 decade agoFavorite Answer
LOL! He is extending the cuts for the working and middle classes. Just the rich will see there taxes go up. Are you rich? Nope. Me neither.
- mehargLv 44 years ago
flow to the IRS documents for 2007. What you will see is here: exact a million%: >$410,096 exact 25%: >$sixty six,532 exact 50%: >$32,879 The tax fee: exact a million%: 22.40 5% exact 25%: 15.ninety 8% exact 50%: 14.03% proportion of Adjustable Gross earnings: exact a million%: 22.eighty 3% exact 25%: sixty 8.seventy one% exact 50%: 87.seventy 4% proportion of paid earnings taxes: exact a million%: 40.40 two% exact 25%: 86.fifty 9% exact 50%: 87.seventy 4% entire earnings Tax paid after credit ($ Billions): exact a million%: $451 exact 25%: $966 exact 50%: $a million,083 What do those form of numbers mean?? That the precise a million% pay the main suitable volume of $$$$, yet experience it the least. the precise 25% of earnings earners (i.e. - the "middle type"), experience it the main, and pay the main proportion of taxes in accordance to their earnings, to boot as make contributions the main to the country's Adjusted Gross earnings numbers. So it is going to additionally count on what you completely seem at. for sure, while you're interior the precise a million%, it is basic to assert you're making contributions the main money. yet once you're purely paying 22.eighty 3% of your AGI, on an identical time as the precise 25% is paying sixty 8.seventy one% of their AGI, how undesirable is it particularly?? So Obama's thought is ineffective on - hit those feeling it the least, because of fact they're those that are no longer giving sufficient. once you're meant to "provide till it hurts", the precise a million% isn't doing it. they're giving and then sitting returned and whining approximately their gentle cut back in money. I mean, if the well-being middle needs a blood donation, are they going to get it from the guy hemoraging and is approximately to die or are they going to get it from a guy or woman who has blood to offer and is healthy? that's what's occurring.
- Anonymous1 decade ago
President Cheney had to throw some taxcut crumbs to working Americans, while he gave the wedding cake to the rich.
President Cheney's taxcuts unravelled. "tax cuts averaging $3 million each to the richest 120,000 in US"
How many in the lowest bracket pay fed income taxes?Source(s): http://www.nytimes.com/2010/08/23/opinion/23krugma... , By Paul Krugman. Pres Cheneys taxcuts unravelled.
- Cob BollumLv 71 decade ago
Because conservatives can never see the in-between of issues, they think because liberals say it benefited the rich, than it must not have benefited the poor in any way.
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- Anonymous1 decade ago
If you have a question about it, it should be fairly simple to look it up?