Visually see happens to the poor and middle class if the tax cuts go away

[zulchzulu]

It was mentioned in other posts regarding just letting the tax cuts for ALL to lapse and not just the Middle Class tax cuts and what would happen. The poor (or lower middle class or working class) would be hit the hardest by not doing anything. I thought I'd have some fun illustrating the facts visually:

Top tax bracket goes up for top tax bracket from 35% to 39.5%, which is a 13% increase
39.6% Bracket Over $384,860 --------Over $384,860

:redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox: 35%
:redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox: 39.5%

The 33% bracket rises to 36%, which is a 9% increase
36% Bracket $215,528 – $384,860--- $177,006 – $384,860

:redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox: 33%
:redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox: 36%

The 28% bracket rises to 31%, which is a 11% increase
31% Bracket $141,419 – $215,528 ---$84,872 – $177,006

:redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox: 28%
:redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox: 31%

The 25% bracket rises to 28%, which is a 12% increase
28% Bracket $70,040 – $141,419 ----$35,020 – $84,872

:redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox: 25%
:redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox: 28%

The bottom tax rate for those in the 10% tax bracket goes up to 15%, which is a 50% increase
15% Bracket $0 – $70,040 ----------$0 – $35,020

:redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox: 10%
:redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox::redbox: 15%

Source

Aside from the issues regarding how millions of unemployed people would not have benefits continued at a time when it's frankly going to be a disaster otherwise, this visual should show who would get hurt the most.

[tekisui]

1. What does that come to in yearly dollars?

[zulchzulu]

9. Check the source n/t

[stray cat]

2. Bottom tax rate is up to 70,000 - I suspect lots of us fall into that category!

[Milo_Bloom]

29. Not, it's not.

The bottom tax rate is currently 8K. The next jump is 35.

The TOTAl tax increase on someone making 35K is $7 dollars per week.

[ProudDad]

33. And for those making LESS THAN 20K, Obama's surrender

will INCREASE THEIR TAXES!

[RandomThoughts]

3. So pass a bill with just the bottom brackets.

That is a binary decision.

It tries to frame the argument as a lose lose.

[zulchzulu]

6. Pass a bill? That's been tried and hasfailed several times

The Democrats don't have the votes to do that and will not for at least a couple years once the lame duck Congress goes away. Frankly, it's too late for passing another bill that would take away the tax cuts for other sectors.

[killbotfactory]

8. They tried that and failed

The republicans can and will filibuster anything that doesn't include tax cuts for the rich, because nobody, not even people on a democratic message board, will hold them politically accountable. It's all on Obama.

[zulchzulu]

14. +100 n/t

[ClassWarrior]

26. So keep trying, even if you keep failing. The American people will get it.

:shrug:

NGU.

[killbotfactory]

27. There is only a week or two to keep trying

After that, the newly elected republicans will take office.

The American people generally don't understand the legislative process.

[pscot]

17. 'Pass these tax cuts for the rich

or the dog gets it.

[dionysus]

37. i think you missed the part where that was tried repeatedly and fillibustered.

[thunder rising]

4. Let them sunset ... then let the fight begin

[tekisui]

5. This is just more turd polishing.

I am amazed at how strongly the repuke frame has been embraced.

[Go2Peace]

11. Amazing how we have now embraced the Republican tax strategy and talking points isn't it?

[zulchzulu]

7. The fight? Do you think the Democrats will have a majority to pass new legislation in 2011?

Show me the math where the fight would actually be a victory.

[thunder rising]

31. Inheritance and larger burden on the wealty ... fuck we've always been poor. I'm just fine.

[onenote]

35. "Let them sunset" and "Let them eat cake"

Same result in different wrapping

[liberalmuse]

10. I took a break on the 7th...

and come back on the 12th and see a lot of posts defending President Obama's recent decision on the tax cuts. THIS is why I can't completely quit DU. Some of ya'll are addicted to the facts and once in awhile, like tonight, sanity prevails.

[Clio the Leo]

15. well said. nt

[jpgray]

12. Do you support further tax cuts?

If it is as simple as hurt or help, why not help more? If you don't believe it is that simple, what are the considerations involved in taxation beyond the basic savings for individuals, in your view?

[BadgerKid]

13. In terms of %age points, not % increases of percentages:

Top tax bracket: up 4.5%
33% bracket: up 3%
28% bracket: up 3%
25% bracket: up 3%
Bottom bracket: up 5%

It seems to me the lower income earners get especially screwed.

[niceypoo]

16. Lemme guess...

...we are the supply side party now?

[rocktivity]

18. Does it HAVE to be 50% higher for the lowest bracket? If THAT'S the problem, SOLVE IT

and let the rest of the cuts sunset!

:headbang:
rocktivity

[FrenchieCat]

19. Orders are sooo nice to bark out, aren't they.

Does it make you feel strong? :shrug:

[rocktivity]

21. Only when I get it right!

:bounce:
rocktivity

[FrenchieCat]

23. It takes way more than getting it right...whatever that means.

It's easy to claim what you want and what others should do.
In fact, that's the easiest part.

[subterranean]

20. The current 10% bracket only goes up to $8375.

Someone at the very top of that bracket pays tax on less than a third of their income after the standard deduction. Assuming they have no other deductions or credits, their effective tax rate would go up from about 3.1% to 4.8% if all the tax cuts expire -- about $130 a year.

[Milo_Bloom]

30. Shhhhh.. stop adding facts to the discussion!!!

[customerserviceguy]

22. In terms of real dollars

the well-to-do pay far more than the working classes, and I'm more than happy to give up my lousy $20 a week, if the fatcats will finally start paying their share.

[Name removed]

24. Deleted message

Message removed by moderator. Click here to review the message board rules.

[zulchzulu]

25. Not all... I care about the poor. n/t

[Milo_Bloom]

28. COMPLETELY WRONG

The 10% tax bracked is ONLY the first 8K of income... not the first 35K

FFS people, the dishonesty surrounding this issue is amazing.

[zulchzulu]

32. Wow. Thanks for the link!

Oh wait! You have jackshit, you purist dork.

[Milo_Bloom]

36. You need a link to the tax tables?

http://www.moneychimp.com/features/tax_brackets.htm


Next time try being honest about the issues in the first place and I won't have to embarrass you.

[ProudDad]

34. And for those making LESS THAN 20K, Obama's capitulation

will be INCREASING THEIR TAXES...

So we know who Obama's constituency ISN'T, don't we...?

Obama=Republican Deal Could Mean Tax Hike For One In Three Workers

http://www.huffingtonpost.com/2010/12/10/obamarepublican-deal-coul_n_795187.html

"Rep. Raul Grijalva (D-Ariz.), co-chair of the Congressional Progressive Caucus, said many House liberals were opposed to the payroll tax cut because of its effect on the poorest workers. Progressives are also concerned that the tax cut will become permanent and undermine Social Security's funding stream and political support over time."

Larry Summers (D?-piece of shit) thinks it's a GREAT DEAL though...along with his boss...


Another zilch post... :shrug: