$56 Billion in Tax Cuts Passed

$56 Billion in Tax Cuts Passed
House Measure Would Extend Breaks for Investment Income

"The Tax Policy Center, run jointly by the Brookings Institution and the Urban Institute, has concluded that the bottom 80 percent of households would receive 15.8 percent of the House tax cuts' benefit. The top 20 percent would receive 84.2 percent of the benefit. Households earning more than $1 million a year would get 40 percent of the tax cuts, or an average reduction of nearly $51,000."

http://www.washingtonpost.com/wp-dyn/content/article/2005/12/08/AR2005120801350.html

Since you didn't comment, would this be considered trolling? Are you looking for comments? Or simply is this an FYI?

You know, if you evenly dispersed all the money in the US, it would be right back where it is now with a year or two.

How about re-wording the passage to read like this:

" ... has concluded that the bottom 80 percent of households would receive 15.8 percent of the House tax cuts' benefit, which is direct proportion to their propensity to save and invest."

How about the fact that stock ownership is at all all-time high of about 50% of the population. So this "tax break" benefits 50% of the population. That sounds great to me.

Also, how's this angle:
There are many, many pension plans that are bankrupt right now and more are going under every day. Personal investing and saving is the only way many Americans will ever have any decent money for retirement, college tuition, and other expenses. So you're advocating that we penalize the savers, the responsible people?

You know where I reach for money to donate to the needy, to charity, to people that have lost their house to fire, to the katrina victims? My savings.


I really hope your post was to raise awareness and garner support FOR the extension. But if that was the point, why was the only thing in the post simply quotes and links?

From the US IRS (2003-Excel), the top 25% income earners pay almost 84% of the income taxes and the bottom 75% pay about 16%...

So, at first glance it seems pretty fair (given the horrible state of tax law in this country today). If you don't pay taxes, you don't get tax breaks (other than the "earned income" check you get from taxes you never paid).

-Bill

Unless there's spending cuts to go with the tax cuts, maybe the title of the article should be "$56 Billion in Additional Deficits Passed".

In the bill is also incentives for businesses to hire disadvantaged people, the kind who most need jobs.


The upper classes are the lawyers, ceos, business owners, etc. They are the ones with access and influence. You (not "you", but a general "you") think there is any chance that you're really going to saddle them with ALL the tax responsibility?

paulr said:

Unless there's spending cuts to go with the tax cuts, maybe the title of the article should be "$56 Billion in Additional Deficits Passed".

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This is an extension of something's that is already in place.

turbo, why should I have to post a comment? article speaks for it'self.

there's folks on both sides of the fence on cpf and they are both loyal americans.

last time I heard, that's what makes america great. the ability to have our own opinions and be able to express it.

cy said:

turbo, why should I have to post a comment? article speaks for it'self.

there's folks on both sides of the fence on cpf and they are both loyal americans.

last time I heard, that's what makes america great. the ability to have our own opinions and be able to express it.

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You don't have to post a comment. But your snippet skews the perception; it stirs up trouble, and I think that you might wanna clarify which side of the fence that you're on.

Anyone who feels that the amount required from them by the IRS is not enough, you are more than welcome to send in more.....

I'm thinking that the Underground is a more appropriate venue for this.

Beamhead said:

Anyone who feels that the amount required from them by the IRS is not enough, you are more than welcome to send in more.....

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Do you realize how silly that sounds? It's like saying that anyone who supports the death penalty should volunteer to sit on the chair!

Republicans lie, lie, lie.....and then they steal, they are corrupt, they are arrogant, they are greedy, mean-spirited. Enough is enough folks - this administration has got to go.

PS

I just wanted to "clarify" and leave no doubt at to which side of the fence I am on.....

Panflute -

I'm going to give you a chance to edit your post before locking this thread.

It is sad that we can't have a civil discussion of politics without the silly generalizations and name-calling.

Discussions of politics belong in the underground.

Panflute - well you can be republican or democrat - or pro or contra bush. To pass these bills the house (consisting of democrats and republicans) has to agree so they all need to be blamed - or the majority at least.

However I agree with the facts you state (except for the attacks on Republicans - the Democrats do the SAME THING - they are just lucky no one got caught recently).

There is nothing wrong with politicians - they are who they are. However there is something wrong with the people who elect them - and don't do anything if they screw up. For some reason no one reads the papers or the news - I mean it's all in there and doesnt take a rocket scientist to figure out.

