If the tax cuts are passsed,and it adds 700 billion to the deficit how do you feel you would be directly affec?
I understand that this is to extend and not really change anything. Seems that it would not have that direct of an impact on anyone. Extending unemployment will keep plenty on vacation,as most wait until the last month or so to get serious about finding a job. I see this first hand ,of course as a professional I keep my opinions to myself,but here I can unload.lol
- Anonymous1 decade agoFavorite Answer
don't worry. Republicans got what they wanted, which was a 700 bil increase to the debt, which they can now blame on Obama.
- DavidLv 71 decade ago
I am a middle class American and if the tax rates are increased January 1, my tax bill will increase by about 25%. I can't afford that and would need to look for a second job. And if Obamacare is allowed to take effect without change, that will add another 25%. Before you know it my wife and I will be back to being working poor.
Tax collections are the highest they have ever been, but government spending is way out of control. We need to bring that back to reasonable levels. Did you know our first national budget was only $1 million? And now we can't even get down to $1 trillion. Ridiculous.
- My ConstitutionLv 51 decade ago
Well the tax cuts will be extended for 2 years. Your number is wrong do your research its not 700 billion. What about the 13 months extension on unemployment benefits. We can't afford 13 months of unemployment this is a bad deal.
The tax cuts for 2 years will be about 200 billion, while the unemployment extension will cost over 100 billion for one year.
- John ELv 71 decade ago
As a member of the highest tax bracket (who works his *** off nearly every day) I am grateful that I earn a good income, share less of it with an inefficient government, and can do what I WANT with the remainder. As far as a 700 Billion dollar deficit, I can tell you with 100% certainty that I will spend my share far more carefully than the 700 billion $$ that blew out of DC's a$$ from the stimulus bill, and went for pensions, paybacks, and future payoffs.
- How do you think about the answers? You can sign in to vote the answer.
- killowen05Lv 41 decade ago
Pauline, who answered below. The 700 billion is the money Congress won't get to dwindle away like they do with all our Tax money!!!! How can they say it is a deficit when it belongs to the people.
Washington has only looked out for itself and always will. They have health benefits and every perk you can think of and when they don't want something to apply to them, they put it into law to exempt themselves. I really have lost all faith in the Government. It is simply everyone for himself in Washington. They are a bunch of greedy power hungry people.
- Anonymous1 decade ago
It does not add any such thing. There will be exactly nothing added to the deficit if the tax rates are not raised.
And if we cannot afford to not increase taxes on those earning over $250K, then we cannot afford to not increase taxes on those earning less, either.
Also, according to liberals on this site, since only the rich received tax cuts from Bush, then there is no effect if we only kept the low rates on the rich, right?
These two observations were based on liberal claims. Feel free to dispute their logic.
- andyLv 71 decade ago
Um, it looks like the tax cuts will be passed for the next two years before they will expire while the Democrats get to continue not to work for the next 13 months while we pay for them.
I don't think this is a fair deal. We have welfare for those who can't find a job quickly. But now we will have people unemployed for up to 3 years thus they will be worse off then those like me who was unemployed for less then a month.
- 1 decade ago
How does extending existing tax cuts (money that has NOT been collected) add to the deficit? It doesn't. We do not pay the uncollected money back... listen, it's real simple... the money we earn does NOT belong to the government.
- Anonymous1 decade ago
There not really tax cuts it leaving things as they are.It's a spending problem not a tax problem.We just can not stop the fools in Washington from spending what we don't have.
- 1 decade ago
over two years, you may see an increase in your check because of the new payroll tax deduction thats part of the deal, but being affected depends on how much you earn.