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What have the Democrats done to lower my taxes?
- Thread starter LadyEagle
- Start date
OldRegular
Well-Known Member
Please don't hold your breath Lady Eagle!
BigBossman
Active Member
How much & what kind of tax cut?
BigBossman
Active Member
I will say if anything, the Democrats advocate taxing "the wealthy" more so. What they don't realize is by imposing outrageous taxes on them, it will also cause us to pay more as well. If a business owner has to pay more in taxes, they will increase the cost of production, goods, & services. In the end we all end up paying for their tax increase. I say we keep taxes lower for EVERYONE despite what they earn. Why should a person be penalized for being successful?
Even then, they won't stop at just taxing them, they'll start hurling taxes onto us (the middle & lower class) as well.
Even then, they won't stop at just taxing them, they'll start hurling taxes onto us (the middle & lower class) as well.
And why shouldn't you pay taxes when you make 20k/year? You federal tax liability (based on 20k a year and married filing jointly) is $2,165. That's before you take any deductions at all. So, in all likelyhood you pay much less than $2,165 a year in federal income tax. Once you through in a child or two and get the child tax credit, have a mortgage and deduct some mortgage interest, and deduct your charitable giving you are probably down to paying 5% of your 20k in tax.
No tax cuts ever for people making less than 20k? Simply not true. Let's look at some facts.
2009 - 16,700
2008 - 16,050
2007 - 15,650
2006 - 15,100
2005 - 14,600
2004 - 14,300
2003 - 14,000
2002 - 12,000
2001 - 0
Those numbers represent the top end of the 10% bracket. That tells us that in 2001 there was no 10% bracket. In 2001 all your income was taxed in the 15% bracket. Starting in 2002, 12,000 of your income was in 10% and the remaining was in 15%. In 2003 14,000 was in 10% and the remaining in 15%. I think you can see the trend here. Each and every year since 2001 you have seen a tax cut.
You must be confusing Obama with the Republican's. They are the ones trying to extend the Bush tax cuts for the wealthy and who proposed giving the wealthy even more cuts.
Obama cut taxes where the rubber meets the road which is the middle class. I for one appreciate it.
Now don't take my post wrong because I consider this entire tread outrageous. My life doesn't begin or end with a tax cut. I have learned to be content in whatever situation I'm in.
It turned out less than 2% of small businesses are in the over $250K bracket so what you're saying is not entirely true. As for the profit hungry shipping jobs overseas corporations, I can care less if they pay more taxes. Their not employing American's and most of us buy Chinese goods.
For 2008, a married couple without children making 20k would not have that much of a federal tax liability.
The standard deduction was 10,900, and exemptions for two people would be 7,000. Therefore, the only taxable income, even without any further credits or deductions would be 2,100 dollars, which is in the 10% bracket. $210 dollars. That's it. If the couple is eligible for any tax credits, then that's going to help.
Most Americans have retirement funds with investments in said companies.
Taxes don't really have an effect on the cost of goods sold, as this is calculated on a pre-tax basis. It is possible that a company may seek to increase prices to increase revenue in order to offset additional tax liability, but I think it is important to remember the different tax advantages that a company has. A business can usually offset taxable income by counting almost every expense against revenue before taxes.
The average citizen cannot do that. If I have to buy health insurance individually, I can only deduct if I itemize, and even then my deductions have to meet a certain percentage of my AGI. If I own a small business, however, I can count this against revenue or I can take a separate deduction on my 1040. There are other considerations as well.
BigBossman
Active Member
Point taken, but not necessarily the case. If I am a land lord renting properties out to tenants, I am in charge of fixing up problems & maintaining the property. If my taxes go up, then in order to make the same profit I have been making, I would have to get the money from somewhere. In which case it would come from the tenant. This may be done once their lease agreement ends or if a new tenant comes to live on my property. If property taxes go up also, this affects a person's rent too.
Like I was saying, taxes just don't affect goods, like groceries or electronics. They also affect producing those goods. Don't forget about the services. If a business has to pay more taxes, that means they have to pay more their supplies or parts to do their job. Businesses will get their profit. When the minimum wage increase goes into effect on July 24th, that will also have an effect on everything. I can guarantee it.
BigBossman
Active Member
I'm not just talking about small businesses. I'm talking about ALL businesses.
OldRegular
Well-Known Member
When? Details! Source?
OldRegular
Well-Known Member
In an aside: Anyone who states that President Bush cut taxes only on the wealthy is either ignorant, doesn't pay taxes, or is lying. His tax cuts doubled the child tax credit and has increased each year the standard deduction. Also I believe he cut the minimum rate from 15% to 10%.