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Reply #14: Well unless Congress acts all provisions of Bush tax cut expire... [View All]

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Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Apr-19-10 07:49 AM
Response to Reply #4
14. Well unless Congress acts all provisions of Bush tax cut expire...
Edited on Mon Apr-19-10 08:02 AM by Statistical
Prior to Bush tax cuts the tax brackets (5) were:
15%
28%
33%
36%
39.6%.

The tax cuts split the 15% bracket into a 10% & 15% bracket and then lowered each of the other brackets to 25%, 28%, 33%, 35% respectively.

Thus it became 6 brackets:
10%
15%
25%
28%
33%
35%

The amount in each bracket varies based on inflation and is published by IRS each year but the tax cuts didn't directly change that.


If Congress does nothing than every single provision expires (even tax cuts for the poorest of poor):
10% -> 15% (50% increase in tax rate)
15% -> 15% (no change but obviously someone in 15% bracket is also substantially affected by 10% bracket change)
25% -> 28%
28% -> 33%
33% -> 36%
35% -> 39.6%

During campaign Obama had talked about only allowing the tax cuts for "rich" expire. I would take that to be the top 2 brackets.

However that requires action on the part of Congress

Without action all tax brackets will revert to Clinton tax levels. Sadly I haven't heard a peep out of Congress so action seems unlikely.
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  -I'm getting a lot pissed that Obama has not rolled back the tax cuts for the wealthy Maraya1969  Apr-18-10 11:56 PM   #0 
  - Read much?  JanusAscending   Apr-18-10 11:59 PM   #1 
  - we need an informed populist - and that includes left, right and everyone in between!  stray cat   Apr-19-10 07:25 AM   #11 
  - yeah. . and an informed populace too!. . . n/t  annabanana   Apr-19-10 07:26 AM   #12 
  - I forgot to add that. It will end in the end of 2011. 3 years into his presidency.  Maraya1969   Apr-19-10 04:03 PM   #23 
  - No they will expire 01 JAN 2011. The 2011 tax year.  Statistical   Apr-19-10 09:18 PM   #27 
  - no....  JanusAscending   Apr-19-10 10:08 PM   #28 
  - What I did not include in my original post was that I thought letting them "die away"  Maraya1969   Apr-19-10 08:50 PM   #26 
     - Well, at least you admit that my ass is SMART!!  JanusAscending   Apr-19-10 10:13 PM   #29 
     - Take a look at this tread. Everyone has a different idea of when they expire.  Maraya1969   Apr-20-10 05:09 AM   #34 
     - There is nothing Obama can do but wait  npk   Apr-19-10 10:23 PM   #32 
  - He'd get the blame for the continuing recession if he did  Warpy   Apr-19-10 12:00 AM   #2 
  - I believe...  FarLeftFist   Apr-19-10 12:04 AM   #3 
  - Can someone do the math  DeadEyeDyck   Apr-19-10 12:07 AM   #4 
  - Well unless Congress acts all provisions of Bush tax cut expire...  Statistical   Apr-19-10 07:49 AM   #14 
     - Correct  npk   Apr-19-10 10:27 PM   #33 
  - It appears that you are so busy being pissed,  FrenchieCat   Apr-19-10 12:08 AM   #5 
  - Deleted message  Name removed   Apr-19-10 12:11 AM   #6 
  - LOL!  jpak   Apr-19-10 09:05 AM   #17 
  - +1  WeDidIt   Apr-19-10 09:05 AM   #19 
  - It costs political currency to repel them.  yodoobo   Apr-19-10 01:05 AM   #7 
  - He did, he just waited for the recession to end  Juche   Apr-19-10 01:10 AM   #8 
  - The Bush tax cuts are going to "sunset" in October of this year. "Sunset" is a term meaning END  Hekate   Apr-19-10 01:15 AM   #9 
  - Wow, I think FOX News may be looking for someone to write screen crawls, you oughta check it out.  blondeatlast   Apr-19-10 01:17 AM   #10 
  - Deleted message  Name removed   Apr-19-10 08:45 PM   #25 
  - They expire 01 JAN 2011 automatically.  Statistical   Apr-19-10 07:42 AM   #13 
  - They simply expire at the end of the year.  sinkingfeeling   Apr-19-10 09:01 AM   #15 
  - umm...they expire later this year - Obama will not renew them...still pissed?  jpak   Apr-19-10 09:03 AM   #16 
  - gosh, a hit and run. shocker.  cali   Apr-19-10 09:05 AM   #18 
  - why the outrage when they are about to expire?  dionysus   Apr-19-10 09:20 AM   #20 
  - say what? they are going to expire soon.. hello  Peacetrain   Apr-19-10 09:22 AM   #21 
  - Angry and stupid is no way to go through life. nt  Codeine   Apr-19-10 09:26 AM   #22 
  - Bush tax cuts expire in one year. We can wait  librechik   Apr-19-10 04:09 PM   #24 
  - They expire,in the sunset phase.  Swede   Apr-19-10 10:17 PM   #30 
  - Relax.  Dappleganger   Apr-19-10 10:20 PM   #31 
 

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