What would be the impact if the middle class taxcuts were allowed to expire?

[kentuck]

Who would it impact the most?

Certainly not the wealthy. Not even those making $250,000 per year. It would impact those making $50K and below the most. Others might feel it but it would have little impact on their lifestyle. But for those at the bottom rungs, it would have a negative impact.

The politicians in Washington are looking at this issue from a purely political viewpoint. How many votes are involved?

But Democrats should know from experience that they cannot count on the votes of the unemployed or anyone they might help with spending programs. Politics is beyond that point. Unemployed Republicans will likely continue to vote Republican. Unemployed Democrats will continue to vote Democratic or not vote at all.

This is an argument for the Democrats to do what is right and don't worry about the votes. They are not there anyway. Let the tax cuts expire and help those under $50K per year. That would be the most logical way to go, in my opinion.

[BonnieJW]

1. I will be fine with my taxes going up.

I will explode if billionaires continue to receive lower taxes. Let them all expire.

[slackmaster]

2. The working middle class. About $200 per month for me.

:argh:

[jaxx]

3. The unemployed are people, not just votes.

I don't think I've read anything with less compassion.

If the Democrats want to do what is right they ought to get those unemployment extensions passed at whatever the cost. There are 2 million who will lose any income they have, plus their families. There is no reason on earth to allow that to happen.

[woo me with science]

8. [phone]

Nice to agree with you on something for a change. :hi:

[jaxx]

11. Thanks.

Throwing away peoples lives for politics just doesn't cut it for me. Extend the damned tax cuts, do whatever it takes, but give these people a fighting chance.

[kentuck]

13. How in the world did these folks survive under the Clinton rates?

It must have been terrible?

[kentuck]

9. I agree..

But I think there may be some politicians in Washington that think of them as "votes". They should do what is right and help these people.

[VMI Dem]

4. $1500 off the bottom line from the child tax credit for me. For starters.

[Tippy]

16. In simple terms can you explain the Child tax credit.?

[VMI Dem]

17. It is a tax credit, currently $1000 per dependent child.

It begins to phase out at $110,000 income for couples and half that for singles I believe. It is a huge help for many middle class families with children.

[Tippy]

23. Thank you

[bluestateguy]

5. Let's just say that my cable company would be disappointed

Because I've already decided where I would offset the revenue loss: by cutting most of my Premium cable channels.

[Tippy]

6. If all tax cuts expire can congress give another middle class break later

[Lasher]

7. They sure could.

And that is what I prefer.

[slackmaster]

15. Sure, if they can get it through a Republican-controlled House without giving the rich more breaks

I don't know what the answer is, other than ending the wars and focusing on development of alternative energy.

[Parker CA]

18. Yes, but the new congress would likely immediately vote for a full extension of all cuts which

would pass in the house and probably pickup a few bluedog votes in the Senate.

Best to sort this out asap while we're still in control.

[napi21]

10. I'm not so sure you're right on those at the bottom being hurt.

I don't have he comparative tax tables in front of me, but I can tell you that our iincome was around $28,000/yr and we saw less than $2.00 a week chnge in our tax rate. That's the was lower income people look at this. How much is their paycheck going to go up or down? There were only the two of us. If our kids would have still been dependants and at home, most likely we wouldn't have paid taxes at all.

The people I see being affected the most is those with kids in college. I think I recall there being some deduction for tuition that would go away with the Bush TC's.

[stray cat]

20. In fact if your income is low enough to not pay taxes - no harm at all

[MadHound]

12. For those in the middle class,

It would be a few extra hundreds a year out of their pockets. For the poor, it would be very little. Frankly I would be willing to take that hit, because we do indeed need to cut down our debt.

Tax cuts are the least effective form of economic stimulus going, period. Yet we've been relying on them to keep this economy chugging along for a decade now, and look where it's gotten us. The best thing to do economically would be to let the tax cuts all expire, and take say a quarter of that projected savings and invest the money into one of the most effective forms of economic stimuli, a true WPA style jobs creation program. The resulting upturn in economic activity would benefit everybody and more than offset the few hundred dollars that people would have gotten from the tax cuts.

[slackmaster]

14. I've been spending all my share of the break

I haven't been squirreling it away. I spend most of it eating out, and lately I've been buying camera and telescope equipment.

[MadHound]

21. Still and all despite what you and others are doing,

It has been proven time and again that tax cuts are the least effective form of economic stimulus. Through the money multiplier effect, tax cuts bring in a $1.06 for every dollar of tax cuts. A WPA style jobs creation program brings in something like $1.89 for every dollar spent.

This is basic Econ 101, and the administration knows it as well as we do. Yet they continue to preach the tax cut mantra as the cure all. Meanwhile, we keep going deeper in debt and deeper in the economic toilet.

[stray cat]

19. Anywhere from 600 to 5000 increase in taxes

[SoCalDem]

22. We would lose about $12.00 a week (takehome)

and would gladly give it up, so that the fatcats could start ponying up:)