Add to your tax cut, WMD, the lower air and water quality laws passed recently (called clean air act), or that the CIA started a leak-investigation regarding torture-prisons in Europe (which is admitting that they exist), take Cheneys stand on torture - I mean some of the stuff happening in this administration makes you think you are in a movie. Stuff that is simply just WRONG from a human common sense perspective (not a republican or democratic perspective). And giving a tax cut - with increased spending go figure...

NO one of those guys in charge would behave like this if it would be their personal money, their own son or daughter etc...

mobile1 said:

Panflute - well you can be republican or democrat - or pro or contra bush. To pass these bills the house (consisting of democrats and republicans) has to agree so they all need to be blamed - or the majority at least.
.

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panflute, please edit your post. statements like does nothing to help either side and don't belong. sure would like to keep this discussion civil & not locked down.

mobile, part of our current problem is our system of checks and balance are gone. result is the a deficit so huge our children's children will still be paying for.

further with all the doublts being raise about validity of touche screen voting with no paper trail and weak security at best. who knows who voted for who?

further the words monopoly and anti-trust no longer belongs in the same rules. resulting in mega-companies like Standard oil and AT&T essentially allowed to merge back together. the resulting higher prices and loss of jobs is not good for employees or consumers.

rules for limiting single entities to not to own all news outlets like newspaper, radio stations, broadcast stations, cable etc are gone. results is a small handfull of entities owns almost all the news outlets in America. internet being one of few exceptions. this of course results in a newscast very uniform that's delivered all over america.

I, for one, benefit from the tax cuts, but I'd be willing to give them up for a "better place to live"

That's to say that if crime were lower, education better, water cleaner, etc, I'd be willing to pay more in taxes.

However, to suggest that I (as an individual) send in more money is ludicrous. It gets back to the issue of moral hazard, shirking, and disintegration of the social contract. The only way this would make sense is if there was an enforceable way to make everyone contribute more - thus, taxes.

The shame is that most people these days are in a "Bunker" mentality.

Diode said:

Do you realize how silly that sounds? It's like saying that anyone who supports the death penalty should volunteer to sit on the chair!

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I would probably say it along the lines, would anyone who supported the death penalty testify in court, sit on the jury and/or pull the switch. Obviously, we have a large numbers of people in this country who do this on an almost daily basis.

Regarding the "tax me more" question... Why is it ridiculous? It is only silly if you have to pay the extra "taxes" and you can't make your neighbor pay extra at the point of a gun (power of the state) for those programs of yours?

There have been a few states that have setup the tax me more funds:

CBS News:

States Ask For 'Volunteer' Taxes
HARRISBURG, Pa., April 8, 2003
...
Coleman introduced a bill last month to protest a plan by Democratic Gov. Ed Rendell. The governor wants to boost the state income tax by 34 percent, triple the beer tax, levy new taxes on phone service, while lowering property taxes.

A Rendell spokeswoman declined to comment on whether the governor would sign Coleman's measure if the Legislature passed it.

Coleman said he modeled his bill after a fund established by Arkansas Gov. Mike Huckabee in November 2001.

Huckabee's "Tax Me More Fund" was a response to legislators who insisted that tax increases or other measures were needed to offset $142 million in budget cuts. To date, it has taken in between $2,000 and $3,000, according to his spokesman, Jim Harris.

"He said 'Put your money where your mouth is, and if you feel like you're not paying enough, then go ahead and write a check,"' Harris said.

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And, for years, you could donate to pay off the public debt of the US Government.

From the US IRS:

How do you make a gift to reduce dept held by the public? If you wish to do so, make a check payable to "Bureau of the Public Debt." You can send it to: Bureau of the Public Debt, Department G, P.O. Box 2188, Parkersburg, WV 26106-2188. Or you can enclose the check with your income tax return when you file. Do not add your gift to any tax you may owe. See page 54 for details on how to pay any tax you owe.

TIP: If you itemize your deductions for 2006, you may be able to deduct this gift.

From page 56 of IRS 1040A Instructions.

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And, it is even tax deductible!

Now, doesn't everyone feel better now?

-Bill

The really sad thing about this is cuts to low income programs to PAY for it: cuts to food stamps (hey, just eat you stock portfolio.....) medicare and medicaid, student loans, etc., etc., etc.

You can delete my post. I sorry but I don't see anything there I said that is not true nor unfair. Dems & republicans are NOT the same. When the Dems were in charge there was some skirting around the edges of the law. What is going on now is wholesale thievery & corruption. I will post my political feelings in the underground in the future.....I wouldn't want anyone to think I want to break any laws of the forum. I was prompted to answer what I read in this thread....maybe I should have shown more restraint.