Tonight: Senator Evan Bayh on Extending the Bush Tax Cuts
Hannity
(AP)
Pushing for an extension! He’s fighting against his own party to keep Bush’s tax cuts in place – Now, Senator Evan Bayh joins Sean.
Tonight at 9p/12a ET on Hannity.
According to CBO estimates provided to us by the Brainroom, here are some fast facts on the tax cuts:
Extending the middle-class tax cuts would cost nearly $1.4 trillion through 2020
If tax cuts are not extended, the tax burden for a married couple filing jointly making $80,000 with two children will be $2,137 higher
Tax Provisions to Expire
The two “marriage penalty elimination” provisions will expire
The 10% tax bracket will expire, reverting to 15%
The child tax credit will fall from $1,000 to $500
Tax rate on long-term capital gains would rise from 15% to 20%
Tax rate on qualified dividends would rise from 15% to ordinary wage tax rates
The 25% tax rate would rise to 28%
The 28% rate would rise to 31%
The 33% rate would rise to 36%
The 35% rate would rise to 39.6%
The estate tax would be restored with exemption level of $1 million with top rates at 55%
My North Dakota senator wrote and said taxes are as low as they were in l950.
Is this true? Where would I get the facts to compare?
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They (people who are wrong on everything else) keep saying the the tax cuts cost. A simple question, what were the revenues under old tax rates? What was the revenue under the Bush tax cuts? I believe the total income to the government was higher after the cuts.
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Horse Sense is right. How idiotic is it when the Progressives refuse to CUT PORK and a horde of other things that can be cut, reduce the government and it’s spending, but decide to tax us MORE?
This is simple mathematics. The MORE someone has to spend, the MORE they will be able to spend; The LESS someone has to spend, the LESS they will be able to spend.
By allowing the taxcuts to expire, it RAISES the taxes people will pay. And, make no mistake…the MIDDLE CLASS WILL GET HIT, TOO! Look at them above. How many MC people fit into even ONE of those taxes?
If you fit into one, YOUR TAXES WILL GO UP. That means we will have LESS to spend.
Or is that what our government wants so they can take over?
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Unfortunately, the “pork” represents only a miniscule portion of our national costs. Entitlements: Medicare, healthcare for the elderly, Welfare, etc. are the real budget killers. As with any economic model, there are two ways to live within your means; eliminate costs and/or increase revenues. What the democrats fail to realize is that the revenue increases they seek are founded upon the economic basics of trade and business prosperity. What good does it do to levy taxes on the very tax distributions that provide the basis of their socialist voodo economy?
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