Bush's Tax Cut Even Less Usefull Than Im

iVillage Member
Registered: 09-05-2003
Bush's Tax Cut Even Less Usefull Than Im
32
Wed, 03-31-2004 - 7:27am

http://seattlepi.nwsource.com/money/158822_taxalternative31.html


Bush called for permanent extension of these tax breaks in his State of the Union address but not reform of the alternative minimum tax, which denies families most of the Bush write-offs.


Because of the AMT most "middle class" and lower Americans will NEVER be able to benefit from his "Tax Cuts" for "everyone" but the wealthy sure will be able to benefit from those cuts.  By the end of Bush's "plan," middle class America will be completely cut out of Bush's "Tax Cuts" while all his cronies will still be raking in billions.


This is the guy that is supposed to be for everyone?  The guy has always been and always will be for the elite 10% of America.  The rest of us are only here to provide that 10% with money and to die in his wars.





Edited 3/31/2004 2:54 pm ET ET by gandalf_grey
iVillage Member
Registered: 03-26-2003
Thu, 04-01-2004 - 10:35am
I thought the tax increases were to help pay for all the renovations to Governor Rowland's house.....*grin*
iVillage Member
Registered: 03-18-2000
Thu, 04-01-2004 - 10:55am

Those were freebies by state contractors.

 


Photobucket&nbs

iVillage Member
Registered: 03-26-2003
Thu, 04-01-2004 - 10:59am
I think that the $200,000 figure comes from the assertation that the top 1 or 2% of wage earners received the largest tax credits. I am guessing here, so I could be way off base.

I would take deference to your assertion that $200,000. is elite in major cities. In NYC, it may be upper middle class at best.

One of my colleagues lives in Manhattan and is an attorney. He is married with two children, and he makes about $200,000. a year, and I can say that in now way is he rich.

Take this into consideration (note that figures are rounded):

Income $185,000. (being used as the general figure)

Federal Taxes: $40,500.

State Taxes: $15,170.

City Taxes: $ 8,880.

FICA: $ 8,500.

* If this person owned their dwelling, the real estate taxes would be about another $10,000. or more, depending on the assesment of their dwelling.

To me, this is a lot to pay in taxes. If this were someone living in the suburbs, then one could agrue that the city taxes would reduce, but would then be offset by property taxes. I guess it is a wash. I guess it also goes to the point that NYC happens to be the most expensive community in the US to live in.

iVillage Member
Registered: 03-23-2003
Thu, 04-01-2004 - 2:19pm
We are ALREADY paying more and getting much less for it!

iVillage Member
Registered: 03-26-2003
Thu, 04-01-2004 - 2:42pm
I know, but now that he was caught, he has to either return what was given or pay for the work, so there is the tie-in to the tax increases....LOL

(Not a laughing matter by the way)

iVillage Member
Registered: 03-23-2003
Thu, 04-01-2004 - 2:44pm

Like I said NYC is more expensive than any of the others I checked.


iVillage Member
Registered: 09-05-2003
Thu, 04-01-2004 - 3:57pm

Exactly my point, while the definition of "elite" in every area will be different, the fact is that the "elite" is definitely the ones who benefited from this tax break, while those struggling to join that group got more taxes and more barriers put in their way.

iVillage Member
Registered: 03-23-2003
Thu, 04-01-2004 - 4:44pm

Listen, I grew up with a single parent mother who was on welfare or waitressing for most of her life, and through a lot of hard work on my part I am now middle class and rising.


iVillage Member
Registered: 04-01-2004
Thu, 04-01-2004 - 8:30pm
What tax cut? We had to write the Treasury Department a check for $600 this year. It's the first time we've ever had to pay anything over withholding. We usually get between $500 and $1000 back.
iVillage Member
Registered: 04-16-2003
Fri, 04-02-2004 - 8:03am
I'm not arguing with your figures, what does this have to do with national taxes. It has ever been thus. Nationally, $200K per annum is an above average salary.