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Tue Nov 27, 2012, 01:09 PM

How would ending the Bush taxcuts affect those making less than $26,000 per year?

Since about 50% of all working Americans make less than $26,000 per year, shouldn't this be the people we should be most concerned about?

Yes, I could see those making between $50,000 - $100,000 per year facing some hardships but not taking food off the table or throwing them out on the street type of problems. Maybe I am wrong about this? This is just my opinion. I understand the argument about different areas that people living in have different costs of living.

But, would those making $250K per year be put in a hardship if they had to pay a little more in taxes? Aren't they in the top 3% of all American wage earners? Is this the best tax reform that Democrats can come up with?

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Reply How would ending the Bush taxcuts affect those making less than $26,000 per year? (Original post)
kentuck Nov 2012 OP
SoCalNative Nov 2012 #1
libdem4life Nov 2012 #4
leftstreet Nov 2012 #2
Mass Nov 2012 #3
unblock Nov 2012 #5
Lurker Deluxe Nov 2012 #10
kentuck Nov 2012 #15
RebelOne Nov 2012 #6
SoCalDem Nov 2012 #11
EC Nov 2012 #7
bluestate10 Nov 2012 #8
pnwmom Nov 2012 #14
RepublicansRZombies Nov 2012 #9
SheilaT Nov 2012 #12
RepublicansRZombies Nov 2012 #13

Response to kentuck (Original post)

Tue Nov 27, 2012, 01:15 PM

1. $50,000 a year isn't that much

depending on where one lives

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Response to SoCalNative (Reply #1)

Tue Nov 27, 2012, 01:23 PM

4. It's a 20-year teacher in California, I suspect. Needs a second income.

1971 my beginning pay was $450 gross for 10 months...then work temp for 2 months. Not much has changed.

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Response to kentuck (Original post)

Tue Nov 27, 2012, 01:19 PM

2. The Minimum Wage should be $25 an hour n/t

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Response to kentuck (Original post)

Tue Nov 27, 2012, 01:21 PM

3. Why? There are still people making less than $26000 a year?

According to the Democrats, there is only the middle class and the rich.

Obviously, you are right. The less you earn, the biggest the impact, though some people in the $50,000-$100,000 bracket may also be struck by the AMT if nothing is done. I am unsure how much this represents.

But, to come back to your question, we should be most concerned by them, but most of those who have a voice in this process (pols and media) do not seem to think they exist or think they do not pay income taxes.

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Response to kentuck (Original post)

Tue Nov 27, 2012, 01:27 PM

5. even the lowest brackets were part of the shrub cuts

so if you pay income taxes at all, there's at least some effect from the expiration of those cuts.

the effect would be small in dollar terms, or even as a percent of overall income, but at that income range every penny matters.

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Response to unblock (Reply #5)

Tue Nov 27, 2012, 01:43 PM

10. Actual number

You are right, those cuts did effect every bracket. If you made 26K and are single your tax bill would increase by 421 a year, or just over $8 a week.

Those lower rates need to be preserved up to $250k.

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Response to Lurker Deluxe (Reply #10)

Tue Nov 27, 2012, 03:26 PM

15. Would this actually impact these folks?

Do they actually pay 10% of their income in taxes at present??

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Response to kentuck (Original post)

Tue Nov 27, 2012, 01:30 PM

6. I am collecting Social Security,

so fortunately, it will not affect me. There is no tax on SS.

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Response to RebelOne (Reply #6)

Tue Nov 27, 2012, 01:45 PM

11. as long as you are below a certain threshhold. We are NOT below that number

because my husband is still working too and last year I had to write a $3,338.00 check to the IRS

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Response to kentuck (Original post)

Tue Nov 27, 2012, 01:33 PM

7. I recall my taxes being

about the same as they are now. I don't think allowing the cuts to lapse will hurt us poor that much. We'll just get less back at the end of the year.


We all lived under Clinton taxes, so we should know how it will affect our taxes and our lives.

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Response to kentuck (Original post)

Tue Nov 27, 2012, 01:42 PM

8. Won't be noticeable. nt

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Response to bluestate10 (Reply #8)

Tue Nov 27, 2012, 02:24 PM

14. The rate will go from 10% to 15%, which is a 50% increase. That will be noticeable. n/t

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Response to kentuck (Original post)

Tue Nov 27, 2012, 01:42 PM

9. what will happen to the earned income credit?

 

?

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Response to kentuck (Original post)

Tue Nov 27, 2012, 02:03 PM

12. I make less than $26,000 per year.

What I am REALLY worried about is the so-called Payroll Tax cut, the one that has us putting less money into Social Security. Huge mistake, and that's going to be the stick to beat us with to get us all to accept lower and later Social Security. End that tax cut, end the Bush era tax cuts for those making above 250k.

What is so totally galling about this debate is that back then everyone with half a brain knew that those tax cuts were a dumb idea and that in ten years there would be some sort of huge fiscal crisis connected to them.

Told You So is not a nice thing to say, but sometimes it's true.

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Response to SheilaT (Reply #12)

Tue Nov 27, 2012, 02:22 PM

13. Our side never says "I told you so" but we obviously need to, and rub it in their faces over & over

 

until they cry uncle.

I don't know what is with these people but they need to be shamed repeatedly so that they will finally get it.

Compromising with crazy is crazy.

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