The reality of the Bush tax cuts

Taxes... Whether Democrat or a Republican you will find these statistics
enlightening and amazing.

http://www.taxfoundation.org/publications/show/151.html

Taxes under Clinton 1999 Taxes under Bush 2008

Single making 30K - tax $8,400 Single making 30K - tax $4,500

Single making 50K - tax $14,000 Single making 50K - tax $12,500

Single making 75K - tax $23,250 Single making 75K - tax $18,750

Married making 60K - tax $16,800 Married making 60K- tax $9,000

Married making 75K - tax $21,000 Married making 75K - tax $18,750

Married making 125K - tax $38,750 Married making 125K - tax $31,250

Both democratic candidates will return to the higher tax rates

It is amazing how many people that fall into the categories above think Bush
is screwing them and Bill Clinton was the greatest President ever. If Obama
or Hillary are elected, they both say they will repeal the Bush tax cuts and
a good portion of the people that fall into the categories above can't wait
for it to happen.

This is like the movie The Sting with Paul Newman; you
scam somebody out of some money and they don't even know what happened.

Quote of the Day........"My friends, we live in the greatest nation in the
history of the world. I hope you'll join with me as we try to change it."
-- Barack Obama

No votes yet

In this age of the internets, or series of tubes if you prefer---we are able to get instant feedback to erroneous info. 

For instance:

Yes, middle-income taxpayers pay less, but not nearly as much less as claimed in a widely circulated chain e-mail. Moreover, both Barack Obama and Hillary Clinton propose additional middle-income cuts, contrary to what the message insinuates. The first thing to note is that every number in that e-mail is wrong. They grossly overstate the Bush tax cuts at all levels. The Tax Foundation, the very group this spurious e-mail cites, says the message is wrong. The link provided in the e-mail leads to a message saying: "Note: If you clicked on this link in response to an e-mail comparing income taxes under Presidents Clinton and Bush, please see this page." And that link in turn leads to an article by senior economist Gerald Prante and staff writer Alicia Hansen of the Tax Foundation. They call the e-mail "incorrect" and add that it "contains some mathematical errors," which is putting it mildly. The Tax Foundation is an anti-tax, pro-business group and about the last place we would expect to defend the tax policies of the Clinton administration. Prante and Hansen state, quite correctly, that "federal income taxes have indeed fallen under George Bush for groups at all points on the income spectrum." No tax expert we know of disputes that. Nevertheless, to its credit, the Tax Foundation demolishes this particular comparison. The "mathematical errors" in the e-mail actually are huge, resulting in very large overstatements of the amounts by which persons in various low- and middle-income categories benefited from the tax cuts. For example, the e-mail claims a tax cut for a single person making $30,000 a year that is nearly 10 times larger than the actual cut as calculated by Tax Foundation experts. Here's a table we created, comparing the cuts claimed in the e-mail with the cuts calculated by the Tax Foundation. (cont)

But here's the real kicker:

Actually, neither Barack Obama nor Hillary Clinton has said they favor the repeal of all the Bush tax cuts. They've only proposed repealing them for high-income taxpayers. In fact, both are promising additional tax cuts for most or all of the persons who fall into the groups itemized in the e-mail.

Pink Slip

why it is so bad for American citizens to get tax cuts, (which includes rich American citizens) but you fall over yourselves giving HUGE tax breaks to foreign owned companies like the $232 MILLION in tax breaks the Democrat mayor of Democrat owned Toledo gave to a German company?
http://query.nytimes.com/gst/fullpage.html?res=940CE0DE1E3CF931A2575BC0A...

"The Chrysler Corporation has become the latest company to negotiate extensive tax breaks and other government incentives, winning concessions totaling $232 million, or about $47,000 for each job retained, for building a Jeep assembly plant in Toledo, Ohio."

In other words, tax cuts for RICH FOREIGN CORPORATIONS is OK, but tax cuts for American citizens is bad?

Don't blame me,
I didn't vote for a
socialist.

"In other words, tax cuts for RICH FOREIGN CORPORATIONS is OK"

Not exactly--suppy-side economics like this are often associated with Reagan, Bush, Bush.  And corporate welfare is NOT ok. 

Pink Slip

is a company whose headquarters is located in Auburn Hills, Michigan and whose main parent company (80%) is an American private equity investment firm a foreign company???

Great points!! You're correct on this topic. You should have made your last point first, though. Obama and Clinton only want to repeal the tax cuts for the richest Americans. Middle class tax cuts will remain no matter who wins the presidential race!

The tax cuts didn't take place in an environment of BUDGET CUTS. Hence, it doesn't matter what the classes are paying now. The federal government went on a borrow-and-spend spree that will create a need for huge taxes later on.

People deride the Democrats for being tax-and-spenders, but refuse to admit the Republicans are borrow-and-spenders. The common problem is too much SPENDING. And that mirrors what Americans in general are doing; hence, the American people themselves refuse to put their political and personal houses in order.

At any rate, the increase in the price of food and fuel and local taxes under the Bush Administration ate up anything that he claims he saved you in Federal taxes.

We have to face facts, here. Economically, the Bush Administration is one of the worst in American history. True, even more millionaires were minted in that period, but America is not just about the wealthy (contrary to what the media thinks). Once the prices of luxuries fall and the prices of necessities rise, the entire culture was in deep trouble of the same sort that it takes a civil war to sort out. Who rationally wants to risk civil war to achieve increased prosperity in the upper class?

From one of the trade magazines about the Daimler-Benz and Chrysler Merger
Printed 7 May 1998
"DaimlerChrysler AG, incorporated in Germany, will have two operational
headquarters in Stuttgart, Germany, and Auburn Hills, Michigan, USA"
http://www.theautochannel.com/news/press/date/19980507/press012154.html
... and here is a press release when Daimler sold to Cerberus:
"FRANKFURT, Germany - German-based DaimlerChrysler said Monday it will sell almost all of money-losing Chrysler to a private equity firm for $7.4 billion, backing out of a troubled 1998 takeover aimed at creating a global automotive powerhouse."

http://www.theglitteringeye.com/?p=2892

So the short answer is, you are so wrong it is laughable. The corporate headquarters for Jeep was a foreign company when you Democraps gave them $250 MILLION in corporate welfare.

Since then, Chrysler has been purchased back from the foreign owners by Cerberus, which IS based in America from what I remember. Although I may be wrong about that and Cerberus MAY be a Canadian company.

Don't blame me,
I didn't vote for a
socialist.

So the short answer is, you are so wrong it is laughable. The corporate
headquarters for Jeep was a foreign company when you Democraps gave
them $250 MILLION in corporate welfare.

The tax incentives were negotiated with the Chrysler Corporation in 1997. Daimler Benz merged with Chrysler in 1998. Last time I checked, Auburn Hills, MI is considered to be a part of the United States of America.

And no, Cerberus isn't a Canadian company. You're thinking of Magna, which bid unsuccessfully on Chrysler last year.

---------

"Show me a man who lives alone and has a perpetually dirty kitchen, and
five times out of nine I'll show you an exceptional man." -Charles
Bukowski

There's a city full of walls you can post complaints at

And Bob Taft was the Ohio governor who helped kick in the corporate welfare. Taft, in case LibsCanBlowMe has forgotten, was a Republican. Both the Dems and Repubs bent over backwards to toss hundreds of millions of dollars in tax abatements and perks to Chrysler, just to keep them from moving to Monroe County.

there Libs...

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